Lamacchia Realty
OCTOBER 25, 2023
Now, a year and a half later, with rates up to 8%, buyer affordability is significantly diminished. Coming from the frenzied pandemic market where inventory was at historically low levels , sellers are holding the line and buyers are still the ones competing in this market. In the graphic to the right, you can see this more clearly.
Birmingham Appraisal
APRIL 11, 2023
In today’s market where so much information is available online, it’s important to put in the research upfront when pricing a home because we know buyers do and they will know when a listing is overpriced. Using sales that are inferior, similar, and superior to the subject in some aspect constitutes bracketing.
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Lamacchia Realty
JUNE 21, 2022
Now, months later, with rates up nearly 100% from the start of the year- January mortgage rates were hovering in the low to mid 3’s and this week reached 6.28%- diminished buyer affordability is causing a big downshift in demand. Rising prices weren’t favorable but with historically low mortgage rates , they were still affordable for buyers.
Birmingham Appraisal
FEBRUARY 20, 2024
Understanding the Role of the Real Estate Appraiser When a home buyer finds a home they would like to purchase and have the need to obtain financing they will work with a lender. By providing the CMA to the appraiser, the appraiser can see the agent’s thought process when developing the asking price.
Lamacchia Realty
AUGUST 3, 2021
Though there were several months through winter and spring that it never seemed possible this year, the market is slowly beginning to be less competitive for buyers. But if the home has been available long enough, it’s time to consider adjusting the list price to gain more visibility from more potential buyers.
Birmingham Appraisal
SEPTEMBER 26, 2023
The market area that the property is located in can definatley support the price but does the price truely reflect the market value of that specific property or does it reflect what a super motivated buyer with available funds is willing to pay? For buyers, it could mean a potential bargain. There is a difference.
Birmingham Appraisal
FEBRUARY 6, 2024
More sales in the lower price bracket may indicate a decline in prices and more in the upper range may indicate an increase. 3) Avoiding Overpricing: If the DOM trend for sold properties in the area is longer than normal, it signals that buyers are taking longer to make a purchase decision and demand may not be strong.
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