Appraiser Sees Another 10% Valuation Adjustment For Metro Denver

BrokeripTV : Jay Vicci from Rocky mountain valuation calls Admas county and brighton our new forclosure belt We are taking with Jay Vicci today from Rocky mountain valuation, Jay has been an appraiser for 18 years as trained appraiser. Jay the topic what adds value to your home, what doesnt. Lets start off because every home owner wants to know what can they do to add value to their home. Give me your top three suggestions.

Jay Vicci: Kitchens, bathrooms and any repairs.

BrokeripTV : Really?

Jay Vicci: Its too much volume for people to want to buy house and fix it up. Do not leave anything undone.

Displayed Question: WHAT SHOULDNT I DO TO MY HOME WHEN SELLING?

BrokeripTV : What doesnt add value? What is just pennies on the dollar?

Jay Vicci: Anything that only appears to a very small market segment. Building cappuccino maker [phonetic] I mean that can it I mean very specialized items said like that are going to give you, you need the broad market appeal in this market there is too much inventory out there.

Display Question: WHAT SHOULDNT I DO TO MY HOME WHEN SELLING?

BrokeripTV : Give me a surprising statistics from 2007 that most people in the real estate industry would not expect?

Jay Vicci: I just pick this up today and I was little bit shocked by the end of 2007 there are another 2 million adjustable marketers, there you can know just outside a peoples budget.

BrokeripTV : Wow.

Jay Vicci: Thats going to be bad.

Displayed Question: WHAT SHOULDNT I DO TO MY HOME WHEN SELLING?

BrokeripTV : Now Colorado lead the nation for a while and foreclosures. I dont know where we currently stand on that, we still pretty are like 1, 2 or 3.

Jay Vicci: We are top 5 for sure.

BrokeripTV : We are Top 5.

Jay Vicci: For sure.

BrokeripTV : And is there a particular area thats getting hit the worst. I am hearing Adams county, is that right?

Jay Vicci: Adams county the north east corner of that metro area, Brighten and Henderson, commerce city. The town of the foreclosure belt.

BrokeripTV : And is this because the people in these positions guardian to the adjustable just a time above?

Jay Vicci: Absolutely they buy it on an adjustable rate, mortgages, and could barely qualify for the teaser rate or the lowest on the lowest payment that they first started with and as soon as they have adjusted they are out their budget. They couldnt afford that. They were banking on it appreciating and then we were financing out within two years before the loan adjusted.

Display Question: WHAT AREA OF COLORADO COULD BE THE NEXT

Posted on October 07, 2007 10:04:28 by Blog Author