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.
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|Appraiser Spotlight- William Shields
Preferred appraiser William Shields has been an appraiser for 17 years, and was first introduced to the business by this brother. Bill was interested in the profession years earlier, but decided to make the change and go to school to become an appraiser after selling his auto repair business. As a real estate agent, Bill’s brother helped to establish a mentorship for Bill upon graduation. While there, he worked part time to gain additional experience and knowledge before leaving to work full time for an appraisal company. Located just 15 miles outside of Atlanta, Bill has serviced the market for many years and is grateful for the abundance of work both in and out of the city. From high-rise condos in downtown Atlanta to suburban mobile homes, Bill enjoys the diversity and complexity the ever growing market has to offer. According to Bill, the key to success as an appraiser is to plan for the future and build good relationships, as this is an analytic job that requires ongoing training and concentration.
Atlanta, Georgia Market
Atlanta and the surrounding suburban markets continue to flourish as we move deeper into 2017. According to Live Love Atlanta, 2017 is on track to surpass 2016 in both the number of homes sold and the median sales price. The number of homes sold experienced a 7.7% increase in 2016, and with Atlanta’s strong economy this increase is expected to continue. Competition fueled by inventory shortages in downtown Atlanta and the North Atlanta suburbs have been a main contributor for the increase in sales price. According to Qualified Mortgage, home prices rose 10.5% last year and are projected to rise 6.3% by the end of 2017.
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