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Estate & Date-of-Death Appraisals in Springfield, MA: What You Need to Know
Estate & Date-of-Death Appraisals in Springfield, MA: What You Need to Know When someone passes away owning residential real estate in Springfield, MA, understanding how that property is valued is essential. Whether for probate, tax filings, or distributing assets, a date-of-death appraisal ensures clarity, fairness, and legal compliance. What Is a Date-of-Death Appraisal? A date-of-death appraisal (also called a retrospective appraisal or estate appraisal) establishes the fair market value of a property as of the date the owner passed away—not when the appraisal is conducted. It accounts for market conditions, comparable sales, condition of the property at that date, and legal standards. Unlike a standard current appraisal, this is backward looking, but carried out by a certified appraiser to be defensible in court or for tax purposes. When Do You Need One in Springfield, MA? Probate Matters: Courts often demand an appraisal of real estate held by a decedent to determine the estate’s total value. IRS / Estate Tax Filings: If the estate crosses the thresholds or for federal/state tax purposes, a qualified valuation as of the date of death is required. Heir Disputes: To distribute real property fairly among family members, especially when multiple heirs are involved. Estate Planning or Trusts: Sometimes done ahead of time or after in order to set baseline values. How the Process Works in this Region Here’s what you can expect when working with a Springfield appraiser like Pilgrim Colonial on an estate or date-of-death appraisal: Timeline & Effective Date: You’ll define the date of death. The inspection (if possible) and comparable sales will be selected around that date. Condition & Improvements: The condition of the property *as of* the date of passing (including damages, deferred maintenance) matters—even if situation changed later. Comparable Sales Research: Look for sales in Springfield (or nearby Hampden County)… Continue Reading
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Springfield Home Appraisals in 2025: Why Values Are Rising & How to Prepare
In this article Springfield 2025 Overview What’s Driving Appraised Values Homeowner Appraisal Prep Checklist When to Order a Springfield Appraisal FAQs Springfield 2025 Overview Across Springfield and greater Hampden County, appraised values in 2025 have been supported by low inventory, steady buyer demand, and neighborhood-level factors like school zones, commuter access, and ongoing revitalization. While interest rates influence monthly affordability, limited supply keeps well-located homes competitive. For sellers and attorneys managing estates or divorces, a current, local appraisal anchors decisions to today’s market reality. In Springfield, home values are moving upward faster than the state average. As of July 2025, the median sale price stood at $322,190—up 7.4% year-over-year—while statewide Massachusetts recorded a more modest 4.0% increase, hovering around $750,143. Comparatively, the Massachusetts average home value across all markets reached $658,406 (a 1.7% rise). Springfield remains especially competitive with homes selling in just 22 days and often fetching 3% above their list price, with the hottest listings topping out at 7% above. These dynamics underscore why localized, accurate appraisals are essential in a tight market with fast pace and rising values. Springfield Market Snapshot — July 2025 Springfield Median Sale Price $322,190 (+7.4% YoY) Springfield Homes Sold 127 (+17.6% YoY) Median Days on Market (Springfield) 22 (flat YoY) Massachusetts Avg. Home Value $658,406 (+1.7% YoY) Springfield Mass. +7.4% +1.7% Sources: Redfin Springfield Market (July 2025), Zillow MA Home Values (data through July 31, 2025). Key local signals: recent neighborhood sales, list-to-sale trends, days on market, condition/updates, and micro-location (traffic influence, proximity to services, and park/school catchments). What’s Driving Appraised Values in Springfield 1) Low Inventory vs. Buyer Demand When fewer listings hit the market, comparable sales skew toward competitive outcomes. Appraisals reflect this with recent closed sales (and, when relevant, active/pending data for context). 2) Neighborhood Nuance Matters Forest Park,… Continue Reading
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2025 Massachusetts Housing Market Forecast: What Buyers, Sellers, and Appraisers Need to Know
