Denver Home Values Estimates
What is a Home Valuation
Our home valuation site can help. Knowing the value of your real estate in Denver and surrounding areas may be necessary for many reasons over the duration of your ownership; especially when you are preparing to list your property for sale. As a home seller in the present Denver Colorado real estate having a licensed broker perform a market analysis so you know what your home is worth to properly determine a sales price is the most useful application of a home valuation. Find out the value of your home now.
Other sold or for sale properties in your neighborhood may help you determine a fair price for your house, yet they do not necessarily reflect the real value of your home. The value of your home is not always equal to what other homes in the area are selling or have sold for. For example, let’s say the average sales price of a house in your neighborhood might be $450,000; the value of your home and the final sales price could be higher or lower. There are many variables; for instance, a potential home buyer may find a costly problem in your home during an inspection that you might not have been aware of. Or they may find your home loaded with upgrades even though it may be similar to others in the area in style or model. Depending on many situations the true value of your home could be lower or higher than actual sales prices in the area.
What is the Difference Between Home Valuation and an Appraisal
As a home seller, you may or may not be required to obtain an appraisal as a condition of the sale of your home. An appraisal is most often required by a mortgage lender when the purchaser is applying for a commercial, VA or FHA loan to secure the funds to close on your home. The choice of who performs the appraisal is often dictated by the buyer’s lending institution and is generally reported on a standardized form like the Uniform Residential Appraisal Report. This is to ensure the mortgage lender that the amount they loan on the property in addition to down payment requirements is equal to true home value.
Appraisal reports are typically used to set the sale price of a property as they form the basis for mortgage loans. An appraisal report contains much greater detail than a home valuation or market analysis; as it is the process of developing an opinion of value for real property by a certified, licensed appraiser. The appraiser takes into account many factors regarding the uniqueness of your home, its location as well as the cause of the sale.
Appraisal reports are typically based on several different types of value as well as using one of the three cost approaches to determine value.
1. The cost approach based on the buyer will not pay more for a property than it would cost to build an equivalent.
2. The sales comparison approach; this compares a property’s characteristics with those of comparable properties that have recently sold in similar transactions.
3. The income approach is similar to the methods used for financial valuation, securities analysis or bond pricing.
Neither the buyer or the seller are bound to the appraisal report; as homes do not always sell for their appraised value. The actual sales price on a home is determined what a buyer will pay for a home and what a seller will sell it for. At times homes may sell for more or even less depending on the particular circumstances.
How to get a Free Home Valuation
Your home valuation is more commonly known in the Colorado real estate market; as a market analysis, will be determined quickly and professionally by one of our expert brokers based on the particulars of your property.
Obtaining the value of your property can begin your full service, flat fee listing process. You can find out what your home is worth with a free home valuation from Colorado Flat Fee Realty, Inc. without obligation. A real estate market analysis is one of the many things we offer our seller’s within the scope of our full service flat fee listing and our free listing program. To begin your listing process simply click on this Denver home valuation site link in the metro and surrounding areas to set an appointment today.