Mortgage News

Monday, January 14, 2008

NAR's HousingMarketFacts.com and Equity Estimator Calculator Fall Short

The NAR released a new website called Housingmarketfacts.com which contained some already well quoted figures and a "Equity Estimator Calculator" to help buyers see the ROI of their real estate investment.

First get ready for the talking website... always a crowd favorite, right?

The facts the NAR highlights are very well known and basically revolve around the idea of homes increasing an average of 6%, yet the most recent report indicates an anticipated growth next year of only 3.1%.

The NAR could have created a really nice tool to highlight market conditions along the tools like Trulia's heat maps, Zillows price charts or Altos Research to really educate the customer but instead took the easy route and came up way short.

Especially interesting to me is their Equity Estimator Calculator. It has a basic calculation but you don't see how they came up with the results. You simply enter your down payment amount it and tells you how much return on your down payment. The percentages are always the same regardless of what amounts are entered?

I created a similar home equity growth calculator last year that displays all the calculations on a month to month basis but also factors in a mortgage amortization schedule and equity growth.

Do you think the NAR should spend millions in TV commercials and advertising to promote the market with a website that is thin in useful information? Lastly does the NAR equity calculator seem accurate to you or does our equity estimator seem more useful?

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