With the rising home prices in California, most home owners are wondering if their home is still under water. In fact, according to ForeclosureRadar.com as of March 31, 2013, 1.8 Million homes out of $7.3 Million are still underwater. While 225,000 home owner had 5% or more equity in their properties. It’s projected that with another 10% increase in the price of homes, an estimated 415,000 home owners will have positive equity in their home
But how can you find out if your home value has increased and by how much!?
There are some public sites such as Trulia and others like it which can give you good approximations of the value of your home based on Size, Age and proximity to recent sales. However, these kind of approximations don’t account for any remodeling, upgrades and special features such as Pool, Wine Cellar ….etc.
However, without PayOff Demand from the banks, you will not have exact figures to determine if you will be able to sell your host and net enough money to cover ALL the loans along with close costs.
So, the best way to find a your Home value is to contact a Realtor that can generate a CMA for your specific property that includes any adjustment with the compatibles used in that CMA. Another advantage of using a San Jose Real Estate broker is the local knowledge they bring to market your home fast to avoid a looming foreclosure sale date.