Are you wondering what happens after your offer is accepted and the lender orders an appraisal? If you are buying in Chevy Chase, the appraisal can feel like one more hurdle between you and the keys. You want clarity on timing, costs, and what you can do if the value comes in low. This guide gives you a clear, local look at the appraisal process, the factors that influence value in Chevy Chase, and your best next steps. Let’s dive in.
Appraisal basics
A home appraisal is an independent opinion of market value prepared by a Maryland-licensed or certified appraiser and ordered by your lender. The lender uses this report to confirm the property supports the loan amount, which also helps protect you from overpaying. Cash buyers are not required to get an appraisal, though some commission one for peace of mind.
An appraisal is different from a home inspection or a tax assessment. An appraisal estimates market value for lending decisions. A home inspection reviews condition and safety for your own due diligence. A tax assessment is a government valuation used to calculate property taxes and follows a separate process.
Most Chevy Chase purchases rely on the sales comparison approach. The appraiser selects recent, nearby sales of similar homes and adjusts for differences like square footage, condition, and lot size. For newer or unique homes, the cost approach may be used to estimate replacement cost minus depreciation. Income-based methods mainly apply to rental properties, which are less common for buyer-occupied homes here.
How the process works
Here is the typical sequence for a mortgage purchase:
- Contract is ratified, you apply for your loan, and the lender orders the appraisal.
- The appraiser schedules a visit, inspects the home, takes measurements and photos, and researches comparable sales.
- The appraiser completes a written report and submits it to the lender for review.
- If the value supports the loan, you move forward. If it does not, the lender notifies the parties so you can discuss options.
Timing usually runs about 7 to 14 days from order to completion, depending on appraiser availability and market activity. Ask your lender for current local turntimes and whether they anticipate a full interior appraisal, an exterior-only report, or a desktop review. Most purchase loans require a full interior appraisal. Fees vary by property complexity and are typically paid by you as part of loan costs.
Appraisers must be licensed or certified in Maryland. Complex or high-value properties may require a certified appraiser, which can affect scheduling and fees. If you are buying a large, historic, or highly customized home, build in extra time.
What influences value in Chevy Chase
Location and access
Chevy Chase sits next to Washington, D.C., which supports strong housing demand from federal, embassy, and private sector jobs. Homes near walkable retail and dining in Friendship Heights or Downtown Bethesda often command premiums. Proximity to the Red Line, especially Friendship Heights and Bethesda stations, and access to Wisconsin Avenue and Connecticut Avenue also influence buyer demand.
Chevy Chase includes several municipalities and unincorporated sections. Municipal boundaries can affect property taxes, local services, and neighborhood identity, which matter when appraisers select comparable sales. The closer the comps mirror the subject home’s setting, the more reliable the value conclusion.
Property features that move the needle
Most of the area’s housing stock consists of single-family homes built in the early to mid 20th century, including Colonial and Tudor styles, with some new construction. Lot size and topography vary, and larger or flat, buildable lots near core nodes often add value. Updated kitchens and baths, high-quality finishes, finished basements, and off-street parking or a garage are positives. Deferred maintenance, dated systems, or unpermitted work can reduce value.
Permits and documentation matter. A clear record of permitted additions, renovations, and mechanical upgrades helps appraisers support higher values. Lack of permits can lead to deductions or underwriting questions.
Rules and records
Portions of Chevy Chase have historic preservation or architectural review considerations. These rules can shape renovation options and perceived marketability. Zoning and setback requirements may affect expansion potential or redevelopment value, which can be relevant to land and lot premiums. Building permit history and municipal approvals support the credibility of improvements.
Market data constraints
Chevy Chase often has low inventory at higher price points, which means fewer recent closed sales. When similar sales are scarce, appraisers may expand the search by time or distance and make wider adjustments. Seasonal patterns also matter. Spring and summer tend to offer fresher comps than the late fall and winter months.
Smart prep before the visit
Make it easy for the appraiser to verify value. Coordinate with your agent and the listing side so the appraiser receives a concise packet. Include:
- A list of recent comparable sales with sources.
- A summary of upgrades with years, scope, and costs if available.
