3 ways to get a free home appraisal and check your property value

Whether you’re preparing to move, thinking about refinancing, renewing your home insurance, or just curious, getting an accurate property valuation is a smart move.

The Difference Between a Home Appraisal and a Home Value Estimate

A “home appraisal” is an in-depth assessment of your property’s value conducted by a licensed professional certified by the state. Mortgage lenders require official appraisals to ensure they’re not financing a home for more than it’s worth. Professional appraisers often charge hundreds of dollars, with average costs ranging from $200 to $1,000. Fees depend mainly on the size and complexity of the property.

Colloquially, people often use the word “appraisal” when they really mean a quick home value estimate. That estimate might come from an online tool or a local real estate expert. Homeowners usually want this number to see how much equity they’ve built or to get a ballpark idea of what their home could sell for in today’s market.

If you’re just looking for a reliable home value estimate, you can skip paying for a costly appraiser. The team at Offerpad put together three easy, free options worth exploring.

Turn to Online Home Value Tools

Technology is your friend in terms of getting an accurate property value estimate that doesn’t cost anything, and there are tools designed specifically to provide impressively accurate estimates in a matter of minutes.

For instance, you can use web-based valuation services to appraise a home online, with only a few pieces of info about the property required to kick start this process. There’s so much data available, and so many clever algorithms working behind the scenes, that platforms like this can be exact. The more information and images you upload the more accurate the estimate will be.

The best reason to go this route, at least initially, is that it is, of course, a no-obligation experience. And since online tools like this are automated, the estimate you receive is available on demand, rather than being bound by office hours. Offerpad’s estimate tool is free and is unique in that they will even go a step further and schedule with you to send a HomePro representative to your home to perform a free in-home assessment for a more accurate home value estimate.

Offerpad will also conduct initial Comparative Market Analysis (CMA) as part of their offer estimate. CMAs are put together based on broader trends in the property market where you live. This research includes recently sold homes of a similar type to yours, alongside listings that are still active, and blend in more tailored elements such as any unique or valuable features you might bring to the table. That’s where a recently remodeled kitchen or a spacious double garage comes into play.

This all matters because local markets are very different beasts from the national norm. So while the entire real estate sector in the U.S. is expected to grow by just 3.31% this year, the quickest-expanding location of Dallas-Fort Worth is doing so 3.5 times faster.

Contact a Reputable Local Realtor for a CMA

Getting in touch with a real estate agent or professional is a good idea for getting a Comparative Market Analysis (CMA). While they will charge for their services an initial CMA is typically something they’ll provide for free, as a sweetener to get you on board as a client.

The agent may provide a free CMA remotely, or they may ask if they can visit in person to formalize their assessment. In either case, this approach will be slightly more accurate but less convenient than using an online tool.

Look to Lenders

You’ll be unsurprised to hear that mortgage providers are another category of property market professionals that will be more than happy to check your property value without charging an average of $400 for the privilege.

If you already have a mortgage, it is worth checking if your current lender has a valuation tool available to use. This could be accurate because they’ll have a lot more information about your property on hand, and you won’t necessarily need to re-enter details to get the ball rolling. Of course, if you’ve made any major changes to your home since buying it initially, notifying the lender to ensure these are factored into the appraisal will be necessary.

Another talking point regarding lender valuations is that you can find mortgage providers that will approve you for a home loan while also waiving the need for an appraisal altogether. They can do this because of the aforementioned volumes of data they have, which gives them the confidence necessary to greenlight loans without the added cost of a professional appraisal being a burden for customers.

The Bottom Line

There are many circumstances in which getting a paid home appraisal is pointless, and relying on free online tools, CMAs from local realtors, or estimates from mortgage lenders is a more cost-effective option. You’ll benefit most from this approach if you are very early in the process of selling your home, or you simply want to know where you stand out of curiosity.

Eventually, it will be necessary to have a professional appraisal, especially if this is a condition of home loan approval. However, quick and cost-free property value checks are both desirable and accessible, so seek them out to stay informed.

These free resources make it easy to estimate your home’s value without hiring an appraiser. This is especially helpful if you’re in the early stages of selling, refinancing, or if you’re just curious. Having a preliminary estimate in mind gives you a sense of what your property is worth, and this can form the basis of the rest of your sale and house-hunting experience. However, it’s still sensible to opt for an in-home appraisal if you’re serious about selling. Note that when selling your home to Offerpad, the home assessment is free.