If you’re buying a home or selling a home, what is the best way to obtain an accurate value of your home? Fortunately, there’s a simple answer.
Who would have believed 20 years ago that the rising values of homes in Highland Park and Eagle Rock – as well as real estate in Mt. Washington and in Glassell Park – would be the talk of the town? If you own a home in one of these regions – or are looking to buy a home – odds are that home values are on your mind.
Regardless of whether you’re looking to buy a home or sell a home, it only makes sense that you will eventually want to gain an understanding of your own home’s value, if you’re selling, or the value of a different home if you’re thinking of buying.
But with all the information, articles, blogs and website tools out there offering home evaluations, its become easy to get, well, confused. That’s because as you’re performing your research and due diligence, the first thing you’ll notice is that there is little consistency in the values offered. One home evaluation will be wildly different from the one before or after.
The reasonable question is, why? How? There’s a simple, straightforward answer: There are actually two types of values of homes – automated home values and manual home evaluations. Of course, there’s a big difference between the two.
Automated home values are very useful as a general reference tool, to give you a rough idea of what your home or any other home may be worth in the current market. And sometimes a general, rough idea is a good place to begin.
Let’s be honest, though.
Every home is unique. This is especially true in the neighborhoods of Northeast LA where tract homes don’t really exist. Most every neighborhood in the region is dotted with custom homes and it’s rare to find one that is like another. With tract homes, comparisons, or “comps” of similar homes that have been sold could help us gain insight into what another home may sell for. For other neighborhoods, it just doesn’t work that way.
Also, there are all sorts of renovations, upgrades and features that aren’t reflected in automated home values. Added up, these renovations and upgrades can make a considerable difference in the home’s value and the final buying or selling price.
For instance, there is no way possible that an online tool can know if a homeowner has refurbished the kitchen or the master bath. It doesn’t know if all the 80’s era carpet has been replaced with beautiful bamboo wood or magnesite. It might not even know if a room addition occurred since the last time the home was sold.
So the next reasonable question is, how do you, as a home seller, learn the true value of your home?
That’s where a skilled and experienced real estate agent comes in. A local professional real estate agent knows what sells … and what doesn’t. They know what buyers will pay more for, and how much that renovation really will net you in a home sale. Most importantly, they can provide you with a much more accurate and precise value of your home.