how much does your homes value go up every year?

we are trying to figure this out? How can we find out?

we want to raise our limit on our home equity line of credit to consolidate some credit card debt... we never should have paid our closing costs up front last may when we bought.... we wound up charging all the updates on our cards..... dummies we are...

Re: how much does your homes value go up every year?

depends on the year...

from 2000-2004, houses prices (on LI) went up 20+% a year (on average, some more some less, depending on the area).

The market flattened out mid-2005, so increases, if any, are significantly less now.

You can't count on prices always going up. In the mid 90's prices stayed flat for years.

Re: how much does your homes value go up every year?

Don't anticipate much of an increase this year.

So you are saying that you already maxed out your HELOC? Are you at 100% LTV now? If you are... even if the bank extends your HELOC... you shouldn't draw any more on it. You could end up being upside down on your mortgage.

Also... HELOC interest rates are very high right now. Are you sure you would get a better deal going HELOC?