In Steamboat, where home prices are escalating rapidly, it’s not enough to simply use recent comparable sales to determine a home’s list price. Without the volume of big cities, many properties offer limited comparables and also come with unique features. 

“Knowing the market, which includes the neighborhood, comparable sales and the differences between other properties and your own, are key to creating the right list price,” says Scott Wither, Broker/Owner for Colorado Group Realty. 

Limited inventory causes a spike in the volume of appraisals due to strong demand and shorter marketing times. “Buyers will find something, if they are determined enough,” shares Jim Hoy from ASI Appraisers. 

Appraisers look at market conditions, supply and demand characteristics, value and listing trends along with available inventory at the time of a report. No two market segments are changing at the same pace; it’s important to understand the economics of the market as changes to supply or interest rates can make a big difference for future home values. 

“Negotiating strategies also come into play with picking the correct listing price,” says Wither. “Small differences can make a big difference in getting a house sold quickly. With many buyers eagerly waiting for quality properties to hit the market, getting it right from the start is fundamental, in selling your home quickly.” 

Ahead of placing a property on the market, sellers need to look at how a potential buyer might view the place. A well-maintained and aesthetically pleasing home is going to increase value in a demand driven economy.