When planning to sell, refinance, settle an estate, or pay property tax, getting a precise property valuation is indispensable. The services of professional appraisal bodies come at a cost that can be high, starting from several hundred dollars and reaching thousands for bigger properties.
Even if you use such a model for free evaluation, it may be less detailed than paid appraisals but will help establish an approximate figure.
Considerations when searching for the best property valuation agency
Consult a real estate agent
When having a real estate agent to trust and who knows you well enough, request them to do a comparative market analysis on your home. Comparatively analyzing the market situations does not necessarily mean having a formal appraisal; however, most agents will research deeply on recently sold homes with similarities in your location and price range, hence coming up with estimates based on this grouping, which normally gives an estimate.
Search valuation websites
Today, many websites provide free property valuation using public property records and comparable sales data. These sites are user-friendly, and after typing in your address, it gives an estimated home value range. The algorithms become more accurate over time, making great baselines but only account for some unique features or nuance, like location across a busy street.
Check assessment tools from lenders
Valuation tools are also available on many of the major lenders’ websites. They mostly rely on comparable sales models, too, and might allow you to customize further when factoring in renovation expenses, upgrades, and additional features for a more personalized figure.
Search by property tax records
The county assessor’s office where you live calculates property values annually for tax purposes. Publicly available assessed values capture all taxable properties at any time in your jurisdiction. Sometimes, online search tools are available too for address lookups. However, note that set values generally tend to be lower than real market values, especially in situations where prices are rising rapidly, or infrequent assessments occur; hence, this may still reflect trends in valuation.
Compare multiple estimates
Looking up different free home valuation sites will enable you to compare high/low ranges and median prices. Any number with consensus across most estimates could be good enough. Outliers from automated tools might include errors or overestimations commonly seen with these systems. Ultimately, if estimates agree within 10%, your belief in a reasonable market value ballpark strengthens.
Verify recent area sales
Check the real estate listings in your zip code to compare the prices of homes presently on the market and those recently sold. Look at properties with the same square footage, number of bedrooms, lot size, and other features. Local market activity has the most significant say as to whether or not your house value is consistent with what valuation sites use, which looks at broader city or county-wide trends. Drive by those comparable houses, too.
Conclusion
You may want multiple independent home valuations done if you’re considering selling, refinancing, or disputing a tax assessment. But keep in mind that if official transactions like closing are necessary, for example, through interior home visits, then be ready to eventually pay for certified appraisal later down the road. Depending on online tools and comparing data lets you gauge your worth before committing to any paid appraisal expense.