I've read posts on here that the online value on zillow and other sites are high, by about 10%. We are close to qualifying for a lein stripping of our 2nd mortgage. Our attorney wants us to get this sorted out before we file.
We had several realtors give us the value of our home and it was about $330,000, Zillow's value was $311,000 and 10% of that is below our first! The realtor said it was that high (I was shocked it was that high) because it is in the lower price range of affordability in our area and they are starting to see some "movement" in the under $350K range. Over $500K is still pretty stagnet.
I find this hard to believe because there are still SO many homes in our neighborhood and area that are for sale and have been for a long time, several are for rent too.
For example, Two doors down from us a home was for sale for about 9 months before they converted it into a rental property. It has a bigger lot, 2 more bedrooms and a den as well as 750+ additional sq. fortage than our has and it was listed at $405 and never sold.
I think we may have to bit the bullet and get an appraisal, I just don't want to spend that money if I know we aren't going to be in the right range.
Anyone had experience with this?
THanks
We had several realtors give us the value of our home and it was about $330,000, Zillow's value was $311,000 and 10% of that is below our first! The realtor said it was that high (I was shocked it was that high) because it is in the lower price range of affordability in our area and they are starting to see some "movement" in the under $350K range. Over $500K is still pretty stagnet.
I find this hard to believe because there are still SO many homes in our neighborhood and area that are for sale and have been for a long time, several are for rent too.
For example, Two doors down from us a home was for sale for about 9 months before they converted it into a rental property. It has a bigger lot, 2 more bedrooms and a den as well as 750+ additional sq. fortage than our has and it was listed at $405 and never sold.
I think we may have to bit the bullet and get an appraisal, I just don't want to spend that money if I know we aren't going to be in the right range.
Anyone had experience with this?
THanks
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