Real Estate Analysis and Commentary in the Mid-Hudson Valley

August 1st, 2020 5:46 PM

Who would have thought that this summer, with the number of COVID-19 cases surging and new rounds of restrictions and shutdowns, would yield one of the most competitive housing markets in recent memory? Nonetheless, home prices have hit record highs as buyers are battling it out across the nation over a limited selection of reasonably priced abodes.

In July, the median home price shot up 8.5% year over year, to hit a new all-time high of $349,000, according to the most recent realtor.comĀ® data.  And those mind-boggling high prices, shooting up in the middle of a recession with the worst unemployment since the Great Depression and an economy undergoing a historic contraction, are a direct result of the pandemic.

Posted in:General and tagged: Covid-19
Posted by Richard Binkowski on August 1st, 2020 5:46 PMLeave a Comment

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July 17th, 2020 2:50 PM
Something important to note is that a real estate market analysis is different than an appraised value, which is determined by a professional appraiser. A comparable market analysis is considered subjective and gives the seller information on the value of similar houses in the area.  Additionally, it should also be pointed out that a CMA doe's not include individual adjustments for things like age/condition, land size, improvements etc...  A professional appraisal accounts for every difference between your property and any comparables utilized. 

Posted by Richard Binkowski on July 17th, 2020 2:50 PMLeave a Comment

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