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Real Estate Market Reports FAQ

Thu, 23 Jul 2009 22:34:00 GMT

Zillow Data Frequently Asked Questions and Metric Definitions

Zillow analysts calculate information from 160 metro areas across the country on home values, listings data and equity information, to name a few. The process of calculating so much data is complex, and questions about methodology are common.

Q. Where do you obtain your data?

A. Our data on and appreciation for these reports is based on the Zillow Home Value Index - a valuation index calculated as the median value (Zestimate) of all homes in a particular geographic area. At the national level, this data is then weighted according to population in each area.

Loan equity data is derived from public records - loan amounts that are typically recorded in each county and publicly available through a county recorder's office. We cross-reference this public data with valuations on millions of individual homes then calculate the median owner equity for a geographic area.

Foreclosure transactions are derived from public data and are representative of foreclosed homes possessed by a bank in Q1.

Q. What is the Zillow Home Value Index and how is it calculated?

A. The Zillow Home Value Index is the median value of all homes in a geographic area. It is a valuation index calculated as the median value (Zestimate) of all homes in a particular geographic area. At the national level, this data is then weighted according to population in each area.

Q. What is the difference between median and average, and why do you use median?

A. The median is the midpoint in a list of numbers. An average is the total amount of list divided by the number of numbers. Median is a more accurate measure because it removes outliers - data that is far above or far below what is common in an area.

For example:

There are only seven homes home sales in the past year in ZIP code 'x.' Most homes in the area are of similar size - between two and three bedrooms. But during the past year, one much larger home on a 100-acre lot also sold. These are the sale prices:

$275,000
$300,000
$300,000
$350,000
$375,000
$375,000
$1,800,000

If we were to look at the AVERAGE sale price in 'x' based off of these sales, it would be $539,285. That value is not representative of any of the homes in the ZIP code.

If we were to look at the MEDIAN sale price in 'x' based off of these sales, it would be $350,000 - a more accurate representation of the majority of homes in the area.

Q. How often is this data updated?

A. The data is updated weekly.

Q. Can I republish this data?

A. You are welcome to republish any of this data as long as you attribute it to Zillow.com. In fact, you can download an Excel spreadsheet from any page for your use - see "download full report" and "download chart data" on the lefthand side of any local market trend page. If you are publishing online, please also include a link to the local market trend page where you obtained the data.

Q. How can I ask questions about this data?

A. The best place to ask questions about real estate data is within Zillow Advice. Here you can have your questions answered from a variety of sources, including Zillow representatives and real estate professionals in your area.

If you have questions about republishing data for your publication or blog, please contact Zillow Communications at press@zillow.com.

Q. Why isn't my location available?

A. Occasionally we are not able to obtain enough data to provide an accurate snapshot of what is happening in a particular area over a particular period of time. For example, in some nondisclosure states, where home sale transactions are not a part of public record, we are often not able to calculate reports. When that's the case, we remove those numbers.

Q. Why does the data in the graph have gaps in it?

A. Typically gaps in data on the graphs occur because we have yet to meet our threshold of data required to calculate accurate findings about a particular geography. However, we do update the data each week so while the data point may not be there one week, it could very well be there the next, if we receive more data for the area or particular time period.

Q. Why is the graph I am looking at so jagged?

A. Data in smaller geographical areas, such as a ZIP code or neighborhood, has the potential to be more volatile due to fewer representative homes and transactions. When looking at these statistics to determine housing trends for a particular area, it is more reliable to look at year-over-year statistics versus a shorter period like month-over-month, as tracking over an extended period of time allows for a better understanding of trends and eliminates seasonal variables.

Q. Why do you have data for one time frame (MoM, QoQ and YoY) but not another?

A. Typically data is unavailable in a particular time frame because we currently do not have enough data in either the preceding or current time point to calculate. We do update the data each week so while the data point may not be there one week, it could very well be there the next.

Q. What time period is covered in the data?

A. The data is a compilation of all data up until the date listed on the time stamp just under the table. As we receive additional data for the time period prior to the date stamp, it is added weekly.

Q. Why did you have data for my ZIP code/city/metro area in the past but now it is gone?

A. To report on new data we must reach a threshold of accuracy to report on the data point. If the threshold has not been met, we will not report on the data until it has. If there is insufficient data for us to calculate current statistics, we will leave them blank. If the data was there before, it was because we had more data for the past time period. We do update the site every week, however, and if we receive more data, we will add the statistics back to the site.

Q. What is the difference between 'Homes Foreclosed' and 'Foreclosure Re-sales'?

A. 'Homes Foreclosed' is when the home owner surrenders ownership, and this can happen in two ways. It can occur when the home is forfeited by the homeowner to the bank or, in the case of a Sherriff's Sale, when a third party buys the home at an on-site or courthouse auction.
The Foreclosure Re-sales metric captures mostly sales of bank-owned homes. These are the transactions in which the bank sells the home within one year of the home's foreclosure date. Foreclosure Re-sales also capture the less common situation in which the third party who bought the home at a Sherriff's Sale is the seller.

Q. Are foreclosures included in the Zillow Home Value Index?

A. No, foreclosures (when a homeowner loses their home to a lender) are excluded. We also exclude the sales of REOs (real estate owned by banks). These homes, with the bank as the seller, often sell for a lower price than a typical home.

Q. Why don't you include foreclosures in the Zillow Home Value Index?

A. Our data is meant to give a general indication of the value of their home were they to sell it on the open market, not have it foreclosed upon. If we combined both foreclosures and non-foreclosures into a single metric, we don't believe we'd provide good insight into either market.

In many areas today, if you include foreclosures in a single metric, you're underestimating the decline in value of foreclosed homes and overestimating the decline in value of non-foreclosure homes.

However, since foreclosures exert downward pressure on the prices of non-foreclosure homes nearby, and those sales prices are included when we factor our Zestimates, the influence of foreclosures can be seen in our data.

Check out our blog post on the influence of foreclosures on home value indexes.

Metric Definitions

Zillow Home Value Index (ZHVI):

Median (mid-point) of all Zestimates in a geographic region. Half of the Zestimates are above this number and half are below it.
Reported monthly and compiled from data dating back to 1996. The historical Zillow Home Value Index is re-computed twice a month.

List price ($):

Median (mid-point) of the listing price of all homes during the reporting period. This includes listings that have been in the Zillow database for at least one day.
Reported monthly and compiled from data dating back to October 1, 2008.

