Financing in Prior Lake>Question Details

Curt Blair, Other/Just Looking in 14867 Maple Trail S....

I purchased this home in 2003 for 270,000. How dowes this compare to the value today.?

Asked by Curt Blair, 14867 Maple Trail S. E. Prior Lake MN Mon Dec 22, 2008

I am planning on a refinance and am wondering if I will be able to get a favorable estimate.
the house actually hase 2,950 finished square ft. The 1,400 is the foundation size. I have also replaced all appliances except the furnace since moving in. Still needs some updating of wallpaper and painting but is a wonderful house in a great neighbor hood with association private beach and lake access to Prior lake with slips for boats.

This question is about this property: http://www.trulia.com/homes/Minnesota/Prior_Lake/sold/200095…

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Hi Curt
I noticed your question from quite a while ago on trulia about how is the market and whether doing a refinance on your home in 2008 was a good idea. Right now (April 2013), the market has gotten extremely good and prices have increased. You might want to re-look at the refinancing with the low interest rates and the increase in property values.
0 votes Thank Flag Link Thu Apr 11, 2013
Lake Access is still in good demand in Prior Lake, but it does matter the updates you have done (or it had). Mechanicals are a great start, but I highly suggest moving out the wallpaper as Buyer's just have such a hard time seeing past it - a good coat of paint is always a great return. I would also want to know garage - 2 or 3 car, and whether or not master bath - if so I agree with Jennifer on the dollar figure.
0 votes Thank Flag Link Sun Sep 2, 2012
Hi Curt,

My office is just down the road from you off the 13, so I know the Prior Lake area well. Looking at the solds in the area for 2008, and the two that are currently for sale on your street, I would estimate that your home would fetch between $280,000 -$310,000, seeing as you mention is does need some updating. Good luck with the refi, and if you have any further questions, please feel free to contact me. Merry Christmas!
0 votes Thank Flag Link Mon Dec 22, 2008
Your price should be higher than 2003 but by what amount is hard to say without having been inside your house. My guess would be $290k - $300k +/- but that is purely a guess. Appraisers have many variables to look at today and if your loan to value (LTV) ratio is greater than 80% on the refi you might find you have to pay mortgage insurance now when you didn't before. Appraisals and lenders are getting quite funky lately... one lender & appraisal might give you what you want, another may not. Just bite the bullet and have a lender do an appraisal. $350 tells you definitively whether you can do it or not.

If you need a couple names of lenders I recommend, let me know.
0 votes Thank Flag Link Mon Dec 22, 2008
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