Finding the value of a residential property can seem like a very difficult task. In fact, most homeowners don’t really know where to start.
If you’re planning on selling, your real estate agent can help you, but if you’re selling privately, that may not be an option. Still, there are a few different ways you can find the value of a residential property depending on your exact needs and goals.
Zillow is a simple Google-like search engine designed specifically to help people determine home values. Using Zillow, you’ll be able to search a variety of different Los Angeles home listings, including recent foreclosures in a certain area, recent listings in a specific zip code or neighborhood and current rental prices in a particular area or zip code.
You can also use their special estimate tool called “Zestimate,” which takes a variety of factors into consideration to determine approximately how much a home or piece of property in a certain area is worth.
Use Yahoo Home Values
You might think Yahoo is practically dead by now, but they seem to be mounting a comeback. They probably won’t ever be as successful as Google, but they have one application that people are using – Yahoo Home Values.
Yahoo Home Values is a tool similar to Zillow, though it isn’t quite as advanced and doesn’t allow users to get quite as much information or dig as deep into home values; however, Yahoo Home Values can be an excellent tool to get some sort of basic estimate of a home or piece of property if Zillow isn’t fruitful.
Have the Property Appraised
Online tools like Zillow and Yahoo Home Values can be very helpful in determining a ballpark figure for how much a home or residential piece of property is worth; however, there’s really no substitute for working with a knowledgeable professional who knows the specific area in Los Angeles you are interested in.
A qualified professional will also be able to inspect your home for basic damage to let you know how much you would need to spend in repairs, and whether or not these repairs would increase the value of your home. Some appraisal experts can also give tips that can help you get more for your home or property if you plan on selling in the near future.
Property appraisers do generally charge for their services, but fees usually aren’t astronomical, and it’s certainly worth getting an estimate from a skilled professional, even if you’re planning to sell your home privately.
Check Listings in Your Neighborhood
If online programs aren’t working well for you and you aren’t ready to shell out a few hundred dollars or more for a professional appraisal, the best thing you can do is check the values of homes or other pieces or residential property in your area.
Start by checking current listings, then check sold listings over the last six months to one year. That will give you some idea of how much your home could sell for, assuming it doesn’t need major renovations, or doesn’t have abnormal features or size for the area.
If you’re ready to sell your home, the best thing you can do to really determine its value is to use all of these different sources. Start with online sources like Zillow or Yahoo Home Values, then call in a professional appraiser.
You should still check home values of recently sold and currently listed properties in your area. You may also want to check to find out if your city has installed security cameras to protect residents, as they may help to increase the value of your home. Doing all of these things together will give you the clearest picture of how much your home or residential property in LA could sell for.