Whether you need to know your home's market value in preparation for selling it or because you're considering a home equity line of credit, you can perform your own market appraisal without relying on a real estate agent. If you're planning on selling, knowing the right market value is critical to increasing your chances for a quick sale. Using these simple guidelines, find out what your home is worth on today's market.

The Market Appraisal

Wherever you happen to live, the basic process used to determine a home's market value is the same. You're comparing your home against homes with similar features, in the same general area where your home is located, that have been sold within the past three to six months. In a very active market you'll want to look at homes that have sold as recently as possible, since home prices can change more quickly under these circumstances.

The homes used for comparisons are referred to as comparables, or comps, by mortgage lenders and real estate agents. To get an accurate picture of what homes are selling for now, a good market appraisal will include as many comps as possible, sold as recently as possible, . The number of comps available will depend on how active the market is, but a dozen similar homes that have sold within the past three months would be ideal.

Some common features used for comparables are:

• Number of bedrooms
• Square footage
• Number of stories
• Heating method
• Lot size
• General condition
• Age of construction
• Age and condition of roof
• Type of construction (brick, vinyl siding, etc.)
• Neighborhood location

In addition to comparing features that all homes have in common, your home may have less common features that are taken into consideration, such as:

• Views
• Fireplaces
• Decks
• Hardwood or tile flooring
• Unique landscaping
• Built-in swimming pool
• Unique construction (custom home, tile roofing, radiant floor heating, etc.)

Because no two homes are exactly alike, many things need to be considered when comparing homes for a market appraisal. If your home has three bedrooms and a family room, and a home that sold recently in your neighborhood has three bedrooms, no family room but has a formal dining room instead, it's possible that it could still be used as a comp. Particularly in a slow market when there aren't a lot of recently sold homes to use as comparables, you would look at overall balance when comparing similar homes.