If you’re a Colorado Springs homeowner looking to sell your house, one of the first and most important questions you’ll need to answer is “what is the market value of my home?”. Determining an accurate market value is critical, as it will not only set the right listing price, but also help you understand what you can realistically expect to get for your home in the current market.  There are a few different ways to calculate the overall market value of a Colorado Springs home. 

Key Takeaways

• Online home value estimators like Zillow provide a quick and easy estimate, but have significant limitations – they are based solely on historical data and can have margins of error up to 20% above or below the actual sale price. They do not account for unique home features and condition.
• Working with an experienced local real estate agent provides a more comprehensive and accurate home valuation. Agents do a comparative market analysis, physically inspect the home, and understand the nuances of the local real estate market to identify a home’s unique selling points.
• While an agent’s valuation may come in higher than an online estimate, their expertise in pricing, marketing, and negotiating can help drive the final sale price even higher by maximizing the value of a home’s unique features and condition.

Let’s take a look at the two most common methods – online home value estimators and working with an experienced local real estate agent.

Online Home Value Estimators Like Zillow

Many homeowners start their home valuation process by checking online home value estimators like Zillow’s Zestimate. These automated valuation models (AVMs) use public record data and previous sales to generate an estimated home value. The benefit of an online estimator is that it’s quick, easy, and accessible from anywhere. 

However, it’s important to understand the limitations of these online tools. Zestimates and similar home value estimates are based solely on historical data, and don’t take into account the unique features, condition, and marketability of your specific home. Things like recent renovations, a newly updated kitchen, an oversized lot, or stunning mountain views may not be fully reflected in an online home value estimate.

Additionally, the margin of error for these online tools can be quite high – sometimes as much as 20% above or below the actual selling price. This means that if your home is valued at $400,000 on Zillow, the actual sale price could end up being anywhere from $320,000 to $480,000.

Valuation From An Experienced Local Real Estate Agent

For a more accurate and comprehensive assessment of your Colorado Springs home’s market value, it’s best to work with an experienced local real estate agent. A good agent will do a comparative market analysis (CMA), which involves looking at recent sales of similar homes in your neighborhood. They’ll also physically inspect your home to assess its condition, features, and overall marketability.

Beyond just the hard numbers, a local real estate agent brings important expertise that an online estimator can’t replicate. They understand the nuances of the Colorado Springs real estate market, and can highlight the unique aspects of your home that may not be reflected in the data. Maybe your home has been recently renovated, or maybe it backs up to open space with amazing mountain views – an agent can ensure these valuable features are accounted for in the home valuation.

Additionally, a skilled agent will be able to successfully market those unique features to buyers, potentially driving the final sale price even higher than the initial valuation. So while the agent’s valuation may come in a bit higher than an online estimate, it’s more likely to reflect what you’ll actually be able to sell your home for on the open market.

Market Value of a Colorado Springs Home Final Thoughts…

In summary, while online home value estimators can provide a quick, ballpark idea of your home’s worth, working with a local real estate agent is the best way to get an accurate, comprehensive assessment of your Colorado Springs home’s true market value. Their expertise in pricing, marketing, and negotiating can be the difference between listing your home at the right price versus leaving money on the table.

Call Local Real Estate Expert Barb Schlinker For a Free Home Valuation Report

Throughout the home selling process, a realtor is always helpful. Your realtor can make sure you know your options and can achieve your real estate goals in Colorado Springs. Barb Schlinker and our team at Your Home Sold Guaranteed Realty - Barb Has the Buyers Team will use our skills, experience, and knowledge of the local market to ensure you sell your home quickly and for top dollar. Our real estate team also uses the strongest marketing strategies so that you can rest assured that your home sells as fast as possible.

When you are ready to put your home on the market and begin your home selling journey, give our team a call at 719-301-1802 or fill out the form on this page with the requested information to get a detailed response from our realtors. We will be happy to answer any questions and address all of your concerns to make sure you are comfortable and confident in your decisions throughout the process. 

We look forward to hearing from you and helping you begin your real estate journey!

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!