Sale price ($):

The median sale price of all homes (including foreclosed homes) in a given geography. Half the homes sold above this number and half sold below.
Reported monthly and compiled from data dating back to 1996. Each data point is a weighted average of the value in the prior three months (with the most recent month weighted highest). The historical median sold price is re-computed twice a month.

Days listed on Zillow:

Median (mid-point) number of days for-sale homes in a given geography are listed on Zillow. To be included in this data point, a home must have been listed for sale on Zillow for at least one day during the reporting period.
Reported monthly and compiled from data dating back to October 1, 2008.

Homes for sale on Zillow:

The number of homes appearing in the Zillow listing database for at least one day during the reporting period. This includes 'For Sale by Owner' and foreclosure listings.
Reported monthly and compiled from data dating back to October 1, 2008. The historical homes-for-sale data point is re-computed twice a month.

Total homes sold:

The number of homes sold in a given geography.
Reported monthly and compiled from data dating back to 1996. The historical number of homes sold is re-computed twice a month. Each data point is a weighted average of the value in the prior three months (with the most recent month weighted highest).

Value per Square Foot ($):

Individual values per square foot are computed by dividing the home's Zestimate by the square footage. This metric measures the median (mid-point) of all these values in a given geography.
Reported monthly and compiled from data dating back to 1996. The historical value per square foot is re-computed twice a month.

List price per square foot ($):

Median (mid-point) price per square foot for all listed homes in a given geography (individual price per square foot is computed by dividing the latest listing price of a home by the square footage).
Reported monthly and compiled from data dating back to October 1, 2008.

Sale price per square foot ($):

Sold price per square foot for individual homes is computed by dividing the home's Zestimate by the square footage. This metric measures the median.
Reported monthly and compiled from data dating back to 1996. Each data point is a weighted average of the value in the prior three months (with the most recent month weighted highest). The historical median sold price per square foot is re-computed twice a month.

List-to-sale price ratio:

The median (mid-point) of the ratio between the list price at the time of the transaction and the final sale price of the home for all Zillow listings which have sold in a given geography.
Reported monthly and compiled from data dating back to October 1, 2008. Each data point is a weighted average of the value in the prior three months (with the most recent month weighted highest). The historical median list-to-sale price ratio is re-computed twice a month.

Listings with price cut (%):

The percent of all for-sale home listings in a given geography that currently have a reduced price from the maximum listing price of the three preceding months.
Reported monthly and compiled from data dating back to October 1, 2008. The historical percent of homes with price reductions is re-computed twice a month.

Amount of price cut (%):

The median (mid-point) percentage of all reductions in the listing price of for-sale homes in the reporting period for a given area. Based on for-sale listings on Zillow.
Reported monthly and compiled from data dating back to October 1, 2008. The historical median percent of price reduction is re-computed twice a month.

Sold for loss (%):

The percentage of homes in a given geography that sold for less than the previous purchase price. This excludes foreclosed homes and sales and the consecutive sale of the foreclosed home.
Reported monthly and compiled from data dating back to 1998. Each data point is a weighted average of the value in the prior three months (with the most recent month weighted highest). The historical percent of homes sold for a loss is re-computed twice a month.

Sold for gain(%):

The percentage of homes in a given geography that sold for more than the previous purchase price. This excludes foreclosed homes and sales that occur within a year of a foreclosure (i.e. , sales of bank-owned homes).
Reported monthly and compiled from data dating back to 1998. Each data point is a weighted average of the value in the prior three months (with the most recent month weighted highest). The historical percent of homes sold for a gain is re-computed twice a month.

Homes foreclosed (%):

The percentage of all homes in a given geography that have been foreclosed on in a given month. A foreclosure is when a homeowner loses their home to their lending institution or if it is sold to a third party at an auction.
Reported monthly and compiled from data dating back to 1998. Each data point is a weighted average of the value in the prior three months (with the most recent month weighted highest). The historical percent of homes foreclosed is re-computed twice a month.

Foreclosure re-sales (%):

The percentage of sales in a given geography that were foreclosure re-sales (a sale of a home that occurred within 12 months after the home was foreclosed). This metric captures mostly bank-owned sales.
Reported monthly and compiled from data dating back to 1998. Each data point is a weighted average of the value in the prior three months (with the most recent month weighted highest). The historical percent of foreclosure re-sales is re-computed twice a month.

Down payment ($):

The median (mid-point) dollar amount of all down payments made at the time of a home sale.
Reported monthly and compiled from data dating back to 1998. Each data point is a weighted average of the value in the prior three months (with the most recent month weighted highest). The historical median down payment is re-computed twice a month.

Down payment (%):

The median (mid-point) percentage of all down payments made at the time of a home sale, as a percentage of the total sale price (e.g., a down payment of $20k on a $100k home is a down payment of 20%).
Reported monthly and compiled from data dating back to 1998. Each data point is a weighted average of the value in the prior three months (with the most recent month weighted highest). The historical median down payment percentage is re-computed twice a month.

Increasing values (%):

The percentage of all homes in a given geography that have increased in value in the past 12 months (current Zestimate is higher than Zestimate 12 months ago).
Reported monthly and compiled from data dating back to 1998. The historical percent of homes with decreasing values is re-computed twice a month.

Decreasing values (%):

The percentage of all homes in a given geography that have decreased in value in the past 12 months (current Zestimate is lower than Zestimate 12 months ago).
Reported monthly and compiled from data dating back to 1998. The historical percent of homes with decreasing values is re-computed twice a month.

Sold in past year (%):

The percentage of all homes in a given geography that were sold in the past 12 months (i.e., the annual turnover rate of homes).
Reported monthly and compiled from data dating back to 1998. The historical turnover is re-computed twice a month.

1 reply

Punching Up the Home? Don't Beat Up the Wallet

Thu, 30 Apr 2009 22:32:00 GMT

Did you know your home's also a savings account? There are all kinds of inexpensive things you can do to protect and enhance its value. Here some idea starters:

Pull the old switcheroo - Try switching everything around. Re-arranging rooms, rotating pitcutres/artwork, etc., jazzes up any place. And it only costs a little sweat equity on your part.
One word: Declutter - It's OK to hoard money. Magazines, calendars, and shoeboxes? Not so much. Get rid of junk to reclaim precious square footage and pretty up the house.
Swap out pulls, knobs and other thingies - For a few bucks, you can refresh rooms with decorative switch plates, drawer pulls, doorknobs and such. Or hit the junk shops and get something funky for even less.
A little outside trim work goes a long way - Slap some exterior paint (2 gallons = $60) on the window frames, front door, and shutters. $100 can get you new light fixtures, vent covers, and house numbers.
No paint goes unused - Leftover paint's perfect for rehabbing old patio furniture, decorating flower pots and whitewashing a wooden fence. Use every drop.
No weed goes unpulled - Spread a few bags of mulch around, trim hedges, plant some flowers - and yes, pull weeds. Sorry, dandelions don't count as flowers.

