This regularly-scheduled sponsored Q&A column is written by Val Sotillo, Northern Virginia-based Realtor and Falls Church resident. Please submit your questions to her via email for response in future columns. Enjoy!
Question: We are under contract for a property in Falls Church and the home didn’t appraise for the purchase price. What are our options?
Answer: Don’t panic! Low appraisals are a common side effect of a seller’s market. Appraisals are largely based on comparable home sales that closed prior to the home you’re buying. When there is a limited number of units that have sold and the market is hot, appraisers might have a harder time coming up with a home value that keeps pace with a hot market.
But First, What’s An Appraisal Contingency?
A home appraisal is an impartial professional opinion of how much a home is worth. In a property sale transaction, an appraisal is used to let the lender know that the contracted sales price is supported.
An appraisal contingency protects buyers if the appraised value is less than the price they’ve agreed to pay for the property and gives them the right to renegotiate the sales price with the seller, or withdraw from the contract without a penalty if buyer and seller don’t come to an agreement.
Your mortgage lender cares about the appraisal only to the extent it affects the loan-to-value ratio. A low appraisal does not mean the lender won’t lend. It means the lender will make a loan based on the ratio agreed to in the contract at the appraised value.
When Is It Okay To Waive The Appraisal Contingency?
I don’t often recommend waiving the appraisal contingency, but in some unique situations it could be considered an option:
- Buyers competing with multiple offers might choose not to include an appraisal contingency in their contract to make their offer more attractive to the seller. Buyers must be financially prepared to cover any difference between the sales price and appraised value.
- For an all-cash buyer, an appraisal is not required but it’s entirely up to the buyer to have one.
Most Common Reasons For Low Appraisals
- The market is moving too quickly — In areas where homes are selling rapidly, with multiple offers and increasing prices, it may be difficult for the appraiser to keep up with them as the appraisal process compares recent past sales.
- Bad comps — Bank owned, foreclosures and distressed properties bring down the value of the subject property unless an appraiser adjusts for marketing conditions.
- Improvements are not always as valuable as you would expect — No matter how nice, the appraiser won’t value the improvements significantly higher than the same improvements in the other homes in the area.
- Lack of local market knowledge — The comps the appraiser uses may be in an area that is not as pleasant or desirable as where the subject home is, which can negatively impact the appraisal value.
- The property is priced incorrectly — A common saying in real estate is that a property is worth whatever someone is willing to pay for it. While some would argue that you should never pay more for a home than what it’s worth, it’s important to remember that appraisals are merely opinions of value. This is where your agent is especially helpful and he understands what the market is doing and can clarify your options so you can make the best decision for that moment.
Three Stones Residential agents pride ourselves on our consultative service approach, local expertise and real estate market knowledge. With over 26 years of business experience in the DMV, we have consistently performed in the top 2% of local Realtors and are currently the #1 group at Keller Williams Metro Center.
902 Lynnhill Court NE, Vienna
5 BD/3 BA
Agent: RLAH Real Estate
Listed: $720,000
Open: Sunday 1-3 p.m.
8014 Reserve Way, Vienna
3 BD/3.5 BA
Agent: Redfin Corporation
Listed: $765,000
Open: Sunday 1-4 p.m.
1711 Rupert Street, McLean
4 BD/2 BA
Agent: Keller Williams Capital Properties
Listed: $799,000
Open: Sunday 1-4 p.m.
2219 Woodford Road S. #2219, Vienna
5 BD/4.5 BA
Agent: Weichert Realtors
Listed: $1,199,990
Open: Sunday 1-4 p.m.
2518 Avon Lane, Falls Church
5 BD/4.5 BA
Agent: Optime Realty
Listed: $1,250,000
Open: Sunday 2-4 p.m.
Our role is to offer sound advice and guidance to our clients in order for them to achieve their goals in either buying, selling, leasing or managing real estate. We are truly “Your Home… for Everything Real Estate.” To schedule a private showing of these or any other properties of interest please do not hesitate to contact us here or email us at [email protected].
Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.
I hope everyone enjoyed a safe and celebratory Fourth of July!
Summer is officially here and the real estate market is slowing to allow everyone to enjoy beach vacations and a little down time. This means one thing to a realtor, the serious people who want to move before the school year begins are pricing homes well and buyers who want to be settled in before the first day of school are serious. I always remind clients that August is often my busiest month of the year with buyers avoiding the chaos of the Spring market and sellers who want to get everything done when the kids are out of school.
This week’s feature home is quite the stunner in Great Falls. If golf course living is what you are looking for, this home is it. A custom English stone manor overlooking River Bend Country Club course, this home features an amazing pool, main level owner’s suite, a wine cellar and a sauna. What a way to get away from the hustle and bustle!
495 River Forest Drive Great Falls (Reduced $151,000)
Check out the rest of this week’s Luxury for Less listings:
- 7112 Benjamin Street McLean (Reduced $20,000)
- 908 Symphony Circle SW Vienna (Reduced $25,999)
- 1316 Millfarm Drive Vienna (Reduced $50,000)
- 1446 Harvest Crossing Drive McLean (Reduced $55,000)
- 2127 Galloping Way Vienna (Reduced $11,000)
The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.
Three Stones Residential agents pride ourselves on our consultative service approach, local expertise and real estate market knowledge. With over 26 years of business experience in the DMV, we have consistently performed in the top 2% of local Realtors and are currently the #1 group at Keller Williams Metro Center.
1472 Evans Farm Drive, McLean
4 BD/3.5 BA
Agent: Fortney Fine Properties, LLC
Listed: $1,875,000
Open: Sunday 1-4 p.m
6102 Brook Drive, Falls Church
4 BD/2.5 BA
Agent: KW Metro Center
Listed: $649,900
Open: Saturday 1-3 p.m.
3418 Rustic Way Lane, Falls Church
7 BD/4 BA
Agent: Long & Foster Real Estate, Inc
Listed: $785,000
Open: Sunday 1-3 p.m.
8715 Litwalton Court, Vienna
5 BD/3.5 BA
Agent: Redfin Corporation
Listed: $899,00
Open: Sunday 1-4 p.m.
511 Spring Street SE, Vienna
5 BD/3.5 BA
Agent: Pearson Smith Realty, LLC
Listed: $1,350,000
Open: Saturday 1-3 p.m.
Our role is to offer sound advice and guidance to our clients in order for them to achieve their goals in either buying, selling, leasing or managing real estate. We are truly “Your Home… for Everything Real Estate.” To schedule a private showing of these or any other properties of interest please do not hesitate to contact us here or email us at [email protected].
Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.
Everyone seems to be talking about the report that Joe Biden and his wife Jill rented a luxury home in McLean for $20,000 a month.
So, what about McLean makes a $20,000 a month rental even possible? We can start with the big names who live there. The home Biden is renting is owned by the Chairman and CEO of Capitol Investment Corp. IV, Mark Ein. Mark Ein also owns the Washington Kastles and is a well-known entrepreneur in the D.C. area.
Lockheed Martin’s CEO, Marillyn Hewson, purchased a home in McLean last year. McLean is home to the rich and powerful including CEOs, NFL players, politicians and even family dynasties. It’s no surprise that the city just minutes from D.C., Arlington and Tyson’s Corner can command a $20,000 a month rental.
It’s also home to some of the region’s most expensive homes. Stately mansions with every luxury you could wish for line the McLean landscape. These luxuries include wine cellars, tennis courts, pools, personal gyms, full spas, elevators and even separate guest homes.
This week’s feature home is located on one of the most prestigious streets in McLean. 1181 Ballantrae features a Versailles styled pool and plaza, a gym, sauna, wine cellar and a beautiful bar.
