We’ve all heard how home prices have increased significantly over the last year. The real estate market continues to be competitive for buyers in North County as sellers slowly begin to list their homes again. High demand coupled with low inventory has caused prices to increase, not just here in North County but across the country. So what does that mean about the value of your home – and why does it matter? Let’s take a look.
Price competitively when selling
Obviously, the most important time to know the value of your North County home is when you’re selling. Pricing your home correctly, even in a seller’s market, is critical. It can be detrimental to your sale to underprice or overprice your home – you want to be like Goldilocks and find just the right price. That way you’ll sell quickly, make a profit, and not leave any money on the table.
Leverage equity to fund home projects or education expenses
It can be beneficial to know the value of your North County home even if you aren’t selling. If you want to fund a home improvement project or pay for educational expenses, then you can tap into your home equity to do it. Your equity can help you qualify for a home equity loan or a home equity line of credit (HELOC). Since the market has been so hot lately, your home may be worth more than you think. This means you could qualify for even more money than you realize.
Discover if you have enough homeowners insurance coverage
Most lenders require that you have homeowners insurance to qualify for a mortgage. Your policy covers not only the contents of your home but also your home itself. If your home has significantly increased in value, then you may not have enough coverage if something happens. Knowing the current value of your North County home can help make sure you’re covered in the case of fire, vandalism, or another disaster.
Learn if you can stop paying PMI
When you purchased your North County home, did you take advantage of a home loan program that allowed you to pay less than 20 percent for your down payment? Typically, if you paid less than this amount, then you would have been required to also purchase PMI or private mortgage insurance. This helps to protect the lender should you default. Usually, PMI is canceled once your principal balance reaches 80 percent of the original amount of the loan. But in some cases, you may be able to get your PMI canceled earlier because of equity appreciation. It’s worth it to investigate the current value of your home to save yourself those monthly PMI costs.
Find out the value of your North County home
The Clark & Gilman Team makes it easier than ever to find out the value of your North County home. All you have to do is click on https://cristineclark.com/home-valuation/ and provide answers to a few simple questions. You’ll then receive a comprehensive report about your home’s worth. It only takes 35 seconds, and best of all – it’s FREE!
Contact the Clark & Gilman Team today
The Clark & Gilman Team has been helping North County buyers and sellers navigate the real estate market since 1978. If you’d like to jump in, then contact us today at 760-758-1211 or [email protected]!