Windsor Real Estate - Video on Local Market Activity for June 2010

Sasha: I watched the first video on Sunday/11/2010 after sending in the information on my house to your Super-Quick FREE Over-The-Net Home evaluation. I'm not sure but I think you said that I would receive several comparables to my house within 48 hours. I had my house recently appraised by the Motor City Credit Union because I wanted to lower my mortgage rate from my current 6.65% to 4.99% and use some of the equity to pay off some recent unexpected expenses. I owe around $89,000 on a house that was appraised by two different appaisers back in 2006 at $151,000. The Credit Union came back last week with an appraisal of only $117,000. To say the least I was shocked! I know the market isn't what it was back in 2006, but for my house to drop by almost $40,000, I think is absolutely ridiculous. Needless to say, with that low evaluation I can't get the funds I asked for. I looked up some houses that sold this year, and one very similar to mine on Norman or Princess went for $142,000. Maybe if I give you some details of my home you could let me know if my home is worth more than the $117,000 the Credit Union appraised it at. I guess you would call my house a Bungalow. The property is 55'x355' on 2753 Jos.St.Louis Ave. Square footage is around 900.' There is an 18x24' detached garage, with a rear over-hang for a patio. The driveway is cemented, and so is it under the patio area. There is also a small shed. The house has very small 2-3 bedrooms and 1-4pc bath. The ceilings are 9' except the bathroom which is much lower because the house didn't have a washroom at first and it was added on long ago. There is a Dining Room which leads into the Living Room, and another smaller Room. I guess that used to be a Parlour, or Sitting Room once upon a time. The Kitchen is clean, but along with the Bathroom needs updating. There is an unfinished basement, although at one time there was a bedroom done there which I tore out, and there is a crawl space under the Bathroom. The House has a newer roof, new siding, windows and doors. There is a Forced Gas Furnace with Central Air. I have a maintenance agreement with Reliance and everything is almost new on both the Furnace and Central Air. The house has also been completely re-wired. There is a new Front and Side Porch with Cedar Shake Shingles. The house also had recessed lighting installed in the Kitchen, Dining Room, Living Room and Parlour. This landscaped mature treed property should account more than the $44,000 they appraised it at. I don't think there are too many 55'x355' lots in the City. I spend just as much time outdoors as indoors because of the property. The backyard has over 15 mature trees including Red & White Oak, Silver, Norway, Golden, and King Crimson Maples, along with Colorado Spruce, and Austrian Pines. It is a Green Yard, and everyone tells me it has a park-like setting. The property is lined wih Cedar Trees for privacy. All the trees in the yard except for one were planted by me over twenty years ago when I was renting this house from a friend with the hopes of purchasing it one day. And all the mature trees are at least a 150' in the rear of the yard which I did purposely so I could have some area where I might install a pool one day. Due to many health problems from 1990 and being on Sick Benefit wouldn't let me qualify for a mortgage until 2006 when I took the buyout from Ford and used the cash to purchase and renovate the house. This home used to have two parents and four kids living here. Just shows you how spoiled we have become over the years in regards to the size of our homes today. So Sasha, can you help me? Sasha, feel free to call me any time at-519-945-1308 Thank You Richard Smole 2753 Jos.St.Louis Avenue Windsor, ON N8T 2M7 rsmole@cogeco.ca