I can almost sympathize with the individuals mentioned in the media who received so many pestering calls they eventually relented, and refinanced or took out equity. I have heard that when there is a NOD, owners receive a flood of calls and offers of services.
In the last week or so, we have received numerous calls fishing for loan or credit card problems. We don't have trouble with either, hence I assume they are fishing. But if they are fishing, then that means they are violating the Do Not Call registry rules, since they aren't calling related to a company we do business with.
One time I humored them and got connected to a series of people offering to help. Of course they wanted all kinds of personal information. It's hard to believe people would actually give this type of information to a cold caller, but I supposed when you are desperate, emotion tends to win out over reason.
If you resent getting telemarketing calls at 6am the way I do, you can sign up for the do not call registry here. To be fair, we disconnected our number and reconnected the same number at the new house, so it could be our number was taken off the registry.
Showing posts with label Resources. Show all posts
Showing posts with label Resources. Show all posts
Friday, June 19, 2009
Wednesday, April 1, 2009
Diminishing Data
So I was just lamenting the fact that DQ data by zip code is no longer publicly available via the SacBee. It then occurred to me that I hadn't seen a story on another one of my favorite data sets, the Global Insight/National City housing valuation study. I checked some of the old links to their studies, and it seems National City merged, and the links and studies are no longer available.
While I didn't really agree with some of their recent model results (showing Sac as fairly valued back in Q1 of 2007), I really liked their more comprehensive methodology. Their methodology, while perhaps not tuned properly, took into consideration multiple variables. From what I remember inputs included: income, population density, and interest rates.
Of course I am partial to this type of modeling based valuation methodology as I do this kinda stuff for a living (just related to air transportation). Too bad I can't make a living playing with RE data =(
In any case, this is a very disturbing trend.
While I didn't really agree with some of their recent model results (showing Sac as fairly valued back in Q1 of 2007), I really liked their more comprehensive methodology. Their methodology, while perhaps not tuned properly, took into consideration multiple variables. From what I remember inputs included: income, population density, and interest rates.
Of course I am partial to this type of modeling based valuation methodology as I do this kinda stuff for a living (just related to air transportation). Too bad I can't make a living playing with RE data =(
In any case, this is a very disturbing trend.
Friday, March 27, 2009
Dearth of Data
When we moved back to Sacramento in the fall of 2006, I was all set to buy a home. But quickly realized, after seeing the differential between rents and home prices, that buying was not a financially viable option for us.
In my attempt to reign in my very strong nesting instinct, not able to trust the realtors I had met, I turned to the internet where I found publicly available data. In particular, the data provided by zip code was the most relevant, when trying to discern trends in areas of interest. Through the local RE blogs, I found links to two separate sources, DataQuick and Melissa Data. It was nice to have more than one source of this data, to confirm trends, and ferret out bias.
Unfortunately, the favorite of my two, DataQuick has now stopped providing data to the Sacramento Bee, by zip code on a monthly basis (I finally e-mailed the Bee to inquire when it didn't show up this month). The best I can find is their data by city, which doesn't appear to corroborate with their previous data by zip.
This is a very frustrating turn of events, as this source of data was one of the best on the local housing market.
In my attempt to reign in my very strong nesting instinct, not able to trust the realtors I had met, I turned to the internet where I found publicly available data. In particular, the data provided by zip code was the most relevant, when trying to discern trends in areas of interest. Through the local RE blogs, I found links to two separate sources, DataQuick and Melissa Data. It was nice to have more than one source of this data, to confirm trends, and ferret out bias.
Unfortunately, the favorite of my two, DataQuick has now stopped providing data to the Sacramento Bee, by zip code on a monthly basis (I finally e-mailed the Bee to inquire when it didn't show up this month). The best I can find is their data by city, which doesn't appear to corroborate with their previous data by zip.
This is a very frustrating turn of events, as this source of data was one of the best on the local housing market.
Thursday, January 15, 2009
Listless in Sacramento
Moving from a 1000sqft. home* to a gigantic McMansion rental almost 3 times the size, we quickly became the repository of choice for all our family’s unwanted furnishings. Now that we are downsizing, we are attempting to unload some of the items, and purge the last of our baby items. After checking with family first, I was given permission to sell.
Back in the D.C. area we bought and sold a fair amount on Craigslist. I usually get a pretty good idea of price points by looking at other listings and the Target/WalMart price for an item. I almost never had to relist items at a lower price.
So I was rather astonished, as I haven’t received any serious inquiries for any of our items so far. To give an example, one item, I saw at Target for $200, we listed for $75 or best offer (in excellent shape, and the leading quality brand). At first I was thinking, it might be our location, after all, EDH is not very central. So yesterday I offered it to my daycare (for free), since they could use it. The lady I spoke with relayed a very similar experience with Craigslist she had recently (pennies on the dollar for an almost new item), and she lives in the Rosemont area. So there goes that theory.
