Determining Home Market Value
The housing market overall is a volatile market. Housing prices are affected by so many things, determining market value can be challenging at best.
Home market value is especially important when considering a remortgage. It will ultimately offset loan to value (LtoV) amount, interest rate and terms of the remortgage loan. Something a homeowner can do themselves is watch what other homes sell for in their own neighborhood. Watch also to see how long homes sit being "for sale". Typically, if a home sits on the market for more than three weeks, the price is too high. To get a realistic home value, an independent appraiser is always a pretty sure bet. It will cost a few hundred dollars, but a remortgage lender will require you to have one done anyway. An appraiser will look at your home and a series of market data to get an accurate home value. To work out the details of a remortgage and get valuable advice on how to best determine home market value, sit down with a remortgage specialist as soon as possible.