Search the subdivision or area you wish to study, and enter the parameters such as subdivision name, map page, legal section, square footage range, etc.

Step 1: If you want to figure out changes in pricing over a 6 month period, enter status “S” for sold, any other parameters such subdivision name, square footage, etc., and for date of closing enter “past six months”. If you want to figure out changes in pricing over the past year, just enter status “S” for sold and it will automatically pull up the last twelve months of sales based all the other parameters you added to the search. Print out the results and indicate that you want the search criteria to print. This will give you the short report you will need to complete the analysis. Put this report aside.

Step 2: Enter the same parameters you had before as far as area, square footage, subdivision name, legal section, etc., but if you want a study of the past six months, change only the date of closing from “past six months” to “between”, and enter the two dates that will be the start and end dates of the closings during the previous six months. If you want a study of the past year vs. the prior year, change the status from “S” to “H” for history, and enter the closing dates to bracket the dates that would give you the closings during the previous twelve months. Print out this report as well, along with the search criteria.

Note: if you don’t have enough properties to result in enough data, (20+) broaden your search so it will include more properties. The less data you have to analyze, the more likely your study could be skewed or inaccurate.

Step 3: Compare either the median or average selling prices to each other on the two reports from the two different time frames. Subtract the median price that is the lowest from the two reports, from the median price that is the higher of the two reports. For example, the report from the past six months shows a $376,000 median selling price for what you were searching. The report from the previous six months indicates a $400,000 median selling price. Subtract the two figures to obtain the difference. Convert that to a percentage by dividing the difference by the median selling price from the “oldest” data. In the example, that would be:

$400,000 – $376,000 = $24,000

$24,000 divided by $400,000 equals .06, or 6%

Since we did our two searches in 6 months increments, it shows there was a 6% decrease in predominant prices in the past 6 months, or 1% per month. If you did your two searches based one year apart, the resulting percentage will be the price decrease attributed to the past twelve months.

Remember, this is just a “quick” study to give you an idea of trends in pricing in the recent past. Also the more data you have, the more reliable your analysis will be.

This is an abbreviated way of studying price trends in order to better assist your clients.

If you have further questions, you can contact us at Huber Appraisal, (702) 243-3256.

Examples of property conditions that may represent a risk to the health and safety of the occupants or the soundness of the property for which FHA will continue to require automatic repair for existing properties include, but are not limited to:

• Leaking or worn roofs (also, there cannot be three or more layers of shingles on leaking or worn roofs; all existing shingles must be removed before re-roofing)
• Evidence of structural problems (such as foundation damage caused by excessive settlement)
• Defective paint surfaces in homes built prior to 1978 (lead based paint?)
• Defective exterior paint surfaces in homes where the finish is otherwise unprotected
• Inadequate access/egress from bedrooms to exterior of home
• Security bars on bedroom windows must have quick release mechanisms for emergency egress
• “Green pools” should be operating and clean

Repairs/inspections no longer automatically required by FHA:

• Wood destroying insects/organisms inspections
• Private or community well inspections
• Septic system inspections
• Roofing inspections for flat or unobservable roofs
• Installation of stove(s)

Questions to FHA (Santa Ana office) can be directed to (714)-796-5577