1181 Ballantrae Lane McLean (Reduced $150,000)
Check out the rest of this week’s Luxury for Less listings:
- 7109 Benjamin Street McLean (Reduced $101,000)
- 1181 Ballantrae Lane McLean (Reduced $150,000)
- 6547 Old Chesterbrook Road McLean (Reduced $95,001)
- 9600 Brookmeadow Court Vienna (Reduced $52,000)
- 1221 Kelley Street SW Vienna (Reduced $34,999)
- 1024 Timbercreek Trl Great Falls (Reduced $82,000)
The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.
This regularly-scheduled sponsored Q&A column is written by Val Sotillo, Northern Virginia-based Realtor and Falls Church resident. Please submit your questions to her via email for response in future columns. Enjoy!
Question: My family and I are moving to Northern Virginia this fall. Can you tell me more about McLean?
Answer: McLean is located between Vienna and George Washington Parkway. It is an affluent community and it’s home to the headquarters of the Central Intelligence Agency as well as the residences of many diplomats, members of Congress and many top-ranking government officials.
Here’s what I like about the neighborhood:
Great Location
McLean is about 8 miles from D.C., and it borders Arlington, Falls Church and Tysons. It is located just minutes away from 495, GW Parkway and the Dulles Toll Road.
Although the most convenient way to commute in McLean is by car, there are many public transportation options available. You can travel within the city by Metro, or bus. There is a McLean Metro station with the silver line going to Reston, D.C. and all the way up to Largo, Maryland.
Things To Do
There are great dining options in McLean. A few of my favorite restaurants are: Amoos Persian Fusion (everything is delicious but their saffron ice cream is amazing!), J. Gilbert’s Steakhouse (great Sunday brunch) and Tachibana Japanese Restaurant.
If you’re looking for shopping and entertainment, Tysons is only a few minutes away and it offers many options. Being one of the top shopping centers in the country, it has everything you need from movie theaters, to shopping deals, trendy restaurants and free concerts.
You have the luxury of many outdoor adventures with the convenience of having them in your own backyard. You can spend a full day enjoying the beautiful scenery and falls in 800 acre Great Falls Park, which allows activities such as bicycling, boating, rock climbing, fishing and hiking. Or check Scott’s Run for a nice hike, picnic and waterfalls.
Active Community
The McLean Community Center provides a sense of community for residents by furnishing facilities for civic, cultural, educational, recreational and social activities. They will host the McLean Fourth of July Fireworks at Langley High School and they’ll have food trucks and a DJ.
The McLean Farmers Market is one of 10 farmers markets run by the Fairfax County Park Authority. All products are grown or produced by the vendors and come from within 125 miles and The Fairfax County Master Gardeners Association will be there each week, providing horticultural information to home gardeners in Fairfax County.
For more community events, see the calendar here.
Housing
Properties in McLean are mostly single-family homes, but there’s also different options for townhomes, and condos. Here you can find all active listings:
- Active Condos
- Active Townhomes
- Active Single Family Homes
In the past 6 months, 133 condos were sold for a median price of $365,000; 38 townhouses were sold for a median price of $799,000; and 272 single-family homes sold for the highest price being $6,390,744, and the lowest price being $615,000.
Wishing everyone a safe and wonderful 4th of July!
If you’d like more information, or would like a question answered in my weekly column, please reach out to [email protected]. I hope to hear from you soon.
Val Sotillo is a licensed Realtor in Virginia, Washington D.C., and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, 703-390-9460.
Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.
Last week I was lucky enough to receive an invite to JP Morgan Chase’s Newseum event with HGTV’s Property Brothers.
It was a fun evening, especially since finding fixer upper homes for clients is truly my favorite part of the job. It’s amazing to see the transformation of a home when you put your personal touches on it. I have helped clients pop the top of a home, do a gut remodel and even build brand new.
Remodeling a home or popping the top is a great way to get the home of your dreams without the big price tag. I work with a few amazing builders and designers in this area and you do get instant equity when you do the build/pop top/remodel yourself.
