We all have a figure in our mind, that represents the price we think our home is worth or what we are willing to pay for a home in the area we want to live in. For years the prices of homes kept going up, and we depended on the equity in our homes to carry us through retirement. As sellers, we all want to receive top dollar, while as buyers we want the highest value at the lowest possible price. Until recently there was a feeling of urgency with buyers because they felt if they delayed the prices would trend up and they would lose out. So how can I establish the real price for EVERGREEN REAL ESTATE?
WHAT WILL MY HOUSE SELL FOR IN EVERGREEN COLORADO DEPENDS ON THE BUYERS
The state of Colorado defines what a property is worth as “what a willing buyer will pay a willing seller in a reasonable amount of time.” This is calculated by searching the comparable sales in a neighborhood, and adding and subtracting for more or less square footage, more or less bedrooms, corner lot or cut-de-sac, etc. With the help of computer technology, multiple listing solds, and county records the price of any parcel of land can be easily determined. Sellers always want to list high to maximize their profit, but even if their broker sold the home for above the market price, it would not appraise for that amount. Like stocks and bonds, the market sets the price through the invisible forces of buyers and sellers bargaining.
Now, the plot thickens. The State of Colorado is working on a law that will severely punish any Appraiser who over appraises the price of Real Estate. Before, any appraiser could just shrug their shoulder and say I honestly thought the home was worth more, but now they could wind up with punitive fines or even in jail. Appraisers will now sharpen their pensile and aim for the middle or lower price rather than take a chance on litigation or criminal prosecution. They are liable for a $5000 fine for the first offense and an 18 month stint in the county jail.
This will have a sobering effect on all Real Estate professionals. Please, give us a call at MARK ENGLISH REAL ESTATE. We are Your one stop shop for all Your Real Estate needs. We will set the legitimate price of Your home. For Buyers, we will show You what price the market dictates for any home that you are interested in and we can pre- approve You for an EVERGREEN COLORADO HOME MORTGAGE. In today’s market You need a Broker who knows Real Estate law, Appraisal law, and Mortgage law and will protect you throughout the entire process. Please, call us at 303-674-0148, Email us at email@example.com or visit us on the web at www.EvergreenRealEstate.org