BRAIN C. COESTER'S BLOG
#SPIRITON

Boston, Massachusetts: Sales Prices Rise as Demand Surpasses Supply

July 5th, 2017

AppraiserSpotlightCoesterVMS-Sandra PendergastAppraiser Spotlight- Sandra Pendergast

Sandra has been an appraiser for the past 15 years, and primarily services the Boston metropolitan area. She decided to enter this field of work when she made a career change after gaining custody of her 2 grandsons. Over the years Sandra has worked through fluctuations in her market, and has seen the changes that have come as a result. Recently, the shortage of inventory in the Boston market has led to an increase in sale prices as bidding wars have driven prices up over the appraised value. In her spare time Sandra enjoys painting and writing, but has remained busy with work in her market. According to Sandra, the key to success as an appraiser is patience. The educational requirements of becoming an appraiser and trainee experience needed is a long process, and patience is essential.

Boston, Massachusetts Market

Sales prices reached new heights in January 2017 for the Boston metropolitan area as demand continues to outweigh supply. The average price for a single-family home increased 7% statewide to $342,500 compared to January of last year, as inventory remained low (The Warren Group). According to The Wall Street Journal, the median sales price for the Boston Market rose from $685,000 in 2015 to $791,000, while rent in the neighborhoods surrounding Fenway Park increased 2.5%. Though inventory is being added to the market, there is a shortage of affordable housing for middle and low income buyers. According to Boston Agent Magazine 80% of the new construction being added to the market is housing, but primarily in the form of luxury apartments and condos. This paired with bidding wars has driven prices up and out of reach for many low-income buyers.

Customer Testimonials/Borrower Feedback:

“Fast and easy to schedule, and get report back.”

Survey Category Ratings 1 – 10
Timely Delivery 10
Communication 10
Staff Knowledge 10
Professionalism 10
Technology 10
Service 10

 

CoesterVMS – Appraisal Management: http://www.coestervms.com
Brian Coester Website: http://www.briancoester.com
Brian Coester Twitter: http://www.twitter.com/briancoester
Brian Coester Youtube: http://www.youtube.com/bcoester
Brian Coester Instagram: http:www.instagram.com/briancoester

Comments are closed.