Supplying key housing data based on ZIP
code — instead of an entire geographic area — can give your investor clients greater insight into short-term and long-term appreciation potential of a property and help them make more informed decisions, experts say.
Here are three key pieces of data that real estate professionals can provide to help uncover homes with the greatest probability for appreciation:
▪ Home valuations: Home valuations by ZIP code compared with the foreclosure inventory for that same ZIP code can offer insight into the health of the area's housing market.
▪ Foreclosure inventory: A better snapshot at the employment outlook in the area can be found by evaluating the number of foreclosure homes than even the city-wide employment figures, writes Elaine Zimmerman in a recent RISMedia article. An area with less than one foreclosure per 10,000 dwellings indicates low unemployment for that ZIP code.
▪ Asking prices: Compare the asking price for foreclosures in a ZIP code to similar non-foreclosure properties in the same ZIP code. If there isn’t a more than 20 percent difference between the two, the area will recover quickly; the smaller the percentage of difference, the more quickly that ZIP code will rebound, Zimmerman notes in the article.
Source: “How to Use Foreclosure Data to Identify Investment Opportunities,” RISMedia (May 17, 2011)
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