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Living in Denver, Colorado Blog

Saturday, August 28, 2021   /   by Kristi Kennedy

How Accurate are Zillow and Redfin?

Which online home value estimator is best? 

     Zillow? Redfin? Trulia? Realtor.com?

A friend recently asked this question as he pulled out his phone to show me (Kevin) the random values assigned to a rental property he owns:

     Zillow: $497,945

     Trulia: $511,147

     Redfin: $466,655

     Realtor.com: $313,162

No wonder he was confused! 

He was considering selling but wasn’t sure if he would make $150,000 or $350,000 from the sale.

In our world, a $200,000 question is always a fair question.

So we've done some homework for you and here is what we found (in their own words):Redfin's Estimate    "…For off-market homes, the Redfin Estimate will be within 6.15% of the eventual sales price half the time."Zillow/Trulias's Zestimate®     65% of the time a Zestimate® is within 5% of a home's sale price.

Realtor.com's Mac ...

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  denver, lovato group, real estate, listing, ready to sell, sell home, seller, hiring realtor

Sunday, August 8, 2021   /   by Jeff Lovato

How Much Can You Afford to Spend on a Home?

It can be challenging to determine how much you can afford to borrow when purchasing a home. With several factors in mind (your credit, income, spending, and down payment), there are a few rules of thumb to follow. And while these rules are more financially conservative, they can help prevent things like foreclosure or house poor. Follow these steps to determine how much you can spend on a home.  
25% Rule
The most basic guideline is that your house payment should not be more than 25% of your monthly income. However, data from the Bureau of Labor Statistics show that most homeowners with children under the age of 6 in the United States spend 36.3% of their income on housing costs, including mortgages. 
Keep in mind that the 25% rule isn't a hard-and-fast rule. You should consider your financial situation. For example, do you have a high amount of student debt or other debt? In that case, you may want to shoot for a lower percentage of your income when buying a home.
. ...

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  denver, lovato group, real estate, buying a home, first time buyer, firsttimebuyer

Wednesday, June 2, 2021   /   by Jeff Lovato

Top 3 Mistakes People Make When Hiring a Realtor to Sell their Home

When it comes to selling your home, hiring the right real estate agent from the very beginning can save you a lot of hassle and help you get the best price for your home. Below are three common mistakes homeowners make when choosing a realtor and how to avoid them.
I WILL HIRE THE CHEAPEST ONE
Agents and real estate companies put up their own funds to market and advertise your home. Marketing and advertising can be expensive – the lower the commission, the less money will be available for marketing. Remember that most homes are sold by buyer agents with qualified clients. 
If your listing agent is working for a low commission, the split to the cooperating agent will also be reduced. Don't go with the cheapest; go with the best.
I WILL HIRE MY FRIEND/FAMILY MEMBER WHO SELLS REAL ESTATE
Real estate transactions can be quite complicated, and there are often problems. Do you want to put your relationships in jeopardy for the house sale?

A good friend will appreciate; ...

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  denver, lovato group, real estate, listing, ready to sell, sell home, seller

Tuesday, September 8, 2020   /   by Jeff Lovato

10 Essential Questions to Ask When Hiring a Listing Agent

If you’re considering selling your home, hiring the right Realtor makes a difference. Be sure to perform your due diligence and vet the Realtor who you’re considering hiring. Start by asking friends and family for referrals in your target area. Once you have a couple of names, call the agents and set up a time to go over some basic but essential questions. Here is a list of 10 essential questions to ask.

How long have you been selling Real Estate? This question is critical because it can lead to so much more than merely a number of years. While it is true that experience doesn’t necessarily equal success, real estate is a commission-based business, and it would be challenging for an agent to survive for a long time providing awful service. An agent who has seen many different situations is less likely to be rattled should any bumps be encountered down the road. 
Are you a full-time real estate Agent? This goes along with how long someone has been in the field; ...

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  denver, lovato group, real estate, listing, ready to sell, sell home, seller, hiring realtor

Monday, September 7, 2020   /   by Jeff Lovato

7 Signs You're Ready to Sell Your House

The decision to sell your house isn't based solely on market conditions. You have to take your situation into account—and that's where expert advice comes in handy.
Here are seven signs you're ready to sell your Denver Home.

1. You've got equity on your side.
For most homeowners, being financially ready to sell your house comes down to one factor: equity. During the housing meltdown of 2008–09, millions of homeowners found themselves with negative equity, which meant they owed more on their homes than they were worth.
Selling your home when you have negative equity is a bad deal. That's called a short sale. Breaking even on your home sale is better, but it's still not ideal. If you're in either situation, don't sell unless you have to avoid bankruptcy or foreclosure.

For the last several years, home values in Denver have been on the rise, and that means most homeowners are building equity. Their homes are now worth more than they owe on them, and that trend will pe. ...

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  denver, lovato group, real estate, listing, ready to sell, sell home, seller

The Lovato Group
Jeff Lovato
50 S Steele Street, Suite 700
Denver, CO 80209
720-854-4834

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