Understanding Estes Park Home Prices
Like almost everywhere, over time, the value of a house can fluctuate. Historically, house values appreciate over the long term. Some great news for sellers is that in 2015, the number of Estes Valley properties sold outdid the previous best (2004) by almost 22%, and the total dollar volume outdid 2014 by 24%. In fact, my research revealed that last year was the strongest real estate market in Estes in the last 35 years, making it likely the strongest ever!
And all those transactions mean that currently the “for sale” inventory is very low, and what is available is not on the market very long, so if you are thinking of selling, conditions are in your favor.
I hope that news provides you, as a property owner, with a sense of comfort and satisfaction. If you would like a copy of last year’s statistics, I’ll get you one, or if you’d like to review them together, just let me know and we can arrange a time that works well for you.
What is the top factor affecting real estate appreciation? Many believe that it's the economy. Obviously, mortgage rates, employment, job growth, government programs and a lot of other national factors have a noticeable impact on your home's worth. However, your house's value and the elements that play the biggest role in its appreciation depend on the local
Estes Park economy and housing market. This is a unique and fluid market that seems to have it’s own economic bubble. (What happens nationally, or even down-valley, hasn’t proven to necessarily have much of corresponding effect up here.)
Your property’s location within the community – An interesting reality in Estes is that you can drive half-a-block (or half-an-acre… or more) and the neighborhood can change much more dramatically than in most locales— this is not a market with a history of large developments. (Part of the charm of Estes is that the valley offers a Iarge number of one-of-a kind homes next to other one-of-a kind homes.)
The appreciation history – Taken as a whole, real estate in the Estes Valley has a long track record of stable appreciation, much more so than in many communities. While no one has a crystal ball, as the statistics referred to above attest, there are many factors to indicate that it will continue to do so.
Real estate sales trends – What's the time on market? What was the final sales amount versus the asking price? While a lot of data can be obtained online and from public records (some of which can be either inaccurate or misleading), analyzing it within such a fluid and unique market is complex. I’ll be glad to research your particular situation and present you with an accurate, statistically-based assessment of your home’s value, along with the options available to you to meet your goals. There is no charge and no obligation.
A word about Zillow – From Zillow itself, as quoted in the Washington Post, June 10, 2014: “The Zestimate is not an appraisal and you won’t be able to use it in place of an appraisal, though you can certainly share it with real estate professionals. It is a computer-generated estimate… given the available data. Zillow does not offer the Zestimate as the basis of any specific real estate related financial transaction. Our data sources may be incomplete or incorrect; also, we have not physically inspected a specific home. Remember, the Zestimate is a starting point and does not consider all the market intricacies that can determine the actual price a house will sell for.”
If you have any questions about the value of your property, where it may stand in the current economic climate, what potential improvements might be the wisest investments for your specific home, or anything else, please let me know. I’ll be glad to provide you a complete, current and accurate market evaluation of your property. And there’s absolutely no obligation. Please feel free to call me at 970-214-6350, or email me.
If you'd like to hear what some of the people I've helped have to say, click here.