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Burge Realty Group Blog

Monday, October 28, 2013   /   by Mike And Cyndi Burge

Trulia and Zillow Inaccuracies Under Fire

The following is a study — performed by the consulting firm WAV Group — concluded that listing data displayed by Zillow and Trulia was not as complete, timely or accurate as information provided by local brokerage sites like Burge Realty Group's FindNaplesHouses.com.
 
The Accuracy of Real Estate Websites
 
When home buyers search for homes for sale online, are they seeing all the homes for sale? Do new listings show up in a timely manner? Are all the homes they are seeing actually still for sale? 
 
To answer these important questions, we analyzed a sample of 6,401 home listings in 33 zip codes from 11 metro areas. The listings analyzed were from three local brokerage sites and two highly trafficked national real estate portals. The results of this analysis are that the local brokerage sites are considerably more complete, more accurate, and timelier than the national portals.

In each U.S. city or area, all real es ...

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Tuesday, October 15, 2013   /   by Mike And Cyndi Burge

The Curious Case of the Jumbo Mortgage

Though it may feel like yesterday, it's been about half a decade since the housing bubble burst and the subprime mortgage crisis hit. In September 2008, the United States government took over Fannie Mae and Freddie Mac. Since then, the mortgage industry has undergone fundamental changes, experiencing both increased regulation and a large shift toward nationalization. To give you an idea of the size of these changes, in 2006 around 30% of mortgage loans in the US were backed by a government guarantee. This number rose to around 90% in 2012.
 
Private vs. Government Funding
As we move further from the financial crisis, it makes sense to start asking if and when the mortgage industry will return to a world where private money plays a greater role and government institutions such as Fannie, Freddie, and the Federal Housing Administration (FHA) play a smaller one. Recently, our representatives in Washington have begun to discuss plans to dissolve Fannie and Freddie an ...

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Monday, October 14, 2013   /   by Mike And Cyndi Burge

Homeownership’s Impact on Net Worth

Over the last five years, homeownership has lost some of its allure as a financial investment. As homeowners suffered through the housing bust, more and more began to question whether owning a home was truly a good way to build wealth. A recent study by the Federal Reserve formally answered this question.
 
Some of the findings revealed in their report:

 
The average American family has a net worth of $77,300
Of that net worth, 61.4% ($47,500) of it is in home equity
A homeowner’s net worth is over thirty times greater than that of a renter
The average homeowner has a net worth of $174,500 while the average net worth of a renter is $5,100

 
Bottom Line
The Fed study found that homeownership is still a great way for a family to build wealth in America.

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