In the August 2009 eppraisal.com National Real Estate Market Analysis report, released today, 76 percent of the markets tracked saw an increase in the median home value, which was up from 50 percent in the prior report (July). In the current report, the trend continues with 80 percent of the markets tracked by eppraisal.com showing positive gains in home values. Even larger markets that have taken substantial hits in the past are showing continued recovery. For example, San Francisco, Los Angeles, and San Diego markets all saw over a 5 percent increase in the median home value with 17.8 percent, 6.7 percent, and 7.7 percent increases.

The full list of all 138 markets can be found in our market report. However, here are some of the most notable highlights.

• Santa Cruz-Watsonville, Calif., jumped 32 percent to a median value of $515,000.
• The Orlando-Kissimmee, Fla., area has stopped the decline and has increased by 1.6 percent to a median value of $152,900.
• Bend, Ore., and Sherman-Denison, Tex., were the only areas (tracked by eppraisal.com) that saw double digit declines in home values. Bend, Ore., dropped by 11.6 percent to a median value of $175,000, and Sherman-Denison, Tex., decreased by 11.2 percent to a median value of $86,568.
• Honolulu, HI, had a modest decrease of 1.6 percent to a median value of $555,000.
• Salt Lake City, UT, also had a modest decrease, with a 1.4 percent drop in value to a new median of $227,992.

The National Real Estate Market Analysis report tracks median sales price of residential homes in 138 markets across the continental U.S. compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009. This report compares data on homes sold in the last three months ending July 2009 with homes sold in the previous three months beginning on February 2009 and ending April 2009.

See the full list of national home value rankings.

Today eppraisal.com released its National Real Estate Market Analysis report for 183 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in the first quarter of 2009 with homes sold in the second quarter of 2009.

In this comparison of the first quarter with the second quarter, there are signs that most markets have hit bottom and are showing signs of recovery. In the last eppraisal.com report, only 50 percent of the markets tracked saw increases in median home values. In the current report, 76 percent of the markets tracked saw increases, while less than 20 percent saw a decline in median home values. Only two markets on the entire list saw a double digit decline in median home values.

Overall, the gains are spread across the U.S, but there are a few hot spots, with areas in Ohio and Michigan seeing the biggest increases. These areas have had some of the steepest declines in past reports and have the greatest potential for growth. For example, in Springfield, Ohio, the median home value jumped 36.4 percent to $75,000. Lima, Ohio, increased by 46.9 percent to a median home value of $78,000. In Michigan, the Lansing area saw a 31.6 percent increase to a median value of $75,000. The Saginaw area increased 47.2 percent to a median value of $44,000, and Battle Creek increased by 17.2 percent to a median value of $45,000.

The full list of all 183 markets can be found in our market report. However, here are some of the most notable highlights:

• Markets in Ohio accounted for half of the top 10 markets that saw the greatest increase, with Akron leading the list followed by Sandusky and Cleveland areas.
• At a median home value of $151,000, Orlando-Kissimmee, Fla., remains an affordable area with the median still less than the median a year ago when it was over $210,000. However, the decline has slowed from 8.5 percent in the previous eppraisal.com market report to 3.2 percent in the current report.
• Other notable affordable areas include: Las Vegas-Paradis, Nev., down 6.2 percent to a median value of $140,900; Cape Coral-Fort Myers, Fla., down 1 percent to a median value of $85,100; and the Tampa-St. Petersburg area up 3.3 percent to a median value of $129,000.
• The San Francisco-San Mateo areas of California had the highest median home value on the list at $673,000, which is up 18.1 percent over the first quarter.
• Detroit-Dearborn, Mich., area had the lowest median home value on the list at $14,000, which is up 12.9 percent.
• Of the 139 markets showing increases in median home values, only 24 of those markets remained under $100,000.

See a complete list of real estate market rankings from eppraisal.com

I’ve noticed a lot of news lately regarding homeowners attempting to lower their property taxes due to reduced home values. My first instinct was, “Sign me up!” After all, my home’s value dropped more than 55% in the last few years. On one hand, this could mean thousands of dollars in savings, especially in areas like mine where the decline in home values is significant. On the other, what will it mean for publicly-funded services like fire departments, law enforcement, schools, and libraries?

Perhaps nothing. As the amount of property tax collected decreases, local governments can raise the tax rate to make up for it. Wait, I could actually end up with a tax increase this year?

“Taxes are based on property values times [the tax rate]. We could have declining values but make up for it by raising the rate,” said Bill Donegan, the property appraiser for Orange County, Fla., which includes my hometown, Orlando. (source CNNMoney.com)

But wait, there’s more. He goes on to say that the decline in home values has been so great, it’s unlikely that any increase in tax rate would offset the lower assessments. To make up for it, local governments can raise fees and even taxes in other areas.  In other words, the money is going to come out of your pocket eventually.

In the meantime, if you want to challenge your property tax assessment, eppraisal.com can assist.  Here are some steps to follow:

• Know your home’s property value and compare it to the tax assessment value.
• Verify the information on record (number of rooms, square footage, etc.)
• Research neighborhood property values
• Get an appraisal from a licensed professional appraiser
• Submit your case to the county tax assessor

Today, eppraisal.com launched a new version of its Real Estate Professional Directory, allowing real estate professionals to list their business profiles not only on eppraisal.com, but also on Google Maps, Yahoo! Local, Yellowpages.com, and 80 other search engines and local directories.

Using the advanced directory service, real estate professionals get a profile page on top-ranked eppraisal.com as well as numerous other local directories, improving their online visibility on local search engines and directories.

According to the Kelsey Group, 70 percent of online searchers will use local search to find offline businesses. To support this trend, search engines have dedicated a large portion of their search results page to local search listings. For example, consumers searching for a local professional on major search engines (ie. Appraisers in Orlando) are presented with local business listings and a general map of the area. Additional business listings are shown in the “organic” results from other local directories, like eppraisal.com, Kudzu, and Yellowpages.com. With eppraisal.com’s new Professional Directory, real estate professionals can use one central location to list their business profiles on multiple directories and get greater exposure in both local and organic search engine results.

The eppraisal.com Professional Directory offers a paid service and a scaled-down free service, which is currently available to six real estate professional types: real estate agents, mortgage brokers, home inspectors, appraisers, home stagers, and title and escrow officers. During the next few months, additional professional types will be launched to the site.

Sign up for the eppraisal.com Real Estate Professional Directory.

Today eppraisal.com released its National Real Estate Market Analysis report for 179 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in the fourth quarter of 2008 with homes sold in the first quarter of 2009.

143 markets across the U.S. saw decreases in the median home value from the 4th quarter of 2008 to 1st quarter of 2009. This represents 80 percent of the markets tracked by eppraisal.com. Although this is still a high percentage, this number has remained fairly consistent from the prior report (covering the six months ending February 2009). Smaller markets continue to dominate the positive side of the report with most of the top markets on the list having a population of 400k or less. A few of the smaller markets that saw increases were Missoula, Mont., which is up 9.6 percent to a median value of $228,750; Midland Tex., up 1.8 percent to $166,000, and Fayetteville, N.C., up 6.2 percent to a median value of $138,000.

Of the 179 markets tracked, only two markets – San Francisco-San Mateo, Calif., and Honolulu, HI – had a median home value more than $500,000. Honolulu’s median in the first quarter was $567,000, which is down 2.7 percent from the 4th quarter of 2008. The San Francisco area is down 13.2 percent to a median home value of $590,000. In the $400,000 to $500,000 group, only Santa Cruz, Calif., Santa Ana-Anaheim, Calif., and San Jose-Sunnyvale, Calif., exists with a median value of $435,000 (down 3.1 percent), $437,000 (down 3.6 percent), and $426,500 (down 12.1 percent) respectively. Though most of the markets are seeing continued declines, 8 percent of the markets tracked by eppraisal.com had a median value between $300k and $400k, and 90 percent had a median value of less than 300k.

In the major markets, declines continue. For example in California, San Diego-Carlsbad saw a 3.8 percent decrease to a median home value of $330,000, and Los Angeles dropped 10.3 percent to a median value of $305,000. In Florida, Jacksonville decreased by 1.2 percent to a median value of $169,000, and the Orlando-Kissimmee area declined 5.4 percent to a median home value of $175,000.

See a complete listing of real estate market rankings from eppraisal.com.

There was a time when appraisers would not consider foreclosures as adequate comparable sales, but the market was different then. Today, the volume of foreclosures and short sales may lead appraisers to use those sales to determine a home’s value if the comparable sale was on the market long enough to be exposed to a significant number of buyers. That is not to say that other elements are not factored in, such as the condition of the property, curb appeal, amenities, the local market conditions, and a good sampling of the most recent comparable sales.

While using automated valuations, or AVMs, from sites like eppraisal.com® and Cyberhomes™ can be a good starting point, getting a true property appraisal relies on the in-depth knowledge of a licensed appraiser who understands on-the-ground factors. If you are working with a lender, it’s important that you know they obtained an appraisal from a licensed appraiser. Don’t just take their word for it. Ask to see a copy of the appraisal.

If you are interested in obtaining an appraisal on your own, you can search for a licensed appraiser on your area in the eppraisal.com Professional Directory.

We are pleased to announce the launch of a more comprehensive home valuation and real estate information site.

