Eagle County surpassed the $2 Billion mark for residential real estate sales in 2017 for the first time since 2008. This is good news. Home values in the Town of Vail have been on a relatively stable rise for several years now, multiple condominium and townhome complexes have completed substantial renovations. and new construction homes are popping up throughout town. With many existing homeowners considering the prospect of either renovating their current home, or “trading up” to another property, it is important to have a good understanding of what your home is actually worth.
There are many online “home valuation” tools out there that claim they can provide you with an “instant estimate” of your home’s value. Most of these tools rely on complex algorithms to compute your home’s value based on a combination of public and user-provided data. While these tools may provide reasonable estimates in larger metro areas, for a resort area like the Town of Vail, where real estate values can vary wildly within a very small geographic area, these estimates are frequently inaccurate.
The type of property you own, where it is located, what type of amenities it has and when it was built are all major factors that contribute to its value. Other less obvious factors that play a significant part in determining a home’s value include the age of a home’s major appliances, the condition of its heating and cooling systems and, if a part of a common-interest-community, the financial stability of the HOA and condition of the common elements. Scarcity can also be a major factor in determining how much your home could sell for in the current market.
Most real estate professionals will be willing to provide you with a complimentary opinion of value for your home. They can also offer advice on how to improve and maintain your home’s value in an evolving market. If you own your home, and are considering selling or even refinancing, contact your local real estate professional and ask if they would be willing to review your home and provide an opinion of value. You might be surprised at what you learn!
Don’t have a local real estate professional? Call me, Patrick Barrett 970.470.0778 or Patrick(at)tsgvail(dotted)com.
The Right Time to Buy and Sell
When is the best time to buy and sell homes in Eagle County? The answer may depend heavily on what type of property you own, and where it is located. If you own a condo in Vail Village or Lionshead and are considering selling, you should plan to have your condo on the market during the ski season when Vail is busy and lots of potential buyers are running around town. If you are a full-time resident of the Vail Valley, you probably want to list your home for sale in the spring as many local residents prefer to buy and sell during the summer months when moving is less hectic.
With Front Range communities such as Denver and Boulder continuing to grow, the demand for second homes in the Vail Valley has grown as well. Buyers from the Front Range currently make up nearly half of all residential real estate sales in Eagle County on an annual basis. This has created somewhat of a “year-round” market for certain property types, particularly those in the Town of Vail and nearby communities such as Minturn, EagleVail and Avon.
Should I consider Selling my home myself?
When markets are strong, properties are selling quickly and prices seem to keep going up, the idea of selling your home on your own may seem attractive. What many homeowners do not realize is that the process of listing, marketing and selling your home is much more involved and potentially hazardous than they may have thought.
The most common pitfalls that homeowners fall victim to usually relate to pricing. Pricing your home too high will most likely produce little to no interest from potential buyers. Pricing your home too low may produce a lot of interest, but will end up losing you money in the end.
Opening your home to strangers for showings, completing property disclosures, negotiating purchase price and terms and navigating a home inspection process are all essential parts of a real estate transaction. When not done correctly, these can expose the Seller to significant liability and even potential legal troubles.
If you are considering Selling your home, start by contacting your local real estate professional to obtain a thorough and complete opinion of value. Ask questions, understand what kind of marketing program your real estate pro offers, how they handle showings and buyer feedback, how skilled of a negotiator they are, and most importantly, what their results have been.
If you are like most people, your home is your single largest asset. You have many resources available to you when it comes to buying and selling, the most valuable of those resources ought to be your professional real estate advisor.
For contact us or learn more about The Stockton Group, LIV Sotheby’s International Realty, visit thestocktongroupvail.com/ ourteam