Price PictureLast week I wrote an article on Cost vs. Value which discussed the issue that many homeowners are facing in this market regarding the value of their home based on the upgrades they may perceive as having more value than they ultimately do.  The second part to that equation of value is the appraisal of your home from a qualified professional appraiser.

This past week I have spent time on the phone with two very nice professional appraisers trying to work through value issues both as a listing agent and as a buyer's agent.  Each set of circumstances was different but both appraisers reiterated what the industry is saying "we can't overvalue a house just because the seller thinks it is worth more".   The Washington Post had a good article about this issue last month.

Appraisers live by an industry code of ethics and standards. Their work must stand up to scrutiny and they can be called on to defend their numbers in court should the need ever arise.   Occasionally an appraiser can make a mistake or miss something in their numbers.  I found an issue with one of the appraisals comps and when I walked through the problem with what I found they double checked the information and agreed that it was a mistake.  The correction got us closer to our number but not on our number.  We are working through a solution that we hope will keep the deal moving forward and I have confidence that we will get to the closing table on time.

If your home has been on the market for awhile and you may want to ask your agent to review the comps that they originally used when your home went on the market.  It might also be worth the $350 that an independent appraiser charges to have your home appraised before you put it on the market.  Be cautious and remember that the number you thought was a great value 60 or 90 days ago may not be true today.

 

 

 

 

                No Hassle-No Pressure-Just Straight Talk About The Northern Virginia Real Estate Market

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and CJ Realty Group, Inc a call at 703-346-2213. 

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.
CJ Realty Group Woodbridge VA 

Licensed in Virginia



 

 

 

3 Comments on Realty Check

JUL
25
2010
1,525,087 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Always remember to make sure you look at both the SOLD comps and the homes that haven't SOLD in your neighborhood.
6:32pm • #1
1,525,087 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Check out NAR's Cost vs Value Report for more information.
6:34pm • #2
1,525,087 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

For an honest evaluation of your home call Cindy Jones at 703-346-2213 to talk about the value of your home in today's market.
6:35pm • #3

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Cindy Jones-Northern Virginia Real Estate & Military Relocation Services

Woodbridge, VA

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CJ Realty Group, Inc.

Address: 12804 Marblestone Drive, Woodbridge, VA, 22192

Cell Phone: (703) 346-2213

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