While residential real estate prices are declining as a whole on a national basis, new research from Forsythe Appraisals, an independent appraisal company, indicates that the national trends also show pockets of stability, and some with marginal increases in home values rising in some U.S. submarkets.
From Seattle to San Antonio, Milwaukee to Tampa, Connecticut to California, select neighborhoods in major markets have seen price increases of 5 to 19 percent from first quarter 2007 to first quarter 2008, according to the St. Paul-based appraisal company, which has 37 offices across the country.
“Our research continues to indicate that it’s impossible to paint the national real estate market with one large brush stroke,” says Tim Forsythe, CEO of Forsythe Appraisals. “While there is depreciation of national home values as a whole, there are areas that have not been severely impacted, or impacted at all. There are areas that continue to show positive growth.”
“These valuation trends in local submarkets are simply not visible when comparing average sale prices for an entire metropolitan area,” adds Alan Hummel, senior vice president and chief appraiser, with Forsythe Appraisals. “But when looking at certain sectors within an area, it’s clear that there is stability, and even marginal growth.”
While many homeowners throughout the country are still facing declining home values, Forsythe adds; “when looking at individual neighborhoods, housing types and price bands, the trends in these sub-markets can differ dramatically from the national averages.”
Forsythe’s staff appraisers took a close look at their local markets, using the firm’s market data and in-depth database to focus on valuation trends in comparable homes in specific neighborhoods and certain price categories.
“Because of the nature of our business, professional appraisers examine sales of comparable homes in specific neighborhoods,” Hummel said. “It’s like using a microscope to see the details, rather than examining the much larger market through a telescope.”
Even in Florida, where statewide averages indicate a drop of 15 to 20 percent in sale prices, some neighborhoods are increasing in value. Summing up Forsythe Appraisal’s research, Hummel said, “Ultimately, real estate markets are local. Each property is unique and each neighborhood has its own characteristics. It’s vital for buyers, sellers and investors to look at local as well as regional and national trends.”
Source: RISMEDIA, June 2, 2008
“Our research continues to indicate that it’s impossible to paint the national real estate market with one large brush stroke,” says Tim Forsythe, CEO of Forsythe Appraisals. “While there is depreciation of national home values as a whole, there are areas that have not been severely impacted, or impacted at all. There are areas that continue to show positive growth.”
“These valuation trends in local submarkets are simply not visible when comparing average sale prices for an entire metropolitan area,” adds Alan Hummel, senior vice president and chief appraiser, with Forsythe Appraisals. “But when looking at certain sectors within an area, it’s clear that there is stability, and even marginal growth.”
While many homeowners throughout the country are still facing declining home values, Forsythe adds; “when looking at individual neighborhoods, housing types and price bands, the trends in these sub-markets can differ dramatically from the national averages.”
Forsythe’s staff appraisers took a close look at their local markets, using the firm’s market data and in-depth database to focus on valuation trends in comparable homes in specific neighborhoods and certain price categories.
“Because of the nature of our business, professional appraisers examine sales of comparable homes in specific neighborhoods,” Hummel said. “It’s like using a microscope to see the details, rather than examining the much larger market through a telescope.”
Even in Florida, where statewide averages indicate a drop of 15 to 20 percent in sale prices, some neighborhoods are increasing in value. Summing up Forsythe Appraisal’s research, Hummel said, “Ultimately, real estate markets are local. Each property is unique and each neighborhood has its own characteristics. It’s vital for buyers, sellers and investors to look at local as well as regional and national trends.”
Source: RISMEDIA, June 2, 2008
In Pelican Bay, pending sales have continued to increase from the summer of 2007. Search Naples FL Luxury Homes in Bay Colony, Pelican Bay
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