I'm not sure how Roseville is for this specific topic, but I know that the St Cloud market still hasn't tightened up on refinance appraisals to make them more accurate. For example, I recently refinanced one of my rental properties. I know that this single family home is worth about $110,000 (and that is on the high side). My appraisal came in over $125,000 (almost 14% over market value). If I wanted to, I could pull out this "equity," but I know that I would immediately be upside down in that loan.
What you want to do is ask several real estate agents to perform a CMA on your home. When they present you with their market values, try to forget what your appraised amount was before. Just really listen to what they are saying for a market value and what their reasons are for their prices. That will get you the most accurate and up to date market value on your home. Best of all, it's generally free to get several CMA's from different real estate agents.... more