Realtor.com is out with its real estate predictions for 2023 and one Georgia city makes its top ten list of housing markets positioned for growth. Augusta, GA ranks sixth on the list. The article recognizes that remote work is allowing families to seek out affordable housing in cities with strong economies as alternatives to larger and more expensive locations.
(Excerpt from Realtor.com)
The move toward affordability will continue in 2023, as high prices and mortgage rates drive buyers to find lower-priced homes. The top markets expected to perform well next year offer a solid mix of local economic conditions, proximity to larger employment centers, and critically, more affordable housing. Even in an environment where families are finding that their dollars no longer stretch as far as they did just a few months ago, cities like Hartford, El Paso, Louisville, or Chattanooga offer a larger share of affordable homes for a median income.
In the Top 10 metros for 2023, about 23% of housing inventory is affordable at the median income level, a noticeable improvement from all the other markets. When considering all other markets and excluding the Top 10, only 17% of available homes for sale are affordable to a household earning the median income. And that affordability picture worsens considerably in the 10 metros where sales and price growth is expected to be weakest in 2023. In these areas less than 4% of inventory is financially attainable to a family earning the local median income.
Like much of the US, Georgia experienced record cold temperatures in December. Now comes the sticker shock from keeping homes warm during that frigid week. It has many people re-evaluating their heat sources and energy costs.
Kiplinger looked at the benefits and drawbacks of electric and gas heat. It’s information that can help you decide which is best for you, and more economical, moving forward.
(From Kiplinger) With energy bills on the rise, comparing the costs of electric heat vs gas heat can be an important decision for homeowners looking to save money. Colder winter weather and a global energy shock are causing concern for residential heating customers. The U.S. Department of Energy projects that this winter heating bills will jump 28% for natural gas, 27% for heating oil, 10% for electricity, and 5% for propane.
If like most people, you’re keen to know how to cut energy costs — is there a difference between electric heat and gas heat, where homeowner bills are concerned?
Electric heat: cost to run
According to the U.S. Energy Information Administration, the average cost of electricity in the U.S. is 16.32 cents per kilowatt hour or kWh. The EIA projects that electric heating costs for U.S. homeowners will average $1,359 for winter 2022-2023, a 10% increase from last winter.
Gas heat: cost to run
The Energy Information Administration estimates that homes heated by natural gas will spend about $930 this winter, 28% more than they spent last winter. This forecasted increase comes from both higher expected prices and consumption.
The EIA report also shows that gas-heating households in the Northeast and Midwest are projected to pay $1,000-$1,100 for the season, based on colder temperatures and higher demand, while homes in the West and South will pay between $700-$800.
I read an article recently and it sums up my entire feeling about the real estate market right now and actually the type of response I have given to customers who ask… Is now a good time to buy a home?
Yes, it is. In fact, winter and spring 2023 will likely be the best window homebuyers will have for the next several years.
Here is what’s really going on in the housing market – and why now is the time to buy if you’re qualified.
Interest rates are better than you think
The historically low interest rates seen in 2020 and 2021 were remarkable. Rates in the 2% range are almost unheard of for a mortgage. But the COVID-19 pandemic was a once-in-a-lifetime occurrence. It was inevitable that rates would increase again in time, which they have.
Some homebuyers may wonder whether they missed the boat or whether they should wait for rates to drop again. Rates aren’t going to go back down to the 2% and 3% range, so if you weren’t able to buy then, you have to take your lumps and move on. But 7% is actually a pretty good rate for a home. And if rates drop again, you can refinance your mortgage to take advantage of it. If they increase, however, you’ll be glad you locked in your loan at 7%.
Either way, the sooner you buy, the more time you have to build equity in the home. That’s significant because home equity is a cornerstone of wealth-building in the U.S.
Housing prices aren’t going to crash
Like interest rates, housing prices were unprecedented during the COVID-19 pandemic. They soared in many places across the country, leading some people to believe that prices would ultimately crash. That’s unlikely, however. Price increases have slowed, but home values increase over time …home sale prices in the U.S. have consistently trended upward since the 1960s.
