http://www.peersresidential.com/blog/rss/feedsWith more than 16 years of experience in real estate, Andy always makes sure to start each relationship with his clients by understanding their goals.Tue, 05 May 2026 03:38:05 -0700http://www.peersresidential.com/blog/post/dc-property-tax-assessment-appealshttp://www.peersresidential.com/blog/post/dc-property-tax-assessment-appealsDC TAX ASSESSMENT APPEALS PROCESSDC properties are reassessed EVERY year. Assessment notices are mailed in February.The Real Property Tax Administration (RPTA) assesses properties at 100% of Estimated Market Value, defined as the most probable price that a buyer would pay a willing seller on the open market.3 LEVEL APPEALS PROCESSCurrent owners must file petition appeal by April 1st ;New owners can appeal the Proposed 2019 Assessed Value within 45 days of a new deed recorded by September 30th 2018.New Owners can also appeal the current assessed value within 45 days of transfer, or April 1st., whichever is later1st Level of Appeal-- ASSESSOR LEVEL:ADMINISTRATIVE REVIEW to the assessor https://otr.cfo.dc.gov/page/real-property-assessment-appealsAppeal must be based on 1 or more of 4 factors:1. Estimated Market Value (based on sales from Jan-Dec)(You have a right to the list of properties the assessor based his or her assessment on, bring settlement statement, appraisal, and possible errors in the properties used in the assessor’s market comparison; i.e.: less sq footage, no parking, no finished basement, etc.)2. EqualizationGo on line and check your neighbor’s assessment and everyone on the block with similar property. If there is a disparity, you can argue there is an error in the assessment and needs to be equalized3. Classification⃝ i.e. Property listed as Commercial instead of Residential4. Property Damage or ConditionIncluding fire or water damage. Bring pictures, cost estimates, damage claims.2nd LEVEL of Appeal –COMMISSION LEVEL:If unsuccessful at the 1st Level, you have the right to hearing in front of the Real Property Tax Appeals Commission (RPTAC).You will go in person to present the same evidence you supplied to the assessor.3rd LEVEL of Appeal—SUPERIOR COURT LEVEL: If unsuccessful at Level 1 and 2, you can appeal to DC Superior Court.Questions:https://otr.cfo.dc.gov/page/real-property-assessment-appealsClaudia Vitale, Esq.; claudia@kvstitle.com Thu, 05 Apr 2018 11:30:00 -0700http://www.peersresidential.com/blog/post/our-marketing-roadmaphttp://www.peersresidential.com/blog/post/our-marketing-roadmap Getting your property ready the market takes preparation. We have you covered! Check out our pre-listing marketing roadmap. This timeline typically takes a couple weeks but we often fast-track when needed. Below is just a glimpse at our process. Contact us to discuss in detail.Listing AgreementNeeded to establish agency representation which allows us to prepare and promote your property. Pricing determined prior to market or private placement date.Private PlacementOptional- an opportunity to market your property to Compass and other select agents prior to syndication.Staging ConsultationIf your property is occupied we provide you with professional staging and organization consultation which can range from repairs and color schemes to decluttering and partial staging. We highly recommend staging a vacant property. We can discuss several staging options and obtain multiple quotes if needed. In some cases, virtual staging is a good option.Photography/VideographyHigh-quality imagery and social media videos elevate the property and attract a broad audience.Floor PlansFloor plans offer a structural and spacial overview of the property and help to enhance marketing materials.Sign InstallationCoordinate signage installed at the property. Condo/Co-op signage needs to be permitted by association.Exclusive Agent Pricing TourBesides massive exposure, an agent pricing tour is an opportunity to get pricing input and property feedback prior to hitting the market. Compass offices do weekly pricing tours.Direct MailStill works! Design and send a direct mail piece advertising the property to the immediate area.Print Collateral ReviewDesign beautiful print collateral (brochure, floor plan, etc.). Peers Residential has a professional copywriter on staff.Email BlastDesign and prepare email blast targeted to all active agents in, and surrounding, your neighborhood. We also notify all Compass agents (local and nationally) and our network.Social MediaWe showcase your property on various social media platforms through targeted advertising using photo and video assets. Utilize Compass assets and branding to your advantage.Publication and Classified AdsThis depends on price point and expected days on market.Website PlacementEnsure property is listed on the Compass site and all property details are correct.SyndicationProperty is syndicated to all 3rd party sites such as Trulia, Zillow, Redfin, realtor.com, and many more.International ExposureWith countries like the UK, India, China, Canada, and Mexico accounting for almost $1B of residential US sales Compass ensures your home is broadcast to vital audiences.Broker’s OpenHost Broker's Open to spread the word about your new listing within the brokerage community.Mega Open House(s)Promote and drive traffic to your public open house.Review OffersBest case scenario we receive interest from multiple buyers and review offers at a set deadline.Thu, 08 Mar 2018 10:30:00 -0700http://www.peersresidential.com/blog/post/how-does-the-bidding-process-work-escalation-clausehttp://www.peersresidential.com/blog/post/how-does-the-bidding-process-work-escalation-clauseMultiple offers on DC properties are more common than