Real Estate Appraisals in Washington, DC
Whether you are in need of a mortgage loan for a home in Dupont Circle or preparing to price your house for sale in Georgetown, you want to be sure you are having your property appraisals done by a professional. The team at Coakley Realty has been assisting sellers and buyers in the Washington, DC 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 Washington, DC property efficiently and accurately. The property appraisal experts at Coakley Realty bring quality and dedication to all your real estate needs in the Washington Metropolitan area.
If you’re ready to get a property appraisal in the Capitol, contact Coakley Realty online or call us today at 301-637-0966!
Reasons for a Real Estate Appraisal in Washington, DC
There are many reasons why you might need to schedule a real estate appraisal for your DC 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 DC 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 Washington, DC. 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 DC 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 DC 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 Washington, DC
Whether you live blocks away from the riverfront or right in the heart of Logan Circle, the property appraisers at Coakley Realty can help you. Each member of our professional staff can make your home appraisal process quick, easy, and convenient, allowing you to move on with your new home sooner. Experienced with determining the value of DC properties, our experts can give you an accurate number, giving you peace of mind in the buying and selling process.
Are you ready to get a property appraisal for your Washington, DC home? Schedule your appointment today by contacting Coakley Realty online or by phone at 301-637-0966!
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