How to Check Your Home Value: 7 Methods from Free to Professional

Your home is probably your biggest asset. But do you actually know what it's worth?

Whether you're considering a HELOC, planning to sell, or just curious about your equity position, knowing your home's current market value matters. Here are seven ways to find out—ranked from quick-and-free to accurate-but-costly.

The Quick Answer

For a rough estimate: Check Zillow, Redfin, and Realtor.com (they'll differ—average them).

For accuracy: Get a Comparative Market Analysis from a local agent (free) or pay for an appraisal ($300-$600).

Method 1: Online Home Value Estimators (Free, 2 Minutes)

The fastest way to get a ballpark figure.

Popular AVM Tools

Zillow Zestimate

• Coverage: 100+ million homes
• Updates: Multiple times weekly
• Accuracy: Median error of 2.4% for on-market homes, 7.49% for off-market

Redfin Estimate

• Uses MLS data (more current than Zillow in many markets)
• Median error: 2.07% for listed homes, 6.89% off-market

Realtor.com

• Powered by Collateral Analytics
• Gives confidence scores with estimates

Chase Home Value Estimator

• More conservative estimates
• Useful if Chase is your potential lender

Why Check Multiple Sites

Each AVM (Automated Valuation Model) uses different algorithms and data sources. I've seen $50,000+ spreads between Zillow and Redfin on the same property.

Best practice: Check at least three, throw out the highest and lowest, use the middle as your starting point.

When Online Estimates Fail

AVMs struggle with:

• Unique properties (no comparable sales)
• Recent renovations (no data yet)
• Rural areas (fewer transactions)
• New construction (limited history)
• Condos with few units

Method 2: Check Recent Sales (Free, 30 Minutes)

Looking at comparable sales yourself gives better context than any algorithm.

Finding Comps

1. Zillow/Redfin "Sold" filter — See what's closed in the last 90 days
2. County recorder's office — Public records of all sales
3. Realtor.com — Filter by sold properties

What Makes a Good Comp

• Same neighborhood (ideally within 0.5 miles)
• Similar size (within 200 sq ft)
• Same beds/baths (or adjust for differences)
• Similar lot size (especially for larger properties)
• Sold within 90 days (180 max in slow markets)
• Similar condition (updated vs original)

Adjusting for Differences

Professional appraisers make adjustments like:

• Extra bedroom: +$10,000-$25,000 (market dependent)
• Extra bathroom: +$5,000-$15,000
• Updated kitchen: +$15,000-$50,000
• Pool: +$10,000-$30,000 (varies wildly by climate)
• Garage: +$5,000-$15,000 per stall

Method 3: Your Property Tax Assessment (Free, 5 Minutes)

Every property gets assessed for tax purposes. This gives you another data point.

Where to Find It

• Annual property tax statement
• County assessor's website
• Search by address or parcel number

Limitations

• Often lags market value by 1-2 years
• Some states cap annual increases (California's Prop 13)
• Assessment methods vary by state
• Usually conservative compared to market value

Using Tax Assessment Wisely

If your assessed value is $400,000 and the assessment ratio is 80%, your implied market value is $500,000. But don't rely on this alone—it's a floor, not a ceiling.

Method 4: FHFA House Price Index (Free, 10 Minutes)

The Federal Housing Finance Agency tracks home prices by metro area. If you know what you paid and when, you can estimate current value.

How to Use It

1. Go to FHFA HPI Calculator
2. Enter your purchase price and date
3. Enter today's date
4. Select your metro area
5. Get your estimated current value

Accuracy

This works best for:

• Standard homes in metro areas
• Steady appreciation markets
• Properties you haven't significantly altered

It misses property-specific factors like renovations, deferred maintenance, or hyperlocal micro-trends.

Method 5: Comparative Market Analysis (Free, 1-2 Days)

A CMA is what real estate agents prepare when listing a home. Many will do one for free hoping to earn your future business.

What's Included

• 5-10 comparable sales with photos
• Active listings (your competition)
• Days on market trends
• Suggested listing price range
• Market condition analysis

Getting a Good CMA

1. Contact 2-3 local agents
2. Be upfront: "I'm not selling now, but considering my options"
3. Ask about their methodology
4. Compare their analysis

The best agents will walk you through their thinking, not just hand you a number.

Method 6: Lender Valuation (Sometimes Free)

If you're applying for a HELOC or refinance, the lender will value your home. Methods vary:

Automated Valuation Model (AVM)

• Used for smaller HELOCs
• Instant results
• Costs lender ~$10-20 (often waived)

Desktop Appraisal

• Appraiser researches without visiting
• $75-$150
• 2-3 day turnaround

Drive-By Appraisal

• Appraiser views exterior only
• $150-$300
• 3-5 day turnaround

Full Appraisal

• Appraiser inspects interior and exterior
• $300-$600
• 5-10 day turnaround
• Required for larger loan amounts

Method 7: Professional Appraisal (Most Accurate)

When precision matters—like a divorce, estate settlement, or major financial decision—get a full appraisal.

What Appraisers Do

1. Measure and photograph your home
2. Note condition and features
3. Research 3-6 comparable sales
4. Apply professional adjustments
5. Consider income potential (if applicable)
6. Provide written report

Cost and Timing

• Single-family home: $300-$450
• Larger/luxury home: $500-$800
• Complex property: $800+
• Turnaround: 5-14 days

Finding an Appraiser

• Ask your lender for their approved list
• Search Appraisal Institute directory
• Check state licensing board
• Look for MAI or SRA designations for complex properties

Which Method Should You Use?

How Home Values Affect Your Options

Your home value determines how much equity you can access.

HELOC Calculation

Most lenders let you borrow up to 80-85% of your home's value, minus what you owe.

Example:

• Home value: $500,000
• Mortgage balance: $300,000
• 80% of value: $400,000
• Available equity: $400,000 - $300,000 = $100,000 HELOC potential

Why Accuracy Matters

Overestimate your value → Disappointment when lender appraises lower Underestimate → You might not apply for enough, or not apply at all

Track Your Value Over Time

Smart homeowners monitor their equity position annually.

Simple Tracking Method

1. Note your home's estimated value each January
2. Record your mortgage balance
3. Calculate equity (value minus balance)
4. Watch the trend

What Growing Equity Enables

• Better HELOC terms
• Refinancing options
• PMI removal eligibility
• Investment opportunities
• Emergency cushion

The Bottom Line

For most homeowners, the sweet spot is checking 3-4 online estimators, averaging them, and getting a free CMA from a local agent when you want more precision.

Save the $400 appraisal for when you actually need a defensible number—like legal proceedings or when your lender requires it.

Your home's value isn't just trivia. It's a key piece of your financial picture. Check it at least once a year.

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Ready to use your equity? See how much HELOC you might qualify for →