Volume II, Issue 1 January, 2005
 

News

First-Time Home Buyers Contribute to High Sales

By Raymund Flandez
Staff Reporter of The Wall Street Journal

December 08, 2004 -- First-time home buyers have played an important role in keeping the housing boom going, according to a recent report.

Purchases by first-time buyers accounted for four out of 10 home purchases, and were a major driving force of the year's housing-market surge, a study released early this month by the National Association of Realtors found. The dollars pouring into the market by first-time buyers also helped homes sales by providing existing homeowners the capital to buy new homes.

Read the full story here

Can Fear Factors Affect A Home's Resale Value?

By James R. Hagerty
Special to RealEstateJournal

Question: I am interested in buying a house in Woodstock, N.Y. The seller bought the house five years ago for $214,900. He then converted the two-car garage into a studio space, so now there is no garage at all, and added two bedrooms off of the living room.

I know he thinks these were improvements, but I don't think they were. The house had been listed for $339,000 for more than a year when I saw it. It has been vacant the whole time and has a wet basement-crawl space, which I would have to correct.

Read the full story here
 
 
 
 
 
 
 
 
 
 

New Staff Appraisers!

World Appraisal covers the entire United States!

World Appraisal now has new staff appraisers in:

Arizona: Maricopa, Yavapai, and Yuma

Missouri: Franklin, Jefferson, Lincoln, St. Charles, St. Francis, St. Louis, St. Louis City, St. Genevieve, and Warren

Texas: Dallas, Rockwall, and Tarrant

Utah: Cache, Davis, Morgan, Salt Lake, Tooele, and Weber

Coming Soon: Florida, Georgia, Nevada, and New York

For more coverage areas and fees please visit us at:
www.worldappraisal.com
www.metrowestappr.com
 
 

New Metro-West Appraisal Counties:

Our Tampa Branch is expanding and now covers Citrus, Marion, and Sumter counties.
 
 

Appraisers Funny Stories

 Where Is That House?

I had a 1:30 appointment. I figured I'd get started on the exterior measurements before knocking on the door to inspect the inside. I got around the back and there was an elderly woman looking out at me, I thought maybe she was the mother or grandmother of the homeowner. I just continued with my inspection. When I made it back around to the front I notice a police car there. It didn't concern me so I went on with my business. Just as I was about to walk up to the front door the policeman stopped me. "Sir, we received a call from the lady here about some strange man lurking around, what are you doing here?

By this time I was very confused and I explained to the policeman that I was there to complete an appraisal inspection and I gave him the address of the property. That wasn't enough though, he demanded that I show him proof that I was an appraiser and of the request for this property. I proudly went to my car to retrieve my briefcase with the information he needed. I quickly handed him my business card, picture ID and the order request from the lender. "Sir", he said. "You have the right house number, but you're on the wrong street." We laughed about it a bit, but boy was I embarrassed. I nearly gave that elderly woman a heart attack!
 
 

Myth or Reality:

* Appraisers use a formula, such as a specific price per square foot, to figure out the value of a home.

Answer: Myth Reality: Appraiser make a detailed analysis of all factors pertaining to the value of a home including its location, condition, size, proximity to facilities and recent sale prices of comparable properties

* Value appreciation of a specific property must be determined on an individualized basis, factoring in data on comparable properties and other relevant considerations.  This is true in good times as well as bad.

Answer: Reality

* You generally can tell what a property is worth simply by looking at the outside of the home.

Answer: Myth Reality: Property value is determined by a number of factors, including location, condition, improvements, amenities, and market trends.

Please email us at: marketing@metrowestappr.com

Joke of the Month

Eating with Children

A guy hosted a dinner party for people from work, including his boss.

All during the sit-down dinner, the host's three-year-old girl stared at her father's boss sitting across from her. The girl could hardly eat her food from staring.

The man checked his tie, felt his face for food, patted his hair in place, but nothing stopped her from staring at him. He tried his best to just ignore her but, finally it was too much for him.

He asked her, "Why are you staring at me?"

Everyone at the table had noticed her behavior and the table went quiet for her response.

The little girl said, "My Daddy said you drink like a fish and I don't want to miss it!"

 www.jokesgalore.com

Metro-West & World Appraisal

We invite you to stop by and meet our staff!

Please come by our office, meet the employees and see how our operation works!

Metro-West & World Appraisal
27555 Executive Drive
Suite 180 & 185
Farmington Hills, MI 48331

For information or questions please email us at:

marketing@metrowestappr.com

Click here to view directions
 

Quote of the Month

"If you can imagine it, you can achieve it.  If you can dream it, you can become it.

~  William Arthur Ward ~

Meet Our Marketing Department

James Dake and Michael Lund

Did You Know?

 Even Big Home Loans Are No Longer 'Jumbo'

 By JAMES R. HAGERTY
Staff Reporter of The Wall Street Journal

Some home buyers will be able to lock in slightly better mortgage rates as a result of the annual adjustment in the maximum size of loans financed by Fannie Mae and Freddie Mac.

Read the full story here

Feedback

We have provided a quick, 3-question survey to be completed. Your feedback is important to us to know how to better serve you.

Click here for survey


 

Visit us today at: www.metrowestappr.com


Visit our sister company World Appraisal
at: www.worldappraisal.com
 

Questions & Answers

 Please email us at marketing@metrowestappr.com

Your questions and our reply will appear in next months issue.
 

 

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