A Day in the Life...

By Amanda Brooks - VP of Operations

On a typical day our appraisers have anywhere from two to four inspections depending on the location of the properties. The inspection of the property begins the appraisal process; with the interior inspection lasting anywhere from 15-45 minutes, depending on the size and complexity of the home. It’s important that the homeowners allow them access to every room in the house. There’s no need for a homeowner to worry about kids, toys, vacuuming, or other clutter. The appraiser is only looking at the structure, condition and features of the home.

As the appraiser is inspecting each room, they are drawing out a sketch. The sketch is a detailed layout of the rooms and their placement within the house. While they are sketching out the home they are also looking at the features and any upgrades that may have been completed. The value added to the home from improvements or upgrades depends on several different factors, and a more detailed description of these is listed in our June 2004 newsletter which can be found on our website at www.metrowestappr.com or www.worldappraisal.com. There is also a quick link provided for your review below.

Once the interior inspection has been completed, the appraiser moves to the exterior of the house for the remainder of the inspection. If the appraiser was not able to obtain the exterior dimensions from a previous appraisal report, from a prior mortgage survey, or from an assessor’s record, they will then physically measure the exterior of the home. Once the entire inspection process has been completed, the appraiser will head to his next appointment or back to the office depending on his schedule. Upon returning to the office the appraiser will begin typing the report up. He also searches through public record, assessor’s office information, and Multiple Listing Service (MLS) systems to find property information and comparable properties, or “comps” as we refer to them, to use in the report. When choosing comps, the appraiser is looking through recent sales for homes that are similar in location, size, design, features, and anything else pertinent to the subject. Once the appraiser has finished compiling all of the data, he will complete the report. At that time the appraisal is given to our processing department to review and proofread. The finished product is then sent out to you, our client, so you can complete the loan process.

Below you will find a link to our pervious newsletters and also a homeowners guide that offers some additional information that you may print and handout to your clients.

June 2004 Newsletter

Homeowners Guide

If you have any questions please contact us at marketing@metrowestappr.com

Avoid These Now-Popular Home Design Trends in 2006

By Sally Beatty
From The Wall Street Journal Online

Judi Staab hopes she isn't a kitchen fashion victim.

For years, she and her husband wanted shiny granite countertops -- like those pushed on TV home-improvement shows -- so when the couple renovated their kitchen in Palm City, Fla., a few months ago, they made sure they got them.

But now that the Staabs have spent $45,000 on new fixtures and cabinets, Ms. Staab worries that soon it may all look so... 2005. "At some point, someone is going to say, 'Granite again?' I can't stand it," she says.

More Info Here

Wealthy Families Expect Home Values to Climb

By James R. Hagerty
From The Wall Street Journal Online

Even amid signs of a housing-market slowdown, most wealthy people expect the value of their primary homes to continue rising over the next five years, according to a survey sponsored by PNC Financial Services Group Inc.

The Pittsburgh banking company said 65% of those surveyed expect the value of their homes to rise by at least 10% over the next five years, and 31% expect an increase of more than 20% during the same period. Only 7% expected a decline.

More Info Here

Prices Rise, but Sales of Condos And Co-ops Slow in New York

By Michael Corkery
From The Wall Street Journal Online

Sale prices of condominiums and co-ops in Manhattan continued to rise last year, but there was a sizable decrease in the number of sales, according to reports by two of the city's largest real-estate brokers.

Corcoran Group reported the number of sales of Manhattan condos and co-ops dropped by about one-third from 2004 to 2005. Similarly, Prudential Douglas Elliman said sales slipped 27.2% in the fourth quarter compared with a year earlier.

More Info Here

Where’s My Boot?

When I was about 7 months pregnant, I had to complete a new construction inspection. It was a rainy, cold day so I made sure that I had my boots because we all know that a new construction site can get awfully muddy. When I got to the property, I started measuring the outside of the home and made it to the last side near the attached garage when I got stuck in the mud. Being in the condition I was in, I couldn’t get out of the mud. There I stood big belly and all, stuck in the mud. I tried my darnedest to get free when finally one foot broke loose.

Not too far from where I was stuck was a bale of hay. I hoped over to the bale of hay, leaving one boot still stuck in the mud, and sat down. I then had another dilemma; I could not reach over far enough to get my stuck boot out of the mud. I sat there and tried for about 20 minutes, while some of the construction workers were watching me. Not one of them offered to help me so I finally decided after much crying and laughing (my hormones were very high) that I would just have to walk to my car with one boot on and one boot off. The killer was I still needed to inspect the inside of the home.

As I tried hopping to my car, an older gentleman who was not originally at the construction site saw me and asked where my other boot was. He proceeded to go and get my stuck boot and bring it back to me. I thanked him profusely and told him what a kind man he was. I changed my socks and shoes and proceeded with my inspection.

Smith goes to see his supervisor in the front office.

"Boss," he says, "we're doing some heavy house-cleaning at home tomorrow, and my wife needs me to help with the attic and the garage, moving and hauling stuff."

"We're short-handed, Smith," the boss replies. "I can't give you the day off."

"Thanks, boss," says Smith, "I knew I could count on you!"

www.officejokes.net

Please email us at marketing@metrowestappr.com

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

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

Metro-West & World Appraisal
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