What's My Home Worth, and How Do You Know?

Reblogger
Home Stager

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!

Original content by Norma Toering Broker for Palos Verdes and Beach Cities BRE# 01147470

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 - REMAX Palos VerdesNorma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800

PalosVerdesLifestyle - 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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Ready2Sellin30Days

Karen Bernetti is a Real Estate Stager, Former Realtor®, Author, Speaker, and Owner of Staging4Smooth Transitions - specializing in assisting seniors with their downsize moves and offering Home2Home Transitions seminars. Karen is also the Social Media Manager and Administrative Coordinator for Prudential CT Realty, in Madison, CT and Co-creator of the Ready2Sellin30Days System - an interactive multi-media program teaching do-it-yourself homeowners EVERYHTING they need to know about preparing a home for sale. Stay up to date on the latest staging and home decor trends by visiting Karen & Ann's Home Sale Success Blog.  

 

Comments (3)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Karen - Excellent detailed information and tips about home value and how to know it. Thank you for the quality blog.

Apr 22, 2011 05:50 PM
Peggy Chirico
Prudential CT Realty - Manchester, CT
REALTOR® 860-748-8900, Hartford & Tolland County Real Estate

Thanks for reblogging this, Karen. I had missed it!

Apr 23, 2011 01:04 AM
Ellen Caruso
Daniel Gale Sotheby's International Realty - Glen Head, NY

Karen these days a house is only worth what someone is willing to pay for it! And often thats less than one thinks its worth.

Apr 23, 2011 02:10 PM