New bathrooms/kitchens aside, you don't have to drop much to enhance your home's value. Do it to keep your house mean and clean should you ever want to sell it. Or just because you like your house.

1 reply

Zillow Home Value Index Compared to Case-Shiller

Thu, 02 Apr 2009 17:50:00 GMT

While the Zillow Home Value Index has become an important tool in understanding housing markets, it is by no means the only such index. Standard&Poor's Case-Shiller Home Price Index is another oft-quoted index. Some differences that exist between the Zillow Home Value Index and the Case-Shiller Index are outlined below.

First, some background on the S&P/Case-Shiller Home Price Index. This index uses a weighted repeat sales methodology originally conceived in the 1960s and subsequently elaborated upon by Professors Karl Case (currently at Wellesley) and Robert Shiller (currently at Yale). This methodology represented a significant improvement over the more conventional median sale price. The median sale price has proven to be problematic because it is heavily influenced by the types of homes that are selling at a given time. Specifically, the median sale price captures both the change in home values (which it intends to measure) as well as the change in the price distribution of sold homes (which it doesn't want to measure). This means that the median sale price can change if there is a shift in the price distribution of sold homes (e.g., lower priced homes sell disproportionately more than higher priced homes) even if the actual price level of all homes remains the same. This property of the median sale price makes it a less than ideal measure of home price levels (median sale price is discussed in a separate article here). The repeat sales approach addresses these shortcomings by looking at the price change between repeat sales of the same home versus simply looking at the sale prices of homes sold in a given period of time.

While the repeat sales methodology is an improvement over the median sale price, one important limitation of indexes employing this approach is that they are based, by definition, on the set of homes that have sold at least twice. As such, they inherently exclude all new construction, which can account for more than 10 percent of real estate transactions. Moreover, the set of homes used in the construction of the index will tend to represent older homes since a home must have sold at least twice in order to be included in the computation of the index.

Another important aspect of the Case-Shiller Index specifically is that it includes foreclosure sales in its calculations. Since foreclosure homes will typically sell for a significantly lower price than non-foreclosure homes, this can lead one to conclude that real estate depreciation is greater than is actually the case if one is interested in looking at price trends for only non-foreclosure homes. Since the foreclosure and non-foreclosure markets are actually two distinct markets for homes, an index that blends the two types of transactions obscures the changes of both markets (for more details see the blog post here).

The Zillow Home Value Index (ZHVI) takes a different approach to creating a market index. Zillow generates valuations several times a week on more than 70 million homes, or roughly three out of four homes in the U.S., and calculates historical values dating back to 1997 (thus creating over 13 billion Zestimates).

This complicated process allows Zillow to aggregate these house-level valuations into indexes (the ZHVI) at the neighborhood, ZIP code, city, county, metro area and national levels. The ZHVI eliminates the bias present in median sale prices by looking at the value of all homes in a region, not just those homes that sold. The statistical models underlying the Zestimates control for the mix of housing for sale by finding patterns in the types of homes that are selling (no matter how unrepresentative of the overall set of homes) and then applying these patterns to all homes. For example, if only a few homes of a certain type sell in a given period, the models can extract the information from those sales and apply it to all homes of that type.

An important property of the Zillow Zestimate valuation that allows them to be aggregated into a very accurate and reliable ZHVI is that they have relatively little systematic error meaning that, while each Zestimate has some margin of error, they are just as likely to be above the actual sale price of a home as below. This means that individual estimates, each with some error, can be aggregated to form a quite accurate measure of all homes. What little systematic error does creep into the Zestimates is removed from all historical data series when the ZHVI is calculated at a local or national level. The statistical reasoning that supports this approach is that it is generally preferable to have estimates (each with some known and symmetrical margin of error) on the full population of homes (the ZHVI) than it is to have actual values for a biased subset of homes (the median sale price).

Two other important differences between the Case-Shiller Index and the ZHVI are coverage and latency. Regarding coverage, the ZHVI is reported for more than 160 metropolitan areas, whereas Case-Shiller reports on 20 higher-level metropolitan areas (although the national Case-Shiller Index uses data from about 100 metropolitan areas). Regarding latency, Case-Shiller releases reports on a monthly basis with a two-month data lag (e.g., data through January comes out in March). Zestimates and ZHVIs are published multiple times per week on Zillow.com, and our full Real Estate Market Reports are generally released just over a month after the close of the quarter. You can always check out the ZHVI for your ZIP code, neighborhood, city, state or U.S. by clicking on the "Zestimate and Charts" link on any home details page.

In terms of empirical comparison, the graph above compares year-over-year changes in market values for Case-Shiller and the ZHVI between February 2003 and the end of 2008 on a national basis. The two indexes track each other fairly closely until 2007, at which point they begin to diverge somewhat. This divergence is largely attributable to foreclosure transactions being included in the Case-Shiller Index but excluded from the ZHVI. As foreclosure rates increased significantly in late 2007, the Case-Shiller Index begins to be pulled down by these sales. If one is interested in knowing the change in home values irrespective of the type of transaction (foreclosure versus non-foreclosure), then the Case-Shiller Index provides some insight. If, however, one is interested in knowing the change in home values for homes sold outside of foreclosure, then the Case-Shiller Index gives an overly pessimistic picture of that market. The ZHVI is designed to provide insight into this latter market specifically.

The table below compares the December 2008 year-over-year change in the Case-Shiller Index to that of the ZHVI. The Case-Shiller numbers are uniformly lower than the ZHVI, particularly in areas with either high rates of foreclosures or where there is a large difference between the median prices of foreclosures and non-foreclosures (indicated by a lower ratio of foreclosure to non-foreclosure prices).

1 reply

Where to get foreclosure help

Fri, 30 Jan 2009 21:53:00 GMT

If you or someone you know is at risk of foreclosure, here are some programs that can help.

HUD -- Guide to Avoiding Foreclosure
Overall information on avoiding foreclosure, what to do if you are in foreclosure, working with a lender and resources for renters.

Find a HUD office near you
Call HUD at (202) 708-1112

HOPE Now
Alliance between HUD-approved counseling agents, servicers, investors and other mortgage market participants that provides free foreclosure prevention assistance.

Read FAQs about HOPE Now
Call 888-995-4673

HOPE for Homeowners (H4H) Program
This program was created by Congress to help those at risk of default and foreclosure to refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes.

The program is effective from October 1, 2008 to September 30, 2011.

Contact your existing lender or a new lender to discuss how you may qualify for the H4H program. FHA lender finder.
Read details on the HOPE for Homeowners program
Call 800-225-5342 or visit www.hud.gov.

Keep Your Home. Know Your Loan
This HUD-sponsored service identifies housing counseling agencies throughout the U.S. that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages.

Find a HUD-approved counseling agency in your state
Call (877) HUD-1515 (1-877-483-1515)
Read details on the Keep Your Home. Know Your Loan

Bank of America/Countrywide Financial Assistance
Programs to help qualified borrowers stay in their homes. If you are behind on your mortgage payment, or think you may fall behind due to financial hardship, call to see if you qualify for help.

Call 1-800-669-6607
Read about Countrywide National Home Ownership Retention Program

FDIC Loan Modification Program for IndyMac Loans
If you have an IndyMac loan, check to see if you are eligible for a loan modification online. Loan number and Social Security number are required.

Loan modification portal
Call 1-877-908-4357
Other IndyMac solutions for mortgage problems

1 reply

How to Value a House

Wed, 03 Dec 2008 01:25:00 GMT

Two things to consider in valuing a home are, first, how does it compare to similar homes that have sold recently? Is the asking price fair? And second, what value do you place on the advertised features and amenities? Yes, other people might value them highly - but do you?

The Zestimate home valuation is a good starting point in figuring out the value of a home. It shows you how the home is relative to other homes in the area, but you need to add in all the things that only someone who has seen the house knows. You can do that using My Estimator, and then you create your own estimate and see how it stacks up against the asking price.

Looking at "Comps"

Knowing whether an asking price is fair will be important when you're ready to make an offer on a house. It will be even more important when your mortgage lender hires an appraiser to determine whether the house is worth the loan you're after.

Check on Zillow.com to see recent sales of homes in the area that are similar, or comparable, to what you're looking for. Print them out and keep these "comps" in your three-ring binder; you'll be referring to them quite a bit.

Note that "recent sales" usually means within the last six months. A sales price from a year ago probably bears little or no relation to what is going on in your area right now. In fact, some lenders will not accept comps older than three months.

Market activity also determines how easy or difficult it is to find accurate comps. In a "hot" or busy market, with sales happening all the time, you're likely to have lots of comps to choose from. In a less active market finding reasonable comps becomes harder. And if the home you're looking at has special design features, finding a comparable property is harder still. It's also necessary to know what's going on in a given sub-segment. Maybe large, high-end homes are selling like hotcakes, but owners of smaller houses are staying put, or vice versa.

Real Life Example

Who: A brother and sister were looking for a house to buy together in Honolulu a few years ago.

Circumstances: They wanted a place with room for their mother as well as for the brother and his wife to live.

The house: They found a good candidate near the university, tucked away with a few other small homes in an area surrounded by mid-rise apartment buildings.

The dilemma: Their agent (and, later, the bank's appraiser) had a difficult time finding comparable properties. Even though the housing market in Hawaii was jumping, none of the other small, older homes in the neighborhood had been sold recently, and no others were being offered for sale. However, the siblings had been house-hunting for several weeks and believed the asking price was fair.

Solution: The bank's appraiser had to search for sales in other neighborhoods of about the same age and to make a number of allowances in order to place a value on the house. As it happened, the final appraised value was quite satisfactory to the bank.

Critical Elements

The elements most critical to an accurate comparison are:

Area or location. Although the ideal comps will be right in the same neighborhood as the house you're interested in, it may be necessary to go farther afield, to a generally similar neighborhood, with homes that were built at about the same time. The more familiar you are with the characteristics that distinguish one neighborhood from another - and the more familiar with the state of the housing market in these areas - the better you'll be able to judge whether the comps are truly fair comparisons.

Amenities. Does your target house have a pool? A great view? An extra, or "bonus," room, such as an in-law or guest suite over the garage?

Size. The number of rooms, the total square footage of the house, the size of the garage, and the size of the lot all make a difference in finding good comps.

Age of the house. Generally appraisers like to compare homes of similar age, since they will usually have similar amenities. (Of course, a house built in 1950 and completely remodeled in 1999 is not strictly comparable to a house built in 1950 but never remodeled. See My Estimator to adjust for these situations.)

Sometimes unknown or unexpected circumstances can skew prices:

If a home sale was the result of a divorce or death, for example, the seller(s) might have accepted a lower price just to get the deal over with. If the sale price of a comp looks unusually low (or high), see if you or your agent can find out more about it.

Factors well beyond your control - actions by the Federal Reserve Board, national and international events (read: elections, wars, oil prices) -can cause housing prices to rise or fall significantly in a matter of weeks. While it's tempting to think you might be able to "time the market," it's probably better for your mental health just to roll with the punches and accept that last month's buyers' market is gone and sellers have advantage.

What's It Worth to You?

If you're working with an agent, you may find yourself experiencing some upward pressure: "Yes, it's priced a little higher than you were looking for, but it's got [ pick one: an extra bedroom, a really great backyard, a family room, a pool]."

To be fair, first-time buyers, and even experienced buyers, can apply this pressure all by themselves: "Gee, look at this one: for just a little bit more we could get ..."

Amenities such as new wall-to-wall carpet or a swimming pool might be a real selling point for some buyers. If you're not one of them, you need to make this clear to your agent.

For one thing, you'll establish that you're serious about your budget. It will also help the agent negotiate for you later. If the seller can find another buyer who appreciates those features, more power to him. The point is that for you the new carpet is actually a negative if you'll want tear it out to get to the hardwood floor underneath.

Also, be sure to compare the listing description to what you see. Is everything there that was promised? Question anything that's not clear. Sometimes a listing will say something like, "square footage doesn't match tax records." What does that mean, exactly? Is there an addition that was made without permits, for example? That might be okay for now, but how will that affect re-sale value of the home?

How to Prepare for a Rainy Day

Wed, 03 Dec 2008 01:01:00 GMT

Unexpected events are a natural part of life and can happen to anyone at any time--like a job change, car troubles, or health issues. And even though we can't control things at all times, we can take measures to become financially prepared for unexpected times of emergency.

How Much Should I Set Aside?

Generally, you should have enough money to cover your living expenses for at least three months. If your job is less secure, if the economy is weakening and job layoffs are increasing, or if you are self-employed, then it's probably safer to have closer to six months' worth or more saved.

If you have other resources that you could tap into beyond your emergency fund, you can adjust how much you need to save accordingly. For example, if you have retirement savings that you could borrow from, or friends and family that could lend you the money, then perhaps only three months of emergency funds is necessary. Just remember that some accounts such as 401Ks may charge penalty fees for borrowing against them or cashing them out.

Where Do I Get the Money From?

When you are faced with an unexpected expense, the good news is that you have several options. The money you've invested in your home can help cover unpredicted situations. Starting a savings account, refinancing your mortgage or getting a home equity line of credit (HELOC) are a few ways to get you through these sudden times.

Start Saving

Creating a budget will be key in stashing those extra needed dollars. The easiest way to get the ball rolling is to tuck away a little at a time. It may not always be possible to save extra cash, but cutting back on unnecessary spending can help you along the way.

Home Equity Line of Credit (HELOC)

With a HELOC, your lender gives you a line of credit which functions much like a credit card in that you draw upon the account when you need; you also make payments when you draw on it. You receive either a set of checks or a plastic card that gives you access to your line of credit. You are not required to take any money up front and you can draw on the credit line at any time during the draw period. Use a home equity calculator to help you determine how much of your homes equity is accessible to you.

Life isn't predictable and it's a good idea to be prepared. So start thinking about ways you can save money. If you're currently experiencing a financial emergency and haven't saved anything yet, then tapping into your home equity can help get you out of a tight situation. If you start small and tuck a little away from each paycheck, then when life's unexpected events occur, you will come out on top!

Refinancing

Refinancing your existing mortgage is another way to get you on your way to saving for a rainy day. You can refinance your mortgage to lower the interest rate, thus lowering your monthly payment. The less you have to pay toward your mortgage, the more disposable income you'll have to stash away. Use a mortgage calculator to help you determine how you can lower your interest rate and monthly mortgage payment.

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How To Find Out What Is In Your Credit Report

Tue, 02 Dec 2008 23:21:00 GMT

Anyone who has ever had a bank account, mortgage, credit card, car loan, or account with a retail store will invariably have a credit rating. Most information in your credit rating comes from companies you have credit with, as well as from certain public records such as tax liens, bankruptcies, judgments and lawsuits. It is important to know and understand your credit rating, how the information is compiled, and how it affects your ability to acquire a loan for your new home.

Credit reports are usually divided into five sections:
1. Your credit history.
2. Who has reviewed your credit history.
3. Information you have provided for the credit company.
4. Specific identification information about you.
5. Explanatory notes and comments.

Different states have different requirements and it is important that you check on what applies to you. There are three major credit-reporting agencies, Trans Union, Experian and Equifax.

Your real estate agent can recommend a reputable mortgage lender who has the reputation of providing excellent service and good rates. This lender will be able to immediately pull your credit report for your review and can make recommendations of how to make it better. The better your credit score, the higher your credit rating will be.

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Homeowner's Insurance for the Buyer

Mon, 01 Dec 2008 22:14:00 GMT

Ready to buy a home? One of the lender’s conditions for loaning you money is that you buy a homeowner’s insurance policy, also called hazard insurance. You must bring proof to closing that you have insurance in effect and that it’s paid for 12 months, or your loan won’t close.

What is proof? Your policy declarations page, which shows the time your insurance went into effect, the policy period, and the cost for 12 months. So bring either your whole policy or just the declarations page to closing. In addition, you’ll need a receipt or letter from the insurance company to prove you’ve paid the bill.

It's Just Protection

The reason the lender requires insurance is to protect his interest if catastrophe strikes. For example, if your home is destroyed by fire, he knows the mortgage will be repaid from the insurance proceeds.

But even if you didn’t have a lender, you should insure your home. It’s a major investment that contains all your worldly possessions. Just imagine what it would cost to replace them.

You also need to protect yourself against lawsuits if someone is injured or worse on your property. Let’s say you hire a neighbor kid to help you clean debris from the roof after a windstorm and he falls off and breaks an arm and ankle. If his parents are the type to file a lawsuit, perhaps claiming his future athletic career just ended, you could find yourself needing an attorney and fighting for your very house and retirement savings.

Where It Is

So how do you find the insurance to protect yourself and all you own? Many companies offer homeowner’s insurance. You will need to research and follow through on it prior to closing your home purchase.

Ask family, friends, and co-workers for insurance company references. Also ask what their experience has been. We’ve all heard stories about someone making a claim against a policy only to find their rates shooting up or the policy cancelled.
Contact your state insurance office, which may have helpful consumer materials including information on consumer complaints.
Explore online sources of information describing ways to save on your homeowner’s policy. Discounts are given for many reasons, including having smoke and burglar alarms and having more than one policy with the same company — auto insurance, for example.
Know what insurance you need. The experts agree on these basics:

Your best bet is guaranteed replacement cost coverage, not an actual cash value replacement policy. An actual cash value policy covers the value at a depreciated rate.
Ask about and understand the personal property protection offered. You may be able to get a personal property replacement guarantee as part of your basic policy. If not, ask if the company offers that feature as an add-on, called a rider. Again, the value of your used possessions is less than the cost of replacing them.
The amount of liability coverage you need depends on your personal worth and circumstances. The more you’re worth, which is to say the deeper your pockets, the more you have to lose if you’re sued. Some experts say you need coverage equal to double your assets. There are excess-liability policies available for those who need the protection.
Some possessions may need to be insured on separate riders. Say, for example, that you inherited a collection of antique tea cups that appraise at $50,000. They need a separate rider.
Standard homeowner policies do not insure against floods, earthquakes, hurricanes, or wildfires, among other things. If your house is in a flood plain, your lender will require flood insurance. Otherwise, specific hazard insurance is up to you and will require riders separate from your basic policy.

Buyer's Tip: You need to do research and buy homeowner’s insurance far enough in advance that it is in effect by closing day and you have proof in hand.

Next article: Explaining Escrow for Buyers

Previous article: Title Insurance for the Buyer

Homeowner's Insurance

Mon, 01 Dec 2008 22:14:00 GMT

Provides damage protection for your home and personal property from a variety of events, including fire, lightning, burglary, vandalism, storms, explosions, and more. All homeowner's insurance policies contain personal liability coverage, which protects against lawsuits involving injuries that occur on and off your property. It is required by most lenders.

