It's a Buyer's Market: More Housing Inventory Everywhere
For people who are thinking at selling their houses, the timing couldn't be worse. Higher inventory numbers are reported in each of the 18 major markets. Will it be a slippery slope from here?
"The number of homes listed for sale in 18 major U.S. metropolitan areas at the end of March increased 6.5% from a month earlier, according to data compiled by ZipRealty Inc., a national real-estate brokerage firm in Emeryville, Calif. The data cover listings of single-family homes, condominiums and town houses on local multiple-listing services. Over the past 22 years, home inventories nationwide have increased an average of 1.7% in March from February, according to Credit Suisse Group. Supplies typically rise modestly in March as sellers pursue the many families with children who seek new homes in the spring, so they can move during summer vacations. The big rise in the latest month may reflect sellers' expectations that it will take much longer to find buyers ..." Full StoryBest and Worst Housing Markets in America
I start to have a bit seller's remorse now. Seattle's housing market is still strong after many year's doyble-digit price appreciation. Can I still afford a house when I move back?
"While speculators and flippers in places such as Boston and San Diego are running for cover, in other parts of the country they are basking in robust residential sales. Third-quarter median home prices last year climbed 14.6 percent in Seattle, Wash.; 14.3 percent in El Paso, Texas; and 12.3 percent in Portland, Ore. They also increased by roughly 5 percent in Houston, Texas; Los Angeles, Calif.; Austin, Texas; Jacksonville, Fla.; and Charlotte, N.C., over the year before, according to the National Association of Realtors. Prices also jumped along the Gulf Coast, a good sign for Post-Katrina economic recovery efforts. Median home prices increased by 15.5 percent in Gulfport-Biloxi, Miss.; 14.1 percent in Baton Rouge, La.; and 7.6 percent in New Orleans, La." Full StoryZillow And Zestimates Facing Question Markets
Seattle Times business reporter Elizabeth Rhodes examined the accuracy of the free online home price appraisal site Zillow and the result is not positive. After all, online appraisal can never replace a realtor's experience in a neighborhood and access to the physical details of a property.
"Some 73 percent of recent single-family home sales in the Puget Sound area came within 10 percent of Zillow's valuation, or "Zestimate," according to information posted on its site. That means 27 percent did not, and Seattle's Zestimates are more accurate than most everywhere else, the company says. Zestimates and selling prices are within 10 percent of each other less than 60 percent of the time in New York, Houston, Dallas, Detroit, St. Louis, Kansas City, Mo., and Tampa-St. Petersburg, Fla. The highest accuracy is in the San Francisco area at 76 percent. Zillow has estimated the values of more than 67 million homes nationwide. It bases its numbers on information contained in public documents, such as county assessor records, but does not make visits ..." Full StoryHow To Get The Cheapest Homeowner's Insurance
Before you look for the absolute cheapest home owners insurance, make a short list of decent insurance companies. You can type "insurance company ratings" into any search engine and get some free information on the financial strength of the various companies. You want a company that is going to be around when you need them. Then, call a company on the list or get a quote online. Ask a lot of questions, first, though. There may be ways to save money that you hadn't thought of, or aren't on the list below. Be sure that you understand what is covered and what isn't. Take notes, writing down the exact policy limits and deductible amounts and anything else relevant. You are going to need this information ... Full Story
How To Avoid Cancellation Of Homeowner's Insurance?
Instead know how to claim your rights and how to avoid getting your current insurance cancelled. Some states have laws prohibiting insurers from ¨non-renewing¨ existing homeowner customers who pay their premiums on time. But in most states, insurers are free to ¨non-renew¨. Nevertheless, it is only in certain situations that insurers have a legal right to cancel a deal and you should check the contract to see how this situation is regulated in it. Avoiding Insurance Cancellation It is often noticed that insurers rarely cancel a homeowner’s policy before it expires. But if the insured does something like a potential safety hazard on the property, which invites a risk on the insurer, the latter is usually allowed to cancel an existing policy. Nevertheless, such cases ... Full Story
Quick Facts of Title Insurance
You are probably familiar with common insurance – automotive insurance, life insurance, health insurance, and homeowner’s insurance. You might even be familiar with certain branches of each kind of insurance, such as the different levels of coverage available for automotive insurance, the different kinds of life insurance policies offered, the regulations that come with some health insurance policies, and whether or not you even need homeowner’s insurance. But are you familiar with title insurance? If not, read on for a quick education on title insurance policies. Title insurance, most commonly, is an insurance policy that is purchased to protect the owner and the property – usually land – from claims against the ownership of the property. In other words, title insurance will protect you in ... Full Story
How Much Will Home Price Drop?
Moody's Economy.com predicts that home price will take a dive in these 100 most populated markets. Is your neighborhood on the list?
