There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 818-720-9922 for a FREE home buying or selling consultation to answer any of your real estate questions.
The Zillow Estimator is a Dangerous Tool
A lot of my clients have been asking about the Zillow home value estimator: the Zestimate. Before I begin speaking about its disadvantages, consider the different types of values that are placed on homes.
There is the assessed value, which is the value that the County of Los Angeles places on your home. Usually this value is much below the actual market value. There is also the appraisal value, which is designated by an appraiser and is more analytic and comparative than an assessor's value.
Then there is the market value, which is really determined by the buyer and the seller in the real estate market. This is the true value of your home as determined by market conditions.
The Zillow Estimator is a popular resource for home sellers because it is convenient, but it is quite often not very accurate. If you read the fine print, Zillow actually says its estimates are only 9-12% accurate in Los Angeles County. If you have a home worth $500K and the value is off by 10%, then you have a very large discrepancy.
The problem with this estimator is that they just take the median average and they do not take into account the condition and location of your home, which are huge factors.
The Zestimate can give you a good estimate, but it is nothing compared to the value that a professional real estate agent would be able to place on your home. You should always refer to a trained Realtor for an accurate home price.
Feel free to reach out to me if you need help pricing your home in Porter Ranch. I would be more than happy to assist you in the process.
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