What's the Difference Between an Inspection and an Appraisal?

With the real estate market of Northern Virginia becoming more active every day, there is a constant surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, obtain a Free Home Value Report RIGHT HERE. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.

Many people don't realize there is a difference between an appraisal and an inspection. They're different components of a real estate transaction that you should be familiar with if you plan on buying or selling a home.

• Inspection: A home inspection is done 7 to 10 days after an agreement has been reached on the sale of a home. It is conducted by the buyer and at their expense. The inspector will look for problems with the structure and functionality of the home, so that the parties can agree on final terms. 
• Appraisal: An appraisal is similar to a home inspection but has some technical differences. It usually takes place 3 to 4 weeks after the principal agreement of the home sale. It's typically ordered by the home buyer's lender to make sure the home is worth what the buyer says it is before money is exchanged. The lender will view the home in question and compare it to other homes in the area. Within 3 to 5 days the lender will determine whether the deal is fair so it can close.

In short, the inspection is beneficial to the buyer; it's a way to be confident the house is everything the buyer says it is. An appraisal, on the other hand, is a way for the lender to be sure they are not lending an unnecessary amount of money. Essentially, both of these ensure a seller prices their home at a fair market value based on comparable home sales.

If you have questions about this topic, or would like us to address another question in a later video, give us a call or shoot us an email. We would love to make your real estate experience as smooth as possible.
 

Where Can You Find the Most Reliable Real Estate Information?

 
With the real estate market of Northern Virginia becoming more active every day, there is a constant surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, obtain a Free Home Value Report RIGHT HERE. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.

One thing we get asked about a lot is the accuracy of the data produced by home search engines like Zillow and Trulia. While these sites can be a huge asset to your search, it's important to take their information with a grain of salt. These websites use algorithms that have specific variables such as square footage, number of bathrooms, and number of bedrooms - but they fail to take many other important factors into account.

Having an actual Realtor look at your home is the best course of action to make sure the information is accurate. The last thing you want is incorrect information to negatively affect the buying and selling process. Keep in mind that these search engines don't know where the market is headed, either. They don't know if it's on the rise, on the decline, or neutral. Where the current housing market is at in your area can significantly impact the value of your home. In some cases, Zillow reported a home as being worth nearly 50% less than what it sold for.

So call a Realtor, find out what's happening in the market and how it affects your home price. Always be sure to call me if you're interested in buying or selling a home. Thanks for joining us, hope to hear from you soon!

How You Can Avoid Reducing the Price of Your Home

With the real estate market of Northern Virginia becoming more active every day, there is a constant surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, obtain a Free Home Value Report RIGHT HERE. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.

We have noticed a trend recently in Northern Virginia that has left us wondering what's going on. We've seen a handful of homeowners reduce their listing price, despite what appears to be a hot market. Is the market cooling down, or are folks simply overpricing their homes because of their confidence in the strong market?

We're thinking it's the latter. Pricing your home too high is dangerous for two reasons: you look greedy in the marketplace and buyers start avoiding your property like the plague. If you are in this scenario, it is likely this was unintentional - you wanted a certain price for your home so you thought you'd try for it. The problem is that once you reduce the price of your home, people don't come back. Typically, overpricing your home results in having to dramatically reduce the price to a point it wouldn't have reached otherwise. But how can all this be avoided?

First, you need to look at our Northern Virginia market and see how other homeowners are pricing their property. Working with an agent who has your best interests in mind is another important step. They will help you utilize competitive pricing to gain market momentum and drive your price up.

If you are interested in working with an agent that has a feel for all the nuances of our market, give us a call or shoot us an email. We would love to help you form a competitive pricing strategy so you can get the most from your home sale.