Please read this first
No attorney or CPA has reviewed this guide. It is general information, and I can't give legal, tax, lending or financial advice. Ask your own attorney and CPA before you act on anything here.
| Number | What it can't tell you |
|---|---|
| List price | What a buyer will pay |
| Sold price | What the next house will bring |
| Price per square foot | Which house looks at the water |
| Days on market | How long the home has been for sale |
| Online estimate | What an appraiser would say |
| Assessed value | What the home would sell for |
| Transfer tax on a deed | The full price, when a buyer takes over a loan |
Sold price
The sold price is the amount the buyer paid the seller under their agreement. That is the definition in the data standard for an MLS, the shared database agents use to list homes.
Days on market
Each MLS sets its own rules for days on market. A home that sat for months can come back with a short count, so check the listing history.
Online estimates
An online estimate is fine for a pulse. Zillow says the Zestimate is not an appraisal and can't be used in place of one. Redfin says its estimate is not a formal appraisal.
Assessed value and market value
Assessed value is the figure the county assessor sets for property tax. Prop 13 is California's limit on property tax. The state Board of Equalization says growth between reassessments is generally capped at 2% a year. So a home bought many years ago can show an assessed value below market value.
A sale generally resets the base value, the starting figure for the tax, to market value at transfer. So the tax figure on a listing can reflect the seller's years of ownership.
In Orange County, a new value can bring a separate supplemental bill to the new owner. The county treasurer explains when it may arrive.
The transfer tax on a deed
The documentary transfer tax is the tax on a deed that transfers a property. Orange County generally charges $1.10 per $1,000 of value. When a buyer takes over a loan, this tax can point to less than the full price. Ask your escrow officer for your figure.
Where to start
I'm a former senior economist at the U.S. Bureau of Labor Statistics, where I measured how prices move. A good first step is to look at what closed nearby in the last 90 days, in the same price range. Those are prices buyers actually paid.
Written in November 2026. Rules change, so confirm anything important with the official source.