Home Repairs and Touch-ups

Mon, 01 Dec 2008 22:08:00 GMT

Ever been to an open house where the first thing you notice is a torn window screen or a wobbly porch railing? What about squeaky doors, dripping faucets, and lights that don’t come on when you flick the switch?

Along with top-to-bottom cleaning, the most important and cost-effective thing you can do to ready a home for the market is to make all the minor repairs you’ve been putting off for years. Sure you’ve learned to live with the balky front door lock: "Just insert the key, jiggle left slightly, then right, then twist left again." But when the first thing a would-be buyer notices is that her real estate agent has a tough time unlocking the door, your home has already lost luster.

Undertaking major projects like adding another bathroom or remodeling the kitchen may or may not be a smart move for sellers. But making the necessary repairs to bring the house into perfect working condition is mandatory. If buyers see that the seller didn’t care enough about the little things, it’s easy to conclude that the seller also has a lackadaisical approach to more important maintenance, such as roof and foundation repair. No one wants to buy a home that looks like it might need immediate — and expensive — repairs.

Real Life Example

Who: A potential buyer
The quote: “I didn't like considering places requiring immediate steps before we could move in and about which we thought, ‘How could they have lived with that without fixing it?’ One house in particular comes to mind that had the absolute worst old olive green shag carpet. Even if they had pulled it up and put in a very cheap, clean, and neutral carpet it would have shown much better.”

Besides making every single obvious repair, sellers should make easy touch-ups that will add value to their home. Paint the front door. Get rid of the dingy wallpaper in the study. Repaint the interior off-white. (White makes rooms look spacious and new.) If your mailbox and front gate aren’t perfect, replace them. Curb appeal is important and if the front of your house isn’t inviting, some would-be buyers won’t bother to stop.

Water stains anywhere in a house are red flags to buyers. Find water stains. Make the repairs. Repaint or whatever it takes to make the stains disappear. You must be honest about the fact that you’ve had water damage anywhere in the house (see Tell All: Disclosures for the Seller). But if the topic comes up tell the would-be buyers exactly what you did to fix the problem and have receipts from repair companies or contractors on hand as evidence.

If your roof really and truly is a mess and beyond repair, you’re going to have to replace it. It will cost from $5,000 to $15,000, more or less, depending on where you live and how big the house is. But replacing a roof is the kind of messy, irritating repair work that no one wants to undertake just after moving into a new home. A new roof — if you really need one — is one sure way to send the message that your home is worth the asking price.

Next article: House Repair Checklist

Previous article: Clean It Up Before Selling

Home Equity Management

Mon, 01 Dec 2008 21:35:00 GMT

Using the equity in your home to generate wealth has been a popular topic within mortgage circles the past few years. Spurred by the popular book "Missed Fortune 101" by Douglas Andrew, many mortgage professionals are advising their clients on how to best manage the equity in their homes.

This strategy can yield results for the right person within the right context. It can even be a way to funding your retirement or achieving other long term financial goals.

The Concept of Equity Management

The main concept behind home equity management is that you invest the "cash" that is trapped in your home to generate more wealth. If done correctly, this cash should generate enough returns wherein your mortgage debt is easily payable at any given moment. This renders your debt "meaningless" and frees you to pursue your investments more aggressively.

The underlying perspective is that your home will appreciate regardless of whether you payoff the mortgage or not. Hence, there is little monetary reason to pay off the debt. Rather, it is better to utilize that cash towards a more profitable investment. It basically comes down to whether you would rather invest in a zero yield bond (which is your home) or invest in a more profitable venture (the S&P 500 has posted an average 10.5% per year gain over the past 70 years).

Two Methods

There are two ways to utilize the equity in your home. The first is to pull out the equity you already have in your home and invest it in a higher return investment. This strategy works due to arbitrage - the difference in the return on money and the cost of money - the exact idea banks use to make money on deposits. Some investors are more aggressive than others in using this method, but it is generally a good idea to keep at least 6-12 months of the fully amortized payment in a readily accessible reserve account, to protect against fluctuations in the market.

The second less aggressive way to use the equity in your home is to obtain an interest only mortgage. You then invest the amount you would have paid in principal. I say this is less aggressive because you don't have the risk a large sum at a single instance. Some investors use negative amortization loans, or "Option ARM" loans in this way by paying the minimum payment on their mortgage and investing the difference, including principal and interest, into a higher-yield vehicle.

There are situations where both methods can be employed to achieve an even greater return on your investment.

Where do I start?

As I mentioned before, this strategy is not for everyone.This strategy is successful only if you are already disciplined in your finances and have a history of making sound financial decisions. This does not mean that you can not learn to use this strategy effectively to your advantage.

Certain real estate companies help their clients in making the right decisions in these kinds of investments. Proper equity management is a key element of financial responsibility, but it should not be attempted without professional help.

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Home Equity Fraud

Mon, 01 Dec 2008 21:09:00 GMT

Before signing on the dotted line, it's important to learn about and recognize the warning signs of the two most common types of predatory lending: equity stripping and equity flipping.

Home Equity "Stripping"

Banks and other lenders are in the business of making large profits on the money you borrow for your home. That's just business, but some unscrupulous financial organizations may encourage you to leverage yourself beyond your means. Also known as home equity liquidation or collateral stripping, there are many terms for the same thing: taking cash out of your home. If you have trouble making monthly mortgage payments, applying for additional credit against your home is not a good idea.

It's referred to as equity stripping partly because the lender will take away your home and strip you of all the equity you have built. Here's a good rule of thumb: If a lender tries to talk you into falsifying information, such as the source of your down payment, or exaggerating your income to qualify for a larger loan, it's time to get another lender. You have invested in real estate for the long term, and so should your lender.

Home Equity Lines of Credit (HELOCs) are one of the most widely used forms of equity stripping. This is an attractive option to get the cash you need - particularly since the interest is tax-deductible -- but it is important to know how much borrowed money you can afford and at what rate. Before you take money out, consider your alternatives, which include a traditional second mortgage or a low-or-no-interest account from a credit card company. One recent HELOC shopper found that a 0% APR for 12 months from a reputable credit card company was the perfect solution for the new roof she needed.

There are many good reasons to take money out of your greatest asset -- home improvements, your children's education, starting a business -- but knowing what you can afford and not being pressured into over-extending yourself is key.

