Bergen County Appraisers Are Putting Higher Values On Homes Again

Bergen County Homes Appraise Higher

While the last 5-6 years saw many sales  derail due to low-ball appraisals, appraisers are now valuing Bergen County  homes at or above their selling prices. This is true for many towns such as Tenafly, Demarest and other neighboring towns.

The major reasons for this are shrunken inventories and, a steady appreciation in values.  With appraisals  being as they are now , buyers are able to meet their financial needs based on the  agreed purchase price, whereas before if the proeprty did not appraise they could not get the mortgage amount needed to purchase the proeprty at the agreed price .

The higher appraisals are another sign of the slow recovery in the real estate market .

Below are some additional indicators for the period ending April 2013

• April 2013 Median Single Family Home Prices are Up  13.6%  Compared to April 2012
• Year To Date Months of Inventory of Single Family Homes is 6.1 months compared to 8.2 months for the same period in 2012
• 2013 Active listings are 19% lower than they were  the same period in 2012

 Click Here to view the sales in 14 Bergen County Towns

Click Here To view  Average Sold Price in 14 Bergen County Towns from 2000 to 2012