You have received some great answers from Jimmy Mulhern, Glenda Cherry and Mary Margaret Gates. One additional comment I have to add with this HVCC, appraisers seem to be taking a bit of advantage of the situation, and to some extent, lenders seem to be encouraging them to be overly conservative on values. I know you say your listing when you bought the home said 4BR/2BA, but I doubt your original appraisal did, especially if there was no closet. Even now, with a closet, it is still below grade, and not counted for appraisals. Where is the third bath? Unfortunately, it sounds like you are going to get credit for finishing a basement with a bath, not adding a bedroom. If other comp sales have finished basements, you could line the walls with gold, and not get much credit for it. Another problem is over improving a home. If your home is now substantially larger than the other homes in your development, unless you have other homes that are also substantially improved and they have sold recently, getting that value added is going to be very problematic. I am sorry to be the messenger, and wish I could be more upbeat for you. Hopefully, you love the house, and its value will increase soon, but for the time being, as long as you do not have to sell, enjoy and try not to lose any sleep over it. Jim... more
Hi Csutula - there is a big difference between an appraisal and a tax assessment.
Getting the tax record corrected would simply mean that your property taxes would increase. The tax assessment does not represent the fair market value of your home.
The appraisal does represent the fair market value of your home and should have involved the appraiser visiting the inside of your home - should not just be based on just what the tax record says.
You can also order a second appraisal and make sure it will be an appraiser that will visit the inside of the property.
Make sure you are working with an agent that is aggressive on your behalf. The process of selling a home is a huge undertaking - the agent representing you should be someone who is meeting your expectations.... more
I have some charts on my web site showing market trends for Reston over the last two years: number of closed sales each month, average days on market and median/average sale prices. Click on the web reference URL below - it will take you straight to the Reston Market Conditions page. And, of course, feel free to contact me if you have any questions.... more