Are you wondering how much equity you have in your home? Do you know how much you will net in case you sold you home? Well, the answer depends on the Fair Market Value of your home in the current market.
There are websites that you can use to get estimates based on historical sales in your zip code or city. These sites include Trulia, Zillow and RedFin. But you need to be very careful to include all characteristics that makes your home unique in terms of amenities, functional utility and even school districts. For instance, Los Gatos has 2 school districts and homes in Saratoga-Los Gatos district fetch much higher values than homes is Los Gatos-Union district. And to make matters more difficult, these homes can be on the same zip code.
Therefore it’s simper to retain a local real estate agent to develop a Competitive Market Analysis specifically for your property. Once you know how much you home is worth, then you can compute your equity by deducting the amount of loans you have on the property.
You can also Contact Us to get a Free Home Value report that you can use to calculate your home equity.