The best way to get a value on the house is with an appraisal. However, with the market falling in most areas, you might want to take 90-95% of that figure as a baseline value. Interest rates are good now. They are at 6% or below. You cannot assume you will see much less than that, or you might bet wrong and end up closer to 7% later. Since the market is depressed, what I advise people to do is to go ahead and put it on the market at a price you think it should sell at. On a monthly basis, reduce the price by at least 1%. If over the course of 6 months it hasn't sold, both spouses are by then much more realistic about the value. One spouse can always offer to buy the other out for half the equity. However, there are many people who owe more on the house than it's worth. In that case, buying the spouse out doesn't make sense.
