What is my home worth now?

Estimating what your home is worth

If you’re thinking about selling, refinancing or tapping your equity, a quick estimate of today’s value is a useful starting point. This tool takes what you paid and when, and applies the change in your metro area’s home price index since then.

How it works

The Redfin Home Price Index tracks price changes from repeat sales of the same homes, so it measures how values have moved rather than how the mix of homes sold has changed. We find the index level for your metro area in the month you bought and the latest month, and apply that change to your purchase price. The result is shown as a range of about 5% either way, because individual homes rarely move exactly with the market.

An example

If you paid $480,000 and your metro area’s index has risen from 100 to 125 since then, the estimate would be about $600,000, shown as roughly $570,000 to $630,000.

What can make your home different

• Renovations and additions, or needed repairs, since you bought.
• Your neighborhood may have risen faster or slower than the metro area as a whole.
• Unusual homes, very large lots and luxury properties are harder to estimate from an index.

Getting a firmer number

For a sale, an agent’s comparative market analysis based on recent nearby sales is more precise. For a refinance or home equity loan, your lender will order an appraisal. Use this estimate to decide whether it’s worth taking the next step.

Equity and what you can do with it

Your equity is the estimated value minus what you still owe. With enough equity, you may be able to remove private mortgage insurance, refinance into a better rate or borrow against your home. Most lenders limit borrowing to a set share of the appraised value, so you won’t be able to use all of it.

Questions buyers ask