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February 24, 2013
February 2013
Do I have to elevate my home and/or build to new construction standards?
February 24, 2013
Do I have to elevate my home and/or build to new construction standards? You are required to elevate and/or meet new construction standards if your house is located in a flood zone and was declared substantially damaged by your local floodplain administrator or is new construction. You have no legal obligation to elevate if your home was not substantially damaged.
If my home is determined to be substantially damaged, can I still live in it until I elevate?
February 23, 2013
If my home is determined to be substantially damaged, can I still live in it until I elevate? FEMA allows homeowners to live in structures that are deemed substantially damaged for up to four years if they take temporary measures to make homes habitable pending elevation. The determination of habitability must be made by the local construction official
What's the difference between FEMA's Zone A and Zone V?
February 22, 2013
What's the difference between FEMA's Zone A and Zone V? Both zones lie within FEMA's 100-year floodplain. Zone V applies only in tidal floodplains and denotes hazards associated with storm-induced waves of at least three feet in height. Construction standards in the V-zone are more stringent in order to account for the increased risk of damage from storm surges. Can I appeal a V-Zone designation? While there is no appeal process for the ABFEs, you may appeal to FEMA after the agency formally proposes flood maps later this year.
Altos Research - How's the Market? - Three Signs 2013 will be the Hottest Housing Year Since 2005
February 20, 2013
Altos Research - How's the Market?
"Altos Research - How's the Market?" - 1 new article
Three Signs 2013 will be the Hottest Housing Year Since 2005More Recent ArticlesSearch Altos Research - How's the Market?Prior Mailing ArchiveThree Signs 2013 will be the Hottest Housing Year Since 2005
In January I penned an article for HousingWire magazine (paper! registration required) where I guided readers to watch for signals that the Fiscal Cliff could derail the housing recovery. A month later and the signals are strong: The Fiscal Cliff is long gone. The 2013 housing market is on fire, across the country, and the leading indicators point to home price appreciation far stronger than the 10% national jump of 2012.Three Powerful Leading IndicatorsHousing market headlines tend to focus on the traditional gauge of the market – prices of homes in completed transactions.Fortunately, the active market of homes listed for sale is rich with signal about where prices are going in the future. Perhaps the most insightful of these is a stat we track closely: the percent of homes on the market with recent price reductions.Contact us if for local or national details on any of these metrics1. Percent of Homes with Price ReductionsPercent of Homes on the Market with Price Reductions in the past 90 days. Single Family Homes. Altos 20-city (national) composite. Data as of February 15, 2013 To understand price reductions, think of your personal experience with homes for sale. In “normal” markets, a little more than a third of homes (38%, in fact, nationally is common), are listed overpriced – many intentionally, to “test the waters”. When they don’t sell, the asking price is reduced.In weak demand markets, price reductions climb to over 40% and even over 50% of the active inventory – meaning half the homes on the market have had to cut their asking price in the last 90 days. Conversely, in the hottest markets, price reductions may be required by only around 15% of the stock. This means that demand is so strong that homes have buyer competition and prices are rising week-over-week.We’ve had a hot year for housing. Demand is high and inventory low, and price reductions as of February 15, 2013 are at 28% nationally. Pent up demand is buying homes more aggressively than sellers expected. This is a significantly bullish leading indicator.2. Price of Newly Listed PropertiesMedian Price of Newly Listed Properties. Single Family Homes. Altos 20-city (national) composite. Data as of February 15, 2013 The pricing of newly-listed properties are a terrific signal of where a market is headed. To calculate this statistics, we snapshot prices for every property every week. Like watching the first grapes on the vine, the prices of this week’s new crop is the signal for the coming season. Why is PNL so insightful? It’s a textbook example of the “wisdom of the crowds” phenomenon. Real estate agents listing a property determine the optimal list price taking into consideration a number of factors, including everything they know about local demand levels. Those realtors, in aggregate, know exactly where to price their properties to sell. Therefore, when we observe the newly listed prices climbing, we know the Realtors are telling us something.3. Median Days on MarketMedian Days on Market. Single Family Homes. Altos 20-city (national) composite. Data as of February 15, 2013 The time it takes to sell a home is a much more intuitive signal of demand than the above two leading indicators. Homes move faster when there’s more demand.But watching Days on Market (DoM) for an area can be deceiving, for a nuanced statistical reason: most often when you hear about DoM, the number reported is an average. Averages have this nasty habit of being skewed by outliers. In this case, garbage properties that sit around the market forever skew the average DoM higher. So instead I like to look at median DoM (the middle). Median DoM reacts more quickly in recovery markets. When the good properties are going quickly, the Median DoM falls. Guess what? Across this country Median DoM is falling. Steeply.Demand is high, supply is low. Prices are taking off. 2013 is going to crush it on home price appreciation.
