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April 7th, 2021 8:50 AM
What is it like for an appraiser in an extreme real estate market in which homes are being purchased and sold at a rapid pace and market data is being pulled ahead of time? When prices are rising almost or even more than 1% every month, market data will struggle to catch up. Historical comparable sales will show large differences between value and the price agreed upon. But, as an appraiser, we are bound to be cautious since we are accountable or shall I say responsible to the party whom is lending a good % of the agreed upon price for at least the next 5 years. Interest rates have risen from 2.5% to 3.5% so many view this as only a 1% increase but look at over the life of the loan and you will be amazed at what your really paying for a loan. 

Posted by Richard Wayne Abatelli on April 7th, 2021 8:50 AMLeave a Comment

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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.


Posted by Richard Wayne Abatelli on March 22nd, 2021 1:04 PMLeave a Comment

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Determining the value of a home or real estate in general depends on both art and science. Yes, there is an increasing availability of massive amounts of data and the ability to analyze that information. Analysis of millions of pieces of disparate data informs nearly every decision made involving residential real estate.
Real estate agents, consumers, investors, mortgage lenders, insurance companies and other financial institutions need accurate valuations to inform their immediate decisions about investing in real estate. But big data has a deeper value than just estimating today's property value's. It can be used to evaluate ongoing risks that could impact not only future property values but also the cost of maintaining and perhaps repairing properties. We have all seen risk due to climate change, natural disasterstypical storms and environmental hazards. You now can add crime data and school district data.
A deep understanding of the risks associated with a property and a community is essential. Call or text 631.513.0442 or visit abatelliappraisals.com.

Posted by Richard Wayne Abatelli on March 9th, 2021 3:35 PMLeave a Comment

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January 14th, 2021 10:05 AM
Highest income tax bracket of 37% applies when taxable income hits:
--$628,300 for married individuals filing jointly and surviving spouses;
--$523,600 for single individuals and heads of households;
--$314,150 for married individuals filing separately'
--$  13,050 for ESTATES and TRUSTS.
Standard Deduction:
--$  25,100 for married individuals filing jointly and surviving spouses;
--$  18,800 for heads of households;
--$  12,550 for single individuals & married individuals filing separately;
(Additional Standard Deduction for individuals  65 years or older)
--$    1,350 for married taxpayers & surviving spouses; $1,700 for other taxpayers.
ALTERNATIVE MINIMUM TAX(AMT)................. $25,700 for ESTATES AND TRUSTS
...........phases out when (AMT) income exceeds $85,650 for ESTATES AND TRUSTS
Estate & Gift Tax adjustment exclusions: Gift =$15,000;Federal estate = $11,700 
Maximum reduction for real property under special  valuation method = $1,190,00

Posted by Richard Wayne Abatelli on January 14th, 2021 10:05 AMLeave a Comment

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December 28th, 2020 2:42 PM
Although real estate value's spiked throughout the major metropolitan area including eastern Long Island and the North Fork, in particular, it was for the wrong reason. Yes, demand and supply where on hand, but the COVID-19 pandemic was the engine. The real estate industry affects many vocations, including (www.abatelliappraisals.com)Abatelli Real Estate Appraisals.
Yes, we were very busy and I want to thank all of my clients and the intended users who's patience was appreciated. 
Thank You very much


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Posted by Richard Wayne Abatelli on December 28th, 2020 2:42 PMLeave a Comment

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December 11th, 2020 8:35 AM
Lawrence Yun, chief economist of the National Association of Realtors along with a group of nationwide real estate experts made the following predictions this past Thursday at the NAR's summit.

---Unemployment rate will be 6.2% next year and will decline to 5.5% in 2022. This is better than many economists anticipated earlier this year.

---Mortgage rates are expected to increase with the average 30 year mortgage rates @ 3% and 3.25% for years 2021 and 2022, respectively.

---Annual median home prices are expected to increase 8% in 2021 and 5.5% in 2022.


Posted by Richard Wayne Abatelli on December 11th, 2020 8:35 AMLeave a Comment

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November 25th, 2020 7:59 AM
We all have been caught up in the real estate double-digit gains this 3rd Quarter. So when respected S&P CoreLogic Case Schiller U.S. Home Price NSA Index reported a 7% annual spike in residential real estate, naturally, I smiled. Yes, the increase was the largest annual gain since September, 2014 and nearly 23% higher than their last peak in 2006. But, the reported 17%-24% price increases quoted by so-called  eastern Long Island industry experts was it a misleading claim. Looking at the data, one must understand the one ingredient when drawing a conclusion. Where does the data come from. I do agree that our neighborhood has benefitted more than the national average hovering just above double-digit increases but lets stop our quick acceptance of the soothsayers hype. True value is what we offer @ Abatelli Real Estate Appraisals!

Posted by Richard Wayne Abatelli on November 25th, 2020 7:59 AMLeave a Comment

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November 21st, 2020 7:13 AM
Nationwide, real estate values have increased 15.5% year over year. Locally, on the east end, you can add several percentage points to this figure depending on which town and/or zip code you live in. The real estate market should remain robust over the next few years with low inventory and rates. Changes will come, showing the true trend but don't listen to the forecasters of doom and gloom. Rates will rise and real estate prices will moderate to a more conventional increase from year to year. Ask an expert, when in doubt. Abatelli Real Estate Appraisals, "we know the market, the trend, and your real estate value".

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Posted by Richard Wayne Abatelli on November 21st, 2020 7:13 AMLeave a Comment

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October 31st, 2020 2:33 PM
According to the National Association of Realtors, home sales fell in September nationwide. This may have been as a result of very low inventory. However, the annual gain is still up 20.5% year to year. This is the most important metric!
Across the USA, residential real estate prices are up 15%. Locally, I believe the North Fork residential real estate may have appreciated 2 or 3 percentage points higher.
We can also thank the very low nationwide 30 year fixed rate of 2.8%, as per Fannie Mae even though many of our higher end  transactions on the North Fork have been "all cash".

Posted by Richard Wayne Abatelli on October 31st, 2020 2:33 PMLeave a Comment

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October 15th, 2020 9:00 AM
The East End luxury market appears very healthy despite the COVID-19 pandemic. Normally the upper end of the residential real estate selling market is negatively affected during recessions. Most wealthy families become very conservative during these times. However, this isn't a typical downturn. Mortgage rates are very low and high-end homeowners have the financial means to move during this pandemic.
Many realtors would agree that luxury residential real estate would be defined as the top 3% - 7% of homes on the East End.
Do you know what your residential real estate property is worth. Considering moving up to a more expensive home.  Email: richardabatelli@gmail.com or call 631-513-0442.



Posted by Richard Wayne Abatelli on October 15th, 2020 9:00 AMLeave a Comment

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