Home ownership is a big deal. For most people, a home is their largest asset. Understanding the value of the home is important if you ever want to sell, refinance or borrow against your home’s value. Most ways of determining your home’s value are more art than science. If you choose to do a mortgage refinance, your lender will order an appraisal, and a person will put a value on your home. If you choose to sell your home a realtor will find comparable homes and your ultimate value will be determined by what someone else is willing to pay.
However, if you want to track your home’s value over time, a number of online home appraisal sites can help you understand your home’s value better. A word of caution: the value these sites give you are estimates only, and can materially differ from what your home is actually worth.
So, if you are actively considering a mortgage refinance or a home equity loan, your best option is to get started by comparing lenders online, which you can do by selecting your state below.
To play around with some of the online home appraisal apps on the market and to learn more about your home’s value, read on below.
How much is your house worth? Top 10 best tools to help you estimate your home’s value:
Why Your Home’s Value Matters
Outside of providing a place for your family to live, your home is an important part of your financial plan, too.
Here’s why it matters:
- Investment value: Over time, your home should theoretically increase in value. When your home increases in value, your net worth increases. If you sell your home later, you will make money on your investment.
- Borrowing power: This is especially true if you ever wind up borrowing against your home’s value. If the value of your home increases significantly, you’ll have a lot more leeway when it comes to taking out a home equity line of credit, or HELOC to pay for expenses like a remodel, a car or education for your kids.
- Tax implications: “Keeping an eye on the market value and property tax assessment value is important so that you’re not paying tax on an artificially inflated property value by mistake, or vice versa,” says Minnesota Financial Advisor Jamie Pomeroy.
- Resell value: “If you are within 3 years of selling your home, you will want to keep tabs on the value and the real estate market in hopes that you can sell at an opportunistic time,” says Jose V. Sanchez, financial advisor and contributor to LifeInsuranceToolkit.com.
- Estate planning: Finally, knowing your home’s value can be important when it comes to estate and elder law care planning as well, notes Joseph A. Carbone, Jr., CFP Founder and Wealth Advisor of Focus Planning Group.
- Homeowners insurance: Don’t overlook the fact that knowing the value of your home is critical to making sure you have enough homeowners insurance coverage.
Convinced? Here are websites that make the task of tracking your home’s value easy and fun:
Top 10 Best Home Appraisal Websites
Zillow is one of the biggest – and most popular – websites for monitoring your home’s value. One financial advisor I spoke to, Joseph Carbone, says the best part about Zillow is the layout of the site and how easy it is to use.
Just by entering your home’s value into the website’s friendly interface, you’ll get a Zestimate – a Zillow-created estimate of your home’s value. Beyond finding out how much your home might be worth, you can also shop for homes in your area with the website’s consumer-friendly tools.
Trulia.com works similarly to Zillow. Once you reach the website, you can enter your address and learn how much your home might be worth. Instead of offering a Zestimate, however, Trulia offers the average listing price for similar homes in your area.
Other information offered on Trulia includes the average list price for all homes in your area, along with standard details on your home – square footage, lot size, and bed/bath information.
If you plan to refinance your home, Trulia is also ready to help with its own approved set of lenders.
Another website that has become popular among real estate enthusiasts and homeowners is Redfin Estimate. With Redfin, you can enter a handful of details about any property and learn about the local neighborhood, the “walkability” of a property, and how much property taxes cost each year.
Plus, values might be slightly more accurate on this website, notes financial advisor Sanchez.
“As a broker, Redfin uses the most accurate data from the Multiple Listing Service (MLS) to calculate your property’s current market value” – financial advisor Sanchez.
While Realtor.com might sound like a hub for real estate professionals, this website is free for anyone to use. Just enter your address into the site’s homepage and you’ll learn an array of details including a price estimate of your home.
Beyond a pricing estimate, you’ll find out about the local schools, median listing prices in the area, and even property tax assessments. This tool is also great for learning about your neighbor’s home and how much they might be paying.
5. Real Estate ABC
Real Estate ABC links up with Zillow.com to provide the same Zestimate you’ll receive there. What I really like about this site, however, is that it lists a ton of sales data for recent home sales in your area.
If a house sold down the street, you’ll eventually be able to find out how much the buyer paid on Real Estate ABC. Since recent sales are the best indicator of your home’s current value, this kind of data can be priceless.
Related article: Home Sweet Home: What is the True Cost of Having Your Own Home?
Eppraisal.com works similarly to the other sites on this list, offering its own estimate of your home’s value in certain cases and a Zillow.com Zestimate in others.
Beyond house prices though, Eppraisal offers details on homes sold nearby, plus current refinancing rates and more.
With Eppraisal.com, you can get all this data for free – and you don’t even have to enter your email address.
While HomeGain.com is mostly a home shopping tool, one of their widgets lets you find the value of your own home for free. Just enter in your home zip code followed by your home address to find out what your home is worth now and how values have changed over the years.
The downside with HomeGain is that they require you to enter your email address to get “unlimited MLS data” for your area. Unfortunately, this usually means you’ll end up on a huge mailing list – whether you like it or not.
8. Chase Mortgage Services
While this might seem strange, Chase Bank has their own home property value tool offered for free online. Simply enter your home address, your state, and your zip code to learn how much your home might be worth.
Instead of giving an exact estimate, Chase offers a price range they feel your home falls into. Since they also offer an estimate of all of your neighbor’s home values, this is a fun tool to play around with. Best of all, it’s free, easy to use, and doesn’t require you to enter any personal data.
Real estate firm RE/MAX has also jumped in the game with its own home value estimator. While this is likely a ploy to get you to use their services when you sell your home, the online tool is free and easy to use.
Best of all, you don’t have to enter any personal data or offer your email address to get a free estimate of your home’s value.
Once you enter your address, you’ll be presented with a color map of your neighborhood along with all of your neighbor’s home values. Since real estate firms use MLS data to come up with estimates, this tool tends to offer a fairly realistic estimate of most home values as well.
While this site was created to help homeowner’s advertise and market their own homes in lieu of a realtor, it offers several tools any homeowner can benefit from as well.
While you do have to register to use their Pricing Scout tool, it is free and easy to use. Once you sign up, you’ll get an estimated market value of your home based on recently sold comparable properties in your area and a summary of local real estate characteristics.
The Bottom Line
Even if you don’t plan to sell, watching your home’s value increase over time can be a lot of fun. Fortunately, these websites and others let you watch your home’s value grow without paying for the privilege.
Just remember not to take these estimates too seriously, as they don’t necessarily reflect the exact value you’ll receive if you sell.
If you want “the real thing” – as in, a price that reflects every factor that goes into a home’s sales price – you should meet with at least 2 or 3 realtors or mortgage lenders to get price suggestions. Chances are, a realtor will be able to offer more insight into your local market than any online real estate tool ever could.
What is your favorite website for checking your home’s value? Why is it your favorite?