Fourth Quarter Real Estate Market Conditions for SF Bay Area, CA

SF gate releases Real Estate Market Map of SF Bay Area

According to online home value researcher Zillow.com many west bay cities showed little decline in residential real estate market prices for the fourth quarter of 2007. Several areas of Santa Clara, San Mateo, and San Francisco counties even posted modest gains of between 5-10% during this times period. On the other side of the bay, Alameda and Contra Costa counties markets continued to decline as homes continued to foreclose and people were left wondering what they could to save them. A map showing the San Francisco Bay Areas market increase/declines can be seen at

http://www.sfgate.com/cgi-bin/object/article?f=/c/a/2008/02/12/MN19V0GLO.DTL&o=2

To determine what your individual house is worth and what the market is doing in your part of the San Francisco Bay Area area feel free to visit our appraisal website and contact us at: DmcAppraisals.com

San Mateo Housing Market June-July 2007

The San Mateo Housing market continued to show its strength amidst housing slumps across the country fueled by the sub prime mortgage meltdown. San Mateo median single family housing prices for the summer months of June to July have increased from $941,000 to $963,000 with marketing times remaining relatively low at 25 days in July. The number of listings on MLS remained relatively stable as did the current inventory. Average house prices did increased slightly to $1,129,0000. August statistics should be coming in the next week or so.
The amount of mortgage related appraisal work in our office has been down in the past few weeks and it appears that many local appraisers just as anxious for the work to start pouring in. At a meeting last week with local Realtors our appraisal office gave a brief presentation about the local housing market conditions and also had a chance to hear from others. Many real estate professionals were concerned with fears of dropping housing prices and how it would affect their clients ability to borrow money to refinance or purchase. If you would like information about the local San Mateo Housing Market Conditions or would like us to present at your offices please contact us through our appraisal website at DmcAppraisals.com

Maximize your Appraised Home Value

Maximizing your Home's Value for the Purpose of the Appraisal

It is important to note that a Real Estate Appraiser is not a home inspector. We do not get dirty by climbing under the house, going in attics, testing for mold, or testing electrical, heating, water, etc. Think of us as a perspective home buyer taking a tour. The value of the house will be determined on the condition and market appeal. The scope of our inspection is a very basic visual inspection of the following:

• Note Exterior features and the condition of the walls, paint, roof, windows, patio, landscaping, porch.

• Note Interior features and condition of walls, interior paint, flooring, bathroom floors, tub, wainscoting, kitchen counters, floor, fixed appliances such as oven, disposal, microwave, fan w/ hood,

• And a basic visual inspection of heating and water heater.

We do take pictures of every room so cleanliness is key. After the inspection the home is valued as being in the following condition:

• Fair

• Average

• Good

• Excellent

• or a combination of the two (ex. Average/Good)

The underwriter of the loan does not want to see a dirty house marked as being in good condition. There are a few easy things that can be done that could have a great effect on the appraised value. The ones that I will mention here are low cost or free and can easily raise the value of a home.

1. Clean the carpets/flooring. Dirty carpeting will appear to need replacing in the eyes of an appraiser.

2. Clean windows and surrounding areas for mildew. Mold is a scary sight to an appraiser. We are not trained experts when it comes to mold so if we see any a mold expert may need to be hired before a loan can be processed. Cracked windows are a safety hazard and should be replaced.

3. Clean walls and Paint. Clean good looking walls and paint look very attractive and will bring more light into a room. Areas with chipping or peeling paint should be attended to.

4. Water the landscaping. Cut the lawn. Green trimmed grass and nice landscaping looks great and add to a houses value.

5. Clean the kitchen. Most of the interior detail of the report is on the kitchen and bathrooms Clean the countertops and floor at a minimum and remove clutter.

6. Clean the bathroom. A clean tub, sinks, and floor can easily raise the value. Mildew is mold, and that is bad in a report.

Please note that this information is not guaranteed reliable in all cases.

Working for Appraisal Management Companies

Two weeks ago I began work for an appraisal management company to see I would actually receive work from them. Two days after signing up I had received my first assignment for a 1004 within 3 miles of our location. The fee to me was a mere $225 and I would still have to share a portion with the company. I pulled the info on the house and choosed comps. The appointment with the homeowners was made and it seemed like it would be a pretty simple appraisal.
After setting up the file I found on the plot map that the property backed to a lagoon. Whoops, this would change the complexity of the assignment greatly. Another search of comps showed that there were no similar lagoon properties in the immediate area and I would have to expand to almost 2 miles away for a similar water location. I had already accepted the assignment and fee for an appraisal that we would normally charge close to DOUBLE for. I finished the assignment but it took a lot longer than normal to complete. Lesson learned.

Floor Plan Sketching for House Listings

With marketing times in the greater bay area on the rise listing agents are trying new things to get those houses sold quicker. Some throw in trips, day spa passes, and other freebies to buyers while some try to make their house stand out from the rest. Staging a home costs a few thousand dollars but it creates an atmosphere that is much more inviting than the home owners personal furniture.
Another marketing tool I have been giving to Realtors are my floor plan sketches. I have received much more interest in these floor plan sketches over the last few months for realtors to put in there brochures and on their websites. The floor plan sketch includes all interior walls, rooms, stairs, countertops, sinks, showers, pools, and doors. This paired with pictures of the rooms helps potential buyers remember the property better than just pictures of the house.
For websites these sketches, paired with a savvy website designer, can provide a place to click on and you will see a 360 degree view of the room. Fees for the sketching service start at $75 dollars to $200 for larger more complex houses and have a turnaround time of 2 days. They are completed using Apex Sketch software designed for appraisers and can be sent via email in .pdf or .jpg, .gif, .bmp image formats for further editing. I also include 2 revisions to better tend to the clients needs. For more information please visit our website at http://www.dmcappraisals.com and click on the floor plans button at the top of the page.

WAMU lets go Appraisers, Turns to AMC's

As of July 13, 2006 Wamu says Goodbye to its appraisal department, Turns to AMC's.

In a move to save money WAMU let go of its appraisal department and turned to an Appraiser Managment Company for its appraisals.
Appraisal Management Companies work by receiving requests from the bank to appraise a property. Then the AMC either assign them to an appraiser or send a request to several appraisers who bid on the assignment, usually giving it to the lowest bid. Most of the time these appraisers pay an annual fee to work with these management companies.

California Real Estate Appraisal

If you want an accurate trustworthy appraisal in the Northern California San Francisco Bay Area please contact Darrell McCool Appraisal Services at www.dmcappraisals.com
. We have been appraising residential properties for the past 18 Years. For brokers, if you have a refinance and need an accurate appraisal with a fast turnaround time and fair fees we are the people to contact. Our reports are reviewed in house to check for errors before they are sent so that the appraisal goes through the first time. For sales transactions we can often see the property the same day and have the report back within the next few days. We service San Mateo, Santa Clara, Southern Alameda, and San Francisco Counties. Including the following Cities, San Carlos, Redwood City, San Bruno, San Mateo, Foster City, Palo Alto, Millbrae and more....