Debbie Copeland
Debbie and Pete Copeland Fort Worth Real Estate Outstanding Agents Outstanding Results
Debbie Copeland

Weatherford MLS Housing Statistics for 2007-Mar 2008


Check here for all the latest housing information.

Another good source for the DFW housing market is:

dfwhousingfacts.org

Experts consider a market balanced between buyers and sellers when there is 5 months of inventory available.

Date Sales Dollar
Volume
Average
Price
Median
Price
Total
Listings
Months
Inventory

 

2007-Jan 727 92,948,336 127,900 109,700 5,837 5.8
Feb 865 116,016,778 134,100 114,000 6,003 5.9
Mar 1,091 142,176,254 130,300 114,600 6,372 6.3
Apr 946 136,296,937 144,100 117,800 6,433 6.4
May 1,134 168,666,974 148,700 123,600 6,454 6.4
Jun 1,114 157,419,572 141,300 119,000 6,465 6.5
Jul 1,099 169,567,530 154,300 124,000 6,499 6.5
Aug 1,161 172,726,786 148,800 122,100 6,355 6.3
Sep 863 123,568,932 143,200 119,400 6,339 6.4
Oct 904 134,300,078 148,600 117,100 6,142 6.3
Nov 774 109,692,547 141,700 117,600 5,930 6.1
Dec 737 104,483,616 141,800 117,700 5,509 5.8
2008-Jan 570 73,194,390 128,400 110,300 5,555 5.9

Note: "-" represents unreported data or nonparticipation in our survey.
Source: Real Estate Center at Texas A&M University

 

Home Sales Summary  for Weatherford Texas          
Period    Total Sold Average Price Median Price
2007
Jan-Mar    110 $145,444 $113,338
Apr-Jun 123 $143,972    $126,096
Jul-Sep 105 $127,854 $115,603
Oct-Dec 47 $132,827 $119,334
Total: 385 $138,636 $119,227

The Truth about Appraisals

The appraisal process often baffles consumers.  They may feel that their home is worth a higher dollar amount, and so the apraised value doesn't always make sense to them.  It is importat to know that the appraiser is completely independent from lenders, buyers, sellers, and Real Estate Agents, and that the guidelines to which they adhere are dictated by the Uniform Standards of Professional Appraisal Practice (USPAP) and Fannie Mae.  In most states, the mortgage lenders must also disclose the purpose of the appraisal, as each transaction carries its own set of rules.

In essence, these important guidelines help appraisers put a fair market value on homes based on comparable sales in the same area, and the home must be bracketed in size and value.

For example, there is no set dollar figure associated with a great view, pool, spa, bathroom upgrades, etc.  If a homeowner installs a custom pool that costs them $30,000, but the local marketplace supports the value of a pool at $15,000, them that item will be bracketed as [$15,000] on the appraisal.

Upgrades can usually be expressed at a higher percentage of their value in newer homes because the only way to obtain those upgrages was to put more money into the cost of building the home.  On the other hand, the upgrading or remodeling of an older home is rarely reflected in full in the final appraisal.  This is because typically 25-40% of the project involves demolition and the fixing of issues that aren't uncovered until the project is already begun, such as plumbing or wiring that may need updating.

Ultimately, the value of the upgrades must be supported by the comparable examples within the same marketplace.  These comparisons must be drawn from current market activity within the last six months.  This is a safeguard to prevent appraisers from attaching too high a value to the home in question, and opening up the appraisal for review.  This guideline further states that appraisers can only base their opinion on the value of homes that have actually closed escrow. 

Call me if you would like more information on this subject.

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