you may think. So, how does the "bidding" process work? Escalation Clause!There are two parts to an Escalation Clause: 1. The “Escalating Factor” or increment over the next best offer, and 2. “Cap” - The maximum the buyer is willing to pay.For example, let's say you're submitting an offer on a listing priced at $700,000Let's start with the Escalating Factor (amount over the next best offer). In my experience, a strong escalating factor or increment is anywhere from 1-2% of the sales price, depending on your terms and how many offers you're competing against.It might seem like a lot but consider this: The Seller’s first offer is financed with a 10% down payment, but the competing offer has a down payment of 20% and better financials. If the Escalating Factor in the first offer is only $1000- $3,000 higher than the 20% down payment offer, the seller is likely to go with the 20% down payment vs. the riskier 10% down payment. If the Escalating Factor is raised to $7,000 (1% increment) over the competing offer, now the Seller really has something to think about.What about the 20% down payment offer? Not a slam dunk. What if the competing offer is a 40% down payment or all cash? Those larger down payment and cash offers typically do not need to include an appraisal contingency. That 20% down offer should have a strong Escalating Factor to incentivize the Seller. In the rare case when a Buyer's offer is all cash, quick close and no contingencies, a lower increment for this Buyer is recommended.Next is the Cap (the maximum the buyer is willing to bid). Simply put, the maximum the buyer is willing to pay even if a competing offer, plus your increment, ends up higher than your Cap.Very important- the Escalation Clause in DC is non-binding. It's a solicitation of a seller counteroffer based on the figures in the escalation clause. The listing agent must provide proof of the offer pushing your offer up. Ultimately, to ratify at the higher price, the Buyer must sign the Seller's counteroffer.Other terms- Sellers must take into consideration not only the dollar amount but contingencies, close date, and other terms in each offer.Also noted in the Escalation Clause is how the additional funds are paid. The loan amount remains the same and Buyer pays the increase in cash at closing. The down payment remains the same and any increase is added to the loan amount, or the loan amount automatically increases to xx %.Now let's take a look at this example and see if you can decide which offer wins and what the final price is. All contingencies and timeframes equal:List price- $700,000Offer #1- $700,000.Escalation- $10,000 increment, $730,000 capOffer #2- $690,000Escalation- $7,000 increment, $748,000 capOffer #3- $720,000No escalationWhich is the winning offer and what is the final sales price?Of course, there are many other variables here and that’s why It's critical you have an experienced agent on your side throughout the home buying process. We're here to help you in determining when an Escalation Clause will work for you. Sun, 11 Feb 2018 10:30:00 -0700http://www.peersresidential.com/blog/post/need-to-sell-before-i-buy-my-next-place-how-do-i-do-thishttp://www.peersresidential.com/blog/post/need-to-sell-before-i-buy-my-next-place-how-do-i-do-this Clients ask this loaded question all the time. The answer is often complicated with many variables, but if we start with a few basic questions we can begin to formulate a plan.Do you need to sell to buy your next place?Some homeowners need funds from the sale of their current home to cover the down payment and closing costs on their next home. And/or some people need the current home off the "books" to meet loan/debt to income ratios. Other folks do not. Which brings us to the next question...Are your finances in order?We need a clear understanding of your financial position to prepare for your next move. Can you carry two mortgages if needed? How much cash do you have on hand? Should we look into a bridge loan? A bridge loan is a type of short-term loan, typically taken out for a period of two weeks to a few months pending the arrangement of longer-term financing. To see what you qualify for it's important to speak to a lender.Is your house/condo market ready?Currently, most neighborhoods in DC are Seller's markets, so finding a suitable home and getting under contract is more difficult and time-consuming than selling your well-priced home. Let's say Peers Residential finds you the perfect next home. Then what? Before you go under contract, you should have your current place professionally photographed, marketing material ready and home in shape for the open market.In a perfect world we'll close on your current place before your next place, and negotiate a rent-back to ease the transition. A rent-back agreement gives the sellers extra time to live in the home after closing, essentially letting them become the new buyer’s temporary tenants.How will you transition from one home to the next?On the buy side: a sale of home contingency is rarely accepted because sellers want to avoid their contract being contingent on you selling your current home. Or, you might request a longer close date (45-60 days). Seller may ask you to prove you can buy without selling.On the sell side: negotiating a rent-back is attainable if we get multiple offers. To get multiple offers you need to price right (at or slightly below market value) and show well. This is usually the least stressful path.But wait there's more!To dive deeper into this complex topic, contact us now and we will help you strategize. Or, forward to a friend/colleague who might be in need of our expertise. Wed, 03 Jan 2018 10:30:00 -0700