The new site provides better visibility into home values and local market conditions, including:

• home valuations from Zillow.com® and Cyberhomes™,
• more comprehensive school data from Education.com,
• local job listings from CareerBuilder.com™,
• and your city’s “walkability,” provided by Walk Score™.

Additionally, real estate professionals are featured more prominently through an upgraded “Find a Pro” service, providing easier access to local appraisers, home inspectors, and real estate agents (mortgage brokers coming soon).

Please take some time to browse the redesigned home valuation site to see the enhancements, and let us know what you think.

ORLANDO, Fla., March 5, 2009 —Today eppraisal.com released its National Real Estate Market Analysis report for 182 markets across the continental U.S. This report, which tracks median sales price of residential homes, compares data on homes sold in August 2008 through October 2008 with homes sold in November 2008 through January 2009.

There are no surprises in the data with 89 percent of the markets tracked by eppraisal.com seeing a drop in the median sales price of homes sold between November ‘08 and January ‘09. The hardest hit areas were in Ohio, Michigan, and South Carolina where some cities saw more than a 20 percent drop in the median sales price. In Akron, Ohio, Toledo, Ohio, Sandusky, Ohio, and Dayton, Ohio, home prices were down 37 percent, 26 percent, 24.4 percent, and 23.6 percent respectively. In Michigan the Warren-Troy-Farmington Hills area saw a 29.4 percent decline to a median home price of $60,000. In South Carolina, Florence saw a 22.6 percent drop in the median sales price to $82,036. Sumter declined by 21.2 percent to $85,000.

A few smaller markets in North Carolina, Pennsylvania, and Georgia saw increases in median sales price. For example, the Burlington, N.C., market saw the greatest increase of all the markets with a 13 percent increase in the median sales price to $130,000. Another double digit increase in the median sales price occurred in State College, Penn., which saw a 12.5 percent increase to $180,000. Outside of those two markets there were no other double digit increases in median sales price; however, Rome, Ga., and Gainesville, Ga., came close with increases of 9.7 percent to $214,000 and 9.3 percent to $107,100.

See a complete list all areas tracked by eppraisal.com.

Your time has arrived to get the house you have dreamed about in the location of your choice. With the state of the current market, buyers can negotiate better prices and terms on homes that have been on the market for an extended period due to a number of reasons, most leading back to the economy.  Sellers need to liquidate in order to make ends meet, prices are down, and interest rates low.  So here are a few tools to help with your search.

•  Use the eppraisal.com City Snapshot search to get more information about the area you are looking in, such as information about local schools, lifestyle, and market conditions.

•  If you’re looking to relocate and need a little guidance on what location would be a good fit, let Hoodeo help you find a neighborhood that best fits your lifestyle.

•  Now that you know where to look you can take a drive and use Trulia’s iPhone Application to find open houses near you on the fly.

Take your time and look for what you truly want. With so many houses on the market and limited buyers in this bad economy, you can have the pick of the litter. This is the perfect time to be in the market for a home.

ORLANDO, Fla., November 6, 2008 — Today eppraisal.com (http://www.eppraisal.com) released their National Market Analysis Report for the three months ending September 2008. Of the 188 market areas tracked across the U.S., 131 markets (or 69.7 percent) saw a decline in median home values, which is up from 43.6 percent. This further decline in home values continues the downward trend seen in the past six months.

While most markets in the previous report showed signs of recovery, it is not so this time around. Only seven of the 38 states tracked by eppraisal.com saw net gains in median values. These seven states – which include Illinois, Massachusetts, Michigan, Minnesota, Ohio, South Carolina, and Tennessee – all saw moderate gains. Of the negative markets California and Florida top the list with the greatest declines in home values. In California, all 28 markets tracked by eppraisal.com saw over a 1 percent decline in median home values. In Florida, only three of the 20 Florida markets tracked by eppraisal.com saw an increase. The three Florida markets that saw increases were Panama City, Palm Coast, and Palm Bay, which saw increases of 3.7 percent, 1.2 percent and 0.1 percent respectively.

South Carolina, Ohio, and Michigan all stood out with markets that saw increases. Sandusky, Ohio, had the highest gain this period with over 15 percent gain in median home values to $103,530. In South Carolina, Florence and Sumter both saw increases over 9 percent with Florence increasing by 15.8 percent to $110,000 and Sumter increasing by 9.7 percent to $107,000. Michigan had the most markets with the highest increases with five markets in the top ten. In Michigan the following markets saw increases: Niles-Benton Harbor up 9.5 percent, Bay City up 9.4 percent, Lansing up 8.7 percent, Battle Creek up 7.5 percent, and Detroit up 6.2 percent.

The eppraisal.com National Market Analysis Report is attached. It shows the median sales price of existing single-family home sales in the three months ending October of 2008 along with the percent change from the prior three months.

See a complete list of rankings.