If you are like many of the homeowners in Sherman Oaks, Studio City or Encino, chances are you have heard of Zillow, or other online valuation tools, which attempt to provide you with a value for your home. While fun and interesting, the reality is that these websites can be as much as 10-20% off on the real value of your home.
The answer is simple. There is no algorithm currently in place that can perfectly measure usability of your lot, view, or judge the quality of your remodel. After all, can’t one person remodel the house differently than another?
If you have any questions about the value of your home, are considering a sale, or just want to get an opinion of where/how to update a home for maximum resale value, then the best option would be to have your Realtor come and visit. When looking at comps, a good Realtor will hand select homes that are located in the same neighborhood (for example Hidden Woods which are primarily homes built by Mellenthin) if possible, same school district (is it Dixie Canon, Riverside, or Carpenter?), homes that are of the same type (one level vs two story), flats vs hillside, view/no view, and more. Plus, there is a good chance that they have seen the homes around yours, and are capable of explaining why certain homes are truly comparable.
By having a Realtor perform a comparative market analysis of your home, you will be better informed and able to understand the value of your home – and that is powerful information!