How Much is a Home Worth In Stanley Park in Evergreen, CO?
I recently replied to a question on a national real estate site from a home buyer or home seller (no way to know for sure)– a general question about how to determine the value of a home in Evergreen. I’ve taken the answer I wrote and added it to here since I think you’ll find it helpful. The inquirer was hoping to use averages for appreciation to help determine the value of a home on Stanley Park Road—an Evergreen community on top of Bear Mountain. The fact is, averages and statistics just shouldn’t be used for determining a home’s value. The home and the home’s history is unique while averages and statistics, by their very definition are the antithesis of unique. The practice of applying the average appreciations for any home ignores the specific negotiations that occurred during the first purchase and subsequent maintenance, improvements (or wasting) as well as the current Seller’s motivations, and relevant information about the current competitive factors effecting the specific neighborhood.
What Info Should I Use To Determine My Evergreen Home’s Value?
A better approach is consider the home’s size, location and condition relative to today’s active listings, recently sold similar homes and the number of qualified prospects trolling the neighborhoods looking to purchase. I frequently run statistics for Evergreen homes in terms of general overviews to provide people with averages and an idea of what the market conditions are– but a closer analysis of specific property features, characteristics and specific active competition is required to craft a pricing strategy for effectively marketing a home for sale… I believe the best approach to valuing a home is to consider the three P’s of marketing real estate:
1.) Product -what the house is, what it isn’t and how does it compete against specific competitors, 2.) Pricing- The importance of finding the “Sweet Spot” in which the home is priced below superior and/or equal competitors, above inferior competitors and at a compelling price to attract attention from Buyers who wouldn’t otherwise look at your offering. 3.) Promotions-Is the good word of your homes offering broadcast out to as many marketing conduits as possible? Are you taking advantage of a hybrid mix of “old school” marketing tools AND the newest technologies to tell would-be-buyers of your home? When marketing a home each of the “P’s” effects the others for example you may be able to sell an inferior Product relative to the competition if the Pricing and Promotion is better than the competition. Of course, the Price can be higher if the home is better and Promotions are superior.
What If My Home Isn’t As Nice As Others On The Market?
Conversely, if the home (Product) is inferior or equivalent to the competition and the Price is average or high-no amount of Promotion is going cause a sale-other than to bring Buyers into your neighborhood and sell the competition. Ultimately the best pricing strategy comes from a comprehensive knowledge of all of the 3 P’s specific to the subject property. In addition knowledge of the Buyer’s search process, methods of valuation, fluency with every competing home and the terms of each recent sale– all add up to the most qualified approach to structuring a home sale in Evergreen’s fiercely competitive selling market
For the record—I did also provide the 5 year approximate appreciation, which specific to Stanley Park and Bear Mountain is roughly 0% appreciation IN FIVE YEARS!
In Five Years Home Appreciation for Evergreen Real Estate is About 0%
Regardless, don’t use stats—use an expert! Since many homes have appreciated significantly while others have lost value.
If you must, Trulia does a great job of providing different sale statistics: