Answers To Your Appraisal Questions

A home appraisal is an unbiased estimate of the fair market value of a home. It is performed by a certified professional home appraiser who considers its size, location, condition, amenities, age, features and finishes, and more. In most cases, an appraisal is used to determine what price should be paid for a home to ensure everyone involved in the home-buying process is protected.

Finding an adequately certified real estate appraiser is essential when searching for real estate appraisers near me. It's also important to check references and ensure the home appraiser has experience completing appraisals for homes in your area. Additionally, you'll want to ask questions such as the details and length of experience they have appraising homes in the area, the cost for appraisal, and how long it will take to complete the home appraisal. By researching and asking the right questions, you can make sure that you choose a Virginia appraiser who is best suited for your home appraisal needs.

To obtain a Residential Appraiser License in Virginia, you must first get a Trainee License by completing the following coursework.

• Basic Appraisal Principles (30 hours)

• Basic Appraisal Procedures (30 hours)

• National USPAP Course (15 hours)

• ASB approved Supervisor/Trainee Course (4 hours)

Once you have your Trainee license and a supervisor/mentor, you must log 1,000 hours of supervised appraisal experience (a Certified Residential License requires 1,500 hours of appraisal experience obtained in no less than twelve months) over at least six months.

You will also need to complete 150 (200 for Certified Residential License) total hours of appraisal education (which includes the 75 hours you completed to become a Trainee Appraiser). Required courses at this level include:

• Market Analysis (15 hours)

• Site Valuation and Cost Approach (15 hours)

• Sales Comparison and Income Approach (30 hours)

• Report Writing and Case Studies (15 hours)

Certified Residential Applicant must also possess a bachelor's degree in any field of study; or an associate's degree related to business administration, accounting, finance, economics, or real estate.

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The price will vary based on the complexity of the assignment. Some require a more thorough inspection on larger lots with outbuildings, some will need more backend research, and some are more complex based on the type of appraisal. Our base price is $400.

Northern Virginia
Arlington, Alexandria, Culpeper, Fairfax, Fairfax City, Falls Church, Fauquier, Fredericksburg, Greene, Loudoun, Manassas City, Madison, Manassas Park, Orange, Prince William, Rappahannock, Stafford, Spotsylvania

Shenandoah Valley
Clarke, Frederick, Page, Shenandoah, Warren, Winchester

Richmond
City of Richmond, Chesterfield, Hanover, Henrico, New Kent

Williamsburg

Hampton Roads
Charles City, Chesapeake, Gloucester, Hampton, Isle of Wight, James City, Newport News, Norfolk, Poqouson, Portsmouth, Richmond, Suffolk, Surry, Virginia Beach, York

• Sales price is a buyer's actual price paid for a particular property.

• A home appraisal is a detailed property valuation using recent closed/settled comparable sales, currently under contract, and active listings to determine the value. Reviews can have a variety of purposes, such as for mortgage loans/purchases, cash purchases, home equity loans, estate, divorce, pre-listing, PMI removal, property tax appeal, etc.

• An assessment is generated for tax purposes by the tax assessor. Assessments are based on large numbers of sales that are analyzed to determine values for large groups of similar properties, typically using computer algorithms applied to the property characteristics documented in tax records.

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Troy and Matt have over 30 years of combined appraisal experience, completing over 40,000 home appraisals. The Premier Home Appraisals staff has more than 25 years combined. If you are looking for a home appraisal company near me, consider us for your home appraisal services.

Value is not necessarily equal to cost or price. Cost refers to actual expenditures – materials, for example, or labor. Price, on the other hand, is the amount that someone pays for something. While cost and price can affect value, they do not determine value. The sales price of a house might be $150,000, but the value could be significantly higher or lower based on several factors, including the value in use. Which is defined as the value of the property considering the extent to which the property contributes to the personal needs, satisfactions, or requirements of the owner.

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Yes. We offer a full range of home appraisal services, including consulting. Areas of specialization include new construction, plan review, renovation/remodeling, green considerations, and complex property issues, including large acreage, waterfront, etc.

Yes, this is a Retrospective Appraisal. Home appraisal values can go back as far as there is reliable, comparable data. Typically, this will be 20-25 years for a home appraisal in Virginia.

Location is typically the most significant value factor for a Virginia Appraiser when appraising a house. However, you can control only so much once you own the home. At this point, the next most significant factor for home appraisal values is square footage coupled with bedrooms and baths. You will almost always see an increase in value as you increase these numbers. However, regarding bedrooms and baths, you reach a point where the returns are significantly diminished as you no longer have an audience seeking them out. For example, the market typically doesn’t differentiate between 6-8 bedrooms; however, 4-6 can be a big difference.

