What's My Home Worth, and How Do You Know?
Norma does a great job explaining how she goes about answering the question: WHAT'S MY HOUSE WORTH? It's not an easy task in any market and is best left to the professionals. Don't ever underestimate the VALUE of an experienced and reputable Realtor!
Yesterday I showed property in the Lunada Bay neighborhood of Palos Verdes Estates. We viewed property priced from $1,400,000 to $2,200,000. The prospective buyers especially love the Lower Lunada Bay area with its flat streets and close proximity to the Pacific Ocean. After showing six homes my business partner and I then previewed homes for another client. Last weekend we showed 14 homes. Last week another buyer viewed nine homes. When a seller asks me what his home is worth I'm able make my guesstimate based on up to the minute knowledge of the local market.
When it is time to move beyond the "guestimate" and zero in on a list price I consult the comparable sales. Since I have personally viewed them, either from showing or previewing, I have detailed information about the condition, floorplan and other amenities. The appraisers who establish a value for lenders do not have as much information as an agent who is out in the field traipsing through home after home on a weekly basis. We know whether the remodeled kitchen was a do it yourself project or a high-end professional job. Appraisers call me on a regular basis to ask questions about sold comps they can no longer view.
One of the chief values of a real estate agent is market knowledge. If you do not know the market, and this means more than knowing the numbers, it is difficult to establish value. Seller need their agent to possess intimate knowledge of sales in their neighborhood. Buyers need their agent to advise them on neighborhood values and recent sales. This is not information that can be assimilated by driving by a property or studying the numbers. It is accumulated knowledge.
Yes, we unlock doors, but making sense of the nuances of the market and providing clients with invaluable knowledge is the key to selling smart and buying wise.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Information is deemed reliable but not guaranteed.
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