What’s Your Appraisal Need?

We provide a full spectrum of residential, home appraisals. Use our appraisal services in counties across the DC Metropolitan Area: Calvert, Charles, Saint Mary’s, Montgomery, Prince George’s, Howard, Anne Arundel, Northern Virginia, Arlington, Fairfax, and Alexandria.

Important Appraisal Terminology

Subject Property: The real estate being appraised.

Fair Market Value: According to Fannie Mae, market value is (1) the most probable price that a property should bring in a competitive and open market, (2) as of a specified date, (3) under all conditions requisite to a fair sale, (4) with the buyer and seller each acting prudently, knowledgeably, in their own best interests, and (5) assuming the price is not affected by undue stimulus. B4-1.1-01. In other words, fair market value refers to the price at which a property should be bought or sold under normal conditions, between and informed buyer and seller.

Comparable Property (referred to as a, “comparable”, or “comp”): In short, a comparable property is one which the market considers to be a competitive substitute for the subject property. B4-1.3-08. It’s a property that is competitively similar and appeals to the same market as the subject.

Unit of Comparison: A unit of comparison is a component into which a property may be divided for the purposes of comparison I.e. price per square foot of living area, room count, fireplace(s), garage bay(s), etc. The Appraisal of Real Estate, 13th edition.

Contributing Value: Contributing value weighs the worth of a property’s particular amenity based on how much it adds to the property’s fair market value. N.B. It is not the same as cost.

Paired Sales Analysis: A paired sales analysis is a technique by which the appraiser compares and contrasts a unit of comparison between a subject and a comparable property, in order to arrive at its indicated contributing value.

Adjustment: An adjustment is an addition or subtraction to comparable property’s sale/listing price based on (1) the inferiority/superiority of a unit of comparison, as compared to the subject, or (2) to account for any disproportionate factors causing their price to diverge from their fair market value.

Sales Comparison Approach to Value: The sales comparison approach to value is a development of the subject’s fair market value. The appraiser, through the application of his or her paired sales analysis findings, makes the appropriate adjustments to the comparable sales in order to arrive at an indicated fair market valuation for the subject.

Reviews

Expert. Accurate. Robust.

As a fellow real estate appraisal team, we have known and collaborated with Todd for the past 10 years. In our industry, diligence, hard-work, honesty and applicable knowledge are absolutely key. Todd encompasses all of these has a tremendous creative energy that puts him up to task for those complex assignments...and they are out there, often! Hail Appraisals has our backing and recommendation 100%

— C.M.P Appraisals

Todd with Hail Appraisals worked with our mortgage broker to help me refinance my home. He was professional, courteous, and honest. He explained everything that went into his comprehensive and detailed appraisal. The Hail appraisal helped us secure a lower interest rate and eliminate our PMI. I highly recommend Todd and Hail Appraisals.

— T.O

Todd was great to work with & very professional.  He was very timely in completing our appraisal.  Final results were easy to understand and presented in a logical manner.  I can't thank you enough Todd!

— J.B.

I've worked A LOT with Todd over the past 2 years, and I have to say, he sticks out among the best appraisers in the area. He's very flexible with his time, very committed to excellence, and utterly dependable, especially during crunch time in our hot market!  If you're looking for an appraiser, you found him here with HAIL Appraisals!

— A.T. (Michael A. Thomas & Associates)