Showing posts with label North Texas. Show all posts

Monday, January 30, 2017

Insurance Claim Proof of Purchase

People who experience a property loss are usually asked by their insurance company for proof of purchase which can come in the form of a receipt or current inventory of their personal belongings. receipts or inventory.png

Even the most organized people might find it challenging to find receipts for all the valuables in their home. If the inventory isn’t up-to-date, a homeowner might forget to add some items to the claim and may not recognize the omission for long after the claim is settled.
The inventory can serve as a guide to make sure a homeowner gets compensated for all the loss.
Photographs and videos can be adequate proof that the items belonged to the insured. A series of pictures of the different rooms, closets, cabinets and drawers are helpful. When video is used, consider commenting as it is shot and be sure to go slow enough and close enough to things becoming recorded.
For your convenience, download a Home Inventory, complete it, and save a copy off premise. Good places for your inventory could be a safety deposit box or digitally, in the cloud if you have server-based storage available like Dropbox.

Tuesday, May 3, 2016

Your home may be worth a lot more than you think

Real estate lost a lot of value during the recession but most areas have rebounded considerably. In some cases, the homes are worth more than they were before the housing bubble burst.

The dynamics are classic for this type of market: inventories are low, mortgage rates are low and demand is high. All price ranges are on the rise with some at an even higher rate because the short supply is causing competition among buyers.

Another reason many homeowners' may have more equity is simply not staying current with what is going on in the market. In a recent FNMA study, it indicates that 23% of owners believe they have negative equity in their home when actually, it is 9%. 37% believe they have greater than 20% equity in their home when actually 69% of homeowners do.

Even if you're not planning to sell your home, knowing the value helps you understand your financial position better. The interest on home equity debt up to a $100,000 limit is tax deductible and can be used for any purpose. Owner's commonly refinance to eliminate mortgage insurance, consolidate mortgages, pay off higher interest rate debt like credit cards or student loans or to buy out an ex-spouse's equity.

Be aware that an automated value model like Zillow Zestimates uses algorithms to determine a price and while it might be in the ballpark, AVM results may only be accurate about 20% of the time. A comparable marketing analysis or broker's price opinion will be more accurate due the subjective approach that will be used by an agent with personal experience in the area. An agent will consider factors like condition, floorplan, marketability and demand.

You can create your own report of Current Active and sold homes in your area here!

How Much is your Home Worth!

For a professional opinion or questions contact me @ bret.wilson@kw.com or 214-315-9465

Thursday, September 17, 2015

Fannie Mae Introduces Home Purchase Sentiment Index

Thursday September 17th, 2015 For Buyers

Earlier this month, Fannie Mae’s Economic & Strategic Research Group announced the launch of theirHome Purchase Sentiment Index (HPSI). The index will distill results from Fannie Mae’s consumer-focused National Housing Survey into a single, monthly, predictive indicator. According to Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, the goal for the new index is simple:

“The Fannie Mae Home Purchase Sentiment Index provides the market a single number to track consumer attitudes focused on the housing market. Utilizing our National Housing Survey, the only consumer sentiment survey of its kind focused on housing, the HPSI will offer insights regarding current and future-looking housing market outcomes and will complement existing data sources to inform housing-related analysis.”

Here is a graph of the findings of the HPSI from May 2011 until the current index. A higher number reflects a more positive sentiment from the consumer.