Online home valuations can vary quite a bit. When I looked up my homes value online I found estimates that ranged anywhere from $435,836 to $525,442 (that’s an 18% margin). After looking over a market analysis I prepared the fact of the matter is that my home’s worth somewhere around $435,000 to $450,000.
If you’re curious to know what your home might be worth online home valuations are a fair place to start. Here is a resource that you can use to compare some of the most popular home valuation sites side by side and all in one place: https://www.windermere.com/whatsmyhomeworth
There are several variables that online valuation tools have a difficult time calculating however (condition, improvements/updates, proximity to busy streets, views and current available comparable inventory, etc.)
If you want to get more clarity on your home value it’s important to consult a real estate professional that has experience in your neighborhood. I’ve worked hard to develop my expertise in the Troutman Park market by previewing most of the homes for sale here over the last 10 years and then analyzing the terms of their sales. I’m not just a realtor, I’m also a Fort Collins native and resident of our neighborhood that’s dedicated to this community.
I’m always happy to share what I’ve learned so please let me know if I can answer any questions you might have.
All in for Troutman Park!
It is a seemingly simple question. However, discovering the worth of your home is more complicated than it might seem. Sites like Zillow, Redfin, Eppraisal, and others have built-in home valuation tools that make it seem easy, but how accurate are they? And if you get three different answers, which one do you believe? Online valuation tools have become a pivotal part of the home buying and selling process, but they’ve proven to be highly unreliable in certain instances. What these valuation tools have made clear is that real estate agents are as vital to the process of pricing a home as they ever were—and maybe even more so now.
Every online valuation tool has its limitations. Most are readily acknowledged by their providers, such as “Zestimate” from Zillow, which clearly states that it offers a median error rate of 4.5%. That may not sound like a lot, but keep in mind that 4.5% amounts to a difference of about $31,500 for a $700,000 home. For Redfin and Trulia, there are similar variances. When you dig deeper into these valuation tools, it’s no wonder that there are discrepancies. They rely on a range of different sources for information, some more reliable than others.
Redfin’s tool pulls information directly from multiple listing services (MLSs) across the country. Others negotiate limited data sharing deals with those same services, relying on public and homeowners’ records alike. This can lead to gaps in coverage. These tools can serve as helpful pieces of the puzzle when buying or selling a home, but the acknowledged error rate is a reminder of how dangerous a heavy reliance on them can be.
Nothing compares to the level of detail and knowledge a professional real estate agent offers when pricing a home. An algorithm can’t possibly know about the unique characteristics of neither a home nor its neighborhood. Curious about what improvements you can make to get top dollar or how buyer behaviors are shaping the market? They cannot provide an answer there, either. That can only be delivered by a trusted professional whose number one priority is getting you the best price in a time frame that meets your needs.
If you’re curious about your home’s value, Windermere offers a tool that provides a series of evaluations on your property and the surrounding market. And once you’re ready, I’m happy to help clarify this information and perform a Comparative Market Analysis to get an even more accurate estimate of what your home could fetch in today’s market. Just let me know how I can help!
The home at 731 Benthaven St is now listed for sale at $515,000 and there is a good chance it will set the all time high price for the Troutman Park neighborhood!
Our community just saw it’s first property sell for more $500,000 when the home that was flipped at 3807 Benthaven sold for $505,000 in December 2019.
If you’ve seen both these homes then you might be intrigued with the recent price drop at 731 Benthaven (was previously $529,500).
With the freshly remodeled kitchen, baths and interior paint this home shows very well. The professionally finished basement features timbered window wells, a sweet rec room and a 5th bedroom that would be a teenagers dream. Outside this home has a great deck for bbq’s in a yard that’s over a 1/4 acre and adjacent to open space.
It’s also 135% of the finished square footage that 3807 Benthaven had and it’s been remodeled at a much higher level of quality and craftsmanship.
If you or someone you know are interested in taking a look at this home just let me know and I’ll be happy to set that up.
The home at 731 Benthaven St is listed for sale by Kevin Barrier of Cobblestone Realty.
The home at 642 Larkbunting Dr. is a great barometer of Fort Collins local real estate market. The sale of this home from last month (Oct 2019) gives us a great example of today’s real estate market compared to our market back in 2016 (It’s previous sale date was 6/16/2016).
On 6/16/2016 the property at 642 Larkbunting Dr.
Sold for $330,000 (List Price of 299,000)
With 13 different offers competing for the home.
The buyers purchased the property in “As-Is” condition and guaranteed the appraised value by agreeing to bring extra $ to closing if necessary to satisfy any discrepancy between sold price and appraised value. These were typical strategies buyers would use to beat out other competing offers at that time.
In September of 2019 the same home hit the market and sold on 10/16/2019:
With updates made by the current owners (New Wood Flooring, Carpet, Kitchen Counters and Interior Painting) as well as an agreement to replace the furnace based upon buyer’s inspections.
Only one offer on the home this time but it did go under contract in just 4 days!
Sold for $375,000 (List Price of $375,000)
What all this shows us is that we’re still in a market that favors sellers but the supply and demand is starting to shift towards a little more balance. With less competition now buyers are often able to secure a property without having to waive inspection and appraisal provisions.
There can be great opportunities for both buyers and sellers when a market starts to shift. If you would like to know more about how to position yourself to take advantage of that feel free to reach out. I’m always happy to share.
Listed by 8z Real Estate
Let’s take a look at Troutman Park’s single family sales data for the last several years through the 3rd quarter of each year. This includes homes in Willow Park, Four Seasons, Larkborough, Woodlands, Park South & South Glen.
2019 Q1-Q3 – 52 Homes Sold for a total of $20,279,983 Average Price $389,999 Average Days on Market 43
2018 Q1-Q3 – 41 Homes Sold for a total of $14,857,550 Average Price $362,379 Average Days on Market 37
2017 Q1-Q3 – 43 Homes Sold for a total of $14,885,269 Average Price $346,169 Average Days on Market 44
2016 Q1-Q3 – 46 Homes Sold for a total of $14,933,100 Average Price $324,632 Average Days on Market 41
2015 Q1-Q3 – 63 Homes Sold for a total of $18,187,045 Average Price $288,683 Average Days on Market 37
Right now there are 8 homes available for sale in Troutman Park giving us just 1.5 months supply of inventory. Anything less that 6 months supply is considered to be a sellers market while anything over 6 months would favor buyers.
It’s still a sellers market but we’re seeing far fewer competitive situations with homes for sale throughout Fort Collins right now. The situations where there is competition tend to be a lot less intense (fewer offers) than they were a couple years ago.
What all this means is that home sellers will have to be a little more patient these days and buyers have a little more time to think while considering their next move.
If you have questions about your property or your home search feel free to reach out. I’ve been through the vast majority of homes for sale in Troutman Park and I’m always happy to share what I’ve learned.