Granby Real Estate Values: No Kidding Around!

Whenever you hear that a neighbor’s house is on the market, the same question flashes through nearly every homeowner's mind: how much are they asking?

That's because of the nature of residential markets: our own homes' real estate values (in fact, all Granby real estate values) are connected with one another, and that asking price is an estimate of the current state of affairs. It has to be reasonable in order to attract the attention of serious buyers — but if it’s too reasonable, on closing day the seller will walk away with a lighter bank account than necessary.

 Real estate values in Granby are determined in large part by what other similar homes have recently sold for. These comparable sales show what a real world bank was willing to lend, and how many dollars a real life buyer was willing to pay. “Comps” are to real estate values what the Dow Jones is to securities: a trustworthy reality check, no kidding around.

How 'comparable' a comp is depends on a number of factors to be taken into account:

·        The structure

·        Condition

·        Amenities

·        Location

·        Neighborhood

The structure of a comp sale will have similar square footage, number of bedrooms, etc. Its condition is a value judgment best made by professional appraisers. Amenities can include everything from upgrades in a development to added features like central air conditioning or a Jacuzzi. And location means a great deal (is it in on a busy street?) — as does the similar but more precise neighborhood (are the neighbors taking care of their yards? Are the schools first-rate?). Of course the Granby schools are first rate!

Ultimately, when determining real estate values for your home in East Granby, West Granby, or North Granby homes, appraisers take into account much more than just the house itself. That’s why when you set out to find a home it’s important to look beyond the physical facets of the house alone: should you later decide to sell it, the whole host of factors will come into play. Whether you are buying or selling a home in Granby this winter, contact me for a pricing evaluation.

Stephen Simard is a Realtor with Keller Williams and lives with his wife and daughter in Granby. He can be reached at 860-919-0991 or at Simy23@gmail.com.