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market analysis of my present home

Posted on 2013-06-02
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I purchased my home about 3 years ago and I wanted to know what my present home value might be at the moment.  I wanted to get rid of the PMI since I did not get into a Conventional Loan.  

My present zip code is 92706.
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Question by:uppercut7141
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by:tailoreddigital
ID: 39215397
Zillow.com is a great source of info about homes,
http://www.zillow.com/

Put in your address and check it out
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by:aburr
ID: 39215405
Home prices are very unstable right now. The values in CA are going up.
The true value is what a buyer will pay. Most real estate agents will provide a free market analysis in hopes of getting your business. Make use of several estimates.
Most homes are priced per square foot. find several sales in your area, and calculate the price. (Note adjustments are usually made for things like swimming pools, lack of garage etc.)
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by:phoffric
ID: 39215466
in your municipality should be an administrative office where you are allowed to review the actual sale prices of similar homes in your area. If you find a number of sales in recent months, then that should give you what is currently the fair market value for your location. Keep in mind that there are news items that in some cities, home prices are increasing. Take that also in consideration in evaluating your home price.

If you ask a real estate agent for their fair appraisal, they will often inflate the value to get you excited about working with them. After a few months of interested but unwilling buyers, the realtor will suggest coming down in the starting price.

If you do go with a realtor's appraisal, then be sure to get all of their documentation that went into their analysis and go to the courthouse to confirm their stories.
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Expert Comment

by:TommySzalapski
ID: 39216296
A few things to keep in mind.

Some banks will choose the smaller of the two (original purchase price and appraisal). So if you are counting on the appraisal working, make sure to confirm with the bank (get it in writing) that if the appraisal comes in showing you are over %20, they will take the PMI off.

Also, make sure the appraisal you get is by a source approved by the bank. They don't take just any appraisal.

Some banks will try to force you to refinance to get PMI taken off early so read up on your local laws and be prepared to argue if needed.
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by:uppercut7141
ID: 39219425
What about what the average would be for a rental property.  I'm thinking of renting my property out for a few years.
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TommySzalapski earned 2000 total points
ID: 39219574
Check trulia.com to look at what else is out there and price yours competitively and see if it is worth it to you.

Generally, the rent is expected to be significantly higher that the mortgage for a 30 year amortization. From what I can find it's generally in the neighborhood of 20% higher but there appears to be no gold standard.

Keep in mind that you will still have maintenance costs and be sure to screen your renters well. College kids that know how to wear suits can still tear a place up pretty badly.
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