I find this situation rather perplexing and somewhat disturbing. You would think more folks would be turning to CL for purchases instead of buying new (especially for durable items like furniture). At the same time, I wonder if there are too many distressed folks downsizing, thus flooding the market and depressing prices?
Any way you look at it, this is a very very bad (anecdotal) indicator, when even the second hand market for items is in a slump. I almost want to post a listing for an unbelievable deal, to test my hypothesis and see if I would get a response.
*Our place in D.C. had a finished walk-out basement. For reasons I have never understood, they don’t include basements in the square footage.
Back in the D.C. area we bought and sold a fair amount on Craigslist. I usually get a pretty good idea of price points by looking at other listings and the Target/WalMart price for an item. I almost never had to relist items at a lower price.
So I was rather astonished, as I haven’t received any serious inquiries for any of our items so far. To give an example, one item, I saw at Target for $200, we listed for $75 or best offer (in excellent shape, and the leading quality brand). At first I was thinking, it might be our location, after all, EDH is not very central. So yesterday I offered it to my daycare (for free), since they could use it. The lady I spoke with relayed a very similar experience with Craigslist she had recently (pennies on the dollar for an almost new item), and she lives in the Rosemont area. So there goes that theory.
I find this situation rather perplexing and somewhat disturbing. You would think more folks would be turning to CL for purchases instead of buying new (especially for durable items like furniture). At the same time, I wonder if there are too many distressed folks downsizing, thus flooding the market and depressing prices?
Any way you look at it, this is a very very bad (anecdotal) indicator, when even the second hand market for items is in a slump. I almost want to post a listing for an unbelievable deal, to test my hypothesis and see if I would get a response.
*Our place in D.C. had a finished walk-out basement. For reasons I have never understood, they don’t include basements in the square footage.
Tuesday, January 13, 2009
Trade Offs: Distressed vs. New
While investigating the perverted California property tax system for our new home, I happened upon a very handy tool. You put in the home APN, and it spits out all the additional taxes and fees associated with a property (Mello Roos, library, ambulance fees etc.). It only works for APNs in El Dorado County, but there is likely something similar for other counties.
http://www.co.el-dorado.ca.us/auditor-controller/PropTax/pt_direct_apn.html
Of course we would have preferred a home without a Mello Roos, but so far the trade offs seem worth it. Compared to our short sale and REO experiences, this purchase process is an absolute dream.
So far, the way I see it, buying new, as opposed to dealing with the banks on distressed inventory, has the following benefits:
1) The purchase contract seems much more evenhanded (less skewed toward the bank).
2) There is tons of disclosure.
3) Construction defect accountability etc. (California Civil Code).
4) The supervisor at the development has been very responsive about questions we have had (regarding an abandoned easement, and arborist reports).
5) The builders offer special financing incentives. I recently heard a story of how the bank’s title companies (primarily in SoCal) are charging exorbitant fees, which they are requiring the buyer to pay.
6) Putting in a backyard is pricey (for a new home) but you get exactly what you want, and can control the cost. The distressed homes we put offers on needed complete overhauls on the yard (dead plants and grass). It isn't as expensive, but still requires a lot of work.
Of course, many question the construction quality of new homes. However, I always tell people that homes made in earlier decades had their problems too. It’s just that time makes those defects apparent so they can be priced into the sale or fixed at the owners expense (our home in D.C. was very poorly made, and settled so much that doors wouldn’t close). My hope is that the home we are purchasing now was constructed with more care (since builders are no longer throwing up homes as fast as they can). I guess only time will tell.
http://www.co.el-dorado.ca.us/auditor-controller/PropTax/pt_direct_apn.html
Of course we would have preferred a home without a Mello Roos, but so far the trade offs seem worth it. Compared to our short sale and REO experiences, this purchase process is an absolute dream.
So far, the way I see it, buying new, as opposed to dealing with the banks on distressed inventory, has the following benefits:
1) The purchase contract seems much more evenhanded (less skewed toward the bank).
2) There is tons of disclosure.
3) Construction defect accountability etc. (California Civil Code).
4) The supervisor at the development has been very responsive about questions we have had (regarding an abandoned easement, and arborist reports).
5) The builders offer special financing incentives. I recently heard a story of how the bank’s title companies (primarily in SoCal) are charging exorbitant fees, which they are requiring the buyer to pay.
6) Putting in a backyard is pricey (for a new home) but you get exactly what you want, and can control the cost. The distressed homes we put offers on needed complete overhauls on the yard (dead plants and grass). It isn't as expensive, but still requires a lot of work.
Of course, many question the construction quality of new homes. However, I always tell people that homes made in earlier decades had their problems too. It’s just that time makes those defects apparent so they can be priced into the sale or fixed at the owners expense (our home in D.C. was very poorly made, and settled so much that doors wouldn’t close). My hope is that the home we are purchasing now was constructed with more care (since builders are no longer throwing up homes as fast as they can). I guess only time will tell.
