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.

I recently started having little panicked moments thinking about what lurked inside the ground under my yard. My wife and I purchased our first home about six years ago. At the time of the purchase, we wisely chose to have the previous owner pump the septic tank. Since then, we’ve kind of ignored this important process of home maintenance.

A few months ago, we started seeing large piles of dirt and small earth-moving machines sitting on once groomed lawns. Inquiring with the owners, we found they were having some problems with their septic systems. The homes in our neighborhood are about 26 years old, which puts them in the “at risk” age for drain field clogs and septic back flow. A few shared grisly stories of being in the shower when undesirable refuse came up through the drain. Yuck.

Needless to say, I quickly looked up the company that had serviced the septic when we moved in and scheduled an appointment. The next day, I was standing in the front yard discussing the finer points of septic systems, how you can nurse an old system along, and how to avoid back flow.

First, some quick facts about conventional septic systems:

• They typically have two major features, the tank and the drain field.
• The tank holds solids (which settle at the bottom) and scum (which floats at the top).
• The drain field takes liquid effluent from the tank and distributes it across ground soil or gravel trenches.
• The more people using the system, the more often you should have it pumped.
• The most common point of failure is a clogged drain field.

The gentleman who pumped our tank noted the recent increase in septic failure in the neighborhood was directly related to the age of the homes. A typical septic system with moderate usage will last somewhere around 20 years. He defined moderate usage as < 50 gallons per person per day or < 200 gallons total per day. He noted that while our tank did not appear to have any problems, we should be careful. Ever since we moved in, we have followed the common sense rules against putting garbage down the toilets, using the garbage disposal, etc. Those useful tips have prevented us from having to repair the system so far.

In addition to the common rules, our septic professional offer some further guidelines:

• Have the tank pumped every year. This, at first, seemed a little self-serving; however, a quick Google of “septic system maintenance” revealed his advice is dead on for the number of people in our home.
• Spread out high water usage activities over the whole week (do 1-2 loads of laundry a day over the week instead of 8 loads on one day).
• Don’t pour grease/cooking fats down the drain.
• Use organic soaps/detergent that completely break down. A little research into the meaning of “safe for septic” revealed a large gap between claims and practice. So be wary of manufacturer claims. Consumer reporting sites will be helpful here.
• Look into installing rain gutters for systems close to a home that has excessive rain water washing over the drain field.
• Installing an additional filter (a newer innovation for septic systems) on the sanitary tee outlet would increase the life of the drain field.

With the possibility of system failure looming, he offered a few key indicators that something was wrong:

• Sewage back flow into toilets, sinks or tubs. No brainer here.
• Slowly draining tubs and sinks, particularly after rain or laundry.
• The smell of raw sewage along with soggy soil around or downhill of the tank and drain field.
• Broken or cracked pipes sticking out of the ground (for low pressure pipe systems).
• Water tests indicating biological contamination or an increase in infections and illness from swimming in nearby lakes or rivers.

The best way to keep this common household nightmare from striking is to have your system inspected and pumped. Good maintenance will pay for itself down the road.

Earth Day is inspiring Realtors^® nationwide to obtain the Green Designation created by the National Association of REALTORS^®.

The program is designed to help Realtors^®:

• Understand what makes a property green
• Explain to clients and customers the cost benefits of green building features and practices
• Distinguish between industry rating and classification systems
• List and market green homes and buildings
• Discuss the financial grants and incentives available to homeowners
• Guide buyers in purchasing resource-efficient homes

To earn the Green Designation, Realtors^® must complete 18 hours of coursework.  Realtors^® attending the NAR mid-year conference in Washington, D.C., can register for the Green Designation courses.  For more information, visit NAR’s Green Designation website.

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.