Using Square Footage, CMA's & Appraisals In Determining Denver &Mountain Real Estate Value
Some neighborhoods are a combination of architecture, design as well as size, so often we can't locate another residence that looks like yours. In that case we apply square foot costs. Here's how we do it.
Applying Square Footage to Determine Value
We consider 3 to 5 residences something like yours, total up the square feet and divide this number by the amount of residences. We will end up with an average per square foot to use for your comps. To get the average, we total up the sold price of each home and divide by the amount of homes. Finally, take the average sales price and divide by the average square footage to get the average price per square foot. With the calculated average cost per square foot, multiply it by the square footage of your home. This is one of the tools that we use to assistance us in setting a price for your home.
Get a Comparative Market Analysis (CMA)
In addition to using ideas we've already presented, we will also prepare for you a CMA. There isn't any cost for us to prepare one for you.
Obtain an Appraisal
While often not practicable another option is to hire a professional appraiser if you must obtain extra assurance. The fee for an appraiser will be between $250 and $400, depending upon how big or small your home is and how special the property is. They will arrive at your home and itemize the number of rooms and amenities (e.g. swimming pool, deck, etc.) and will pull comps from other neighborhood homes, which sold a short while ago. You will receive an appraisal when the review of the comps, the market, and your home is finished. This will be an estimate of your property's fair market value.
Strategies For Pricing Your Home. Contact Us at info@ReynoldsRealEstateGroup.com, or online at ReynoldsRealEstateGroup.com.
