Question of The Day: What is Your Home Worth?
The answer to this question is easy, even to those who have zero real estate knowledge. The value of your home is what a buyer will pay for it on a given day at a given time, but is it really that simple?
That answer is no.
When selling your home there are many factors to keep in mind; the condition of the market, the demand for properties like your own, how much you would like to make on the sale, the list goes on.
Unless you are a developer or investor you are likely to have an emotional connection with your home which is something that only you can put a value on.
The best way to begin the process of establishing the value of your home is to start consulting with a Realtor that you feel will do the best job in getting you the most money. They will most likely want to schedule a time to come by and see the property in person to better understand the condition and what it offers. In this meeting it is best to inform the agent what the value is in your mind, if you have one. That way the agent is able tell you if you are realistic or not.
Following your meeting, the agent’s job is to do their research and “run the numbers”. If they are registered with the local MLS, they can access all active, pending, and sold properties as far back as you can imagine. This allows the real estate agent to run a C.M.A. (Comparative Market Analysis) to illustrate the current state of the market in your area for properties similar to yours.
Again, no matter what the numbers show, the value of your property is what another person will pay for it at that given time. The purpose of a real estate agent is to give you the most accurate estimate of what the potential value is based on the current time in the market. If you are unhappy with the number that is presented then ask them to show you how they came to the conclusion they did.
If you are still unhappy, then go see the available properties for sale that are similar and compare them to yours. Being able to see the product in person will give you a better idea as to why your ideal value may be different to what the market is portraying. Your agent can assist with this as well!
It is best to consult with a professional prior to making any decisions regarding the sale of your home. It is a major commitment and could be a major nightmare without the correct guidance.
In a market like Los Angeles, it is almost always a ‘seller’s market’. If you are interested in discussing what your home would be worth in today’s market we would love to help! Please feel free to reach our team via email at Home@LHspaces.com or you can give us a call at (323) 746–4554.
