I am considering a relocation to a bigger spot. I want to be paying around the same amount that I am paying now. I know that more house, means more money - but, I am hoping that the equity in my house will balance it out. How can I find out how much my home is worth without getting an appraisal? by morjo_675_594 from Sharpsburg, Maryland. Sep 12th 2011
There is no way to accurately receive your homes value without an appraisal. If you want to get an idea I would speak to a local real estate agent. However in order to have a concrete answer you must conduct an appraisal.
In this market, you definitely need to get an appraisal to determine where your value is at. Even then, I would subtract an additional 5-10% if your neighborhood is continuing to decline in value. After you determine your equity, also consider what the current interest rate is on your loan along with your original loan amount. With rates being at all time lows, you can probably afford to have a larger loan amount than your current residence and still have the same payment. Those two factors: current equity and difference in rate & balance, will determine what you can afford with your future home. Also keep in mind any difference in HOA fees as well as property tax rates. Hope this helps! Brandon Blue, www.BlueHomeLoans.com
There are several places you can go and get an fairly accurate idea... First is Zillow... Search for homes sold within the last 3 months and compair the values to homes similar in size and subdivision as yours.. do not rely on the Zestimate, as most people in this industry will tell you that the Zestimate is highly inaccurate. The second source is your County Tax Office.. I live in Maricopa County AZ, and we can log onto their site and view similar sold properties with just a few clicks... neither of these valuations should take the palce of an outright appraisal, however it will get you close to what homes like yours are selling for in your neighborhood.. William Wtih Velocity Financial. WilliamAcres.com
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