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    How do you price a home on Federal Blvd

     

    Ever wonder: How do you price a home on Federal Blvd in North Denver?

     

    Because Federal Boulevard has dividers, traffic lights and four lanes, it is busier and noisier than the homes just one block East or West of this scenic boulevard. The noise, as well as some retail impact, cause homes on Federal Boulevard to sell for 10% to 20% less on a dollar per square foot when compared to similar home just one block East or West.   Buyers, that are newer to the process, will often comment Federal Boulevard homes by saying: “Wow, what a great home and what a great price.” At that point, a buyer may ask: How do you price a home on Federal Blvd ?
    Before we talk boring numbers and “How do you price a home on Federal Blvd”, Federal Boulevard is, in places, a lost and beautiful boulevard.  The Sunnyside, Jefferson Park and West Highland Neighborhoods are fortunate to contain the most charming sections of Federal Boulevard. From 2000 Federal (20th and Federal) all the way to 4800 Federal (48th and Federal), there are spectacular turn of the century grand homes on both sides of the Boulevard.   Some of these homes are as large as 3,000 square feet.

    How do you price a home on Federal Blvd? Excellent Question:

     

     

    The answer, speaking as a real estate agent, is a question and an answer:

     

     1.  Are you OK (as a buyer) with the road impact day in and day out? Because the price of the home is irrelevant if you do not enjoy living there.
    2. The fair price is based on both surrounding home sales as well as homes specifically located on Federal Boulevard.  Since there are never enough sales in the last 90 days of homes on Federal Boulevard, with a similar size, we need to factor in sold homes that are not on Federal Boulevard. There is not a hard fast conversion value for homes on busy streets. The process for coming up with your own correction is to find a few similar homes that have sold on Federal and not on Federal. The next step is to look for a pattern in price difference between the two. In my experience, and I am NOT an appraiser, I have found busy road corrections are between 10% and 20%.  A street like Zuni Street or Lowell Boulevard will correct at about 10% and roads like Federal Boulevard and 38th Avenue will correct at about 20%.

    Search Homes on Federal Boulevard

     

     

    A real estate agent can certainly provide an opinion as well as the specific examples.  However, if you are in the process of listing your home or making an offer on a home on a busy road, ask your agent for a fresh version of this research.

    Hire an Appraiser?

    When you write an offer on a home in Colorado, there is text within the contract that protects buyers from paying over appraised value during the purchase process. The buyer pays for this appraisal and it is required by any lender that is going to provide a loan as part of this purchase. If you are a seller, and your home is difficult to compare to other homes, you may want to hire an appraiser. The more you know as a seller, the better you can negotiate.
    Buying or Selling a home is a gigantic and exciting decision. Make sure you have complete professionals at such an important time in your life. Contact me for a value of your home or a list of great appraisers.

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