What's The Value of my Burbank Home?

(July 7, 2012)

One of the trickiest things to do in today's real estate market is understand the (ever changing) value man thinking with questions marksof a home. Not only is the economy changing as a whole, but each individual city seems to have it's own set of rules. Burbank is no exception. While I sometimes miss the mark of the value of a home, I find that homeowners typically fall into 3 categories:

  1. Totally confused, self-admittingly, as to the value of their home. I'd say about 15% of homeowners fall under this category.
  2. Totally wrong about the value of their home. A big chunk of homeowners I speak to fit in here, around 80%. Usually homeowners think their property is worth more than it is, but I occasionally get the cautious one who undervalues their home.
  3. Spot on about the value of their home. Unfortunately, I only experience this in about 5% of my meetings with homeowners. Why do I say unfortunately? Because if more people knew the value of their property, the less I would have to be the bearer of bad news. Note: don't kill the messenger!

I want to focus on the 80% that wrongfully think they know their home's value. Most of them look on the internet, which can be a great source of information when used properly. The internet can also be very misleading. For example, many real estate websites use price per square foot when estimating a home's value.

What is not considered in that formula are all of the short sales and bank-owned homes on the market, or the brand new construction selling in the trendy part of town, or the major fixer-upper that has been vacant for years on a busy street. When you average all of these, you get a fairly inaccurate home value estimation.

If you want to know the value of your Burbank home, search for homes that have sold:
 
  • Recently; in the past 0-3 months
  • Under 1 mile away from your property
  • With the same Bed/Bath count and comparable square-footage
  • With similar upgrades/finishes as your Burbank property

This will help give you a better pulse on your local real estate market. 

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Jennifer Shenbaum

Written by Jennifer Shenbaum

Jennifer Shenbaum is a real estate investor based in Southern California. She is a veteran of the housing market crash of 2007. Best of all, she offers free remodeling ideas to all who ask.