How an Appraisal is made:
Visualize a series of COLUMNS, probably 4 or 5;
The First Column is the SUBJECT HOUSE and the others are COMP's.
Down the page we list FEATURES or FACTORS; such as # Bedrooms, # Baths, House Sqft, Lot Sqft, Fireplace, Pool, Roof, Garage, Fencing. Got it?
Now, in each box created, there will be a VALUE: Lets say the subject house is 915 sqft it would get --- or 0. And the first Comp house has 2500 sqft, it might get -100,000; which means that the house is WORTH $100,000 more because of the square-footage. (It is a negative number because the Selling price of that Comp house was approximately $100,000 more BECAUSE of the square footage and we have to deduct that $100,000 to bring them to equity.) Got it?
Now, lets say that the Subject house has $5,000 worth of new fencing and the Comp house has 25 year old OK fencing.: Then the SUBJECT house would get +5,000 and the Comp. house would get --- or 0.
When you go down the page, and enter everything, you get total Comparative Values on the two houses, which allows for the DIFFERENCES.
The two houses DO NOT have to be literally COMPARABLE, they MAKE then comparable with the VALUES.
So the house next door is larger, so what? They made up for that with the values.
Now, if you understand what I just did, then you will understand why;
1.) Two Appraisals can come so close together, and,
2.) Why the Bank will not listen to you about the results.
and in fact I will give you a third;
3.) If you hire your own Appraiser, he will end up with about the same numbers!
Also, please do not compare/equate the ASSESSMENT with the APPRAISAL: The ASSESSMENT is based on the LAST SELLING PRICE OF THE PROPERTY which might be last year. five years ago, or thirty years ago.
I hope I've helped.
Good luck and may God bless... more
October 2013WHY YOU NEED A REAL ESTATE GUIDEAny homebuyer or seller who peruses news outlets for information can become quickly confused by the news headlines regarding real estate. There is no doubt that
Directions to 9 Morris Street in Hamden, CT:
From points South:
- CT-15 N/Wilbur Cross Pky toward Hartford.
- Take the CT-10 exit, EXIT 60, toward Hamden.
- Turn right onto Dixwell Ave/CT-10.If you reach CT-15 N you've gone about 0.1 miles too far
- Turn left onto Putnam Ave. Putnam Ave. is just past Circular Ave.
(Sono Bana Japanese Restaurant is on the right)
If you reach 4th St you've gone about 0.1 miles too far
- Turn right onto Carleton St. Carleton St is just past Clifford St.
Hamden Public Library Whitneyville Branch is on the corner
If you reach Glendale St you've gone a little too far
- Take the 2nd right onto Heloise St. Heloise St. is just past Augur St.
If you reach the end of Carleton St you've gone a little too far.
- Take the 2nd left onto Morris St. Morris St is just past Hall St.
If you reach the end of Heloise St. you've gone a little too far.
- 9 MORRIS ST. is on the left. Your destination is just past Caroline St.
If you reach Blake Rd. you've gone a little too far.
From points North:
- Take CT-15 South
- Take EXIT 61, Whitney Ave., toward New Haven.
- Turn right onto Whitney Ave.
- Turn right onto Blake Rd. Blake Rd. is just past Davis St.
If you reach Deepwood Dr. you've gone a little too far.
- Take the 2nd right onto Morris St. Morris St. is just past Hall St.
If you reach Wilkins St. you've gone about 0.1 miles too far.
- 9 MORRIS ST. is on the right. If you reach Caroline St. you've gone a little too far.... more
Thinking about purchasing a home in the near future? Be aware! The Consumer Federal Protection Bureau (CFPB) has a new mortgage rule effective January 2014. This rule impacts the whole industry by
Hi Woodbridge, Unfortunately, it is likely your house has gone down in value in a big way. Maybe as much as 30%.
Facts such as condition and curb appeal are major factors that can effect the overall value. Also, many of the homes on the market today are not up to snuff with competition in surrounding areas. When buyers looked in specific towns Woodbridge had special things to offer. Now with new buyers willing to commute a little and shop a lot, Woodbridge has to get more competitive with surrounding towns.
Without knowing your specific house, I can say that in Woodbridge, most homes would do better with targeted improvements and upgrades to match what is selling in the market.
Please feel free to ask more specific questions.... more
No one can predict out over the next 3 years. What if we go to war over Syria? What if the Republicans gain control of the White House and both houses of Congress? Or what if the Democrats do? What if the new chairman of the Fed has other plans about the availability of money? What if, what if, what if.
Further, you don't say when the asking price was reduced to $359,000. Nor do you say what the comps are. If the comps are $325,000, make an offer below that. If the comps are around $360,000 and the price was just reduced, maybe you make an offer near that price. If the price was reduced to $359,000 more than 2 months ago, it's still overpriced.
Here's what you do: Have your Realtor prepare a CMA on the property. Make an offer below that figure. In no case agree on any number above the CMA.
Ask your Realtor about market trends in your area. In lots of areas, prices have been going up for 6-12 months. You can tweak your offer slightly, based on that. But don't try to precisely time the market. If you want a place to live, if you like Castle Rock, if you can comfortably afford it, and if you're planning on staying there 5+ years, then make an offer at or below the CMA number.
Hope that helps.... more
I'm sorry that you feel this way. I looked up the listing and the description says it has been remodeled recently. The pictures looked like everything was pretty new. Were you looking at an old listing? Before the work was done?... more
This property is bank owned and just listed. There is a $299 buyer fee that will be charged at closing. Usually, these properties are priced low to encourage interest and then they become a bidding situation where the highest and best bid gets the property.
What other questions can I answer?... more
It depends on the time of year. The Spring and Summer markets are the most active months and rentals can go quite quickly. Other factors: Is it an annual rental? Furnished or unfurnished? North or south end of town? Does it have AC? Beach rights?... more
It was not so long ago when "too-big-to-fail" banks were filled with toxic assets that paid big bonuses. Many commercial and residential properties are still not worth what was borrowed against them
As we move into May2013 home-buyers continue to experience low (3.25%FHA30) interest rates, low inflation and Connecticut home prices comparable to 2002 (in some cases1992). Renting does not make more
Improving personal balance sheets set the stage for future borrowing as individuals continue to resolve old debt. The household debt-service ratio - an estimate of the share of debt payments to disposable
The New England economic recovery continues to take shape, but some economic indicators show the region starting to trail the pace of the national recovery. From jobs to housing to exports the recovery
Hi Bill- It was nice speaking with you today. I hope the information I gave you was useful. If you have further questions about this home or any others, please do not hesitate to contact me.
Thank you!... more