Market Direction | Baton Rouge Real Estate Appraisers

Posts Tagged ‘Market Direction’

Baton Rouge Real Estate News: Shenandoah Estates 2009 Update

http://www.batonrougerealestateappraisers.net/ - Baton Rouge Real Estate News: Shenandoah Estates 2009 Housing Market Update

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Housing Market Direction: Up or Down?

Solds In Shenandoah Estates from 1/2007 to 12/2007 revealed:
Average Sales Price: $193,628
Average Sold Price Per Sq. Ft.: $93.62/sf
Median Sold Price: $190,000
Average Days On Market: 81
Number Of Sales: 91

Solds In Shenandoah Estates from 1/2008 to 12/2008 revealed:
Average Sales Price: $200,524
Average Sold Price Per Sq. Ft.: $89.68/sf
Median Sold Price: $205,000
Average Days On Market: 89
Number Of Sales: 68

Solds In Shenandoah Estates from 1/2009 to 12/2009 revealed:
Average Sales Price: $196,030
Average Sold Price Per Sq. Ft.: $89.48/sf
Median Sold Price: $196,500
Average Days On Market: 106
Number Of Sales: 62

Therefore, based on the “median sale price barometer” within Shenandoah Estates, the barometer used by the National Association of Realtors, the market direction increased from 2007 to 2008 but declined from 2008 into 2009. However, the 2009 median sales price at $196,500 is still higher than the 2007 $190,000. The gap between the high and low median sales prices was $15,000. The Aveage Sold Price Per Sq. Ft. only varied $4.14/sf within this 3 year period, which shows a fairly tight, supportive market.

For Your Home Appraisal Needs In Greater Baton Rouge, Give Bill Cobb A Call At 225-293-1500 or www.accuratevg.com.

Baton Rouge Real Estate Appraiser’s Report: Riverbend Subdivision 70820

http://www.batonrougerealestateappraisal.com/ - Baton Rouge Real Estate Appraiser’s Report: Riverbend Subdivision 70820

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Market Direction: Up or Down?

Solds In Riverbend Subdivision from 1/2007 to 12/2007 revealed:
Average Sales Price: $340,142
Average Sold Price Per Sq. Ft.: $121.89/sf
Median Sold Price: $345,000
Average Days On Market: 68
Number Of Sales: 18

Solds In Riverbend Subdivision from 1/2008 to 12/2008 revealed:
Average Sales Price: $325,374
Average Sold Price Per Sq. Ft.: $121.21/sf
Median Sold Price: $317,400
Average Days On Market: 69
Number Of Sales: 18

Solds In Riverbend Subdivision from 1/2009 to 12/2009 revealed:
Average Sales Price: $333,587
Average Sold Price Per Sq. Ft.: $120.44/sf
Median Sold Price: $330,000
Average Days On Market: 91
Number Of Sales: 13

Therefore, based on the median sale price barometer within Riverbend, the market direction declined from 2007 to 2008 but increased from 2008 into 2009. The gap between the high and low median sales prices was $27,600. However the Aveage Sold Price Per Sq. Ft. only varied $1.45/sf within this 3 year period, which shows a fairly tight, supportive market.

Riverbend Subdivision Baton Rouge

For Your Greater Baton Rouge Home Apprasial Needs, Give Accurate Valuations Group A Call at 225-293-1500 or visit http://www.accuratevg.com/

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Are Low Appraisals Occurring In The Greater Baton Rouge Market?

http://www.batonrougerealestateappraisers.net/ – Are Low Appraisals Occurring In The Greater Baton Rouge Market?

There have been a flurry of recent articles regarding the “issue” of “LOW APPRAISALS”, so much so that we now have The Wall Street Journal, Bloomberg News and possibly the NAR (National Association Of Realtors) reporting on this issue.

What is a “Low Appraisal”? Are these really actually low appraisals or were the expectations by the homeowner AND LENDER for a refinance or by the Realtor AND LENDER for a purchase or sale just too unrealistic?

Have there really been “declining markets” within the local market that would warrant a “declining markets” adjustment to the solds used? What is a declining markets adjustment?

What market factors assist the appraiser in determining if an appraisal should be “low” or not.

Did you know that appraisers are now required to use 3 current comparable listings within their reports, adjusted to the current listing-to-sales price ratio of say, 95%? What is a “listing-to-sales price ratio” and why are they now required in 2008 & 2009?

What is the Fannie Mae 1004 MC Addendum and why is that form alone assisting to determine a “low appraisal”?

What “Tools” are appraisers using today to determine market trends and market direction?

Stay Tuned As Bill Cobb, Appraiser answers the many questions related to this issue.

Bill Cobb is a Louisiana State Certified Residential Appraiser operating as Accurate Valuations Group in the Greater Baton Rouge Market. Bill has 17 years experience as a residential appraiser and carries on the family appraisal career tradition as a third generation appraiser. To learn more about AVG, visit: http://www.batonrougerealestateappraisal.com/

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Woodridge Subdivision 70809 May 2009 Update: Baton Rouge Subdivision Videos

http://www.batonrougerealestateappraisers.net/ - Woodridge Subdivision 70809 May 2009 Update: Baton Rouge Subdivision Videos

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Solds In Woodridge Subdivision from 01/01/2007 to 12/31/2007 revealed:
Average Sales Price: $346,578
Average Sold Price Per Sq. Ft.: $138.84
Median Sold Price: $349,000
Low Sales Price: $271,000
High Sales Price: $409,000
Average # of Days On Market: 112
# of Sales: 36

Solds In Woodridge Subdivision from 01/01/2008 to 01/12/2009 reveals:
Average Sales Price: $336,160
Average Sold Price Per Sq. Ft.: $137.03
Median Sold Price: $349,500
Low Sales Price: $263,000
High Sales Price: $407,299
Average # of Days On Market: 96
# of Sales: 25

Solds In Woodridge Subdivision from 01/01/2009 to 05/15/2009 reveals:
Average Sales Price: $330,093
Average Sold Price Per Sq. Ft.: $138.96
Median Sold Price: $315,840
Low Sales Price: $260,000
High Sales Price: $439,000
Average # of Days On Market: 80
# of Sales: 9

Therefore, based on the median sale price barometer (the barometer used by the NAR National Association of Realtors) within Woodridge Subdivision, the market direction appears to be declining from a high in 2007 of $349,000 down to $315,840 currently. The Average Sales Price has decreased by -$16,485 or -4.76%. Median Sales Price has declined by -$33,160 or -9.5%. However, the Average Sold Price Per Sq. Ft. has remained stable from $138.84/sf to $138.96/sf – a strange phenomenon where the median sales price declines -9.5% but the average sold price per sq. ft. remains stable.

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