What’s My Home Worth?
Comps, Condition, and the Market
Every homeowner eventually asks the same question: what’s my home worth? You can type your address into a website and get a number in seconds, but that number is a guess based on limited data. In reality, your home’s value is tied very closely to three things: local comps (recent sales of similar homes nearby), the condition of your property, and the type of market we’re in. In Los Angeles, where two homes on the same street can sell for very different prices, all three matter. In this post, I’ll explain how each one works, why online estimates often miss, and how to find a number you can trust.
Why online estimates are often off
Automated home value tools run your address through a formula. They usually can’t see your kitchen, your roof, your layout, or the work you’ve put into the house. They also lag behind the market: if prices rose or dropped recently, the estimate may still reflect older sales. Treat these numbers as a starting point, never as a price to list at.
1. Local comps
Comps, short for comparable sales, are the most important driver of your value. A comp is a home similar to yours that sold recently and close by, ideally within the last few months, with a similar size, bedroom and bathroom count, lot, and style. Buyers and their agents use comps to decide what to offer, and appraisers use them too, so your price has to hold up against them.
Location is very local here. A home one street over, or on the other side of a busy road or a school boundary, can be a poor comp. That’s why a citywide average tells you very little, and why I look at the sales on your actual block and in your neighborhood.
2. Condition
Two homes with the same size and address can sell for very different prices because of condition. A home with an updated kitchen, a newer roof, working systems, fresh paint, and good upkeep will usually sell faster and for more than a similar home needing repairs. Buyers also subtract for work they’ll have to do, often more than the work really costs, because of the time and uncertainty involved. When I look at a home, I note what has been updated, what is original, and what a buyer is likely to push back on, and I adjust the comps up or down.
3. The type of market we’re in
The same home can be worth different amounts depending on the market. In a seller’s market, there are fewer homes for sale than buyers who want them, so competition tends to push prices up and homes sell quickly. In a buyer’s market, there are more homes than buyers, so buyers have more choices and more room to negotiate. A balanced market sits between the two. Agents often look at how many months of inventory are available, and how long homes are taking to sell, to tell which market we’re in. Interest rates matter here too, because they affect how much buyers can afford.
How I figure out your number
I start with the comps in your neighborhood, then visit your home to see its condition and what sets it apart. After that, I look at current market conditions and how similar homes are being priced and negotiated right now. The result is a written analysis, called a comparative market analysis, that gives you a realistic price range and a recommended list price. This is not an appraisal, which is a formal valuation done by a licensed appraiser, usually for a lender, but it’s the information most sellers use to decide on a price.
What you can do before you sell
Small things often pay off most: deep cleaning, decluttering, fresh paint, fixing minor repairs, and making sure the yard and entrance look good. Before spending money on a big renovation, talk to me first, because not every upgrade returns what it costs, and I can tell you which ones buyers in your area actually pay for.
Your next step
If you’re wondering what your home is worth, I’m happy to give you a clear, no-obligation answer based on real local sales.