Home Equity "Flipping"

What "churn" was in the '80s and '90s stock market boom, "flipping" is to the current surging home loan business. Just as stock brokers were happy to keep buying and selling your stocks (since they were getting a commission on every purchase and sale), the lenders who encourage their customers to flip their existing home loan (even though the customer may have a more favorable rate currently - and for a shorter loan period) take points and fees for themselves. This adds up to higher interest rates and an even larger loan amount for you.

Since lenders make money on transactions, some lenders will try to convince you that you are getting a better deal by refinancing over and over. They will also use turns of phrase like "Let your home start working for you." The problem is that these flipping tactics are loaded with fees and hidden terms. In most instances, the real winner is the lender. This scheme is more insidious than most, as the full financial impact of this constant "flipping" is not felt right away - sometimes not until you have been refinanced out of your home.

Reporting Possible Fraud

If you suspect fraud, inform your lender. File a complaint with your state Attorney General's office or state banking regulatory agency, and the Federal Trade Commission (FTC). Contact them online at http://www.ftc.gov or by phone at 1-877-FTC-HELP (1-877-382-4357).

Educate Yourself

The Federal Trade Commission has provided these helpful articles to help you identify fraud and identity theft:

Tips on Selecting a Real Estate Professional: http://www.ftc.gov/bcp/co ... state.htm
Types of Mortgage Fraud: http://www.ftc.gov/bcp/co ... tgage.htm
Avoiding Home Equity Scams: http://www.ftc.gov/bcp/co ... scams.htm
Fighting Back Against ID Theft: http://www.ftc.gov/bcp/ed ... s/idtheft

Another helpful article is from the Better Business Bureau, titled, "Beware of Predatory Practices in Home Mortgage Lending." http://www.bbb.org/alerts ... sp?ID=240

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Who Will Take Care Of Abandoned Foreclosure Pets

Mon, 01 Dec 2008 04:15:00 GMT

It’s a disconcerting outcome of the increasing incidents of foreclosures that more and more pets are being abandoned by their owners. Some homeowners are considerate enough to drop the the pets off at animal shelters. However, due to overcrowding at these shelters, about 50% of all incoming animals are being put to death. But some homeowners aren’t even human enough to leave their pets at the shelters!

These pets, who are the casualty of repossessed homes, are left indoors many a time -- sometimes without food or water. Dog health care experts say that a dog gets dehydrated within 24 hours due to lack of water and extreme heat can kill them in 2-4 days. Much like humans, pets such as dogs and cats can survive without food for days but are most likely to die quickly due to lack of drinking water.

But there is much you can do to help these stray pets. Adopt, if you can. You and many like you can adopt these abandoned pets and give them a new and healthy home and a new lease of life!

If there are foreclosed homes in your neighborhood, physically visit the property, once the owner has moved out, to check if any pet/s have been left behind indoors or in the backyard. If you find one, make a call to the local humane society to get more information on ways to rescue the pet. In case you don’t want to inspect the vacated foreclosure yourself, ask your local real estate agent to inspect the property for any abandoned pets.

If you won’t speak up for these helpless pets, who will? Think about it!

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Wet Basements

Mon, 01 Dec 2008 02:51:00 GMT

A wet basement is a very common problem. This is something that frequently worries buyers when selecting a new home. It is also an issue that sellers have to deal with, and should disclose to potential buyers. However, this usually can be fixed. Before putting their house on the market, sellers should attempt to correct the problem.

The first step in attempting to fix basement water problems is finding out the source of the water. Typically, water can come from leaking pipes, from outside sources such as rain and snow, or from underground. The method for waterproofing a basement will depend on the source of the water.

If water is present in a basement due to a leaking pipe, there is an easy fix. By identifying the location where water accumulates, a plumber can find surrounding pipes and inspect them for holes, cracks or loose connections, and then fix the leaking pipe. This is not a very expensive fix and will save sellers a lot of trouble during a sale.

If water is coming from outside sources, such as rain, homeowners should take measures to prevent water from getting too close to their foundation. There are a couple of options. Homeowners should inspect their gutters to make sure they are clean, and directing water away from the house through their downspouts. This is typically a problem during the Fall when leaves can accumulate inside gutters and clog them. Homeowners can always extend the downspouts further way from their house, minimizing the chances that water will come in. If your home is on a slope, where water could be coming towards your home from a driveway or even from the street, then you might need to grade your property in a way to prevent water from coming in. This is a more complicated solution and you may need an engineer's opinion.

If water is coming from underground, the solution can get a bit more expensive. The best way to correct this problem is to install a drain system under the basement floor or around the perimeter of the foundation. This is easier to do if a home is under construction. For existing homes it means breaking the basement floors or digging a lot of dirt around the home. This could be costly and messy. This drain system will direct water to a sum pump inside the basement, which in turn will pump the water out. This job should be left for a professional. Homeowners should hire a basement waterproofing company.

Regardless of the source of the water in a home's basement, it can usually be fixed. Homeowners should consider correcting the problem before marketing their home for sale. Water problems will discourage buyers from selecting your home, and can ultimately prevent you from selling. If a homeowner can't correct the problem, they must disclose it to potential buyers. They must inform buyers of this problem, including the frequency and amount of water present in their basement. Buyers interested in a house with water problems shouldn't necessarily be discouraged from buying. They should consult with a good home inspector and a waterproofing company. Then get an estimate of the cost to correct the problem. With this estimate in hands, potential buyers can negotiate with the sellers for either a credit at closing or a reduced sale price. Once buyers take ownership they can fix them problem themselves.

1 reply

Variable or Value Range Pricing for Homes

Mon, 01 Dec 2008 02:43:00 GMT

The use of variable range pricing versus fixed home pricing is a controversial issue in real estate. In some markets such as that in San Diego, it is a successful practice that has worked well in both seller's and buyer's markets. In other areas, the concept has not been well accepted.

How does variable or value range pricing work?

Real estate valuation is subjective and time-sensitive. A seller who wants to move quickly may price the home aggressively to attract the largest number of buyers. A leisurely seller, on the other hand, may wish to hold out for a higher price in spite of lengthier market time. Most sellers would like to have the best of both worlds and that is where variable range marketing works so well.

