new albany home values

What Is Home Equity?

Home equity seems to be a very simple calculation — the total amount of mortgages owed subtracted from the current market value of a home. Here is a simple example: Current Home Market Value: $325,000 Existing Mortgage: $225,000 Homeowner Equity: $100,000 One side of the equation is well defined, and it is found on the monthly mortgage statement, the loan balance. The other side is less obvious...

Don’t Rely on Zestimates to Determine a Home’s Value

The spring real estate market is in sight and a popular question is “Are Zestimates accurate?” Many potential sellers rely on Zillow to provide a “Zestimate” of their home’s value. Zillow CEO Spencer Rascoff is quoted as saying that the Zestimates are “a good starting point,” but that nationwide Zestimates have a “median error rate” of about 8%. In...

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