Locally, We have seen fairly steady increases in the 6-8% range year-over-year, with some areas beating those rates in some months. Tight inventory continues to drive prices upward, while stubbornly conservative appraisals continue to apply a braking effect. Out local markets could easily drive into double digit territory were it not for the chilling effect of lower than asking price appraisals. The assessors have certainly jumped on the band wagon and are raising assessments in most areas as fast as they are allowed under the Headly Amendment cap.
What this means for local homeowners, who have been hunkered-down during the recession is that it’s tie to stick their heads out of the fox-hole and take a look at where their houses may be valued in today’s market. That’s especially true for people who have waited to move after retirement or after some other life-change or who need to move to seek new employment. Now’s the time to take action on those desires and get on with life. Call me and I’ll do a market analysis for your home. The analysis is free, but knowing that you can, in fact, afford to sell your house and move on might be priceless.