I have a neighbor finishing a home build now for a fraction of what the new builds are selling for in my neighborhood. It takes time and patience but what a great way to get your luxury home for less.
This week I’m featuring a home that has great potential! If you are interested in doing a remodel or pop top, call me to learn more about building your dream home. And a big thank you to JP Morgan Chase for the invite and this week’s inspiration!
2301 Grove Avenue Falls Church (Reduced $25,000)
Check out the rest of this week’s Luxury for Less listings:
- 9121 Mill Pond Valley Drive McLean (Reduced $50,000)
- 9121 Coral Crest Lane Vienna (Reduced $30,000)
- 8224 Madrillon Estates Drive Vienna (Reduced $50,000)
- 9715 Locust Hill Drive Great Falls (Reduced $20,500)
- 1813 Rupert Street McLean (Reduced $30,000)
The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.
Address: 1761 Old Meadow Road
Neighborhood: McLean
Listed: From the $600s to $1million+
Open: Coming Fall 2019
Introducing The Bexley by NVHomes, new condominiums located just steps from the McLean Metro Station in Tysons!
These one, two and three-bedroom residences will include fine finishes, outdoor living, garage parking and ample amenities. Join the Priority List today for the lowest pricing available, starting from the $600s to $1million+.
Listed by:
Dani DeSouza
NVHomes
202-759-7900
[email protected]
nvhomes.com/bexley
Three Stones Residential agents pride ourselves on our consultative service approach, local expertise and real estate market knowledge. With over 26 years of business experience in the DMV, we have consistently performed in the top 2% of local Realtors and are currently the #1 group at Keller Williams Metro Center.
3029 Crane Road, Falls Church
3 BD/2 BA
Agent: RE/MAX West End
Listed: $614,900
Open: Sunday 2-4 p.m.
1504 Hampton Hill Circle, McLean
3 BD/3 BA
Agent: TTR Sothebys International Realty
Listed: $989,900
Open: Sunday 1-4 p.m.
9480 Virginia Center Boulevard #239, Vienna
2 BD/2 BA
Agent: Berkshire Hathaway HomeServices PenFed Realty
Liste: $419,000
Open: Sunday 1-3 p.m.
1703 Abbey Oak Drive, Vienna
4 BD/3.5 BA
Agent: Long & Foster Real Estate, Inc
Listed: $825,000
Open: Sunday 1-4 p.m.
9825 Vale Road, Vienna
4 BD/3.5 BA
Agent: Long & Foster Real Estate, Inc
Listed: $848,500
Open: Sunday 1-3 p.m.
2515 Drexel Street, Vienna
3 BD/3 BA
Agent: Samson Properties
Listed: $810,000
Open: Sunday 1-3 p.m.
Our role is to offer sound advice and guidance to our clients in order for them to achieve their goals in either buying, selling, leasing or managing real estate. We are truly “Your Home… for Everything Real Estate.” To schedule a private showing of these or any other properties of interest please do not hesitate to contact us here or email us at [email protected].
Three Stones Residential agents pride ourselves on our consultative service approach, local expertise and real estate market knowledge. With over 26 years of business experience in the DMV, we have consistently performed in the top 2% of local Realtors and are currently the #1 group at Keller Williams Metro Center.
The following properties were recently listed in the Tysons, McLean, Vienna and Falls Church areas.
- 3229 Dashiell Road, Falls Church, VA — $834,900
- 3048 Holmes Run Road, Falls Church, VA — $539,900
- 9820 Squaw Valley Drive, Vienna, VA — $800,000
- 7606 Leonard Drive, Falls Church, VA — $1,399,000
- 8220 Crestwood Heights Drive #703, Mclean, VA — $559,500
- 8045 Trevor Place, Vienna, VA — $695,000
Our role is to offer sound advice and guidance to our clients in order for them to achieve their goals in either buying, selling, leasing or managing real estate. We are truly “Your Home… for Everything Real Estate.” To schedule a private showing of these or any other properties of interest please do not hesitate to contact us here or email us at [email protected].
