Apple Appraisal Blog

Zillow just came out with some info that I found pretty interesting....

"Estimated home values dropped in 44 of 66 metro-area markets reported by home valuation and marketing company Zillow in the second quarter compared to the same quarter last year."

"The most-depreciating metro areas during that period are: Sarasota-Bradenton, Fla., down 16.4 percent; Melbourne-Titusville-Palm Bay, Fla., down 14.3 percent; Stockton-Lodi, Calif., down 13.5 percent; Charleston-North Charleston, S.C., down 12.8 percent; Daytona Beach, Fla., down 12.5 percent; and Modesto, Calif., down 12.4 percent."

These numbers are similarly reflected in the Apple Appraisal, Inc. website, www.applestats.com which tracks average sales prices of homes throughout CA.

But not all is bad....If you want to do a loan in an area with increasing values, look to the traditionally strong markets that are built out. Like San Francisco.

We have tracked about a 15% INCREASE in average sales prices in the past 6 months for San Francisco. The loft and condo markets are especially strong.

Decreasing or increasing, or even stable values is an important piece of the appraisal puzzle. Just like reporting the condition of a home accurately, Appraisers are required to report market conditions accurately. Anything less is fraud.

As always, Apple Appraisal, Inc. is the best place to go for fast, accurate valuations.