Cleveland Appraisal Blog

DECEMBER 10, 2022

As a certified residential appraiser, I can tell you that while some of the things noted in this report can decrease value, they may not, so take these points with a grain of salt. I can tell you that some buyers will certainly agree with these points! Let’s take Hurricane Katrina in 2005 as a famous example.

Appraisal 302

Appraisal Buyers Renovations Investing 302

Lamacchia Realty

FEBRUARY 22, 2022

The 2021 Massachusetts Year in Review Housing Report breaks down average prices, sales, inventory, new active listings, and pending sales for 2021 compared to 2020 and illustrates what that means for the current market. Below is a graph that illustrates home sales per year since 2005. It has more to do with buyer consumption.

Inventory 73

Inventory Sellers Buyers Real Estate 73

Lamacchia Realty

OCTOBER 17, 2024

PRICE ADJUSTMENTS AND THE 2024 MARKET In 2023, it was clear that the market was continuing to adjust from the frenzied post-pandemic scene in the early 2020s. Inventory of homes listed reached a record low by July of 2023 , and mortgage rates increased dramatically, diminishing buyer affordability.

Bracketing 74

Bracketing Marketing Sellers Buyers 74

Lamacchia Realty

APRIL 15, 2022

Rates dropped to historic lows to keep buyers buying, prompting an influx of new applications and re-finances as obtaining a mortgage was more affordable than ever. Sellers kept listing, albeit, at a much slower pace, and buyers were buying at the highest rate in over 15 years, absorbing inventory faster than ever. Available Inventory.

Marketing 69

Marketing Sellers Buyers Inventory 69

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.

Housing Market 69

Housing Market Bracketing Marketing Sellers 69

Lamacchia Realty

JULY 28, 2021

Many buyers, during the throws of the pandemic, wanted single family homes instead of communal living, and with that great demand and low inventory came great market value increases. Condos increased 17.8%, moving from 22,333 to 39,670, signaling a very strong market currently for this category.

Inventory 69

Inventory Buyers Sellers Marketing 69

Lamacchia Realty

OCTOBER 25, 2023

PRICE ADJUSTMENTS AND THE 2023 MARKET In March 2022, it was clear that the market was changing from a frenzied post-pandemic scene to one where it was assumed that rising mortgage rates would slow it down and help inventory finally rise back up. In the graphic to the right, you can see this more clearly.

Bracketing 74

Bracketing Marketing Sellers Buyers 74