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.

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.

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.

If you're just looking for a reliable home value estimate, you can avoid these costs altogether. 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, without the need for an in-person visit from a property expert.

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.

Contact a Reputable Local Realtor

If you're a little further along the road to deciding whether to sell up, getting in touch with a real estate agent in your local area is a good idea. While they will charge for their services if you take things further, an initial Comparative Market Analysis (CMA) is typically something they'll provide for free, as a sweetener to get you on board as a client.

CMAs are put together based on broader trends in the property market where you live. So the realtor will research 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.

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 remarkably 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.

How to Get a Free Home Appraisal

If you want to check your property's value without spending a dime, here's a quick overview of the free appraisal options available to you:

• Use Online Valuation Tools: Research web-based platforms like Offerpad, Zillow, Redfin, or Realtor.com, which provide quick, free estimates by analyzing property data and market trends. Input basic details like your address, home size, and features to get started.
• Request a CMA from a Local Realtor: Reach out to a trusted real estate agent in your area for a free Comparative Market Analysis (CMA). Realtors often provide this service to attract potential clients. They'll analyze recent sales of nearby properties and other market trends to assess your home's value.
• Turn To Your Mortgage Lender's Resources: Many mortgage lenders offer free value assessments through their online tools or customer portals, using property data they already hold. Some lenders may also approve refinancing without requiring a professional appraisal, saving you time and money.

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. It's still sensible to opt for an in-home appraisal if you're serious about selling. However, online tools are a great starting place. 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.

FAQs About Free Home Appraisals

How can I get a free home appraisal near me?

Start by contacting local real estate agents who typically offer Comparative Market Analyses (CMAs) without charging for the privilege. CMAs provide an estimate of your home's value based on local market trends and recently sold properties. Additionally, some mortgage lenders and banks may offer free appraisals or valuation tools, primarily if you're refinancing or applying for a home equity loan. Online tools can also provide quick estimates, though they may lack the precision of in-person evaluations.

Does anyone do free professional appraisals?

Certified appraisers don't typically offer their services for free, as they're required to follow strict licensing guidelines and provide detailed reports. However, real estate agents often offer free CMAs, and some lenders provide free home value reports or waive appraisal fees under specific circumstances.

Can I get a free land appraisal online?

Yes, many real estate websites offer free valuation tools for land properties. Additionally, local county tax assessors often provide publicly available property value records. Keep in mind, though, that these tools don't account for specific factors like zoning or the potential for developing the land down the line.

How much does a professional appraisal normally cost?

Professional appraisals usually cost between $200 and $1,000, although this can increase according to the property's size, where it's located, and how complicated it is. Certain properties, such as homes in rural regions or those with unique architectural styles, may incur higher costs due to the additional research required to appraise them accurately.

Can I appraise my house without involving a realtor?

Absolutely. Licensed appraisers can independently assess your home's value without a realtor's involvement. However, this service typically comes with a fee. For cost-free alternatives, you can explore online tools, CMAs from realtors, or lender-provided appraisals.

Are online home value tools accurate?

While online tools can provide a convenient baseline estimate, they rely on algorithms and publicly available data, meaning they might miss important details like recent renovations or unique property features. For a more precise valuation, consulting with a local real estate agent or appraiser remains a better option.