We own a home in Greenfield subdivision, bought at $325k 2 1//2 yearsago at 10¾low appraised.

Asked by Carol Vernon, 80016 Wed Jan 28, 2009

We have put $35k into home finishing the walk-out basement (now 3780 sq ft from 2575), new deck,etc. We would like to walk away even, but have been told by two real estate agents that we can only get $350k for it based on CMA. However, in CMA, only 3-car garage and walk-outs were compared, like ours, whereas homes in neighborhood sold the past few months for the $360s & 370s with no walk out basements, so not compared. How do you know when a CMA is really appropriate pricing, when some smaller/less feature homes have sold for more only a block or two away?

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Brian Burke, Agent, Highlands Ranch, CO
Wed Jan 28, 2009
Bob has a good answer, I feel like you should talk to a Different Realtor and do one more CMA. Like homes in the subdivision should be compared with adjustments made for size, location, basements, ect.
Are you comparing Ranches to two stories?
If you like we can look at this for you.
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Bob Schenken…, Agent, Denver, CO
Wed Jan 28, 2009
Carol, pricing is always a moving target. If homes have sold in your neighborhood, they should be used in the cma. I don't care if it's 2car vs. 3car garage etc. I can adjust for those differences. Location, etc also come into play here.

No one knows if your home will sell for $350k or $370k or $330k. It is worth what someone will pay for it. There is only one way to find out how much someone will pay for it, and that is to put it on the market.

Good luck and feel free to contact me if you need any information.
Web Reference:  http://bloghomedenver.com
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Edith Karoli…, Agent, Winnetka, IL
Wed Jan 28, 2009
This a hard question to answer not seeing the property and its upgrades in comparison to others that have sold recently....
If you are living in a subdivision and homes are very similar it should be relatively easy for a Realtor to
compare your property to the same style and size of home and then adjust the market value by either adding or subtracting from that base price what your home has more or less of.

Just one little advice or caution..... Just because another house has sold for more or less, does not mean that yours will sell for exactly the same (or more or less for that matter) because at the end the true value of your home, market value that is, is what a ready and willing and financially sound buyer is ready and willing to pay for it.....

Your Realtors should be able to explain to you, why they feel that this is the right market value at this time for your home.... By the way sometimes there are credits given to the buyers at the closing table that do not show in the sale price, like credit for repairs, or decorating etc. but still your Realtors at least will be able to
explain to you how they arrived at the price in their cma and whether they made adjustments for your finished walk out basement or not.

Take care and good luck to you!
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