Tuesday, January 6, 2009
Declining Service - Bad for Economy, Good for Homeowners
Some may recall my off topic post, a while back on declining regional air service levels.
In that spirit, I offer this link to a USA Today story. It details the drops in domestic scheduled service by state and airport. According to the data, SMF is down 13.2%, and OAK, an alternative used by many in our metro area, is down a whopping 28.5%.
Just to add a housing element to all this, finding out the local traffic pattern of metro area airports is always a good idea. My apartment in D.C. was just under the approach path into National Airport. There were times when I couldn't hear the person I was talking to on the phone because it was so loud.
In particular you want to look at the noise contours. These are typically available in the environmental studies associated with an airport. For instance see here, for Mather airport noise info, which affects many communities along the 50. If you are buying a home near an airport, its also a good idea to look at an airport's master plan to see their growth projections, and the type of air traffic they allow (commercial, general aviation, cargo).
In that spirit, I offer this link to a USA Today story. It details the drops in domestic scheduled service by state and airport. According to the data, SMF is down 13.2%, and OAK, an alternative used by many in our metro area, is down a whopping 28.5%.
Just to add a housing element to all this, finding out the local traffic pattern of metro area airports is always a good idea. My apartment in D.C. was just under the approach path into National Airport. There were times when I couldn't hear the person I was talking to on the phone because it was so loud.
In particular you want to look at the noise contours. These are typically available in the environmental studies associated with an airport. For instance see here, for Mather airport noise info, which affects many communities along the 50. If you are buying a home near an airport, its also a good idea to look at an airport's master plan to see their growth projections, and the type of air traffic they allow (commercial, general aviation, cargo).
Tuesday, December 16, 2008
California Here I Come....
Just another, of the many many reasons we moved back to California......
The University of Michigan compiled a list of metro areas based on their cooling and heating demand (the less demand, the better the rank). Sacramento was ranked 6 out of 50, only to be beat out by other cities in California (hat tip WSJ Developments blog).
I would hate to think of what my utility bill would look like if we were ranked 50! Of course "demand" and costs are not always related. Just look at the difference between PG&E and SMUD.
The University of Michigan compiled a list of metro areas based on their cooling and heating demand (the less demand, the better the rank). Sacramento was ranked 6 out of 50, only to be beat out by other cities in California (hat tip WSJ Developments blog).
I would hate to think of what my utility bill would look like if we were ranked 50! Of course "demand" and costs are not always related. Just look at the difference between PG&E and SMUD.
Sunday, October 19, 2008
Registration Deadline
Just a friendly reminder that the deadline for California voter registration is Monday. For more information see the Secretary of State website.
It may not always feel like it, but we live in a democracy. For our government to be effective, citizens need to be informed, participate and vote.
No complaining if you don't vote.
It may not always feel like it, but we live in a democracy. For our government to be effective, citizens need to be informed, participate and vote.
No complaining if you don't vote.
Monday, July 7, 2008
One Subscription, Two Purposes
I was a little skeptical a couple weeks back when looking at the big spike in foreclosures and NODs in the surrounding neighborhoods. I was using the free search from www.foreclosure.com and thought some listings might be duplicates (but you have to pay the $$ to really know). So I signed up for the three day trial at www.foreclosureradar.com based on Mr.Mortgage's recommendation.
While the data was slightly different, the results were more or less the same. Best I could tell, neither service had complete and up to date info, without duplicates. All three foreclosure information services that I know of, charge about $50 a month for a subscription, which is pretty steep for an non-investor/home buyer (gratefully I found someone to help subsidize my subscription). www.realtytrac.com kinda pissed me off cause they won't tell you how much their service costs unless you put in all kinds of personal information first, so I didn't even bother considering them.
I plan to sign up this week, for two reasons. First and foremost, to make sure my landlord is paying the mortgage (I see it as a small insurance policy). And second, to get better information on the NODs and foreclosures prior to them hitting the MLS.
Anyone have a recommendation for a better foreclosure info site before I sign up with www.foreclosureradar.com?
While the data was slightly different, the results were more or less the same. Best I could tell, neither service had complete and up to date info, without duplicates. All three foreclosure information services that I know of, charge about $50 a month for a subscription, which is pretty steep for an non-investor/home buyer (gratefully I found someone to help subsidize my subscription). www.realtytrac.com kinda pissed me off cause they won't tell you how much their service costs unless you put in all kinds of personal information first, so I didn't even bother considering them.
I plan to sign up this week, for two reasons. First and foremost, to make sure my landlord is paying the mortgage (I see it as a small insurance policy). And second, to get better information on the NODs and foreclosures prior to them hitting the MLS.
Anyone have a recommendation for a better foreclosure info site before I sign up with www.foreclosureradar.com?
Tuesday, June 3, 2008
Disastrous Policy Ahead
Went looking into homeowners insurance recently. Wow, what a shock when I learned of the rates they charge here in California. The policy would be almost 3 times what we spent in Virginia, and that doesn't include any supplements like earthquake. For those interested, the insurance commissioner has a nice estimator on their website.
