ANACOSTIA RIVER REALTY 2412 Minnesota Ave. SE Suite 101 Washington, DC 20020 202-678-REAL (7325) www.AnacostiaRiverRealty.com

First Time Homebuying

It's a huge venture to buy your first home. But it can also be a bit frightening. If you're like most people, you'll likely need some expert recommendations along the way -- and you'll definitely need an experienced real estate agency looking out for your best interests. As experienced specialists in Washington real estate, we're absolutely able and ready to help you purchase your first house. Not everyone with a real estate license is equally equipped to help you find your first home. Our dedication to you, our client, is what makes the difference. When you hire Anacostia River Realty to help with your first home purchase, here's what you can expect: • We will lead you through each turn of your home buying process. From locating the best house among all the properties available in Washington, to providing guidance on the closing costs involved. • We're local experts and can help you establish a want list of features and amenities you want in your neighborhood, school district, and your home. • The financial basics of purchasing a home can be overwhelming. We will guide you through the assorted mortgages and home buying plans available. • We will make sure you see all the properties that look like a good fit, and keep a close eye on all new listings. • Rest assured that we will do everything in our power to take out all the tension that accompanies buying your home. We are ready to help you pick your right home in the Anacostia, Washington area! ANACOSTIA RIVER REALTY 2412 Minnesota Ave. SE Suite 101 Washington, DC 20020 202-678-REAL (7325) www.AnacostiaRiverRealty.com

What's The Difference Between An Appraisal And Assessment Values

When buying or selling a home, you sure learn alot of new words. ARM, loan limits, adjustments, mortgage interest adjustment, buyer agency….the list doesn’t end. However, there are two terms that you will always hear which you need to pay attention to: Appraisal and Assessment. These processes are a must to complete a home purchase and are often deciding factors for buyers and sellers. William Tierney, an associate at William Raveis Scituate , provides and explanation, as well as a contrast between the two terms. For more of William’s awesome advice, check out his blog. Appraisal and assessment values are typically mistaken for one another. As a home buyer or home seller, it is helpful to understand the difference between these two terms. The following is the difference between appraisal and assessment values. Definition Of Asessment Values Towns and cities charges a tax on residential homes. The calculation of the tax is derived from a percentage multiplied by an assessed value of a piece of property. Assessments are used strictly for levying taxes and does not actually reflect the real estate market condition. Every municipality calculates assessed value using different formulas. They usually include land area, interior living area, and exterior amenities such as garages. Marshfield, MA, the area where I live and work, can re-assess home values and/or increase the property tax percentage at regular intervals. Definition Of Appraisal Values An appraisal is a estimation of a home’s market value by a licensed professional employing specialized methodologies. Lenders obtain the services of appraisers to determine the value of a home as opposed to to the sale price. Appraisers always review at least three other houses that recently sold within the same city. Since a town or city’s real estate market can change constantly within a time frame, comparing relevant sales is vital to a valid appraisal. The Difference Between Appraisal And Asessment Values The actual price of a home is ascertained by what a buyer is willing to pay, which can adjust at any time depending on related factors such as availability of options. Buyers should avoid relating assessed values with the price of real estate. Assessed values are used only for tax purposes and do not adjust as often as the real estate market does. Some towns infrequently change assessed values and regularly increase tax percentages instead. Only an appraisal can generate a true indication of the market price of a home. Posted on November 8, 2012 by William Tierney, Sales Associate, William Raveis South Shore ANACOSTIA RIVER REALTY 2412 Minnesota Ave. SE Suite 101 Washington, DC 20020 202-678-REAL (7325) www.AnacostiaRiverRealty.com