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July 15th, 2020 8:24 AM
This June we saw a remarkable housing demand for New Homes on the East End and other distant commuter areas in the North East where sales of  New Homes were up 86% over the same period in 2019.
"Computer oriented people from NYC and close-by New Jersey are looking for a new, fresh residence where wellness features make sense for them".*
Yes, its a perfect storm for home builders. A sharp decline in the supply of existing homes and a increasing preference for brand New, high tech homes with amenities for working and schooling.





*Sheryl Palmer, CEO of Taylor Morrison

Posted by Richard Wayne Abatelli on July 15th, 2020 8:24 AMLeave a Comment

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In order to avoid the W-shape curve we need to continually see positive signs. Most experts want to see: 
(a) Purchase applications increasing. Sustaining  the level of growth may not be possible, but we do need to see positive signs compared to last year.
(b) Flowing credit. Underwriter's need to be flexible since credit must flow despite economic chaos.
(c) Stable bond yields. Mortgage rates must stay below 4.5% and bond 10 year yield rates need to be above 0.62%. This will show confidence in the future.
(d) Control of the COVID-19 infection rate. A decrease in COVID-19 cases will require more testing and common sense.
We all hope you enjoyed the holiday. Please remember an appraisal can save you $$$.


Posted by Richard Wayne Abatelli on July 6th, 2020 1:33 PMLeave a Comment

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July 1st, 2020 8:57 AM
As of July 1, 2020, according to the latest statistics, we have flattened the curve of new infections of COVID-19 on the North Fork and in Suffolk County. This is the 1st step of many, however. If we look nationwide, the relaxation of common sense or lack of being careful, is resulting in the virus rates rising.The economy was NOT in full swing but the housing market has made a full V-shaped recovery since early spring. We can thank our neighbors from NYC and New Jersey and double digit growth in purchase applications nationwide. Is this sustainable/ What we must do to avoid a reversion of our progress, stay tune. 
Do you know what your real estate property is worth, call or text Abatelli Real Estate Appraisals(A.R.E.A.) 631-513-0442 or email: richardabatelli@gmail for the answers and advice.

Posted in:General
Posted by Richard Wayne Abatelli on July 1st, 2020 8:57 AMLeave a Comment

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Record low mortgage rates are likely to remain in place for the rest of 2020. Demand should continue to surge as the economy steadily re-opens. More listings and increased home construction will be needed to tame price growth. Lending standards are tightening so only high-income earners or retired wealthy families need apply.
E-mail richardabatelli@gmail.com or text/call 631-513-0442 for an appraisal quote, knowledge is king.

Posted in:General
Posted by Richard Wayne Abatelli on June 23rd, 2020 9:40 AMLeave a Comment

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June 16th, 2020 10:06 AM
There are several important items we consider. CONDITION; SIZE of the property and improvements; LOCATION including neighborhood-which is spelled out; Design/appeal; Upgrades, e.g., patio's, porches, decks. heating & a/c, IGPool, docks, etc.; SALES Comparison-knowledge of the market offers a guideline; COST Approach & INCOME Approach are dependent on the property appraised.

WHAT DOES AN APPRAISAL COST? They depend on a variety of factors such as the size of the improvements, such as the house and the problematic issues, those that will keep the appraiser on the property or in the office longer. The location can also affect the cost since dwellings on a private road will require more investigating as will waterfronts or large parcels. The same holds true with the appraisal of farms, acreage, commercial and industrial properties. Time is money, as the saying goes. 


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Posted by Richard Wayne Abatelli on June 16th, 2020 10:06 AMLeave a Comment

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June 14th, 2020 7:13 AM
Mortgage lenders last month(May) responded to the increased risk and uncertainty in the economy. Credit availability continued to decline with further pullback in investors desire for loan programs with low credit scores and high loan to total value(LTV).
Demand is still UP, assisted by "all cash" transactions, low interest rates and low inventory. But what is on the horizon, continued increases in the median real estate market value's? The appraiser in me says, " I will do the adjustments and let you know". Meanwhile, enjoy the ride!

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Posted by Richard Wayne Abatelli on June 14th, 2020 7:13 AMLeave a Comment

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May 30th, 2020 7:41 AM
Mortgage rates hit another all-time low. The average U.S. rate for a 30 year mortgage dropped to 3.15% this week. 
Mortgage applications jumped to 6.7% higher than a year ago. Requests for mortgage forbearance have slowed considerably. Fannie Mae and Freddie Mac have indicated that 7.2% of their mortgages have suspended payments.
Locally, the real estate market continues to heat up. Inventory is low and with cash buyers abundant, sales are flourishing.
Considering selling, call Abatelli Real Estate Appraisals(A.R.E.A.) at 631.513.0442 or email: richardabatelli@gmail.com for the latest up-to-date real estate market value of your home, lot, acreage or commerial property. 


Posted by Richard Wayne Abatelli on May 30th, 2020 7:41 AMLeave a Comment

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Home buying and selling activity has increased as states reopen. Mortgage applications have now increased for 5 consecutive weeks. Purchase activity was only 1.5% lower then this time last year(2019). Amazing, when you realize that May is usually the 2nd most active month in the year. 
This is certainly the OPPOSITE of many real estate pundits aka experts have predicted. Although to be fair, some have indicated a relatively hot 3rd quarter followed by a downward trend in real estate values.
Only time will tell but its GOOD NEWS!

Posted by Richard Wayne Abatelli on May 20th, 2020 8:09 PMLeave a Comment

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May 14th, 2020 6:50 AM
Placing emphasis on the real estate housing data for May and the subsequent 2 months would likely be misleading. Presently real estate listings, sales and mortgage rates are falling or low. 
Prior to the COVID-19, when more purchasers were looking, inventory declined. We will likely have to wait for the June or 3rd Quarter data to really understand the market. at least for the near future. 
We do know supply will increase since many listings were taken "off the market". It's the demand we are not sure of.

Posted by Richard Wayne Abatelli on May 14th, 2020 6:50 AMLeave a Comment

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March 30th, 2020 4:04 PM
As of today, all appraisal work will only be EXTERNAL APPRAISALS till noted otherwise. This does reduce the actual work and cost. Information about the INTERIOR of the subject property will be emailed by the INTENDED USER(S) to the appraiser. Such information shall be indicated on the appraisal, i.e., that the interior information was provided by                      , and that the appraiser cannot verify as to its accuracy. Otherwise, the appraisal(EXTERIOR APPRAISAL) will be similar to a full appraisal. 

Posted in:General and tagged: APPRAISAL
Posted by Richard Wayne Abatelli on March 30th, 2020 4:04 PMLeave a Comment

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