How can I find out what my home is worth without paying for an appraisal?

You can estimate your home's value by researching recent sales of comparable homes, which is the same method appraisers use: sales generally located within a mile of the property, in similar condition, and close in age, square footage, and number of rooms. Public records and multiple listing service (MLS) data show recent sale prices of similar homes. Treat your county's assessed value with caution, because the Appraisal Institute notes an assessed value does not necessarily equal market value.

You can ask a licensed Rhode Island real estate broker or salesperson for a comparable market analysis, which is typically free when tied to a listing, purchase, or sale. Rhode Island regulation allows brokers and salespersons to give opinions of value for listing, purchase, or sale purposes, but they must not call those opinions appraisals. Only licensed or certified appraisers may issue appraisals in the state.