Home Valuation

Why Knowing The Value Of Your Home Is Important-And Why A Zillow Zestimate Is Not An Accurate Tool.

How much is my Sherman Oaks Home worth?

When you're considering selling your home in the 91423, 91411, or 91403 zip code you may be wondering "How much is my Sherman Oaks home worth?" Even if you are not or have not considered selling your home, knowing the value of your property is always a good idea, since property is likely one of the biggest investments you will ever make in your lifetime. If you’re using a Zillow Zestimate to get an accurate home valuation, you may get a skewed result, which could then affect your home’s listing price. While Zillow has historically provided relatively accurate estimates based on the year the home was built, the number of bedrooms, square footage, and other quantitative data, they’ve recently changed their algorithm. Even when Zillow was fairly accurate, it still provided only an estimate as opposed to a true valuation done by an appraiser or Comparative Market Analysis. Here’s how to get an accurate home valuation and why relying on Zillow or similar sites is usually a bad idea. When people are interested in selling their home, the request is usually "Sell my home fast in Sherman Oaks!"; "For the highest price!" In these cases, it's definitely a bad idea to rely on a website to determine the value of your home.

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What is a Home Valuation?

A home valuation is just a fancy way of saying how much your home is worth. Home valuation could be an Appraisal (form 1004, or otherwise), like the bank uses or could be a BPO (Broker Price Opinion) or a CMA (Comparable Market Analysis). Appraisals, in particular and sometimes Broker Price Opinions, are used during real estate transactions such as buy-sell or refinances to ensure homeowners or buyers are not overborrowing for a property. The home is used for collateral in a mortgage, and if the borrower defaults on his or her loan, the lender will sell the home to recoup the money lent to buy it. If the home was overvalued and they lent too much, they could lose money. The home valuation ensures they will be able to recoup costs should the mortgage not be paid in full.

To answer either of the questions, "How much is my Sherman Oaks Home worth" or "How much is my home worth in 91423", a Sherman Oaks Real Estate Agent or Realtor in Sherman Oaks can complete a Comparable Market Analysis.

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What is a Zillow Zestimate?

A Zillow Zestimate is an automated home valuation tool and is recommended as a starting point when determining the value of your home. It incorporates user-submitted and public data and takes into account home facts, location, and market conditions. Zestimates are done entirely online, and no representative of Zillow will visit your home to perform an appraisal. Banks and lenders do not use Zillow or similar services to estimate property and instead rely on the expertise of a licensed appraiser. A Zestimate can be off by a very large percentage much of the time in some markets, which amounts to tens or even hundreds of thousands of dollars in inaccuracy. When you're thinking about the question, "How much is my Sherman Oaks Home Worth?" or "What are property values in 91423?", you definitely need to think about how different and unique each property is. They are not cookie-cutter tract homes, that's for sure!

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What is the Main Difference Between a Zillow Zestimate and a Valuation Performed by an Agent?

The main difference between the two is that a Zillow Zestimate is simply an algorithm. You punch in data, and a value pops out. There is no actual human involved who views your home, compares it against others on the market, and produces a detailed report. When an agent conducts a valuation, they are actively involved in the process and create a valuation that is personalized and in-depth. You simply cannot rely on websites to accurately estimate your home's value. Your Sherman Oaks home value is influenced by recent sales activity, the home's current condition and quality of constructions, specific amenities, the competition it will face in attracting buyers, and the marketing strategy that will be used to build up and leverage current market demand.

The only way to answer the question "How Much is Home Worth in Sherman Oaks" is to have a licensed professional:

1) Evaluate the condition of your home.

2) Analyze its full potential against competition.

3) Create a custom marketing plan to attract buyers.

Links:

Zillow     Homes.com     Realtor.com      Sherman Oaks Chamber of Commerce

These resources are simply starting points when it comes to Sherman Oaks home values and the following topics:

Sell my home in Sherman Oaks

Sell my home in 91423

Sell my home fast in 91403

How Much is My Home worth in Sherman Oaks

Sherman Oaks Real Estate Agent

Sherman Oaks Realtor

Best Realtor in Sherman Oaks


With over 22 years of local market experience, Ken Sisson is the real estate agent to contact in order to get the answers and the service that you deserve!

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How is a Valuation Performed?

There are two accurate ways to perform home valuations: with a Comparative Market Analysis and an appraisal. ​​​​​​​Here is how the two differ:

Why is a Valuation Important?

Though getting a valuation in order to sell your home is the most common reason to get a home valuation, it’s not the only one. ​​​​​​​Here are some more situations when a home valuation may be necessary:

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