1. Measuring square footage isn't as easy as it sounds.

There are total square feet then the taxable living area which, simply put, is where people live. So it doesn't include things like a parking space or the condo's storage unit. That can be included in total square footage, which many buyers confuse for liveable square footage. A major exception to the taxable living area is the basement in single-family detached houses, rowhouses, and townhouses.

Anything that is below grade isn't something an appraiser will count as part of the living area. They may, however, make an "adjustment" of value accounting for the finished space. So a tricked out man cave wired for surround sound with mounts for three different flat screens—where some residents would probably spend most of their time—won't count as part of the taxable living area if it is below grade. Another possible square footage pitfall for condos is storage space.

It might be advertised as large, but if it is only one of those half-heights cages, there are very few things it can hold. Boxes, yes. Mattresses or extra furniture, not so much. Outdoor space (e.g. terraces) and parking spaces are also not considered in calculating appraisal value, but the appraiser may make an adjustment in the price for such amenities.

2. When an appraiser is looking for comparable properties to determine a price, they are supposed to only look at sales within the last 90 days.

Now, if there aren't enough sales a lender might go back six to 12 months. But the ideal is 90 days. This can screw up the numbers for plenty of D.C. homes—especially in low inventory markets—since there aren't enough home sales every month of nearly identical houses to generate a critical mass of comparable listings. One frequent problem with the 90-day rule for D.C. houses is that two properties may be the same size but were built in entirely different eras. So a drafty, creaky house built in 1900 will get compared to one built-in 2010 with great insulation and triple-glazed windows.

3. Look at the numbers.

When looking at comparable sales to try to determine a list price for a house, realtors can pull the numbers for the original list price and the final sales price for each of the comparisons you are using.

The more of the following numbers you know, the better position you are in to come up with a realistic price:

• Original list price

• List price (reflects price reductions while listed, if any)

• Sold price

• Net close price (accounts for any seller subsidy and represents what the seller actually walked away with)

4. Property type matters for multi-family buildings and locations.

They can be garden style (one to four floors), mid-rise (five to eight floors) and high-rise (over eight floors). Units from different types of buildings can't usually be used as comparables. For example, a unit on the fifth floor of a five-floor building won't count as comparable to a unit on the fourth floor of a four-floor building even if the units are the same size. In addition to finding comps that are physically similar in size, condition, and features to the home they are appraising, appraisers must also identify comps with a similar location. However, simply using a home that sold within the same county, town, or even street will not necessarily suffice. For instance, a home with an ocean view is clearly more valuable than a similar home on the same street with no such view. It is the job of the appraiser to select comps that are as similar in location as possible, while also taking into account unique characteristics, to develop the most credible opinion of value. What makes a great home location? Here are a few factors that may increase your home appraisal value from a good location: 

• Low crime

• Highly-rated schools

• Near hospital, fire station, and/or police station

• Walkable

• Well-maintained roads, street lamps, etc. 

• Nearby homes are mainly owner-occupied, not rented, foreclosed, or for-sale

• Located in a suburban neighborhood, about 20 to 30 minutes from a large or mid-sized city

• Not located on a busy road 

5.  Number of Bedrooms and Bathrooms

Generally speaking, a home with more bedrooms and bathrooms is considered worth more, as long as these numbers are in line with what the neighborhood calls for. The appraiser will compare your property to others in the area that have the same number of bedrooms and bathrooms to make a value comparison. For instance, a home with two full bathrooms will typically be appraised higher than a property with only one.

6. Structural Strength

A home that’s in sound condition will be appraised higher than a similar home that’s got structural issues. Appraisers will look at the condition of the home’s structure and construction and will identify the exact types of materials used to build the home. A home that’s been built or updated with modern materials will be appraised higher than a home that hasn’t been improved since it was originally constructed. Other updated materials, such as the roof and windows, can also add value to the home because they boost the safety and efficiency of the home’s structure.

7. Curb Appeal

Home appraisers consider curb appeal when valuing a home, which essentially refers to how a property looks from the street. A clean, aesthetically appealing front yard and home exterior add to the appraisal value, as does the size of the lot and the views from the property.

8. Let’s talk about amenities.

One reason for the distinction between garden style, mid-rise, and high-rise is that generally speaking different types of buildings might come with different amenities. Just some of those might be fitness centers, business centers, residents lounges, roof decks, pools, parking garages, storage, loading docks, freight elevators, and passenger elevators. Amenities are the big unknown in appraisals since there are no hard and fast rules about what they are worth. The amenities that come up the most when lamenting how ambiguous appraisal rules include: pools, corner lots or end units, whether the building has an on-site maintenance crew, and if the appliances that come with the sale are truly high-end. Recent Improvements tying in with the previous point, any recent cosmetic upgrades that have been done to the home can increase the appraised value of the home. A kitchen or bathroom remodel, for instance, will contribute to the appraisal value.

9. Condition of Major Systems and Appliances

The age and condition of the home’s HVAC units, appliances, and electrical and plumbing systems will be considered in the home’s overall appraised value. Obviously, if these components are in bad shape, this will negatively affect the appraisal. On the other hand, if they’ve all been well cared for or have even been replaced in the recent past, this will increase the value of the property.

10. Site and Acreage

Site or Acreage value is the unimproved value of your land, which means it excludes capital improvements such as buildings. Site value is determined as part of the annual statewide general valuation process. 

Many realtors recommend sellers get a pre-appraisal.

It costs several hundred dollars but can be helpful to figure out a ballpark figure. Furthermore, when or if a buyer comes in with a low ball offer, you will have some documentation to justify a higher asking price.

FACTORS THAT CAN LOWER THE VALUE OF YOUR HOME:

Power Lines

Commercial surroundings

Busy Streets

Train tracks

Cemeteries

Proximity to a gun range

Highways 

Registered Sex Offenders

Hoarder Neighbors/ Exteriorly challenged neighbors

Unusual Upgrades

Noise Pollution

BillBoards or Large Advertisements

Gas Plants / Fracking 

Numerous Foreclosures in the area

Undesirable school districts 

Unusual Color or Interior Design of the home