For example, let's say that a given home might sell for $429,000 at the bottom end of the range and $459,000 at the top end. Value or variable range pricing might range from $429,000 to $459,000. The added benefit of this pricing is that buyers looking on the internet for a home priced under $450,000 would now discover this home because the bottom end of its pricing range is less than $450,000. Of course, we always make sure our sellers would actually consider an offer at the lower end of the range before advertising it! To do otherwise would constitute misleading "bait and switch" advertising.

When working with out-of-area buyers who do no understand the concept, we suggest that they consider the pricing in context of market time and seller's circumstances. If the home has been on the market beyond a certain period of time, an offer in the lower range might be appropriate. On the other hand, if the home is well-priced and has much buyer interest, an offer toward the upper end of the range might be required.

Variable price ranges were very useful during hot seller's markets--especially when testing the upper range of pricing. The practice became useful once again in softening the price landing for these same sellers. It is a useful pricing tool for all markets, once buyers and sellers understand the concept.

Bear in mind that in many areas buyers are very put off by the variable pricing concept, considering it akin to the old "bait and switch" pricing plans. Be sure to be sensitive to your area's concerns before instituting any new or controversial pricing plans.

1 reply

Bugs- Be Gone

Mon, 01 Dec 2008 01:45:00 GMT

In the summertime, it's time to protect your home from those creepy crawly insects. Here are just a few things you can do to keep the bugs at bay.

Make sure any wood on the exterior of your home is finished or painted. Some bees prefer to nest in unfinished wood.
Check the exterior of your home regularly for wasp nests. They like to build them in places like soffits, underneath picnic tables, even inside barbecue grills!
Make sure you don't have dirt or firewood piled against the siding of your house or fence. Termites are attracted to areas like those. Also, make repairs to any water leaks and replace rotted wood right away.
Keep your food in sealed containers and keep your kitchen clean. Ants love any food that's been left out (including your pet's food), even traces of food from spills or dropped crumbs.
Seal all cracks and holes that would give bugs access to the inside of your house. Be sure to check crawlspaces and along the foundation.

If you suspect you have a bug problem, it's a good idea to call a professional. They can inspect your home, spray the perimeter, and remove those unwanted bugs and bug nests.

1 reply

Avoiding Foreclosure

Sat, 22 Nov 2008 00:11:00 GMT

Avoiding Foreclosure and Foreclosure Fraud

If you are someone who is headed towards foreclosure and think that is your only option, STOP, take a deep breath. And read on.

1. Talk with your lender. Most lenders DO NOT want to foreclose on your home! In fact, because it is such a hassle and an expense, they would rather avoid it all together.

2. Call a local real estate agent with a reputation in your community. There are multiple sources for help that a professional, ethical REALTOR would be aware of. And most would be more than willing to help you devise a plan that could help save your home, or at the very least, your equity.

3. There are agencies that may be able to help you get caught up. But beware! Make sure this is a licensed, reputable agency! Not just someone who has contacted you or knocked on your door. The U.S. Department of Housing and Urban Development maintains a list of HUD-approved counseling agencies.

4. Don't rule out the possibility of refinancing. Have your REALTOR refer you to a reputable mortgage loan officer to discuss the possibility of refinancing your current mortgage to a more affordable program.

5. Has your cost-of-living changed drastically? If you've experienced things such as unexpected medical costs, a loss of job, or decrease in wages, you may be able to qualify for a special forbearance. This is a new payment structure that will allow you to repay the lender within a certain time period.

Above all else, do not trust ANYONE who asks you to handle over your title, or promises you something for nothing. If it sounds too good to be true - IT IS. Ask for help from an ethical, professional, licensed, reputable real estate practitioner and agency. The last person you should deal with is some stranger who approaches you with an easy fix. Someone you don't know could take your title, your equity, and never be heard from again.

Assessed Values vs Appraised Values

Fri, 21 Nov 2008 23:39:00 GMT

Many people confuse assessments and appraisals. An assessment is the value placed on a property by the town or city's assessor's office for the purpose of determining the property tax due. An entire town will be assessed during a 4-12 month period with values determined by a team of qualified assistants after viewing properties and interviewing owners. The combined assessed value of all the town properties is then used to calculate what the tax rate will be. Each year the town may re-evaluate the tax rate to obtain the monies needed to run the town based on that combined assessed value. So tax rates may change from year to year but assessments usually do not. Only when assessed values become so outdated as to cause tremendous inequities between properties will a town reassess. The need to do a new assessment must warrant the expense. In some states, homes are reassessed each time they are transferred (sold), but that is not true in most New Hampshire towns.

An appraisal is a report done by an appraiser to determine value. The appraiser will use recently sold prices of similar properties making adjustments for differences between the subject property and the comparables. They will usually combine this "Market Approach" with a second method such as "Cost Approach" (determining the cost to rebuild) and/or "Income Apprcoach" (used on properties that produce income) to determine Value. Appraisals are done most commonly when a property is to be financed or refinanced, but may also be requested for a variety of other reasons.

Assessed value and appraised value will usually not be exactly the same on a property as the appraised value takes a snapshot in time and will be impacted by market activity.

1 reply

Zillow Home Value Index

Fri, 14 Nov 2008 23:54:00 GMT

The Zillow Home Value Index is Zillow's housing index. It is the median Zestimate for a given geography during a given time period.

Winter Home Maintenance Checklist

Fri, 14 Nov 2008 23:43:00 GMT

Routine maintenance can improve your home’s resale value, increase the efficiency of your home and appliances, and reduce costs associated with emergency repairs. Keep your home safe and efficient year round with these simple projects!

Winter Projects

Remove screens from windows.
Replace screen door(s) with winter storm door(s).
Clean gutters and downspouts.
Check roof for damage and repair.
Check and fortify insulation around doors and windows.
Cover or store patio furniture.
Make sure your snow equipment is operable and accessible.
Prune shrubs, and perennials; remove annuals
Make sure that the water supply that leads to your outside water spigots has been shut off to prevent frozen pipes. In harsh climates, cover your outside faucets with insulated faucet covers.

Make sure your homeowner’s insurance is up-to-date. Make sure your policy reflects recent home improvements, other increases to your home’s value, and new major purchases like electronics and appliances.

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Where It Is

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Home Equity Management

Home Equity Fraud

Home Equity "Stripping"

Home Equity "Flipping"

Reporting Possible Fraud

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Wet Basements

Variable or Value Range Pricing for Homes

Bugs- Be Gone

Avoiding Foreclosure

Avoiding Foreclosure and Foreclosure Fraud

Assessed Values vs Appraised Values

Zillow Home Value Index

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Winter Home Maintenance Checklist