FIVE THINGS THAT FACTOR INTO COMPS

You may think that sale price is the only factor when you’re looking at comps and trying to set a price for your listing. But it’s actually a bit more complicated. Here are five things that affect comps that you might not be aware of.

 1. New construction nearby: Because of low prices for lots and varying prices in home building materials, new homes can actually be cheaper and cost less per square foot than existing homes. If there’s a lot of new construction nearby, that can affect the price for your own listing.

 2. Renovations: Recently renovated homes typically sell for more than homes that haven’t been updated in a while. If you’ve recently upgraded your home—especially sought-after upgrades like the kitchen or master bath—your home should be priced appropriately.

 3. Developable lots: Not all lots are created equal. Even if the square acreage is the same, a lot that’s easily developable will get a better price than a hilly or rocky lot that needs a lot of preparation.

 4. Sales price of similar homes in the neighborhood. 

 5. Location: Proximity to schools, busy streets, and upscale grocery stores can have a profound effect on property values.

When buying or selling a home in the Denver metro area, contact Delilah,

 and let me put my knowledge, experience, expertise, and professionalism to work for you. 

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FIVE THINGS THAT FACTOR INTO COMPS

Ready to Sell? These Upgrades Will Help With Property Values

Homes that are "move-in-ready" will bring you a higher return on your equity than an 'as-is' property that needs lots of work. Yet, the biggest mistake homeowners make is spending more on the remodeling project than their home value can support. Typically, you should plan to spend between 6 - 10 percent of a home's value to get a fair return.

So, which "fixes" are worth it, and which aren't? Read on:

Worth It: Addressing major maintenance and safety issues. Would you buy a house with faulty electrical wiring, foundation issues, or with high radon levels?

Not Worth It: Major bath renovations. Instead of spending thousands of dollars turning your bathroom into a spa oasis, stick to things like repairing cracked shower doors, updating a facet, replacing a faulty toilet, and painting.

Worth It: Ripping up old carpeting. Whether you replace it with new carpets or refinish the underlying wood floor is less important than getting rid of an eyesore.

Not Worth It: Major kitchen renovations.

Worth It: Simple kitchen renovations: Replacing older counter tops with granite (it doesn't have to be the most expensive granite), choose neutral counter tops, cabinets, and floors, any type of convenience items such as a pull out pantry, extra drawers, and lighting added to under-cabinet fixtures.

Worth It: Anything that enhances "curb appeal." If buyers are turned off before exiting their cars it usually makes them predisposed to find even more things they don't like.

Not Worth It: Anything that screams clutter. The less of "you" there is, the more likely prospective buyers are to imagine themselves happily living there.

When buying or selling a home in the Denver metro area, contact Delilah,

 and let me put my knowledge, experience, expertise, and professionalism to work for you.

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Ready to Sell? These Upgrades Will Help With Property Values

5 Not So Obvious Things That Affects Property Value

Some of the features that increase property values are obvious—like a remodeled bathroom, a modern kitchen, or a sought-after neighborhood. But here are a few features and circumstances you have not have realized can affect property values.

 1. The neighbors: Not every neighborhood or community has an HOA that can keep the neighbors from going overboard with decorations or neglecting to care for their home. Homes adjacent to crazy neighbors can potentially be undervalued.

 2. Trendy groceries and coffee: Recent statistics suggest that if your home is a short walk from popular grocery stores like Whole Foods or coffee chains like Starbucks, it can actually appreciate faster than the national average.

 3. Mature trees: A big beautiful tree in the front yard is enviable, and it’s not something that can be easily added to any home. Homes with mature trees tend to get a little boost in value.

 4. Parking: This isn’t too much of an issue if you live in the suburbs or in a rural area, but residents in dense cities can have real problems with parking, and homeowners might need to rent a spot just to guarantee a place to park each night. That’s why having guaranteed parking in urban areas will raise property values.

 5. The front entrance: First impressions matter to buyers—many will cross a home off their list within 10 seconds of stepping through the front door. An appealing front door, a friendly entryway, and a functioning doorbell are all necessities for getting top dollar.

Want to find out how much your property is worth in the Denver market? Give me a call, today.

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5 Not So Obvious Things That Affects Property Value