How Much is Your House Really Worth?

By Gabriel Traverso
Home Worth Columnist

Send to a Friend | Printable Version

When you start considering a mortgage refinance the first question in your mind is going to be, "how much is my house worth?" Homeowners across the country are asking themselves the same question. How can you find out what your house is worth? Go online to find the tools to answer these questions and get a free home appraisal.

Real estate markets fluctuate differently across the country. In New York City home values have gone up by 19% in the past year. However, homeowners in Arizona are nervously watching their home values to see if values hold or drop. As you sit there contemplating a refinance and wondering "how much is my house worth," try taking a proactive step to find out about home values in your area.

How Does an Online Appraisal Work?

Online appraisal tools essentially work off known regional home values from recent home sales. Some free home appraisal tools will require you to enter your street address and zip code and will give you a property value range. Couple this information with your mortgage balance and you'll have a fair idea of the equity in your home--certainly enough to help you make the decision about refinancing.

Be Proactive

Before you apply for a mortgage refinance, take the steps to learn how much your house is worth. Whether you elect to go online for a free home appraisal or have a property appraiser come to your home, you'll have a clearer idea of the equity you have in your home.

Sources
New York Times: Property Values in New York Show Vibrancy
The Arizona Republic: Huge Supply Keeping Prices Down in Many Areas

About the Author
Gabriel Traverso is a freelance writer, independent musician and artist. He resides in Reno, Nevada.