Home sellers need to determine an asking price, and buyers need to assess how much to offer and ultimately what to pay for their new home. Many of them rely on a professional realtor for the data and analysis to help come to their decision, while others prefer to also do their own research online and rely on sites such as Zillow for guidance.
It may help to understand some of the nuances that an experienced realtor takes into consideration when doing a comprehensive evaluation of a Westside home, either from a seller or potential buyer’s perspective.
Some major factors would be more obvious than others, such as Brentwood Park and North of Montana. For example, certain neighborhoods are generally more desirable than others, such as the Huntington and other quite close to the Village area. Similarly, homes on a heavily trafficked street will logically be less desirable in general than those on quieter locations.
Value is affected by whether a house has a view or not, and how unobstructed and from which rooms the view can be enjoyed. Lots impacted by geological challenges or other environmental issues will be of a lesser value. How much of the property is relatively useful, as compared with hillside locations that may substantially limit the usable yard is another factor.
The legal tract a property is in can make a significant difference in value, depending on restrictions that may exist regarding the height or size of a house. For example, much of Santa Monica and various areas of Brentwood have differing sets of conditions, covenants, and restrictions (CC & R’s). CC & R’s obviously help to preserve property values in some ways, while imposing some limitations that to a degree also may limit a site’s potential value.
Reliance on online evaluations systems may be useful in many other communities where far fewer variations exist between and even within Westside neighborhoods.
As has been noted, Zillow and other similar systems do not take into consideration whether a house is on a 7,800 or 9,600 square foot lot North of Montana. They also have no way to factor in the presence or quality of views that may exist, nor anything about the condition of the home or property. Moreover, those automated systems can vary as much as 10-20 percent from each other on the same property.
Michael Edlen has been ranked in the top 1 percent of all agents in the country with nearly $2 billion in sales and more than 1,200 transactions. If you would like to know what your home may be worth today, Michael can be reached at 310.230.7373 or michael@michaeledlen.com.