The Massachusetts housing market in 2025 is shaping up to be one of cautious growth, tighter inventory, and shifting buyer power. With prices continuing to edge upward but interest rates and supply weighing heavily on affordability, both buyers and sellers should enter the new year prepared. Here’s a detailed look at where the market is headed—and what it means for appraisals across the state. Home Prices: Steady but Slowing Growth According to the Massachusetts Association of Realtors (MAR) and recent market outlooks, home prices statewide are expected to grow by about 2% in 2025, compared to larger gains in previous years. >> Statewide Median Price (2024 baseline): ~$580,000 for single-family homes >> 2025 Projection:~$590,000–$600,000 range >> Boston Metro: Median home values around $750,000, with some neighborhoods pushing higher For appraisers, this means contract prices may outpace cost approaches in new construction, but the appreciation rate is modest compared to pandemic-era surges. Inventory: The Real Challenge Inventory shortages remain the biggest story. New listings dropped by 13.7% in Greater Boston in February 2025, with Worcester County (-25%) and Hampden County (-23%) seeing even sharper declines. For homeowners, this creates competition among buyers and can push appraised values higher, especially in sought-after towns with limited turnover. Interest Rates and Buyer Power Mortgage rates in early 2025 have remained above 6%, cooling affordability but also keeping demand steady as buyers expect rates may climb further before easing. This puts buyers in a careful position: fewer bidding wars compared to 2021–2022, but still competitive when a well-priced property hits the market. What This Means for Appraisals in 2025 >> Expect continued pressure on cost vs. sales comparison approaches for new builds as sales often outpace construction costs. >> Tight supply will likely keep values firm, even if demand softens slightly. >> Hyper-local analysis is… Continue Reading
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Pilgrim Colonial – Appraisal Definitions & Jargon
ABSORPTION RATEThe ratio of the number of properties in an area that have been sold against the number available. Used to show the volatility of a market.ABSTRACTION METHODThis method of estimating the value of property uses similar properties available in the same market to extract the value of a parcel of land.ACCELERATION CLAUSEA provision in a mortgage that gives the lender the right to demand immediate payment of the outstanding loan balance under certain circumstances. Usually when the borrower defaults on the loan.ACCESSORY BUILDINGA building separate from the main structure on a property. Often used for a specific purpose, such as a workshop, storage shed or garage.ACCRETIONThe natural growth of a piece of land resulting from forces of nature.ACRE43,560 square feet. A measurement of area.ACTUAL AGEThe amount of time that has passed since a building or other structure was built. See also: EFFECTIVE AGEADJUSTMENT DATEThe date the interest rate changes on an adjustable rate mortgage.AD VALOREM TAXTaxes assessed based on the value of the land and improvements.ADDENDUMA supplement to any document that contains additional information pertinent to the subject. Appraisers use an addendum to further explain items for which there was inadequate space on the standard appraisal form.ADJUSTABLE-RATE MORTGAGE (ARM)A type of mortgage where the interest rate varies based on a particular index, normally the prime lending rate.ADJUSTED BASISThe value of an asset (property or otherwise) that includes the original price plus the value of any improvement, and less any applicable depreciation.ADJUSTED SALES PRICEAn estimate of a property's sales price, after adjustments have been made to account for differences between it and another comparable property.AESTHETIC VALUEThe additional value a property enjoys based on subjective criteria such as look or appeal.AFFIRMATIONA declaration that a certain set of facts are truthful.AFFORDABILITY ANALYSISA calculation used to determine an individual's likelihood of being able… Continue Reading
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Small Business in the Pandemic Era
What Does the Future Hold For Small Business? According to Forbes, American Billionaires have collectively risen in net worth of upwards of $1 Trillion dollars. This comes to no surprise as many businesses were mandated to close at some point during this pandemic. We all hope 2021 brings better news for all of us. While we are all in this together, small businesses across America have felt the pain of this crisis more so than others. Small businesses need to be supported more so than ever. Local employment coupled with financing requirements by lenders account for a large portion of real estate values in a given region. Small businesses, especially those in towns or communities that are more remote from metro areas likely will experience price volatility and/or declining real estate prices if small businesses close more frequently. The Federal Reserve has implemented "QE Infinity" which creates an interesting element to home values.The Fed and "QE Infinity" The Federal Reserve is the central bank given the power to create fiat currency. This currency is backed by US Bonds / Treasuries in which for each dollar created a US bond is sold as collateral. The crux here is the Federal Reserve is now monetizing their own debt by purchasing US Treasuries. With the creation of trillions of dollars being injected into the economy all while the Fed purchasing its own collateral, this sets the stage for three possible scenarios:Inflations of goods and services with relatively low employment (stagflation)Inflation of goods and services with resumed employment (inflation)Collapse of the US Dollar / Creation of a new currency (likely a digital based dollar similar to the digital Yuan)After America resumes to its pre-COVID era, its important to note that while Wall Street was record setting, government deficits were at all time highs.… Continue Reading
