Property Evaluation: Ways of Looking at Your Santa Cruz Home

Posted by Lauren Spencer on Saturday, October 20th, 2012 at 1:01am.

When you are pondering the value of your Santa Cruz home, you may want to evaluate your property from a few different angles to get a good feel for its worth. 

 Value: As the credit card commercials imply, the cost of something isn’t necessarily the same as its value (which can be “priceless”). Value takes into account how individual buyers might use a property. For instance, the home being in a good school district is probably more valuable to a family with children than to a bachelor. On the other hand, accessibility to nightlife is most likely more valuable to the bachelor than to a family with children. You may value the wide lush lawn of your Santa Cruz home while other people see that asset as a detriment, because that lawn always needs mowing. 

 Cost: The cost of the house for the sellers is the price paid for the home plus improvements made during their tenure. Remember, the sellers’ cost is unlikely to be the same as the fair market value. Not all changes to a home necessarily add to its fair market value; in fact, quirky renovations can make properties more difficult to sell. 

• Fair market value: The fair market value of a property is determined, in part, by looking at similar properties sold in the area in the last six months. This Comparative Market Analysis (CMA) considers items such as number of bedrooms and baths and the neighborhood in which it’s located. A basic CMA may not factor in everything that goes into setting a price for the property. For example, if your Santa Cruz home is in significantly better condition than comparable properties or has a spectacular view, those factors will most likely increase your home’s fair market value.

If you’d like a Comparative Market Analysis for your home, including all the special factors that set your home apart from other homes in your neighborhood, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional real estate information, please visit my home page at www.MySantaCruzRealEstate.com.

Links:

Schools

Comparative Market Analysis

Spectacular view

 

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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