- 1). Do your own assessment using public records. Visit your county tax assessor or county recorder's office and ask to see the public records on the house you're assessing. Online sites like Zillow keep an updated public records database on over 90 million houses throughout the United States. Type in the house address and the site generates a neighborhood map with valuations on your chosen house compared to all houses in the neighborhood. Another tool you can use is the Federal Housing Finance Agency's House Price Index calculator online. You can enter your closest city, the date you purchased the house, the purchase price and today's date. The calculator then gives you a valuation on the property based on a government analysis of the market in your region. These do-it-yourself assessments are not perfect but can give you a fair ballpark starting figure to work with.
- 2). Ask a real estate agent for help. An agent can produce a comparable market analysis. A CMA, also known as a broker's price opinion, is a tool used by an agent to determine a fair price for a house. The CMA takes into account fluctuations in the local market, the condition of the house and how long the house has been for sale.
- 3). Contact a certified appraiser. Certified appraisers assess market value in one of three ways. If the house is ready for tenants, a comparable sales approach will be used comparing the house in question with other nearby houses that have the same number of bedrooms, similar taxes and similar square footage. An empty fixer-upper might be assessed using a cost approach, which factors in repair costs and accrued depreciation on the property. A house being used as an income property might be assessed using an income capitalization approach, which factors in rental price, interest rates and expenses such as utilities.