| Posted By |
Message |
|
|
How much equity do you have in your house?
What is the difference between what you owe and how much your house appraised for?
We just refinanced and took $$ out for renovations, so we have $137k in equity.
|
Posted 6/20/06 7:51 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
|
Re: How much equity do you have in your house?
We only closed on our house last October 29th. For most who bought last summer, if the house was selling today, they would have to take less money for it in this market.
I'm not big on refinancing and "living" off equity. You are borrowing from yourself and paying a bank interest. We would rather pay off the house faster. When we got the appraisal on our house (while in contract) it appriased for 200K more than what we paid for it due to cosmetic condition. With all of the renovations we have done...
I won't know until next week. We are having a housewarming/renovations party. Our RE agent (family friend) will be here and we are asking him to tell us what he would offer it for now.
|
| Posted 6/20/06 8:28 PM |
| |
|
Eva Luna
Be kind...life's hard!
Member since 8/05 4750 total posts
Name:
God, bless & heal my DH, JenG's DH Rob & DebG
|
Re: How much equity do you have in your house?
GA is not nearly as great as in NY in terms of property values skyrocketing. But we paid 228K for our house and there's one under contract for 280K right now. The neighbors across the street paid 298K for theirs and there's one listed at almost 300K. So they are going up. Last year, they were selling at around 200K...we got in at a good time!! 
We don't plan on refinancing or taking out against equity since interest rates are going up and refinancing is pricey.
|
| Posted 6/21/06 9:11 AM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: How much equity do you have in your house?
about $215K. I would like to do renos with the equity but I feel too leveraged right now.
My firm can get me a HELOC fixed at 7.6% which is not too bad right now, but I'm still nervous.
I don't think I will stay in this house though too much longer. Maybe another 3-4 years. But who knows?
|
| Posted 6/21/06 9:11 AM |
| |
|
MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
|
Re: How much equity do you have in your house?
We had our home appraised just recently and we have a lil over 300k of equity in our home. We are not touching it either. We just had our entire upstairs redone, 3 bedrooms and a bathroom and payed cash for it from our savings. We really want to continue to build the equity in our home.
|
| Posted 6/21/06 9:35 AM |
| |
|
ODonnell
.
Member since 9/05 5983 total posts
Name:
|
Re: How much equity do you have in your house?
We have doubled our equity in 12 months. We are investing another large sum in a small extension over the next few months and that should increase our equity by at least another 25%.
|
| Posted 6/21/06 11:50 AM |
| |
|
BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
|
Re: How much equity do you have in your house?
Just over $200k.
|
| Posted 6/21/06 12:26 PM |
| |
|
hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
|
Re: How much equity do you have in your house?
??-how do I find out? We bought the house 10 yrs. ago at $110,000 and I am sure the appraised value of $118,000 went up since then. We refinanced a about 4 or 5 years ago and the appraisal value was $242,000 then.
|
| Posted 6/21/06 12:45 PM |
| |
|
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
|
Re: How much equity do you have in your house?
Posted by hazeleyes33
??-how do I find out? We bought the house 10 yrs. ago at $110,000 and I am sure the appraised value of $118,000 went up since then. We refinanced a about 4 or 5 years ago and the appraisal value was $242,000 then.
get your house re-appraised. I'm sure it's up QUITE a bit since 4-5 yrs ago!!
|
| Posted 6/21/06 1:04 PM |
| |
|
2Pisces
Life Coach
Member since 2/06 3337 total posts
Name:
Paige
|
Re: How much equity do you have in your house?
Ooooo....we bought our house about a year ago and did major renovations....do we need to have it appraised? Is it done by the bank? real estate company?
Thanks!  
|
| Posted 6/21/06 1:27 PM |
| |
|
Ambersmom
Straight up nasty
Member since 5/05 7740 total posts
Name:
Sharon
|
Re: How much equity do you have in your house?
Ours is close to $300,000.
|
| Posted 6/21/06 1:51 PM |
| |
|
Michelle
My Little Yankee Fans
Member since 1/06 4018 total posts
Name:
|
Re: How much equity do you have in your house?
We have about 200,000 in equity, based on what the bank says our house is worth. I believe we could get more then the bank says though.
|
| Posted 6/21/06 3:52 PM |
| |
|
hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
|
Re: How much equity do you have in your house?
Posted by SweetestOfPeas
Posted by hazeleyes33
??-how do I find out? We bought the house 10 yrs. ago at $110,000 and I am sure the appraised value of $118,000 went up since then. We refinanced a about 4 or 5 years ago and the appraisal value was $242,000 then.
get your house re-appraised. I'm sure it's up QUITE a bit since 4-5 yrs ago!!
Thanks! I am sure my house could probably sell close to $400,000 now. Insane!!!
|
| Posted 6/21/06 4:30 PM |
| |
|
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: How much equity do you have in your house?
Posted by Michelle
We have about 200,000 in equity, based on what the bank says our house is worth. I believe we could get more then the bank says though.
why do you think you can get more than the bank says?? just curious.
|
| Posted 6/21/06 4:49 PM |
| |
|
mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
|
Re: How much equity do you have in your house?
About $300,000.
|
| Posted 6/22/06 7:53 AM |
| |
|
MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
|
Re: How much equity do you have in your house?
Posted by Meaghan729
Posted by Michelle
We have about 200,000 in equity, based on what the bank says our house is worth. I believe we could get more then the bank says though.
why do you think you can get more than the bank says?? just curious.
You usually get the fair market value from the bank so you can def sell your home for more than what a bank tells you. When you have it appraised on your own you get a true market value comparable to the homes around you and what they sold for too.
|
| Posted 6/22/06 2:20 PM |
| |
|
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: How much equity do you have in your house?
Posted by girlygrl33
Posted by Meaghan729
Posted by Michelle
We have about 200,000 in equity, based on what the bank says our house is worth. I believe we could get more then the bank says though.
why do you think you can get more than the bank says?? just curious.
You usually get the fair market value from the bank so you can def sell your home for more than what a bank tells you. When you have it appraised on your own you get a true market value comparable to the homes around you and what they sold for too.
don't banks use sales comparables when doing the appraisal as well?
|
| Posted 6/22/06 2:35 PM |
| |
|
MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
|
Re: How much equity do you have in your house?
None until we actually sell it, whenever that is. I really don't count on anything until I see it. My SIL plans on her equity as her retirement nest egg and I think that's a bad plan, very different from paying it off and planning around that.
|
| Posted 6/22/06 3:01 PM |
| |
|
