By utilizing the latest technological advances our team is enabled to provide you with a completely streamlined appraisal process, ensuring high quality, competitively priced appraisals in an expeditious fashion.
Three Generations of Appraisal Experience!
As one of the most prominent appraisal and consulting firms, Gray & Associates Appraisal Services has been called upon to provide valuation services for the area's most noteworthy real estate concerns and property owners. These services have involved a variety of properties.
Our reports conform to the requirements of government agencies, lending institutions, courts, clients, under the Uniform Standards of Professional Appraisal Practice (USPAP). This is done through full narrative or form reports to best serve the client's needs and level of documentation desired.
Recent statistics showed Texas is one of the leading areas for economic recovery in the United States, according to Housing Intelligence’s Market Health Report recently released. In ranking the markets, Housing Intelligence considers data such as unemployment rate, job and income growth, and home price appreciation, among other factors.
Six out of the 20 healthiest housing markets are in Texas, according to the report. In January, Texas recorded increases in employment more than double the national growth rate. Likewise, the Lone Star State’s unemployment rate is declining.
The six Texas markets listed in the top 20 are Austin at second with a health index of 86.5; College Station at seventh with 78.6; Houston at 11th with 77.3; San Antonio at 14th with 75.6; Amarillo at 19th with 73.6; and Dallas at 20th with 70.7.
Housing Intelligence’s report states that even though the pace of economic recovery is uncertain, there are pockets of strength in some local housing markets across the country For example, North Carolina is home to the markets with the best and worst index rating.
While Raleigh, N.C., scored the highest in the index, another North Carolina area, Rocky Mount, scored the lowest index – 6.0. Of the 200 markets surveyed across the United States, Housing Intelligence reports only 22 would receive the letter grade C or better if they were being graded on a 100-point scale.
The Housing Intelligence released selected information from its monthly Market Health Report.
According to the December 2014 and Year-End 2014 Multiple Listing Service (MLS) report released by the Austin Board of REALTORS®, the Austin-area housing market set a record for single-family home sales volume for the month of December, as well as a record for annual home sales volume in 2014. This marked the fourth-straight year of annual home sales increases. The Austin area experienced a strong, stable housing market in 2014, with year-end 2014 showing similar market conditions to those one year ago. Last month, the U.S. Census Bureau named Austin the third-fastest growing big city in America since 2000. That steady job and population growth has continued to drive increases in home sales volume and, combined with low housing inventory levels, home prices as well.
According to the most recent report available from The Real Estate Center at Texas A&M University, 2,283 single-family homes were sold in the Austin area in December 2014, a 14 percent increase compared to December 2013 and an all-time high for Austin-area home sales in the month of December. In 2014, home sales volume slightly exceeded 2013 levels to set a new record for the number of Austin-area homes sold in a year with 27,768 homes sold, a two percent increase from 2013. Over the course of 2014, median price increased eight percent over 2013 to $242,500. In December 2014, the median price for Austin-area homes was $246,530, 10 percent higher than December 2013. As a result, the total sales dollar volume for single-family homes in 2014 topped $8.6 billion, an increase of more than $673 million from 2013. Housing inventory levels remained low in 2014, despite breaking an 18-month trend of monthly decreases in the second quarter of 2014. In December, Austin-area monthly housing inventory was 2.2 months, 0.2 months higher than December 2013 but still well below the 6.5-month inventory level the Real Estate Center at Texas A&M University cites as a balanced housing market. This slow rise in housing inventory was driven by an influx of listings throughout the last half of 2014. Active listings in December 2014 jumped 12 percent year-over-year to 5,077 listings, while new listings rose 10 percent to 1,546 new listings from December 2013. Throughout the year, new and active listings each rose four percent in 2014 to 35,423 and 5,734 listings, respectively. In 2014, homes spent an average of 47 days on the market, or three days fewer than homes sold in 2013, while pending sales increased one percent from 2013 to 28,325 sales. Homes sold in December 2014 spent three more days on the market than December 2013, or an average of 55 days, and pending sales increased 18 percent to 1,623 sales during the same time frame.
December 2014 Austin Area Reported Statistics
•2,283 – Single-family homes sold, 14 percent more than December 2013.
•$246,530 – Median price for single-family homes, 10 percent more than December 2013.
•$311,082 – Average price for single-family homes, six percent more than December 2013.
•55 – Average number of days single-family homes spent on the market, three days more than December 2013.
•1,546 – New single-family home listings on the market, 10 percent more than December 2013.
•5,077 – Active single-family home listings on the market, 12 percent more than December 2013.
•1,623 – Pending sales for single-family homes, 18 percent more than December 2013.
•2.2 – Months of inventory* of single-family homes, 0.2 month more than December 2013.
•$710,200,206 – Total dollar volume of single-family properties sold, 21 percent more than December 2013.
2014 Austin Area Reported Year-End Totals
•27,768 – Single-family homes sold, two percent more than 2013.
•$242,500 – Median price for single-family homes, eight percent more than 2013.
•$309,975 – Average price for single-family homes, seven percent more than 2013.
•47 – Average number of days that single-family homes spent on the market, three days fewer than 2013.
•35,423 – New single-family home listings on the market, four percent more than 2013.
•5,734 – Active single-family home listings on the market, four percent more than 2013.
•28,325 – Pending sales for single-family homes, one percent more than 2013.
•$8,607,385,376 – Total dollar volume of single-family properties sold, nine percent more than 2013.
The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
The Appraisal Process
There are three traditional approaches to establishing real estate value: the Sales Comparison Approach, the Cost Approach and the Income Approach; the Sales Comparison Approach is the most commonly used and most widely known. In this approach the appraiser compares the property being appraised to similar, nearby properties that have recently sold using the selling prices of those “comparable” homes as a basis for the value of the home being appraised.
In the Cost Approach to value the appraiser calculates the replacement cost of the structure(s), less any depreciation, then adds the value of the underlying land to develop an estimate of the replacement cost.
The Income Approach estimates the value of the property based on the amount of rent the property might produce. This approach is more commonly used in non-residential properties, and although it has application in residential valuation, historically, there has not been much readily available rental data; therefore most residential appraisals do not include this approach
As one of Central and South Texas full service appraisal firms in the Austin area, we provide a comprehensive answer for valuation concerns. Our appraisal, education, and experience are second to none for the Central and South Texas area. All of our appraisers are licensed or certified by the State of Texas.
With education and experience we take pride in providing a consistent service of thorough, accurate analysis of your real estate problems.