In today’s current market determining the value of your property is an interesting exercise.  Let’s start by examining what does not affect the value.  

 

What you paid for your home does not affect its value.  The cash you need from the sale does not effect its value.  What you want for your home does not affect the value.  The price your neighbor sold his home for does not affect the value.  What your friends think the value is does not affect its value.  What a real estate broker thinks does not affect the value.  What an appraiser, for that matter, says does not affect the value.  So, what does?

 

In today’s market the value of your home is what a buyer is willing to pay based on how your home compares to others currently on the market. 

 

Let’s say you have a home that you value at $500,000ish.  Today you would be competing in the Vail Valley/ Eagle County with 94 listings between $475,000 and $525,000.   The present absorption rate of homes in this price range is 2 per month.  This means there is enough inventory on the market today, in this price range, for the next 4 years! 

 

 The question you need to ask yourself is what will make your property stand out above the others?    Why?  If you don’t stand out, you will just be in the hunt and can expect to be on the market for quite some time. 

 

How can you stand out?  Find a competent Realtor to help with this complicated answer.

 

See how your home stacks up with the competition.

 

 

 

 

Contributed by John Nichols jnichols@gatewayland.com Office: 970.926.6777 | Cell: 970.331.6611 | Fax: 970.926.2698 http://www.johnnicholsrealtor.com

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