How Much Is My Home Worth? A Practical Guide for Long-Term Homeowners

If you've been in your Kirkland or Seattle-area home for more than a decade—or longer—there's a good chance you're sitting on significantly more wealth than you realize. But figuring out what that home is actually worth? That's where things get confusing, especially if you haven't sold a home in 15, 20, or even 30 years.

The process has changed. The tools are different. And frankly, understanding what your home is worth matters more now than ever.

The Equity Surprise Most Long-Term Homeowners Don't See Coming

Let me start with the good news: if you bought your home in the 1990s or early 2000s, you've likely witnessed extraordinary appreciation. Consider this real example: a homeowner who purchased a house for the median price of $229,000 back in 2005 with a 20% down payment now finds their home valued around 90% higher—meaning they've built approximately $206,000 in additional equity.​

Even better? If you bought in 1995 for $114,600 (with 20% down), your home has likely appreciated by around $320,700.​

Here in the Puget Sound region, homes have appreciated even faster. From March 2024 to March 2025, Kirkland home prices jumped 20.4%, compared to Seattle's 11% increase. The median home value in Kirkland is now approximately $1.3-1.4 million.​

What does this mean for you? Nearly half of all U.S. homeowners have lived in their homes for more than 15 years, and one in four have been there over 25 years. That long homeownership means not only have your homes appreciated dramatically, but you've also paid down significant portions of your mortgages—building equity from two angles simultaneously.​

Why That $1.2 Million Zillow Estimate Might Be Wrong (And What to Actually Trust)

Here's where I need to be honest: those online home value estimates you see on Zillow or Redfin? They're a starting point, not gospel.

Redfin estimates have a median error rate of 2.1% for homes currently listed for sale, but that accuracy plummets to 6.45% error for homes NOT on the market. Zillow's estimates are slightly less accurate, with 2.4% error for listed homes and 7.49% for off-market properties.​

Translation? If your home is valued at $1.2 million on Zillow, the actual value could realistically be anywhere from $1.11 million to $1.29 million—and that's only if you're lucky enough to be in one of their most accurately assessed categories.

The further these algorithms try to pinpoint your exact value, the less reliable they become. Both companies are about 98% accurate when estimating within 20% of actual sale price, but only 77% accurate when trying to narrow it down to within 5%.​

So How Do You Actually Find Out What Your Home Is Worth?

There are three legitimate methods, and understanding the difference is critical.

The Online Estimate (Use as a starting point only)

Zillow, Redfin, and similar sites use algorithms that analyze public records, recent sales, tax assessments, and other data. They're fast, free, and useful for getting a rough ballpark. But they're not precise. Think of them as "Hey, your home is probably in this neighborhood." Nothing more.

The Comparative Market Analysis (CMA) - This is what smart sellers do

This is where a real estate agent (like me) analyzes homes in your neighborhood that have actually sold recently—not estimates, but real closed sales. We look at homes similar in size, condition, location, lot size, and upgrades that sold in the last 90-180 days.​

A good CMA accounts for specific differences: Maybe the comparable home has a newer roof (that adds value), but a smaller lot (that reduces value), or it's in a slightly less desirable part of the neighborhood (adjustment down). We adjust each comparable up or down based on these differences to arrive at a realistic range.​

The key advantage? A CMA is based on actual market data from your specific neighborhood, not an algorithm guessing at your property from thousands of miles away. And here's the thing—if you're seriously considering selling, a CMA is free from any qualified agent.

The Professional Appraisal - When you need absolute certainty

A licensed appraiser conducts an in-person evaluation, walking through your home, measuring square footage, and evaluating condition and upgrades. They then compare your home to recent comparable sales, just like a CMA, but with the added weight of professional licensing and a formal report.​

Appraisals typically cost $600-$900 and take 3-5 days to complete. Most are ordered by lenders after you've already accepted an offer, but some long-term homeowners order appraisals independently if they're planning to tap their home equity for a reverse mortgage or HELOC.​

What Actually Impacts Your Home's Value? (It's Not What You Think)

After 15+ years in your home, you might assume that brand-new kitchen or master bath you added would be your biggest equity builder. Sometimes yes, sometimes no.

Location is still king. A home's neighborhood—proximity to good schools, public transportation, parks, and shopping—matters far more than most homeowners realize. In Kirkland and Seattle, neighborhoods within walking distance of downtown hubs or near top-rated schools command premiums that make smaller renovations look insignificant.​

Home condition and maintenance. Here's what matters most: does your home's major systems work? Roof solid? Furnace reliable? Plumbing functional? Electrical up to code? A home with deferred maintenance—that leaky roof you've been ignoring, the electrical panel that needs updating—will appraise lower. Conversely, well-maintained homes with updated fundamentals hold value better than you'd expect.​

Market timing. This is the reality check nobody wants to hear: your home's value also depends on whether we're in a buyer's or seller's market, current interest rates, and inventory levels in your area. In our region, supply constraints have kept appreciation strong, but nationwide, home prices have moderated significantly from their 2021-2022 peaks. The average homeowner lost $9,200 in equity over the past year, though this represents a market correction after years of explosive gains, not a collapse.​

The Bottom Line for Your Specific Situation

If you've owned your home for 20+ years in the Seattle-Kirkland area, congratulations—you're likely sitting on substantial equity, possibly six figures or more. That wealth is real, and you should know exactly what it is.

Start with a quick check on Zillow or Redfin just to see the ballpark. But when you're actually considering a move, planning to tap your equity, or thinking about downsizing? That's when you need a real CMA from someone who knows your neighborhood intimately.

Because at this stage of your life, getting the valuation right isn't academic—it's about understanding the real financial options available to you. Whether that's downsizing to unlock capital, staying put and pulling equity for retirement, or exploring what your next chapter looks like, it all starts with knowing what you've actually built.

And that number? It's probably bigger than you think.

About Jason Mesnick

I’m a Seattle-area real estate professional specializing in helping baby boomer homeowners—and the adult children supporting them—navigate the transition from long-held homes to the next stage of life. My approach combines empathy, organization, and full coordination so families feel supported instead of overwhelmed.

If you or someone you know is facing this transition, I’m here as a resource whenever the time is right.