Related Posts:Here’s a Bullish Sign for the 2012 Housing MarketAnother Bullish Sign for Housing Prices in 2012: Increasing…Here’s what to expect from the housing market for the…DS News: Collapse in Home Prices Hits Overvalued Markets…Chart of the Day: Price Reductions in Texas
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If I have to rebuild, how do I get started?
February 20, 2013
If I have to rebuild, how do I get started? You should talk to your municipal floodplain administrator to see if your house is substantially damaged. You should also contact your municipality to see what kind of local approval you may need and what construction standards you have to build to. In addition to the DEP's elevation standards, buildings in flood zones must meet Uniform Construction Code standards that are regulated by the New Jersey Department of Community Affairs (DCA) and implemented at the local level.
What should I know before rebuilding?
February 20, 2013
What should I know before rebuilding? It is very important that you carefully document any repair or reconstruction project to ensure you have a record of all activities from inception to completion. Photographs and other forms of documentation should be kept before, during, and after construction. Retain all receipts, bills, surveys and construction plans. These items will help document the history of your project should you need to do so for FEMA assistance or insurance reimbursement.
Ground Hog Day 122 After Sandy
February 19, 2013
3 month 20 days! Still no closer to getting into our house. Still no information from our adjuster.
Called Fema agian today about our housing assistance. Are we getting it? I sent you all the info! Yes we have received all your information no decision has been made.
What to do you mean no decsion I sent you all the info what more do you want! You said you would help us as long as we can prove we are renting and NOT ABLE to live in our house!
Met with the contractor today needs to remeasure the house to be sure what he has is correct. Dammit I gave you all the info? even my floor plan. I need your information so I can give it to the town so I can get the infamous letter so I can apply to ICC so I can get started on lifting my house to waaaay above flood level.
Doesn't anyone understand that we want to get on with our lives? We are not playing? We want to get back to the "New Normal" whatever that means?
Yippes just got a call from contractor will be sending me the numbers. Great I can take them to Sea Bright tomorrow and get that FAMOUS letter! Hopefully I can now get the ball rolling.
Tomorrow I will Call the adjuster after I go to Sea Bright and let him know I want to start my ICC claim.
Need to get the architect some money so he now can get started on drafting the info needed to lift the house. Then the engineer. Of course all of this is dependant on what the Insurance company is going to say.
RED BANK MONTHLY REAL ESTATE REPORT
February 15, 2013
|
RED BANK MONTHLY REAL ESTATE REPORT |
|
|
January 1 - January 31, 2013 |
|
|
Total Number of closed sales |
6 |
|
Average days on market |
292 |
|
Ratio of sale price to list price |
97% |
|
Lowest closed price |
$110,000 |
|
Highest closed price |
$535,100 |
|
Median closed price |
$349,000 |
|
Distribution of Closed Sales |
|
|
# under $400,000 |
5 |
|
# $400,001 - $700,000 |
1 |
|
# above $700,000 |
0 |
|
Total under contract as of 2/8/13 |
13 |
|
Total homes available as of 2/8/13 |
24 |
|
Median price of available homes |
$387,000 |
|
|
|
|
Source: Monmouth/Ocean MLS. Information deemed reliable but not guaranteed. |
|
Is It Spring Yet?!?
SEA BRIGHT MONTHLY REAL ESTATE REPORT
February 15, 2013
|
SEA BRIGHT MONTHLY REAL ESTATE REPORT |
|
|
January 1 - January 31, 2013 |
|
|
Total Number of closed sales |
No |
|
Average days on market |
0 |
|
Ratio of sale price to list price |
0% |
|
Lowest closed price |
$0 |
|
Highest closed price |
$0 |
|
Median closed price |
$0 |
|
Distribution of Closed Sales |
|
|
# under $400,000 |
0 |
|
# between $400,001-$700,000 |
0 |
|
# above $700,001 |
0 |
|
0 |
|
|
Total under contract as of 2/8/13 |
4 |
|
Total homes available as of 2/8/13 |
9 |
|
Median price of available homes |
$1,725,000 |
|
|
|
|
Source: Monmouth/Ocean MLS. Information deemed reliable but not |
|
Is It Spring Yet?!?
It
may still be cold outside, but the Spring real estate market is already heating
up! Low inventory means homes like yours are in great demand. Low interest
rates means buyers are motivated! If you’ve been considering a move, go for it!
Contact me today and take advantage of these great market conditions. It could
be your best move yet.