Thus I became a bit upset when I read an article this weekend in the WSJ. Apparently there is a bill in Congress that may subsidize others at taxpayers expense. The big insurance firms want taxpayers to back them up, if they run out of money after a big hurricane in places like Florida.
Somehow this doesn't seem fair to me. We don't ask them to pay for our earthquake insurance do we? (I know nothing about earthquake insurance....anyone know if we even need it in Sacramento?) The situation is especially slimy because there are political motivations behind it, since FL tends to be a swing state.
If Congress were really to go down that road, it would seem fair to make all communities eligible based on their risk for major natural disasters......to name a few of the biggies: hail, fire, earthquake, flood, mudslide, hurricane, tornado, cyclone, and wind. So zips that are at a very low risk for any of these, would pay almost nothing to the fund, while zips at a very high risk would pay the most. This would help to discourage people from settling in high risk areas.
In most situations, subsidizing costs associated with risk, sends the wrong signal to the market. You end up with more risky behavior than we should have otherwise.
Personally I would love to implement a "one time, one event" rule per family. This rule would allow federal assistance for a natural disaster one time per type of event (so one for earthquake, one for hurricane etc.). For example, folks who's homes have been damaged by flood every 10 years when the Mississippi overruns its banks would be much cautious about rebuilding in the same place if they use up their one flood meal ticket. In other words, fool me twice, shame on me.
Thus I became a bit upset when I read an article this weekend in the WSJ. Apparently there is a bill in Congress that may subsidize others at taxpayers expense. The big insurance firms want taxpayers to back them up, if they run out of money after a big hurricane in places like Florida.
Somehow this doesn't seem fair to me. We don't ask them to pay for our earthquake insurance do we? (I know nothing about earthquake insurance....anyone know if we even need it in Sacramento?) The situation is especially slimy because there are political motivations behind it, since FL tends to be a swing state.
If Congress were really to go down that road, it would seem fair to make all communities eligible based on their risk for major natural disasters......to name a few of the biggies: hail, fire, earthquake, flood, mudslide, hurricane, tornado, cyclone, and wind. So zips that are at a very low risk for any of these, would pay almost nothing to the fund, while zips at a very high risk would pay the most. This would help to discourage people from settling in high risk areas.
In most situations, subsidizing costs associated with risk, sends the wrong signal to the market. You end up with more risky behavior than we should have otherwise.
Personally I would love to implement a "one time, one event" rule per family. This rule would allow federal assistance for a natural disaster one time per type of event (so one for earthquake, one for hurricane etc.). For example, folks who's homes have been damaged by flood every 10 years when the Mississippi overruns its banks would be much cautious about rebuilding in the same place if they use up their one flood meal ticket. In other words, fool me twice, shame on me.
Saturday, May 17, 2008
Get a CLUE
One of the main drawbacks to purchasing an REO, is the lack of disclosure about the home. For Mr. BT and I, this is nothing new. In Virginia, where we purchased our first home, sellers are not required to disclose anything about the home (and in fact are discouraged from doing so by their Realtors).
One thing you can do to put your mind at ease if there is limited disclosure, is get a C.L.U.E. report. From what I understand, its a report that details any insurance claims on a home in the last 5 years. Unfortunately a buyer cannot order it, it must be done by your agent or seller.
To emphasize the need for these types of precautions, one of my favorite site lurkers told me a story about a family they knew who lived in Folsom. This family had built their dream home on Tarbolton Circle (very high end, around 800k), but eventually realized the home had a mold problem that was making them sick. They were foreclosed on and I believe the home was recently sold by the bank (in the last month or so). I believe they plan to warn the new owners about the problem.
Sidenote: Mold has really killed the values of several developments around here, such as the development South of 50 called Stonbriar. Those homes were way out of our league when we first moved here, but recently some have dropped below the 500k mark. Anyone know how to check for mold? Or who migh provide this service?
One thing you can do to put your mind at ease if there is limited disclosure, is get a C.L.U.E. report. From what I understand, its a report that details any insurance claims on a home in the last 5 years. Unfortunately a buyer cannot order it, it must be done by your agent or seller.
To emphasize the need for these types of precautions, one of my favorite site lurkers told me a story about a family they knew who lived in Folsom. This family had built their dream home on Tarbolton Circle (very high end, around 800k), but eventually realized the home had a mold problem that was making them sick. They were foreclosed on and I believe the home was recently sold by the bank (in the last month or so). I believe they plan to warn the new owners about the problem.
Sidenote: Mold has really killed the values of several developments around here, such as the development South of 50 called Stonbriar. Those homes were way out of our league when we first moved here, but recently some have dropped below the 500k mark. Anyone know how to check for mold? Or who migh provide this service?
