What’s my Property Worth?

The Appraisal Process for valuating real property (real estate), is a complex procedure based on a number of factors: the neighborhood and overall “market area”, current market trends and behaviors, the specific site location of the property, overall condition and utility of the site and all improvements (dwelling, yard improvements) i.e., whether there are needed repairs, and how recently the property was upgraded or renovated. This process begins with identifying a property, stating the Purpose and Intended Use of the report, and naming Intended Users of the report. The most relevant preliminary analysis is determining a property’s “Highest and Best Use”, i.e, the use of the property that brings the property to its maximum economic potential and results in the highest value. There is a physical inspection of the property to include calculating physical living space, noting the condition, utility, specific site location and any functional and external issues that may exist. That is followed by the analysis of data; i.e., market trends, comparable sales in the area, replacement cost analysis, income stream and expenses, market rents for the neighborhood, among other things. Lastly, a final conclusion/opinion of Market Value is reconciled by the appraiser, based on all aspects of the analysis. Other properties in the area can certainly provide a “ballpark estimate” of market value, but are not always fair or accurate comparisons. Remember, one sale does not make a market!!

Each Appraisal is Different

Each house, neighborhood, and client is unique and needs special consideration when valuating a property. A 10,000 square-foot mansion in Potomac will clearly be a different project than a rowhouse in Mt. Vernon. Because of this, it’s not possible, or fair, to give a blanket price for an appraisal. Our appraisals fees vary based on the scope of work and man-hours necessary, inspection time, building size and lot size of each property. All appraisals are priced fairly, are competitive and consistent with appraisal prices in the area. Click below to get a quote for your appraisal, to get more information, or just to get some advice!