Picking The Right Comparibles When Pricing Your Home For Sale In Colorado

Picking The Right Comparibles When Pricing Your Home For Sale In Colorado

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The most important criteria for picking comps when considering putting you home up for sale in Denver, Aurora, Littleton as well as front range and Colorado mountain property in Breckenridge and Leadville is their location to each other. Choose comps that are very close to your subject property. Don't get too caught up in this rule, though as often times the comps just aren't available. For instance, a comp a block away from you might look similar, but be more valuable because it has a great view, or is closer to an often-used road. Similarly, a house comparable to yours might be around a mile away and still considered the same market, since neighborhoods are not always defined by neat boundaries. Even though this house is not nearby, it is still a good comp.

Also, if the home is in a development, be sure to use homes from the same development as comps, since all the houses were built at the same time by the same company.

Select Recent Comps: In the best case, your comps should be homes that sold recently, however, with the sluggish economy that may not always be possible. It's best if you can get comps from no earlier than 3 to 4 months ago, however, if that's not doable, then 6-8 months should still be okay. Sometimes, even transactions that occurred more than two years ago will still be useful for comparison.

Price Per Square Foot: One of the most common methods of determining the value of real estate is to divide the price by the square footage of the house. That said, it ignores important criteria like a good location, immediate availability, and personal preference. Be sure to ask if the quoted square footage includes the garage or other outbuildings on the property. The size of the lot is also important. A little difference in square footage may not affect the value much; however, what surrounds the house can have a huge impact on its value. In these cases, a straight dollars-per-square-foot ratio can be misleading.

Fuzzy Stuff: Now that you've researched the core data, it's time to evaluate individual characteristics. You should be aware that these factors are challenging to look at objectively, but can increase or lower the value of the home. If you don't consider these "soft" features when drawing up a list of comps, you may not actually be comparing similar properties.

One thing to consider is "curb appeal" - the house is on the side of the street perceived to be nicer, has impeccable landscaping, and a sidewalk running by it.

Condition of exterior - Take special consideration of roof age and condition, trim, and other exterior paint, driveway, landscaping, fences, and any other part of the outside area of the home.

Amenities nearby - Distance to shopping and restaurants.

Neighborhood - Is this the only well-kept house in the area? Are any famous people located close? Will traffic issues result from enthusiastic paparazzi?

Traffic/noise - Is a congested highway or lively street nearby?

Schools - Does the school district have a good reputation? Even if you don't have kids, consider the school district the home is in, as it will influence the home's value.

We put in the time to check all these features to assure we are determining the correct value of a home.

For a Free Market Evaluation Contact Us at, info@ReynoldsRealEstateGroup.com or online at, ReynoldsRealEstateGroup.com.