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Existing House sales down 4.3% but...

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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The national median home price in February was $ 161,600, a whopping 8.2 percent increase from the same month a year ago

I suspect the EHS is the result of bad weather. I had 20 assignments in Feb, 34 so far this month.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
The Median Home Price is a totally worthless piece of information. It doesn't discuss actual size and amenities, just the MEDIAN of all sales. The price may be up for what's selling. BUT if the actual size is significantly larger than it was last year, then the ACTUAL values are declining. I'm not saying that they are in this instance. Just pointing out the falicy of this figure. I have done paired sales and have found that prices are back around 1999 values in big portions of my market.

Roger
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Figures lie and liers figure!

Stats are the back bone of what we do...just insure you find the right data. I think a median sales price is much better than an average sales price because it eliminates the extremes. Don't know about your MLS but we can be very selective in running CMAs on ours. I never use overall raw data but rather create my own which is neighborhood, size, and style selective. Just remember that the neighborhood section on the URAR wants to know the overall stats not just model specific.

Our market was up more than 6% overall and more nearly 8% except for the upper priced homes. No indication that the market is slowing for other than "seasonality". The one thing I do see is an increase in liquidation and foreclosure appraisals; however, these are primarily due to over financing and over valuing by appraisers working the 2nd mortgage market.

Go figure....a pun is intended!
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
more nearly 8% except for the upper priced homes.

We have a very divided market as well. New homes in the 1,400-1,800 SF ($65-80/SF) range are selling like hotcakes. 20 + year old homes over 2,000 SF are not selling at all, especially heavily remodeled ones priced in the $50-70 per SF range. Homes over 3,000 SF are bow-wows, slow selling, except in Bentonville/Rogers where we have a steady market of Wal-Mart Vendors moving in. The vendor reps tend to be V-P types with above average incomes and NW Ark. prices look el cheapo to them.
 
B

Bemis Pownall

Guest
Lets see

3 reports this week/2 day

1. Purchased 2001 for $215,000. New sales contract $207,000. Townhome in urban setting, cookie cutter.
2. Purchased 2000 for $225,000. New sales price $224,000. Newer tract home, clone sales.
3. Refie/2nd, driveby, purchased 8/2002 $355,000, prior sale 08/2001 $370,000. Estimated value $393,000(ya right) used dated sales just to get to their recent purchase price-heck there were no recent sales at all. Semi custom neighborhood clone sales or at least same builder.

BUBBLE?

:icecream:
 

David S. Roberson

Senior Member
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Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
"used dated sales just to get to their recent purchase price"? What does this mean?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
In a market that is starting to decline, older sales will give a higher value than if the appraiser used the newest sales. I'm seeing some areas here where that is the case. Also seeing some areas where there are many expired listings.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
At least 75% of the homes that were purchased after 2001 in my area are not appraising out for what the homeowner paid for them.
Very few comps due to slowdown in sales, significantly longer days on the market, and a rising number of active listings indicate that it's not going to get better anytime soon.
A more recent observation is that is a growing number of the smaller local mortgage brokers are considering pulling stakes. They're getting burned out trying to make deals work because the underwriters have gotten much pickier than they have been in the past. Just getting the homeowners/buyers approved is becoming a nightmare.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Dave

if ya watch very carefully, Bemis is showin ya that he's loosin his mind, check the conehead out :lol: :lol: :lol: :lol: it's obvious that whilest he thinks, his minds swells wit thoughts an provocation of mathmatical sloutions, but low & behold "tasty licks" 8O takes away some of those thoughts :wink:

8)
 
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