Next would usually be kitchen and bath updating/upgrading. However, the ROI on these is almost always negative. It will cost more at this time in our markets to remodel than the return will be unless the updating/upgrading can be done at a significant discount without sacrificing quality, features, and finishes.

Smaller jobs that can significantly affect an appraisal of property are exterior amenities, including landscaping. Since the covid lockdowns, there’s been a push toward expanding our options with extravagant outdoor living spaces. We have seen an increase in return for screened porches, decks, pergolas, fire pits, outdoor kitchens, etc. The added appeal of the value in use coupled with the added value for resale put’s these enhancements near the top.

We always recommend having any remodeling done by professionals. Cutting corners and doing the work yourself can lead to inferior craftsmanship and finishing, which will be noticed by potential buyers and reflected in lower and fewer offers as well as for an appraisal of a home.

Less intuitively, purchasing or refinancing can often make a big difference with your chosen lender. We always recommend local lenders. Typically, they will have strong relationships with the best local appraisers near me that they know they can trust. Larger national lenders will usually use a management company for farming out home appraisals to the lowest bidder and/or much less qualified /experienced home appraisers unfamiliar with the area. This could make a big difference if you are tight on your numbers.

No, home appraisal inspections and home inspections are not the same. While home inspections typically focus on the condition of a home and any immediate safety issues, home appraisal inspections estimate the home’s value based on comparable property values in the area. A home appraiser will look at factors like features and finishes of kitchens and baths, types of upgrading including flooring, number of bedrooms, square footage, overall condition, and any other updating or upgrading made since the home was built. Premier Home Appraisals specializes in providing professional home appraisal services for clients who need an accurate estimate of their home’s value. Our experienced appraisers can help provide you with an accurate home appraisal inspection that considers all the factors mentioned above.

First, be sure your Virginia Home Appraiser has easy access to all parts of the property. Please make sure the exterior is accessible, including making certain gates aren’t locked; garages are open, barns are accessible, etc. Access to appliances like furnaces and water heaters is also essential.

Some Virginia Appraisers prefer to start the inspection with the home's exterior, while others may begin inside. Both exterior and interior will involve taking pictures, including every room, taking notes, and measuring. The Appraiser will be looking for some of the following, which is not exhaustive.

• Quality of construction – what are the materials used, their condition, etc.?

• Number of bedrooms and baths – are they updated, and when?

• Condition/Updating - including windows, roof, systems, lighting, flooring, paint, kitchen, baths, etc.

• Size of the home

• Upgrading – spiral staircase, millwork, vaulted ceilings, kitchen materials, type of appliances, hardwood versus vinyl, landscaping, etc.

• Amenities – fireplaces, garages, decks, porches, pool, outbuildings, ponds, fences, sheds, etc.

• External influences – parks, commercial buildings, water towers, power lines, woods

• View – positive or negative

If you are looking for a Virginia Appraiser or home appraiser near me, please consider us for your home appraisal values.

To help speed things along as well as ensure a more accurate report, try, if possible, to have the following items:

• Itemized list of recent updating/remodeling, including the year it was completed. An estimate is fine.

• Survey/Plat

• Amount of any HOA or community fees (golf course, etc.)

• Copies of permits for additions

• Any documents, such as a title policy, which document any encroachments or easements

• A list of proposed improvements if the property is to be appraised “subject to”

While each home is different, generally, the inspection will last around 20-30 minutes for a seasoned Real Estate Appraiser.

Under most circumstances, you will receive the appraisal report within 1-2 business days after the inspection, depending on seasonal volume. The report will always be delivered on or before the requested due date for Lender work.

The cost for an appraisal can be purchased through our website by selecting the value's purpose. Alternatively, cash or a check can be received during the inspection. Remember that the report will only be delivered once payment has been received.

Typically, a home appraisal value is a snapshot for a specific date, typically the inspection date or the effective date (could be a date in the past or future). In some cases, it may be a range of values. A home appraisal developed for lenders may be used by some clients, including FHA, for lending purposes for up to 6 months after the effective date. Lender client-specific restrictions may apply. In some cases, the appraised value may be updated or recertified. So the short answer is, it depends on the scope or terms of the appraisal.

A CMA is typically a straightforward, less specific process that provides only a set of data based on a filtering system that may or may not have a ballpark figure or be unbiased. They are not regulated and are often performed by real estate agents that do not have any formal valuation or data collection training. Most importantly, there is no breakdown of the selected sales regarding the subject property. Most often only used to develop a less reliable list price at a lower price.