Tuesday, April 29, 2008
Buyer Beware
In most cases, the following people are directly compensated when you purchase a home: real estate agents, mortgage broker/bank, appraisers, inspectors, surveyors, title companies, pest inspectors, and to a lesser degree county recorders. Don’t forget that the majority of the media outlets, like newspapers, Internet sites, and radio also make money by advertising their services.
For them, it is always a good time for you to buy. I doubt these real estate service providers will ever tell you it’s a bad time to buy. So please keep in mind who pays their bills when receiving advice on the housing market. Just about everyone a buyer deals with makes money when they purchase a home. To make matters worse, the more expensive a home you purchase, the more some of these folks make. In other words, no one is truly looking out for the buyer best interest. Everyone involved in the transaction wants you to spend money, and the more you spend the better for them. Of course this isn't that different than other big ticket items, such as cars, but even then a borrower can go to Consumer Reports to get an unbiased evaluation.
Buyer's have much more control of their destiny compared to previous years, however there are still a great many pitfalls that await the uninformed and/or unprepared. Forbes recently reported that Sacramento is #2 in the nation for projected home value decline in 2008, and #1 in homeowner debt.
Initially this blog, was my way of coping with the frustration of waiting out the bubble…..but it has also evolved into an independent voice that advocates issues from the buyer’s perspective. When my husband and I bought for the first time, we were incredibly reliant all the folks listed above. We searched the Internet, but had trouble finding unbiased advice on what to expect. There are a so many “ins and outs” to the process that there were times when we didn’t even know what questions to ask.
We learned a lot from that experience, and as a result, I do my best to provide relevant commentary and data to those who are hoping to purchase a home. My hope is that this forum can provide them the knowledge to make a more informed decision (often those who comment know way more about a topic than I do). Like Consumer Reports, I do not receive any compensation or endorsements from service providers. Although I must admit, I am quite partial and advocate on behalf of affordable housing for all (lower prices).
We are also in the middle of trying to navigate the purchasing process ourselves, so I’m not just pontificating without any skin in the game. Instead, I am actively trying to find a home in this very messed up housing market and reporting on my trials and tribulations. But also note that I am not a paid professional in this field.
For them, it is always a good time for you to buy. I doubt these real estate service providers will ever tell you it’s a bad time to buy. So please keep in mind who pays their bills when receiving advice on the housing market. Just about everyone a buyer deals with makes money when they purchase a home. To make matters worse, the more expensive a home you purchase, the more some of these folks make. In other words, no one is truly looking out for the buyer best interest. Everyone involved in the transaction wants you to spend money, and the more you spend the better for them. Of course this isn't that different than other big ticket items, such as cars, but even then a borrower can go to Consumer Reports to get an unbiased evaluation.
Buyer's have much more control of their destiny compared to previous years, however there are still a great many pitfalls that await the uninformed and/or unprepared. Forbes recently reported that Sacramento is #2 in the nation for projected home value decline in 2008, and #1 in homeowner debt.
Initially this blog, was my way of coping with the frustration of waiting out the bubble…..but it has also evolved into an independent voice that advocates issues from the buyer’s perspective. When my husband and I bought for the first time, we were incredibly reliant all the folks listed above. We searched the Internet, but had trouble finding unbiased advice on what to expect. There are a so many “ins and outs” to the process that there were times when we didn’t even know what questions to ask.
We learned a lot from that experience, and as a result, I do my best to provide relevant commentary and data to those who are hoping to purchase a home. My hope is that this forum can provide them the knowledge to make a more informed decision (often those who comment know way more about a topic than I do). Like Consumer Reports, I do not receive any compensation or endorsements from service providers. Although I must admit, I am quite partial and advocate on behalf of affordable housing for all (lower prices).
We are also in the middle of trying to navigate the purchasing process ourselves, so I’m not just pontificating without any skin in the game. Instead, I am actively trying to find a home in this very messed up housing market and reporting on my trials and tribulations. But also note that I am not a paid professional in this field.
Monday, April 14, 2008
Tools of the Trade
One of the topics of discussion on Sunday was what tools we use to monitor our local market. I'm not talking statistics on overall market performance, but how to track local listings and sales, in order to identify specific properties and determine a reasonable offer price.
Below is a quick review of the the tools I know of and use. However additional input would really be appreciated. I will compile then post this on the sidebar for easy reference, like the glossary.
I don’t pay for any services, so all the sites are being reviewed in terms of their free content. If anyone pays for a service, please let us know what it is, and what value you think it provides (why its worth the $$).
Of course Lander, maintains links to many many good resources, so this is just a subset. They are grouped into categories.
Inventory Tracking
· http://www.metrolistmls.com/ Not as easy to navigate for just monitoring inventory, but gives the status of homes (like whether its pending or not) which I haven’t been able to find anywhere else.
