The real estate market continue to stay hot on the east end and Long Island in general. The most telling sign "Nationwide" as reported by the National Association of Realtors, is that there are more real estate agents than homes for sale. This reflects both the extremely tight supply of homes and how surging prices are persuading tens of thousands more people to try their hands at selling real estate. Let's discuss the surging prices and how it affects the appraisal process. In the past, lending institutions frowned on adjustments. Too many adjustments indicated poor comparable sales. Makes sense. However, with prices increasing monthly, the appraiser has no choice but to adjust the time or date sold for the surging increase in prices. In the past, appraisers typically allowed 3-6 months of time difference before making an adjustment for time. But for non-lender appraisals and for many lenders requiring an appraisal, adjustments are necessary right-a-way.
Stay up-to-date on real estate values, call Abatelli Real Estate Appraisals at 631-513-0442.