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The first thing to do is to find out how your home compares to similar homes that have been sold recently. Is the asking price of your home fair? The other important fact when finding out your house value is to see what value you place on the advertised features and amenities.
It is important to know your house value because only then you will be able to determine whether the asking price you are putting is fair. Usually when you put up your house for sale, a house appraiser comes from the potential buyer’s mortgage lender to determine whether the house is worth the loan amount the potential buyer has applied for. This makes it all the more important for you to know the real home value.
All appraisers use a method known as comp to determine the value of a home. In a busy market where sales are happening all the time, it is easy to have a lot of comps (or comparisons). However, in a less active market it is harder to find reasonable comps.
The best way to go about getting your home’s value is to look for similar homes in the neighborhood that have been recently sold. Then take the price and use a free online home value calculator to determine the value. Of course, no calculator is accurate but you will get an estimate to put a fair asking price on your home when you decide to sell it or when you approach the bank to put your home as collateral for a loan.
Remember, in order to get the correct value of your home, take into account the location, amenities, size and age of the home.
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When a home is sold, appraisers use comparable market sales or comps of local properties sold in the recent past to get the value of a home. Depending on the value of the home, a mortgage lender then approves the loan. 