· http://www.ziprealty.com/ My personal favorite. I love being able to save homes into a “favorites” section and get e-mail updates on them. I especially like the mapping feature. Its easy to use and presents great information for browsing quickly. It also hooks into Zillow and Cyberhomes to give you previous sales. Some have complained that their ZipAgent resets their criteria.
Foreclosure and Distressed Property Tracking
· Hotpads This is a new tool that has a really cool mapping feature for the foreclosure information. From the review I read, it gets foreclosure data from RealtyTrac. I haven’t tried the other features yet.
· http://www.foreclosure.com/ The free info is good for monitoring foreclosures and pre-foreclosures. As suggested earlier by someone on this the feature where for monitoring the name of the owner on the pre-foreclosure list is very helpful to see if your landlord is getting a NOD.
· RealtyTrac I haven’t used this site much, but it is often cited as a source of data, so I am assuming there are some redeeming qualities about it.
Individual Home Sale History:
· Sac Bee This is the only place I am able to find recent individual sales information in bulk, for free. Unfortunately, the information it doesn’t go back very far, and there tends to be a couple month lag in updating the data.
· Zillow This site is nice if you are looking at a specific home and want to see its sales history.
· Cyberhomes: Similar to Zillow. Others have said they think the values seem more accurate.
Below is a quick review of the the tools I know of and use. However additional input would really be appreciated. I will compile then post this on the sidebar for easy reference, like the glossary.
I don’t pay for any services, so all the sites are being reviewed in terms of their free content. If anyone pays for a service, please let us know what it is, and what value you think it provides (why its worth the $$).
Of course Lander, maintains links to many many good resources, so this is just a subset. They are grouped into categories.
Inventory Tracking
· http://www.metrolistmls.com/ Not as easy to navigate for just monitoring inventory, but gives the status of homes (like whether its pending or not) which I haven’t been able to find anywhere else.
· http://www.ziprealty.com/ My personal favorite. I love being able to save homes into a “favorites” section and get e-mail updates on them. I especially like the mapping feature. Its easy to use and presents great information for browsing quickly. It also hooks into Zillow and Cyberhomes to give you previous sales. Some have complained that their ZipAgent resets their criteria.
Foreclosure and Distressed Property Tracking
· Hotpads This is a new tool that has a really cool mapping feature for the foreclosure information. From the review I read, it gets foreclosure data from RealtyTrac. I haven’t tried the other features yet.
· http://www.foreclosure.com/ The free info is good for monitoring foreclosures and pre-foreclosures. As suggested earlier by someone on this the feature where for monitoring the name of the owner on the pre-foreclosure list is very helpful to see if your landlord is getting a NOD.
· RealtyTrac I haven’t used this site much, but it is often cited as a source of data, so I am assuming there are some redeeming qualities about it.
Individual Home Sale History:
· Sac Bee This is the only place I am able to find recent individual sales information in bulk, for free. Unfortunately, the information it doesn’t go back very far, and there tends to be a couple month lag in updating the data.
· Zillow This site is nice if you are looking at a specific home and want to see its sales history.
· Cyberhomes: Similar to Zillow. Others have said they think the values seem more accurate.
Thursday, March 13, 2008
Stop the Presses - The Bee has a Blog
Lander always has the latest scoop. There is a new RE blog in town courtesy of the Sacramento Bee (by Jim Wasserman). Very exciting for me, cause it looks like he is posting advance info on the latest DQ data!
Personally, I have been rather pleased with Wasserman's RE coverage. He has discussed the price drops from the affordability angle more than once.
I just hope the comments on his blog are a little more civilized than the articles. The disrespect people display online never ceases to amaze me.
Personally, I have been rather pleased with Wasserman's RE coverage. He has discussed the price drops from the affordability angle more than once.
I just hope the comments on his blog are a little more civilized than the articles. The disrespect people display online never ceases to amaze me.
Tuesday, March 4, 2008
Due Diligence
I like to know what I am getting into before I make an offer on a home I am interested in. And lately there have been some temptations.
The following is a list of items I checked on with the offer we made a couple weeks ago. I am sure there are more, so feel free to chime in. I will add to it and post it on the sidebar with the other home buying resources.
The following is a list of items I checked on with the offer we made a couple weeks ago. I am sure there are more, so feel free to chime in. I will add to it and post it on the sidebar with the other home buying resources.
- Check to see where the home falls on the El Dorado County asbestos mapping.
- Look at the tax assessor’s website. Since I am new to the area, I also called to find out about the county tax rate (1.0364%), special impact assessments and the other district fees.
- Verify the school district. Redistricting has occurred several times and I wanted to see how likely would we be to get redistricted…as well as ask about how impacted are the schools.
- Get an estimate on water usage to see how it compares to what we pay now. El Dorado Irrigation District 530 642- 4000
- Get an estimate on electricity and gas usage to see how it compares to what we pay now: PG&E 800-743-5000
- Used the online form of my insurance company to get an estimate on Homeowners Insurance.
- C.L.U.E. Report for previous insurance claims on the home
- Googled the address to see what comes up.
