According to a report this week from the National Association of Realtors, the nation’s housing slump deepened in June as sales of previously occupied homes slowed to their slowest pace since December, hampered by elevated mortgage rates and record-high prices. Sales of previously occupied U.S. homes fell 5.4% last month from May to a seasonally adjusted annual rate of 3.89 million, the fourth consecutive month of declines. Existing home sales were also down 5.4% compared with June of last year. The latest sales came in below the 3.99 million annual pace economists were expecting, according to FactSet. Despite the pullback in sales, home prices climbed compared with a year earlier for the 12th month in a row. The national median sales price rose 4.1% from a year earlier to $426,900, an all-time high with records going back to 1999.
Myth: The value that is assessed by the appraiser will be exactly the same as the market value. Reality: While most states uphold the idea that assessed value equates estimated market value, this often is not the case. Interior reconstruction that the assessor is unaware of and a dearth of reassessment on nearby houses are prime examples of why the price can vary.
Myth: Depending on whether the appraisal is provided for the buyer or the seller, the opinion of value of the house will vary. Reality: There is no personal interest on the part of the appraiser in the result of the analysis, therefore he will complete his work with impartiality and independence, regardless of for whom the appraisal is ordered.
Myth: The replacement value of the house is always in line with the market value. Reality: The way market value is found is based on what a home buyer would likely pay a willing seller for a home without being under duress from any outside party to purchase or sell. If the property were reconstructed, the dollar amount necessary to do so would make up the replacement cost. Read More Here For all your Residential and Commercial Real Estate Sales & Appraisal needs please contact: James M. Hanson Associates, Inc. Phone: (609) 884-9185 Email: jimhanson1@comcast.net Community Resource Links Cape May Chamber of Commerce Cape May County Chamber of Commerce Avalon Chamber of Commerce Atlantic City Chamber of Commerce Cape May Real Estate For Sale