Seems like all the information about the worth of your home is contradictory; Orange and Chatham counties just raised the tax value of almost all property. Zillow claims home values have gone down 2% in the Triangle area, Money magazine claims they have gone up 2%. Sales have slowed making it challenging to find 3 recently sold comparable properties to compare with your home. So, what IS your house worth today?
A technique to find value that works well no matter what the market is doing, is particularly useful now. Create an advisory board. Call your lender to see if appraisals are coming in near the listing price for homes in your area. Ask if they are seeing many foreclosures. Check Zillow and Trulia, keeping in mind they are often wrong due to incomplete or incorrect information in their database. Contact your favorite Realtor for her/his opinion on market value, market inventory and any other information that will affect your property’s worth. If you're still not sure and need a to know for estate planning, possible relocation, private mortgage insurance removal, divorce settlement or other reason, call an appraiser who specializes in your area and your type of property. If you are hoping to refinance, your lender will require an appraisal. Confirm with the lender that the appraiser they use is familiar with your area and your type of property. Farms, property with acreage, waterfront properties, or green built homes need to be appraised by appraisers with expertise in those areas.
Happily, most homes and properties HAVE increased in value modestly or held their value in the last year.
Appraisers in our area I recommend can be found on my website at:
http://www.HiddenCoast.com/partners.htm
