BRAIN C. COESTER'S BLOG
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Somerset, KY- Median Listing Prices are Up as Active Inventory Decreases

November 13th, 2017

CoesterVMS-APPSPOT-Robert-Baker-1024x392Appraiser Spotlight- Robert Baker

Robert Baker has been an appraiser for the past 19 years, and began his career working for a friend’s appraisal company. Over the years Robert has performed many different assignments, from residential work to litigation and divorce estate work. South Eastern Kentucky is a very rural market with a wide variety of homes, with a range of value anywhere from $20,000 to over $2 million. Robert enjoys the versatility the market brings, and understands the importance of embracing diversity to better serve the clients in his market. According to Robert, one of the most important aspects of appraising is continued education and valuable mentors. Though he has been an appraiser for 19 years, there is always room to learn and grow.

South Eastern, KY Market – Somerset

In Somerset Kentucky, the median listing price is up as active inventory is down. The median listing price is $197,900, up 7% compared to this time last year when the median list price was $183,999. Active inventory for the market is down 30% from this time last year, and down 2% since last month (Movoto; Market Trends). Renters make up a majority of the market at 60.1% compared to owners at 39.9%, while a majority of the property types are single-family homes (56.3% of market). Somerset is a city of mixed blue and white collar jobs, and is a city of sales, office workers, professionals, and service providers. Common jobs for the Somerset market include Office & Administrative Support at 17.44%, Sales Jobs at 13.94%, and Food Services at 9.34% of the market (Neighborhood Scout; Somerset, KY).

Survey Category Ratings 1 – 10
Timely Delivery – 10
Communication – 10
Staff Knowledge – 10
Professionalism – 10
Technology – 10
Service – 10
Appraiser contact information:

Email: bobby@rdbakerappraisalgroup.com

call: 606-425-2278

4th Annual Inside The Beltway Photos 2017

July 11th, 2017

Thank you to the over 150 Mortgage Professionals who came out to the 4th Annual Inside the Beltway Social and made it such a huge success. We couldn’t have done it without the support of  such a great group of people and well respected mortgage and appraisal professionals.

CoesterVMS - 4th Annual Inside The Beltway Social 2017

 

 

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.

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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
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