How can you determine your Greeley Colorado and Weld County home's value?

Since our Greeley Colorado market is saturated with foreclosure sales, this can be a little confusing.  Foreclosure sales are heavily discounted and have accounted for around 50% of the sales.  What you need to know is that those sales do affect your home's price, but are not directly comparable.  The procedure that appraisers use is to find fair market sales (non-foreclosures) within close proximity and features to your home.  From there, they will make small additions/subtractions to the differences between them.  Also, these sales should be timely, within 6 months, and the most current comps are best.  The key to estimating your Greeley home's value is to find good comparable homes.  So then what constitutes a good comparable?

Below are the main categories of features to use:

Home Features

·                                 Style (Ranch, Bi-level, Split level, 2-story, town home, condo

·                                 Bedroom, bathroom, and total number of rooms

·                                 Basement  (y/n), finished (y/n)

·                                 Garage (1 car, 2 car, 3car, none)

·                                 Lot size use groups of 0-.25 ac, .25-.5 ac, .5-1 ac, 1-5 ac, 5-10 ac

Age of Home

·                                 Use groups of 0-5, 5-10, 10-20, 20-30, 30-50, 50-100

·                                 Do NOT use new construction sales unless home is new

Square footage

·                                 Stay within 10% of your homes ASF (approximate square footage)

·                                 View comparable sales and your homes ASF on the Will County Assessor Website

Condition

Use groups of poor, fair, average, good, and excellent.  Try to select comparables of similar condition.

Most homes will fall into the average condition category.  A poor ranking would be a complete gut rehab required and excellent condition is new construction.  A ranking of good condition will mean a home of upgrades and features well beyond what is typical for the neighborhood.  A ranking of poor would be a home poorly maintained, but does not require a complete overhall. 

Location

The comparable home should be in close proximity to your home.  The same subdivision is best.  Do not cross over major boundaries such as I-55, county lines, or city lines.

Within 2-miles if possible

Same School district

Same city

Use of Pending Sales

Pending sales are actually the most current values you can find, but the problem is you will not know what their contract price is.  What you can do is assume an offer price of around 95-97% of list price.  When these homes do sell, take a look at the sale price.  This will be the most recent data possible.  Current listings that are not under contract have little to no value in determining your home's value.

After you have chosen good comparables based on the categories above, you will then have a very good idea of your home's value.  There will undoubtedly be differences between your home and the comparables, but the main "meat" of your evaluation will come from above.  The rest of the details will make for small differences to value.  

For complete details on everything Greeley Colorado Real Estate visit my website at http://www.greeley-weldcountyhomesforsale.com

If you would like a price evaluation on your home please give me a call at 970-302-1233 or just fill out the form at the bottom of this page. 

First Name* Last Name* Phone Number Address* City* State* Zip Code* Year Built Square Footage Number of Bedrooms -- Please select --123456+ Number of Bathrooms -- Please select --123456+ Condition -- Please select --ExcellentGoodFairPoor Garage Spaces -- Please select --1234+ What is the best thing about your home? What will keep your home from selling for top dollar? E-mail* Enter the code:    Please wait...