- Copies of permits, contractor receipts, and warranties.
- An accurate floor plan or square-footage documentation if available.
- A short note about nearby amenities and transit access.
You do not need to meet the appraiser yourself, and you should not try to influence the opinion. Your agent can work with the lender and listing agent to deliver documents through the proper channels.
What happens during inspection
The appraiser measures the exterior, reviews interior rooms, notes the number of bedrooms and baths, checks finished versus unfinished areas, and documents condition and upgrades. Major systems and visible defects are observed for market impact. Staging does not change structural value, but a clean, accessible home helps the appraiser see features clearly. If the home is occupied, the inspection proceeds as normal.
Avoid debating value on site. If you believe a feature was missed, your agent can submit documentation after the report is delivered and request a review.
If the value comes in low
Low appraisals can happen in fast-changing or low-inventory markets. You have several options:
- Request a reconsideration of value. Your lender can submit recent comps, correct any factual errors, or provide omitted documentation. Results vary by case.
- Ask about a second appraisal or appraisal review. Availability depends on the lender and loan program and may involve a fee.
- Negotiate with the seller. You can seek a price reduction, seller credit, or split the difference.
- Bring additional cash. You can increase your down payment to cover the gap between appraised value and contract price.
- Use your appraisal contingency to walk away. If you cannot reach agreement, you may be able to terminate within the contract terms.
- For cash purchases, decide whether the appraisal changes your view of value. You can proceed, renegotiate, or pause based on risk tolerance.
Appraisal vs inspection vs assessment
It helps to keep the three valuations straight:
- Appraisal: independent opinion of market value for the lender’s decision.
- Home inspection: condition and safety evaluation for your due diligence.
- Property tax assessment: government valuation for tax purposes, updated on a different schedule and not a reflection of current market value.
You might also see a comparative market analysis from your agent. A CMA is a helpful pricing tool, but it is not an appraisal and follows different standards and purposes.
Where to find local records
For due diligence, look to primary sources. Montgomery County provides property records, zoning information, and permitting history. The Maryland State Department of Assessments and Taxation offers assessment records and guidance on appeals. Montgomery County Public Schools publishes attendance boundaries and related information. Your agent can pull the most accurate comparable sales from the local MLS.
Ready to move forward?
An appraisal is one informed opinion of value guided by lender rules and local data. In Chevy Chase, factors like proximity to D.C., walkability to retail and Metro, municipal boundaries, lot size, and documented improvements often shape the outcome. With the right preparation and a clear plan for next steps, you can navigate the process with confidence.
If you want tailored guidance for your purchase, connect with Dalys Keith at Coldwell Banker Global Luxury to review comps, timelines, and strategy. Schedule Your Luxury Market Consultation today.
FAQs
Who pays for the appraisal in Chevy Chase home purchases?
- The buyer typically pays the appraisal fee through the lender as part of loan costs, though specifics can vary by transaction.
How long does a Chevy Chase appraisal usually take?
- Most appraisals are completed in about 7 to 14 days from order, depending on appraiser availability and property complexity.
Will the appraiser use pending sales as comparables?
- Appraisers rely on closed sales for value, while pending sales may be considered for context but are not used as closed comps.
What should I do if the appraised value is below my contract price?
- Ask your lender about a reconsideration of value, explore a second appraisal if allowed, negotiate with the seller, bring extra cash, or use your contingency to exit per your contract.
Can the appraiser inspect the home if it is occupied or staged?
- Yes, appraisers inspect whether the home is vacant, occupied, or staged; documentation of upgrades and access are more important than decor.
Why might Chevy Chase appraisals vary more than in other suburbs?
- Limited recent comparable sales, varied municipal boundaries, and a wide range of home ages and styles can lead to broader adjustments and more variance.
How is an appraisal different from my agent’s CMA?
- A CMA is an agent’s market estimate for pricing and strategy, while an appraisal is a lender-ordered opinion that follows specific standards and guidelines.
Do permits matter to the appraised value?
- Yes, documented and permitted improvements typically support higher value, while unpermitted work can trigger deductions or lender concerns.
