There are several elements used in estimating the value of a home;
Online you can visit websites like Zillow, Yahoo, Cyberhomes, etc. and get an idea, but there are several factors that these sites fail to take into consideration such as;
- quality of amenities
- quality of grounds and landscaping
- upkeep and maintenance
Basically, many of the same elements that factor into the desirability or value of the home. Although some of these may be subjective, they are nonetheless important.
Recent sales that are similar in age, square footage, lot size and amenities are considered. This is an important measure, as it the the basis of what most banks and appraisers use in valuing a home.
This element is often overlooked. I often like to use the phrase “compared to what”? as it is important to consider the other properties that are being offered for sale nearby or in the same development.
In the not too distant past, circumstances were not as important of a element to consider in determining value. However now we must look at the following circumstances;
- Short sale
- Notice of Default
- Notice of Trustee’s Sale
Each of these circumstances introduces a different situation that must be evaluated to determine it’s effect on the values.
As you can see, it would be very difficult to determine an accurate home value from cyberspace, an out-of-town appraiser or even a Realtor from outside the immediate area!
I have access to cutting edge tools that allow us to take all of the market conditions in consideration such as;
- San Diego County Multiple Listing Service (MLS)- this is the database of all properties in San Diego County that are listed for sale with a Realtor. Updated in REAL TIME.
- Notice of Default/Pre-foreclosure/Bank owned- A proprietary database with default data for the County updated DAILY.
- Market Trends- A proprietary database with market trends that affect values such as home inventory levels, days on the market, price increases/reductions. Updated WEEKLY.
The Good News
If you are in need of an accurate valuation of your Serramar property, complete the form in the column on the right, and I will personally prepare an analysis and deliver it to your email box.
If you are interested in selling your home, the analysis is one way to begin the process, but just indicate that you would like to schedule a listing appointment when you submit your form and I’ll be in touch right away.