An appraisal delivers a defensible report that utilizes hand-selected comparable sales and listings from within that data set. Adjustments are then made based on differences with the subject, leading to a specific value estimate, not a range. The appraisal is also conducted by a licensed valuation professional bound by USPAP guidelines that strictly specify how the report will be created.

Market value is the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

• buyer and seller are typically motivated.

• both parties are well informed or well advised, and each acts in what he or she considers his/her own best interest.

• a reasonable time is allowed for exposure in the open market.

• payment is made in terms of cash in U.S. dollars or terms of financial arrangements comparable thereto; and

• the price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

Determining the value of a property based on price per square foot does not tell the whole story and is not a reliable indicator of value. It is only a component among a wide range of other factors. When you only look at the price per square foot metric, you don’t consider variations in the type of properties in the market area.

Price per square foot can provide a reasonable value estimate in certain ideal situations. If there is a high degree of similarity among houses in the neighborhood, including size, quality, design, age, lot size, upgrading, appeal, etc., then looking at price per square foot can give you a reliable range of value. However, this is very rarely the case. This rarely happens with model-match condo sales in our coverage area. Perhaps the biggest factor is basements. The price per square foot calculations only accounts for square footage above grade. If one home has a basement and another does not, then there would be no difference in value if you use price per square foot as your formula for value.

If the report was completed for a Lender, you could dispute the value and/or any relevant data by submitting a Reconsideration of Value. Your lender can assist you with the proper channels for that. Reach out to them and not the Appraiser. They are the client and do not allow the Appraiser to discuss the value.

If Premier Home Appraisals completed the report, please don’t hesitate to contact us directly. Our Home Appraisers want it to be right and are happy to review and implement any changes that may need to be made. If you feel the value is too high or too low, please be able to provide supportive documentation, including comparables, so that we may make the proper analysis.

Yes. The Confidentiality Section of the Ethics Rule of USPAP and the Appraisal Institute Code of Professional Ethics provides that an appraiser must not disclose confidential information or assignment results to anyone other than the client and persons specifically authorized by the client.

A Pre-Listing Home Appraisal or appraisal of a home completed before placing the property on the market can save you a lot of time and money. It aims to provide a professional unbiased opinion of value to help set a market-based list price that is supported by the current market. It can also help provide evidentiary support when counteroffers are deemed below market value.

Purchase a pre-listing home appraisal

Dividing marital assets is one of the top priorities in a divorce. Whether you or your former spouse decide to sell the marital home or any personal, tangible property assets, you may want to consider getting an appraisal for divorce. Many divorce proceedings require the review of personal property assets to assist in arriving at a fair division. House appraisal services can be vital in determining equitable asset distribution.

Purchase an appraisal for divorce from a home appraisal company in Virginia.

Settling an estate usually requires a real estate appraisal to establish a fair market value for the residential property. Often, the IRS will need a qualified retrospective home appraisal as of the date of death to establish a cost basis that a qualified appraiser must perform. Other estate appraisals for houses include a sale to relative/non-relative, partial interests, trust, gifts of faith, capital gains, limited family partnerships, etc.

Purchase an estate house appraisal in Virginia

Yes, we often complete real estate appraisals to remove PMI. The loan servicer may remove private mortgage insurance once a home’s loan-to-value ratio reaches 75-80%. If your home’s value has risen, you may be able to order a home appraisal online from us to remove PMI based on the current home valuation.

Purchase a PMI removal house appraisal

When filing for bankruptcy, an attorney often recommends having a Certified Appraiser perform a fair market home appraisal for bankruptcy. Getting a property valuation for your home in Chapter 7 and Chapter 13 bankruptcy is essential. Sometimes, your property's value will determine whether you can keep it or strip junior mortgages off.

Purchase a bankruptcy appraisal from a Virginia home appraisal company.

Cash sales do not involve a lender; however, it is not unusual for this type of buyer to complete a home appraisal for a cash sale to confirm the validity of the purchase price.

Purchase a cash sale home appraisal of property.

If you believe your real estate assessment/tax bill is incorrect, you may be able to file an appeal with your local jurisdiction. Before appealing, an appraisal to remove PMI can give you a sense of whether your assessment aligns with market conditions. If the new home valuation is higher than what comparable properties have sold for, you may want to proceed with an appeal for PMI removal.

Purchase a tax appeal appraisal from home appraisal services near me.

A pre- or proposed construction appraisal is based on plans and specs and can help determine the future value of a property and its home appraisal value. This can help the Builder or Homeowner decide which features and finishes would most affect the value before construction begins.

Purchase a proposed construction appraisal

Yes. We have taken the Earth Advantage Accredited Green Appraisers certifications and completed the Appraisal Institute’s Valuation of Sustainable Buildings Professional Development Program.

Purchase