How did your state appreciation in 2012 Susan Duncan Realtor
The visual above shows national appreciation in real estate in 2012 across the country. I have been saying in the last two years that the market is so volatile and this is a prime example. You can see major difference across the nation in 3 month segments.
In North Carolina it went from appreciation of 1.01% in 1st quarter of 2012 to 5.40% appreciation in 4th quarter of 2012.
The Mountain Region went from less than 1/2 of a percent appreciation in 1st quarter to almost 14% appreciation by the 4th quarter. Now bear in mind that Phoenix, Arizona and Las Vegas, Nevada were two of the hardest hit states with foreclosures and therefore bouncing back the quickest with appreciation.
As for the Mid Atlantic and New England states, you notice that up until the 4th quarter, these states were in depreciation values. This is because of their judivial foreclosure system. In most states, a bank can foreclosure on a home by notifying the seller of a hearing and then depending on the outcome of the hearing, notice of sale could be as soon as 30 days after hearing.
In states that practice judicial foreclosures, there actually has to be a judicial hearing with jury to determine the outcome of a foreclosure. This can take years on the dockets for all of these foreclosures to be processed. Therefore, because the judicial process is more involved, the process is much longer, then the appreciation is a slower process.
When a market is this volatile, and changing this quickly, it is hard for the appraisals to keep up. A well priced home comes on the market in a price point that is hot and within a week, there are multiple offers on the table the home is under contract for over list price. The highest bidder has to have a loan to purchase the home, and therefore there is an appraisal done. The appraiser pulls comps from the last 6 months – which is two different quarters from the above charts. Because of the fast movement of appreciation, the comps are not justifying the contract price and the home appraises for less than contract price. This is just a learning curve, or adjustment curve to the fast pace market and things will even out in 2013.
If you are looking for a Realtor in the Asheville/Hendersonville NC area, please consider Exit Realty Vistas. We have 26 full time agents who are well trained and ready to service your real estate needs here in Western NC.
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