Monday, January 14, 2008
Care and Feeding of My Obsession
There is soo much information on the Internet.......the major limitation in my life is time.
I have been attempting to keep my obsession in check by limiting my blog habit the local Sacramento sites......but based on several recommendations, I recently started following Calculated Risk. Wow, amazing stuff....CR and Tanta wrap up all my favorite things, economics, housing, tons of data, and current events!
Anyways, are there other gems out there like Calculated Risk that offer insight and analysis? If so let me know (new aggregation doesn't count).
I have been attempting to keep my obsession in check by limiting my blog habit the local Sacramento sites......but based on several recommendations, I recently started following Calculated Risk. Wow, amazing stuff....CR and Tanta wrap up all my favorite things, economics, housing, tons of data, and current events!
Anyways, are there other gems out there like Calculated Risk that offer insight and analysis? If so let me know (new aggregation doesn't count).
Thursday, January 10, 2008
News n Notes
Bit short on time lately....so here are some links and news.
All about Sacramento Weather from NOAA
Find out if the neighborhood your are considering has any obnoxious neighbors nearby: Rotten Neighbor
(I was very surprised at how many listings there were for this area.....the RE section in one of the local papers recently discouraged people from reporting since it would drive their home value down...tsk tsk...seems like rather selfish advise).
And lastly the big breaking new for our area courtesy of the Sac Bee....looks like Doolitte is set to retire. What caught my eye was this quote from the article "in one of the most conservative districts in California." Mr. BT tried to make me feel better by noting that conservative for CA is different than conservative elsewhere (cause he is on Doolittle's side). Sigh, its a shame that Davis is completely unaffordable.
All about Sacramento Weather from NOAA
Find out if the neighborhood your are considering has any obnoxious neighbors nearby: Rotten Neighbor
(I was very surprised at how many listings there were for this area.....the RE section in one of the local papers recently discouraged people from reporting since it would drive their home value down...tsk tsk...seems like rather selfish advise).
And lastly the big breaking new for our area courtesy of the Sac Bee....looks like Doolitte is set to retire. What caught my eye was this quote from the article "in one of the most conservative districts in California." Mr. BT tried to make me feel better by noting that conservative for CA is different than conservative elsewhere (cause he is on Doolittle's side). Sigh, its a shame that Davis is completely unaffordable.
Wednesday, December 5, 2007
Help Me be a Better Bargainer
One of the main reasons I am so addicted to housing data, is because I am terrible at bargaining. I am a softy, which means I typically play good cop (getting very excited and emotional about an item, pointing out its attributes), while Mr. BT plays hard ball on the negotiations. These roles also tend to play out in our parenting styles as well =).
The best negotiating tactic, given my personality inclinations, is to play the innocent intellectual role, using data as my weapon of choice (I really love it, but I can't figure out why its priced 10% over comps). Hence the only suggestion I have been able to offer is to use publicly reported builder data as a basis for negotiations.
Yes I have time and a relatively low rent payment on my side….but becasue I don't bargain well, it just means I am likely to walk away, as opposed to trying to negotiate a better price or contract terms for the house I want.
All this to say, I would love to gather input on tactics that have worked for others. I will compile suggestions and put them in a separate post on the sidebar since I know many of you are finding homes that are now within range.
For example, a previous commenter suggested changing the standard contract text to allow the buyer to make multiple contingent offers, which I thought was pretty brilliant because it prevented sellers from shopping the offer.
The best negotiating tactic, given my personality inclinations, is to play the innocent intellectual role, using data as my weapon of choice (I really love it, but I can't figure out why its priced 10% over comps). Hence the only suggestion I have been able to offer is to use publicly reported builder data as a basis for negotiations.
Yes I have time and a relatively low rent payment on my side….but becasue I don't bargain well, it just means I am likely to walk away, as opposed to trying to negotiate a better price or contract terms for the house I want.
All this to say, I would love to gather input on tactics that have worked for others. I will compile suggestions and put them in a separate post on the sidebar since I know many of you are finding homes that are now within range.
For example, a previous commenter suggested changing the standard contract text to allow the buyer to make multiple contingent offers, which I thought was pretty brilliant because it prevented sellers from shopping the offer.
Friday, September 21, 2007
The Price we Pay for Quality Public Education
Thought I would leave you with some really interesting data before I head to D.C. to present my research.
Recent comments had me wondering about the premium we pay to live in areas with "high quality public schools." So I put together some publically available data to see just what that premium is. The weighted average API score is 6.5 for all the zipcodes on a scale from 1-10.
One strategy hubby and I have discussed is buying in an area where housing is less expensive and using private schools. Otherwise we end up "paying" for a quality public education out of our home premium and annual real estate taxes. I plan to run some numbers on a break even scenario at a later date.
