Trying to Vaue Your Costa Mesa Home without Help
is Like Trying to Drink from a Firehose
There is so much information available today. If you want to fix your sink, or learn about a platypus or value your Costa Mesa home, it’s all out there on the internet for you to learn about.
There are many sites that publish information about Costa Mesa homes for sale and homes that have recently sold like Zillow or Trulia to name a few. As a Costa Mesa seller this certainly gives you a basis to start from in valuing your home, but it doesn’t give you the whole picture.
It doesn’t help you assess the market absorption rate (the number of months it would take for all homes currently on the market to sell). In many cases, you won’t have the private agent information, and often there are not enough pictures to assess the true condition of the house.
Sometimes, if a Costa Mesa home is a little unusual, for instance a detached condo or an attached single family home, it may be even harder for you to value your property on your own.
Further, Zillow will tell you that in Orange County, approximately 85% of their Zestimates are within 20% of the sales price, and that they have a median error of 7.5%. So on a $500,000 home, their Zestimates may be off as much as $100,000.
If you have hundreds of homes to pick from, which ones are most comparable to yours? If you have several that are short sale, should they be evaluated any differently from any equity seller? What about REOs? What if no homes have sold in your neighborhood recently, then what do you do?
There is so much information on the internet, but how can you use it properly to evaluate the value of your Costa Mesa home?
Zillow itself says that its Zestimates are just a starting place. If you’re considering selling your Costa Mesa home or just want to know it’s value, it’s best to get the opinion of a real estate professional rather than attempting to drink from the firehose known as the internet to get a value for your home.
I’m happy to offer a complimentary evaluation of your Costa Mesa home value. Please give me a call a 714-319-9751.