What is My Home Worth?
You know, I used to just send you over to trulia.com, domania.com or zillow.com at this point, but I’ve discovered that really doesn’t help you. The home values that automated services give out are totally misleading, and flat out wrong.
1. The database includes all transfers, including transfers between family members, properties that go back to the bank for the loan amount, and transfers where they threw in the Mercedes. A computer has no way of distinguishing which ones to discard, so the averages are thrown off.
2. San Diego Home value can’t be done by computers, because it’s subjective. Take two houses next to each other, the same size, same age, same view. Should be worth the same, right? Not so – the house that has in it what buyers want will be worth more. For example, let’s say everyone wants a large master bathroom and a big closet in the master bedroom. One house has it and the other doesn’t. You can see that one will be worth more, even though the raw numbers (size, age, etc.) are the same.
3. A computer doesn’t take into account the market. Suppose you have a house on a busy street. Such a property will sell at a discount to the one on the quiet side of the street. How much discount, you say? That depends on whether you are in a buyers market or a sellers market. When there are few properties for sale and lots of buyers, the discount may be small. When there are many homes for sale and few buyers, the discount will be much greater.
4. View properties are worth more than those without a view. A computer can’t possible tell the value of a view. Even if it knows there is a view side of the street, that value of the view depends on tree growth, power lines, and many other factors that only an expert who has seen the property can determine.
So you see, a machine can’t do this. It takes a human, someone who has experience and can discern which properties are truly comparable, and someone who knows the market. If you need an agent like that, I can recommend someone – yours truly! Just fill out the form below and I’ll be happy to give you a valuation on your property at no cost or obligation and answer the question, What is my Home Worth?