"Cape Coral, FL -18.6% Reno, NV -17.2% Merced, CA -16.1% Stockton, CA -15.7% Sarasota, FL -14% Naples, FL -13.8% Tucson, AZ -13.4% Las Vegas, NV -12.9% Chico, CA -12.6% Fresno, CA -12.5% Atlantic City, NJ -12.2% Vallejo, CA -12.1% Washington, DC -12% Redding, CA -11.8% Detroit, MI -11.7% Riverside, CA -11.4% Bloomington, IL -11.1% Bakersfield, CA -11.1% Greeley, CO -10.7% Salinas, CA -10.3% Santa Ana, CA -10% Sacramento, CA -9.9% Carson City, NV -9.8% Phoenix, AZ -9.3% Punta Gorda, FL -8.9% San Diego, CA -8.5% Warren, MI -8.4% Allentown, PA -8.2% Nassau, NY -8.1% Fort Walton Beach, FL -7.9% Santa Rosa, CA -7.9% Ocean City, NJ -7.6% Visalia, CA -7.3% Rockford, IL -7.3% Santa Barbara, CA -7.2% Worcester, MA -7% New Orleans, LA -6.7% Saginaw ..." Full StoryA Primer Of Homeowner's Insurance
Your home is generally your greatest asset and one that you can’t afford to loose so make sure you don’t skimp on your homeowners insurance. Unlike car insurance it is not illegal to own a home without taking out homeowners insurance but if your home is financed in any way by a third party lender then the likelihood is that you will have to take out homeowners insurance at least to cover the building. Homeowners insurance is normally split into two basic categories, buildings and contents. Some people take the risk and don’t take out any insurance against the contents of their home but they probably have never worked out how much it would cost to replace everything they own. Others don’t pay much attention ... Full Story
Some California Markets Start To Cool Off
The article still leaves a positive tone, but how long will it last?
"The short answer is that home-price appreciation has slowed to single-digit levels in most Los Angeles County neighborhoods, homes are worth less than they were last summer in a few communities and values are falling faster than most experts anticipated. ... The 12 areas where the median price per square foot showed the steepest decline this summer, compared with June, July and August a year ago, were led by Eagle Rock, which slipped 6.7% from $488.22 per square foot to $455.63, according to DataQuick figures for ZIP Codes with 50 or more home sales during the three-month period. Next was the 90808 Plaza section of Long Beach, which saw a 3.9% drop to $439, and Valencia's 91355 ZIP Code, which fell 3% to $336. Prices ..." Full StoryFinancial Payoff For Your Remodeling Project
Be reminded to take the numbers with a grain of salt. It might work when the housing market is booming, but in a cooling market like this?
"The table below shows the average price tag for a dozen popular projects, based on figures provided by HomeTech Information Systems, which develops software for estimating remodeling costs. The percentage of cost recouped at resale is based on estimates by members of the National Association of Realtors. The numbers are national averages (single-city reprints for 60 cities can be ordered for $9.95 per reprint at www.remodelingmagazine.com). The payback can vary dramatically by region. Check out the average cost nationwide for 12 remodeling projects, plus estimates of how much of that cost you would recoup when you sell your home. Keep in mind that payback can vary dramatically by region, however. In the case of a minor kitchen remodel, for example, recovery ranges from 85% in ..." Full StoryShould You Buy Flood Insurance?
Many suffered from recent hurricane hits painfully realized that flood coverage is not included in regular homeowners' insurance policy. If you live in hurricane zones, think twice before you say no to flood insurance.
"Many homeowners, unfortunately, find out every year that floods are not covered by standard homeowners insurance and require a separate policy that can be purchased through the National Flood Insurance Program. Floods represent the No.1 natural hazard in the United States and can strike anywhere. Annual flood losses between 1996 and 2005 averaged $2.4 billion per year. The average cost of a $100,000 flood insurance policy is approximately $300 per year, but rates can be considerably more in flood-prone areas. Hurricanes and recent disasters have made the public more aware of flood insurance." Full StoryShould You Buy Earthquake Insurance?
I have asked myself the same question before. Although I lived in the state of Washington, I chose to try my luck couple of years ago. However, if I get a chance to choose again, I will opt for earthquake insurance coverage. After all, if you live in one of the high-risk states, you don't want to save a few hundred dollars while risking your long-term financial plan.
"• Far West -- California, Nevada, Washington, Oregon and Alaska • New Madrid Fault line -- Arkansas, Missouri, Tennessee, Kentucky Earthquakes are generally not covered by standard homeowner's insurance policies, and coverage must be purchased separately. Earthquake insurance is one of the few types of insurance to have gone down in price -- the California Earthquake Authority recently approved a 22-percent rate cut in order to encourage more people to buy earthquake insurance." Full Story12 Ways To Save On Utility Bills
1. Be diligent about turning off lights when you leave a room and teach your children to do the same. 2. Use ceiling fans or personal fans instead of air conditioning. Open your windows during the cool part of the day and use ceiling fans to help circulate the cool air. 3. Use your microwave instead of your regular oven when you can; it uses less electricity and doesn't heat up the room. 4. Change from incandescent to fluorescent bulbs in your light fixtures. 5. Turn off your dishwasher during the dry cycle and let the dishes air dry. 6. During cold weather, after baking in your oven, turn it off and open the door, allowing the heat to help warm the room. 7. When ... Full Story
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