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Updated over 4 years ago,
How can I do a rough valuation to decide if to refinance?
Hello everyone, hope everyone is safe and happy and moving forward in your respective goals.
I bought a duplex house hack in San Diego County August of last year using FHA. I figured I would be in this loan for a few years while I build enough equity to go into a 90% or maybe even an 80% refinance loan to remove MIP or at least a PMI that would someday go away without having to full-on refinance.
HOWEVER, as in much of the country, pricing is skyrocketing in SD right now. I live in one of the last "affordable" beach communities in San Diego, and many properties around my neighborhood are being flipped or rebuilt and coming onto market. I am thinking I'd like to ride that wave and try my luck at refinancing out of the FHA earlier than originally planned. Where I could use some advice is on what I can do to get an idea on what my home may be worth. I have a different footprint than most sales in my area since I have a 2 unit detached parcel vs. single-family in the area. There are a couple of 4-plexes on the market with my footprint where they converted the garages to add the extra 2 units.
The sq ft price is enough to give me a valuation of over 80%!!! But, I understand that probably wouldn't be the metric used in calculating my valuation. I do want to try my luck at a refinance, but don't want to pull the trigger too soon. I am already monitoring the properties for sale online and hope those similar footprint homes sell well and soon, but that likely won't give me any info till November.
Thank you for any help and have a wonderful day!!