When shopping for real estate, what do home buyers do? They compare. This is also the best way to determine the value of your property. Have a seasoned real estate broker who specializes in your area compare your home to others that have recently sold, are under contract and on the market. When comparing it is crucial that you and your broker be realistic and objective.

Once you’ve set the price and started advertising, you and your broker must monitor feedback from the market to determine if you’re “on the money” or you need to adjust. If your home is not receiving showings your price may be too high or your broker’s marketing is insufficient. If you have received over 20 showings without an offer the problem is likely to be price, condition or location. You can’t change your home’s location, but price and condition can overcome an undesirable location.

How Not to Price Your Home

* What a refinance or home equity loan appraisal said. Refinance appraisals are notorious for being extremely optimistic.

* What an internet home valuation website says. I have seen one of the most popular sites show a value that is nearly $200,000 lower than the final sale price of my listing.

* What the County Assessor’s valuation is.

* What you need in order to buy your next home.

* What the home up the street is on the market for, especially if it hasn’t sold after 6 months.

* What the house up the street sold for a year ago, especially if it’s different than yours.

* What the price/square foot is in Aspen…or anywhere else.

Contact Ben Wolfe for a free comprehensive market analysis based on a thorough investigation of your home. Setting the price is not smoke-and-mirrors, but it does require time, effort and experience in your marketplace to do it well. Do you really think a real estate agent who lives and works in Denver or Colorado Springs can do a better job pricing and selling your home than someone who lives and specializes in your neighborhood?



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