The moment you tell anyone that you’re a real estate agent, it’s just a matter of time before they ask you, “So, what’s my home worth?” And, at that point, we typically direct them to our free home valuation calculator. But this is a blog, so we’re going to take some time today to break down how we get to that answer, how home prices evolve in a city like Los Angeles, and why all of this matters. And trust us, it does matter, especially if you have any plans to sell or refinance. After all, your house is more than a home – it’s an investment.
Your Home’s Value Matters – Whether or Not You Intend to Sell
Some homeowners believe that their home’s value only matters when they’re considering a sale. But you have plenty of reasons to wonder, “What’s my home worth?”, even if you’re perfectly content residing in it for the foreseeable future. Your home’s value can impact everything from property taxes and home equity to insurance coverage and refinancing options. And, yes, obviously, it is important to know how much your home is worth if you’re planning a sale. More specifically, an accurate home valuation can help inform confident decisions when it comes to pricing, marketing strategy, and timing your listing for maximum impact.
The Key Factors That Influence Your Home’s Value
“Los Angeles real estate” is a broad term. For example, a Santa Monica beach house will take into account wildly different factors than the luxury mansions just a few miles away in Beverly Hills. Location, condition, square footage, and even area schools can strongly influence home valuations across the Greater Los Angeles area. But currently, three key trends are primarily guiding the answer to that hanging question, “What’s my home worth?”
These are:
- Interest Rates – Don’t believe the hype about interest rates being too high. They haven’t broken any historical records lately, so buyer demand remains steady.
- Inventory – That being said, inventory in California is a lot lower than it should be. And this has fueled competition – and pushed home prices upward.
- Suburban Flight – After years of migration to the suburbs, an about-face is happening as demand at the city’s core surges.
“What’s My Home Worth?” – A Short Answer and a Long One
Our home valuation tool is a great place to start for a quick assessment of your home’s value. But for unimpeachable accuracy, you really need a Comparative Marketing Analysis (CMA), conducted by a licensed real estate professional. CMAs don’t just rely on surface data and algorithms to give you a quick idea of what you’re working with. They instead factor in renovations, architectural eccentricities, and your home’s condition.
A CMA also compares your home to other houses that have recently sold in your neighborhood while taking into account your property’s unique features and amenities. Ultimately, a CMA provides a more comprehensive portrait of your home’s value. So, when you ask “What’s my home worth?”, an online calculator will give you the gist, whereas a CMA will provide a detailed account. And this matters because, in the end, your home is really only worth what someone is willing to pay for it.
Take the First Step Now
If you’re curious about an accurate assessment of your home’s value, we can help. Stop asking “What’s my home worth?” and trusting in vague online valuations to give you the full picture. Our agents will use state-of-the-art data analysis and in-depth information about your home to craft a customized CMA steeped in accuracy. And even if you have no plan to sell or refi, you’ll at least know your options, supported by unwavering knowledge of your home’s potential.
With a brand that says as much as JohnHart’s, Senior Copywriter Seth Styles never finds himself at a loss for words. Responsible for maintaining the voice of the company, he spends each day drafting marketing materials, blogs, bios, and agent resources that speak from the company’s collective mind and Hart… errr, heart.
Having spent over a decade in creative roles across a variety of industries, Seth brings with him vast experience in SEO practices, digital marketing, and all manner of professional writing with particular strength in blogging, content creation, and brand building. Gratitude, passion, and sincerity remain core tenets of his unwavering work ethic. The landscape of the industry changes daily, paralleling JohnHart’s efforts to {re}define real estate, but Seth works to maintain the company’s consistent message while offering both agents and clients a new echelon of service.
When not preserving the JohnHart essence in stirring copy, Seth puts his efforts into writing and illustrating an ongoing series entitled The Death of Romance. In addition, he adores spending quality time with his girlfriend and Romeo (his long-haired chihuahua mix), watching ‘70s and ‘80s horror movies, and reading (with a particular penchant for Victorian horror novels and authors Yukio Mishima and Bret Easton Ellis). He also occasionally records music as the vocalist and songwriter for his glam rock band, Peppermint Pumpkin.
