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The three most common ways people "guestimate" their home value for putting a price on it OTHER than getting an appraisal are:

• Using an online valuation tool, like Zillow
• Asking their real estate agent
• Going by the county assessment
• Wild Arsed Guess

Here are the problems with each:

Online valuation tools don't have enough information to make a real comparison. They consider a property only in the barest sense - by how many square feet, bedrooms, and how close to other recent sales. What they can't consider is whether those sales were between family members, people flipping a house, rentals (NONE of which are allowed to determine an appraised value), or other differences between the homes - such as a separate or attached garage, basement, covered porch, type of energy fixtures, or various amenities. If you want to value your home as though you were selling it to a friend, and it's at the level of a home that's either far more or far less outfitted than yours, go with online valuation. For the small price of an appraisal, though, you could be saving a few hundred and losing thousands.

Real estate agents have a lot of experience, and are often good initial guessers at a home's value, but they are not professional appraisers, and they are in it to close deals - where an appraiser doesn't care about the deal (and isn't allowed to)- he just wants to get it right. It's not that your real estate agent is "wrong" - it's that there's a difference between an educated guess and a professional opinion of value. And that difference, again, may cost you thousands of dollars, or cause your home to sit on the market too long, with unpleasant results (the longer a home sits, the harder it is to sell - buyers often regard it as a lemon). Spend the little it takes to get accuracy - get it right, and get your house sold.

The county assessment is so often wrong, that most appeals result in a change of assessment. The assessor is making about as general a sweep of the neighborhood as an online valuation tool, and it's just not a reliable tool to help you determine a home's sales price. Remember, the appraisal doesn't tell you the sales price anyway - it gives you a professional evaluation of worth at fair market value in an arms length transaction (not between family or friends and not motivated by being in a crazy hurry - like needing to transfer out of state in under a month). The appraisal lets you determine your sales price after knowing what the fair market value is. But without that information, it's all guesswork. Get the appraisal.

We've all been known to W.A.G. it a little, in our personal affairs, haven't we? If you ask me what I want for that old barbecue grill I don't use anymore, I'm not going to get an appraisal on it - I'll kind of guess. Maybe I'll look it up on Ebay and see what other people get for them. Or maybe I won't bother. A nice $50 bill might feel good in my wallet. That's fine on a fifty dollar transaction. But the wild arsed guess on a house is liable to leave you kicking yourself later. We can't say it enough - saving a few hundred by *not* getting an appraisal, or going with any of these options, which are guesses with varying degrees of wildness, can end up costing you thousands or delaying your move (which can cost even more). It's not worth it. With all you're going to spend in commission and concessions, skimping on the cheapest thing of all - the appraisal - it's like driving a Corvette with generic motor oil.

That's it - we hope you'll make an appraisal a part of your home sale, BEFORE setting the price. It's shocking how many home sales are short circuited by too high OR too low a price. We do appraisals, of course, so if you're interested, feel free to give us a shout. Here's the [link].

Some of the most common misconceptions about property tax assessments are:

There's nothing you can do - not really - you just have to pay what they say: It's easier to think that, but it's also more expensive, and just isn't true. You can appeal, and that vast majority of appeals result in a reduction, showing that you're not powerless at all.

An appeal is a complicated mess - I can't do it: It's actually very simple - you file the appeal in the allotted time, which may differ by county (that's just a simple form). You show up at the appeal with convincing evidence (that's very easy, if the evidence is solid - show up, show them, get a reduction - it's not an all day affair - they've got too many to process to let it last long). And there's the middle of those three steps - get the convincing evidence - that's the opinion of an independent appraiser. You can consult any residential appraiser, but we're also here to help and have substantial expertise in this area. Easy - 3 steps.

I can't save that much money: You can save hundreds per year, every year, if you get a reduction. Use it to take a vacation. Use it to work on your house. Use it just for bills and so on. It's your money. That's the thing - it doesn't belong to the government - it's yours as it stands, and you only have to give it up if you just take whatever assessment they throw at you.

Most property tax assessments are already accurate: A lot of people think this. In fact, when it comes time to sell the house, they often mistakenly cite the assessment as a good selling price. Nothing could be further from the truth. If it's too high, your house will sit on the market forever, costing you money, and eventual concessions. If it's too low, you're giving away thousands. County assessors usually don't intentionally misvalue properties - it's just that they're working with notoriously low funds and minimal staff, and they'll be the first to tell you that they have a huge area to cover. The chances of your property getting more than a glance, are slim in some cases. They're often happy to reassess when you bring in reliable 3rd party evidence (like an appraiser's opinion of value).

So, when you get that letter in the mail that says your property has been assessed, consider the market, the neighborhood, and the unique factors about your property, and consider an appeal - it's your right. If you need our services in the District of Columbia, Maryland, or Virginia, we're here to help. Feel free to give us a call, or just use our super-fast contact form [here].