Today, the market is much different than it was a few months ago in early spring. With interest rates up ticking at least 2% in three months, we are seeing a substantial change in the market. It is a significantly different market. Therefore, you really need to evaluate the approach to finding value in your home. Here are 3 tips:
Tip #1: Be Careful of the Online Platforms
You may see that your home's value is way too low or exorbitantly too high…too good to be true. The reason for that is that metadata (data scraped by websites like location, house size, and main features) can’t see the uniqueness of your home. A kitchen remodel, a finished basement, or a unique floor plan, such as a ranch home, all add value to your home. Metadata cannot see that,
Tip #2: Be Careful of Neighborhood Comparisons
If the neighbor down the street got top dollar for their home with multiple offers, it's very good news, but the question is how recent was that comp. Was that two or three months ago? If it was, that was a different market. It's important to get information about the sales in your neighborhood that is a month or less ago.
Tip #3: Ask a Well-Qualified Realtor To Do a Cost Market Analysis
You need the human factor to be able to hand pick and compare other homes on the market that match your property. If you have any further questions, please reach out to us. Denver Real Estate Professionals is happy to be a resource for any questions about determining the value of your home.