Ulster County Home Value

Click Here To Get Your Free Ulster County Home Value

If you have been reading some of my other blogs, you will remember that the Ulster County real estate market differs greatly from other markets around the nation. Due to this difference, national averages and real estate statistics associated with today’s market usually don’t apply to Ulster County, this is especially true with Ulster County home value. During the current downturn, Ulster County listing inventory has increased creating a slight shift resulting in better pricing but has not dropped at rates consist ant with that of the rest of the U.S. Our Ulster County home values stay this way due to the impact of the NYC home buyer segment on our second home market. This balances out our market and lessens the decline.

Is Ulster County Home Value Determined Any Differently?

In most cases, Ulster County real estate agents use the sales comparison approach (comps for short) which is the most common approach to determining value used by real estate professionals all over. Other methods include: cost approach, sales comparison approach and the income approach. The sales comparison approach examines the price of similar properties being sold in areas within Ulster County. In most situations, we try to use properties in the neighborhood if similar homes exist. If similar homes do not exist we examine other comparable area using adjustments based on overall differences between the two areas. The adjustment process requires knowledge and experience with the areas used for comparison. Instant evaluation tools like Zillow, do not have the benefit of local knowledge and expertise as well as the ability to physically examine the subject property creating large inconsistencies with values given by such tools. To put it more simply, the sales of Ulster County properties similar to the subject property are analyzed. Then, and the prices of the analyzed homes are adjusted to make up for the major differences between the subject and the comparables to determine the value of the Ulster County home. This approach is widely considered as the most reliable way to find Ulster County home value given that adequate comparable sales exist.

How Do I Get An Accurate Ulster County Home Value?

As stated above, a local experience real estate agent can determine accurate value. Additionally, licensed real estate appraisers can determine value using a more scientific approach. Some of the draw backs in using an appraiser is that they cost money. Most real estate agents in Ulster County will do a free Comparable Market Analysis (CMA). Secondly, real estate appraisers simply examine and report without the advice of how to increase property value. Real estate agents have direct contact with the buyer pool looking for Ulster County homes giving them a better sense of resale value.

To get an Ulster County real estate agent to do a free Comparable Market Analysis for your Ulster County home click here.

Tags: Ulster County Home Value, ulster county listing, ulster county properties, Ulster County real estate agent

This entry was posted on Sunday, March 9th, 2008 at 8:23 am and is filed under Market Chat, Seller's Guide. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.