Wednesday, September 12 2012
A new measure shows the typical amount of time it takes to sell a home is shrinking, and for traditional sellers is now in the range of historic norms for a balanced market, well below the cyclical peak reached in 2009, according to the National Association of Realtors®.
The median time a home was listed for sale on the market1 was 69 days in July, down 29.6 percent from 98 days in July 2011. The median reflects a wide spectrum; one-third of homes purchased in July were on the market for less than a month, while one in five was on the market for at least six months.
Lawrence Yun, NAR chief economist, said there is a clear relationship between inventory supply and time on market. “As inventory has tightened homes have been selling more quickly,” he said. “A notable shortening of time on market began this spring, and this has created a general balance between home buyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren’t often languish on the market.”
At the end July there was a 6.4-month supply of homes on the market at the current sales pace, which is 31.2 percent below a year ago when there was a 9.3-month supply.
Tuesday, July 26 2011
Create a home inventory before disaster strikes to make filing an insurance claim a smoother process.
Experiencing a theft, flood, fire, or other casualty loss is devastating enough. Now imagine trying to list from memory for your insurance claim every single item that was damaged or destroyed. The task becomes less daunting if you create a home inventory in advance and keep it in a safe place.
Creating a home inventory can be done with pencil and paper alone, but a digital camera and camcorder make the job easier. Set aside enough time to review your insurance policies, dig up receipts, document your possessions, and figure out where you’ll store your records. One day should be sufficient.
A home inventory is essential
From appliances, plates, and glasses to collectibles, rugs, and furniture, the average home is packed with an array of items collected over the years. And while you may be able to list many of them in a pinch, chances are you’d miss some important possessions if you ever needed to reconstruct your home’s contents from memory, says Mark Goldwich, founder of GoldStar Adjusters, a Jacksonville, Fla., claims adjusting firm.
Take photos and video of possessions
Jack Hungelmann, author of “Insurance for Dummies,” says a picture can be worth more than just a thousand words—it can add up to thousands in cash if you ever need to file an insurance claim. Hungelmann recommends using a digital camcorder or camera to take pictures of each room to document your belongings. “I recommend that people open up their cupboards and drawers. Be sure you have a record of all the things you own,” he says.
Homeowners can literally walk from room to room and record narrative descriptions of items. You should note whether something is an antique, for example, or if it has other qualities that make it especially valuable such as the size of a television screen or the type of stones in a piece of jewelry. Get close-up shots of serial numbers on electronics, power tools, and the like.
Keep your home inventory safe
Of course, such documentation is useless if it’s destroyed in a natural disaster, consumed by fire, or stolen along with your personal computer. Hungelmann says that using digital media allows you to store the files on online backup services like Carbonite.com or iBackup.com in case your home is destroyed.
If you’d like to save the $10 or more per month these services typically cost, you could also save the files on a USB drive that’s kept in a safe-deposit box, at a relative’s home, or in your emergency bag. The bag should include essentials your family needs in case you’re forced to flee on short notice.
Read more: http://www.houselogic.com/articles/create-home-inventory-insurance/#ixzz1SqaLJqBx
Tuesday, March 15 2011
Thursday, October 28 2010