Real Estate Property Appraisals in Gaithersburg, MD
Have you been wondering what your Gaithersburg home would be priced if you put it on the market? Maybe you’re hoping to get a mortgage loan for a new home in the Kentlands or Bohrer Park. No matter your Montgomery County property appraisal needs, the professionals at Coakley Realty are here for you. The team at Coakley Realty has been assisting sellers and buyers in the Gaithersburg area with all their appraisal needs since 1991! We make the home buying and selling process easier for you by determining the value of your Gaithersburg property efficiently and accurately. The property appraisal experts at Coakley Realty bring quality and dedication to all your real estate needs—we aim to make your real estate goals successful.
If you’re ready to get a property appraisal in Gaithersburg, Maryland, contact Coakley Realty online or call us today at 301-637-0966!
Reasons for a Real Estate Appraisal in Gaithersburg
There are many reasons why you might need to schedule a real estate appraisal for your Gaithersburg home, including:
- Selling Your Home– When selling your home, an appraisal of the property’s value is an important step in coming up with a listing price. Your real estate agent will look at the price of the neighboring properties that have sold within the past few years (usually one or two years) and that are similar to your home in terms of size, features, and condition. Based on these comparable homes, the real estate agent will add or subtract value to your home.
- Buying a Home– If you’ve recently made an offer on a new home, your lender will require you to have a professional appraisal done. This ensures the lender that the property is worth the amount of money that is being loaned.
- Refinancing – Similar to buying a home, the lender will require you to have a professional appraisal done when refinancing your Gaithersburg home to ensure that the collateral value offered by the property justifies the refinanced loan amount you are asking.
- Applying for a Home Equity Loan– If you are trying to get a home equity loan, and it has been several years since the property’s last appraisal, it is a good idea to have the property appraised, especially if property values in your area have increased. Your equity in the home against which you would borrow money is determined primarily on the current value of the property. If the value of your home has decreased, then it is also possible that your equity in the home has decreased in value.
- Filing a Real Estate Tax Appeal– Property tax assessments are done once a year in Maryland. Upon receiving the assessment, you’re allowed to file a real estate tax appeal which can affect your taxes for several years to come. A real estate appraisal will help determine whether or not the initial assessment of your home was under or overvalued and help you to file a real estate tax appeal.
Property Appraisal Methods for Your Gaithersburg Home
When you’re applying for a mortgage, most—if not all—lenders will require you to hire an appraiser to determine the value of the home and property you want to purchase. Not only does this allow the lender to know how much the property is worth to set a loan amount, but it also lets you know if the home you are interested in buying is over or underpriced. For example, if the home you want to buy is listed at $400,000, but the home appraisal comes back at only $300,000, the property is probably grossly overpriced. Appraisals also help sellers list their properties accurately so they can be competitive in the market.
There are two primary appraisal methods when it comes to residential real estate:
- Sales Comparison Approach– This appraisal method involves comparing the home to a number of similar homes in the area that have sold recently called “comparables” or “comps.” The appraiser will collect a variety of data on the comp homes, including public records, sale prices, square footage, amenities, date of sale, and more, and place a value on the home and property. The basic idea behind this approach is that the buyer shouldn’t pay more for a property that is comparable in value to a substitute property with similar amenities and features.
- Cost Approach– This is an appraisal method that is more commonly used on new properties and evaluates the home based on its reproduction cost. So, it is a value based on how much the house would cost to rebuild if it were destroyed. Then, the land value and depreciation of any improvements is assessed and put toward the home appraisal. This method is a very useful approach when appraising newer properties, but it is considerably less reliable for older homes.
What If Your Gaithersburg Home’s Appraisal Comes Back Low?
If your appraisal comes back lower than you were hoping, the first thing you need to do is try to figure out what could have caused it. Sometimes, it’s a result of factors the seller can correct, such as home maintenance, repainting, and repairs. Often, once these issues are taken care of, the appraiser can revisit the property and adjust the appraisal based on the improvement of the home.
Of course, you may also order a second appraisal if you believe the first one was inaccurate due to the inexperience of the appraiser or other factors. It’s possible a second home appraisal could turn out a different value for the property; however, if this isn’t the case, the home purchase may be at a standstill unless the homeowner is willing to lower the price.
Schedule a Real Estate Appraisal in Gaithersburg, Maryland
Are you ready to determine the value of your Gaithersburg property? For over two decades, the experts at Coakley Realty have been dedicated to providing quality appraisals while making homeowners and potential buyers feel comfortable with the home buying and selling process in Maryland. We value convenience, quality, and your customer satisfaction, so we will make the appraisal process as quick and easy as possible!
Are you ready to get a property appraisal for your Gaithersburg home? Schedule your appointment today by contacting Coakley Realty online or by phone at 301-637-0966!
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