Methodology:
Took the weighted average (the number of valid students multiplied by a school's 2006 API score) summed it up and derived a single API school score for each zip code. I compared this with median June 2007 housing prices from DataQuick via Sac Bee to get a better feel for the "quality school" premium. (You can't just average all the schools scores for a zip code because the number of students can vary so widely from school to school.)
It is obvious, that aside from select areas, there is a pretty high correlation between higher median home prices and better schools (median home prices over 400k are highlighted). From what I remember of CA school funding, this is a bit of a catch-22, since schools are largely funded with real estate taxes (so more money to give to schools where real estate prices are higher which gives schools more resources to perform well).
Recent comments had me wondering about the premium we pay to live in areas with "high quality public schools." So I put together some publically available data to see just what that premium is. The weighted average API score is 6.5 for all the zipcodes on a scale from 1-10.
One strategy hubby and I have discussed is buying in an area where housing is less expensive and using private schools. Otherwise we end up "paying" for a quality public education out of our home premium and annual real estate taxes. I plan to run some numbers on a break even scenario at a later date.
Methodology:
Took the weighted average (the number of valid students multiplied by a school's 2006 API score) summed it up and derived a single API school score for each zip code. I compared this with median June 2007 housing prices from DataQuick via Sac Bee to get a better feel for the "quality school" premium. (You can't just average all the schools scores for a zip code because the number of students can vary so widely from school to school.)
It is obvious, that aside from select areas, there is a pretty high correlation between higher median home prices and better schools (median home prices over 400k are highlighted). From what I remember of CA school funding, this is a bit of a catch-22, since schools are largely funded with real estate taxes (so more money to give to schools where real estate prices are higher which gives schools more resources to perform well).
Wednesday, August 1, 2007
More This n That
Short on time today.....so just a couple interesting resources and facts courtesy of my favorite paper (WSJ).
-- Affordable Suburbs Still Outdraw Hip Cities: An economic study recently showed that "educated professionals who are drawn to urban areas..... in their 20s still seek more affordable markets typified by the suburbs..... by the time they reach their 30s and have children." Another study apparently cites that suburbia provides strong community life as opposed to the city. (They could have saved a lot of money by asking what an average home buyer thought...I would have told them exactly the same thing. We lived in D.C. till we were in our late 20s, then moved to the Northern Virginia suburbs, where we had kids....and obviously relocated to the to Sacramento suburbs shortly after looking for more community and a slower pace.)
-- Assessing Environmental Hazards: Since asbestos is such a hot button topic around here I figured I would post these resources, courtesy of the Journal, for uncovering toxic conditions that may affect a potential home. I haven't vetted them...so feedback is always appreciated if anyone has used them.
www.epa.gov/enviro
http://www.scorecard.org/
http://www.edrnet.com/
Additional Note: So it looks like my newspaper is being sold to News Corp. Not sure how I feel about this. I know they plan to beef up advertising. One of the reasons I trust the WSJ when it comes to housing related news, is the revenue from the housing industry (agents, mortgage bankers, developers, and other housing related services), comprises just a small fraction of their advertising, as opposed to papers like the SacBee (see yesterdays post on Sacramento Landing), VillageLife, and the Folsom El Dorado Hills Telegraph. With the WSJ, I don't have to worry (as much) about their potential bias or influence on housing issues. Of course, the WSJ has its failings, their editorial section is soo monotonous....lower taxes, lower taxes....yadda yadda yadda. But that section is easy to ignore.
-- Affordable Suburbs Still Outdraw Hip Cities: An economic study recently showed that "educated professionals who are drawn to urban areas..... in their 20s still seek more affordable markets typified by the suburbs..... by the time they reach their 30s and have children." Another study apparently cites that suburbia provides strong community life as opposed to the city. (They could have saved a lot of money by asking what an average home buyer thought...I would have told them exactly the same thing. We lived in D.C. till we were in our late 20s, then moved to the Northern Virginia suburbs, where we had kids....and obviously relocated to the to Sacramento suburbs shortly after looking for more community and a slower pace.)
-- Assessing Environmental Hazards: Since asbestos is such a hot button topic around here I figured I would post these resources, courtesy of the Journal, for uncovering toxic conditions that may affect a potential home. I haven't vetted them...so feedback is always appreciated if anyone has used them.
www.epa.gov/enviro
http://www.scorecard.org/
http://www.edrnet.com/
Additional Note: So it looks like my newspaper is being sold to News Corp. Not sure how I feel about this. I know they plan to beef up advertising. One of the reasons I trust the WSJ when it comes to housing related news, is the revenue from the housing industry (agents, mortgage bankers, developers, and other housing related services), comprises just a small fraction of their advertising, as opposed to papers like the SacBee (see yesterdays post on Sacramento Landing), VillageLife, and the Folsom El Dorado Hills Telegraph. With the WSJ, I don't have to worry (as much) about their potential bias or influence on housing issues. Of course, the WSJ has its failings, their editorial section is soo monotonous....lower taxes, lower taxes....yadda yadda yadda. But that section is easy to ignore.
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