Looking up Home Values in Orange County California
You may be selling a Orange County Home, refinancing, or investigating the Orange County Real Estate market, whatever your intentions you need information that is accurate and on the money. There are several websites out there that can computer generate you a estimate of value like the graph below from Zillow but is the information correct?. If you read the fine print on Zillow.com they state that the Zestimate can be off by as much as 40%
A Local Realtor® is best for home values
I get many calls from clients that use Zillow as their main source for information. Don’t get me wrong I think Zillow is a great source for general information but you just can’t beat the good ole Local Raltor® for accuracy.
Here is an example of a typical call form a client or potential buying client that I get on a regular basis.
Buyer: Hi Brett I found this listing on your website LagunaAgent.com. It’s for sale at $645,000. I really like it and would like to make an offer but but I think it is way over priced. Zillow says its only worth $532,000 The photos look like it has amazing views.
Me: OK let me pull that home up and compare the asking price to comparable surrounding properties. Give me a few minutes while I pull some comps.
Buyer: OK
Me: OK Mr. Buyer I have done some research and there have been 3 comparable sales in the area over the last three months including one that is in the same tract. One had foundation problems so it sold for a lot less than the others. I think the value may be a little less but the Zillow estimate is way off unfortunately.
Buyer: Ok so what do you think the value is?
Me: Well without physically visiting the home I can only give you a very close estimate. The model match inside the subject Tract sold for $575,000. According to the agents comments it had a foundation crack running through the kitchen which caused a slab leak and it was sold as is. I would say this homes value is closer to $610,000 to $615,000. If you like we can make an appointment to see this one and I will also show you some others near by to compare.
Computers are smart at calculations but not desirability
You see, Zillow like many other websites is computer generated from other sales in the area. There are several factors that a computer can’t analyze such as Location, Condition, or if any of the homes were fully remodeled last year with over $100,000 spent. The list goes on and on.
One thing Zillow is very good at is over all “average home values” For example below is a Live graph of the average home values in Laguna Niguel. Today is 3/15/2010 and looks like since the first quarter of 09 we have been off the bottom and heading in a good direction.
If you are thinking of selling a home to up or down size now is the best time. Why? OK If you wait for the market to recover fully and the prices to go back up, your new home will be more expensive as well. The new home you are going to buy is heading up in the same direction. Buying at a lower price means less property taxes and saving you money.
If you are just selling and not buying I would recommend the opposite only if you can hold on to it and continue to make any mortgage payments. The reason is if you have equity you will have capital gains tax. If you must sell and would like some ideas on this issue you may like to read a recent post on how to avoid paying capital gains tax
Aliso Viejo, Costa Mesa, Corona Del Mar, Dana Point, Irvine, Ladera Ranch, Laguna Beach, Laguna Hills, Laguna Niguel, Lake Forest, Mission Viejo, Newport Beach, Newport Coast, Rancho Santa Margarita, San Clemente, San Juan Capistrano. South Orange county.
Get the true value of your home for free
If you would like me to do a free market analysis on your home to find today’s accurate market value, please fill out the form below. I will send it to you asap. Thanks
Brett Dalbeth
Newman Realty
888-399-4844
[contact-form 1 "Home Value Request Form"]
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