Alexis "Lexi "Rolnick, Rockland and Orange County Realtor

OPEN HOUSE SUNDAY JUST REDUCED

JUST LISTED 7 Gerardine Place New City, NY 10956 * OPEN HOUSE * SUNDAY 3/14 * 12-3pm *... http://randrealty.com//N/7-Gerardine-Place-10956/128244439

For those of you in the Howard Hanna | Rand Realty market area, I'm attaching two of my favorite analytics pieces -- the "If You Bought In . . . " Pricing Guide.... It's the simplest thing we do every year. We just calculate the change in countywide single-family pricing from past years to this year, for every year we have data. So, for example, if you bought in Westchester in 2000, property values have gone up 72% since then. Does that mean your Westchester home is worth 72% more? No, because price changes can differ based on micro-markets, the type of home you have, improvements, condition, etc. And remember this is nominal pricing, not controlled for inflation. But on the other hand, even if you haven't had the price go up, you've been building equity by paying down your mortgage principle. The basic idea is to give people a general sense of how the market has changed since they bought their home, a macro-level 20,000-feet-in-the-air view. It's not a valuation tool, but it establishes a baseline that can be useful. Interestingly, we started doing this about 10 years ago, and over the last few years we've really started to see a lot fewer "red numbers" -- i.e., the years where the average price today is lower than a year in the past. My guess is that when we do this next year we won't have any red numbers left.