Rather than waiting for a price crash, take advantage of the fact that this is a buyer’s market and that sellers are more likely than they have been in years to negotiate on price and other concessions.
It’s quickly becoming a buzz phrase — universal design. But what is it exactly and how might it affect you? It’s especially important for people who want to age in place. As well, it will give you an idea of features to look for if you’re interested in moving into a senior living community.
The National Association of Homebuilders says the most common features include:
No-step entry. No one needs to use stairs to get into a universal home or into the home’s main rooms.
One-story living. Places to eat, use the bathroom and sleep are all located on one level, which is barrier-free.
Wide doorways. Doorways that are 32-36 inches wide let wheelchairs pass through. They also make it easy to move big things in and out of the house.
Wide hallways. Hallways should be 36-42 inches wide. That way, everyone and everything moves more easily from room to room.
Extra floor space. Everyone feel less cramped. And people in wheelchairs have more space to turn.
Some universal design features just make good sense. Once you bring them into your home, you’ll wonder how you ever lived without them. For example:
Floors and bathtubs with non-slip surfaces help everyone stay on their feet. They’re not just for people who are frail. The same goes for handrails on steps and grab bars in bathrooms.
Thresholds that are flush with the floor make it easy for a wheelchair to get through a doorway. They also keep others from tripping.
Good lighting helps people with poor vision. And it helps everyone else see better, too.
Lever door handles and rocker light switches are great for people with poor hand strength. But others like them too. Try using these devices when your arms are full of packages. You’ll never go back to knobs or standard switches.
Today, seniors are different from previous generations. They’re living longer, healthier lives than ever before. And they’re different when it comes to real estate and downsizing. Real estate professionals have found that many seniors and active adults are really shopping for a lifestyle rather than the building itself.
It was the top of discussion at an investment conference in Washington DC recently — how seniors are driving changes in the senior housing market. While they’re active and want to be around other active adults, many are also seeking housing that will allow them to age in place, so they don’t have to keep relocating.
They found the pandemic had an effect on how 55+ individuals want to live moving forward – they want to be around other active adults, not isolated, and investors are responding to the need for that type of housing community.
Home upgrades can sell your home 40% more quickly than homes without upgrades. So, which projects will benefit your bottom line when you sell? SRES from the National Association of Realtors says that projects in your kitchen and bathrooms will help you sell your home more quickly. And, SRES reports that a full-on renovation isn’t necessary – paint, new carpet, vanity upgrade or power wash can all help you close the deal more quickly.
I was so happy to make a presentation today to the senior group at the Norcross First United Methodist Church. We talked about the challenges seniors face when it comes to downsizing, selling a home and relocating. We discussed universal design — what it is and why it’s important to look for as we age. This group had wonderful questions and it was such a pleasure to meet everyone. Their hospitality was only exceeded by the delicious lunch.
If your organization is interested in a speaker to discuss real estate and, in particular, the unique real estate needs of active adults and seniors, please let me know. Contact me by clicking here.
Uncle Sam has a few tax tricks up his sleeve to help you buy a home, save on home-related costs and sell your home tax-free. Some of them are complicated, limited or come with hoops you have to jump through, but they can be well worth the trouble if you qualify. And if your budget is already stretched thin, you need all the help you can get. So, without further ado, here are 13 tax breaks that can help you buy a home and prosper as a homeowner.
Using retirement funds for down payment
Mortgage points deduction
Mortgage interest deduction
Mortgage interest credit
Home office expense deduction
Credits for energy saving improvements
Credit for electric vehicle charging equipment
Deduction for medically necessary home improvements
What are the latest trends in retirement living? There’s a definite move toward accommodating retirees focusing on health, wellness and nature. Here’s a great article from Next Avenue about the latest trends.
In 2008, Janice Barton was vacationing at Serenbe, a biophilic, or nature-centered, community in the Chattahoochee Hills about 30 miles outside of Atlanta. She fell in love with the village’s English-style cottages, outdoor artist studio, nature trails, local shops and café all within walking distance, and decided to buy her forever home there.
“In a typical suburb, you drive into your garage, shut the door and that is it,” explained Barton, who at 73 is a solo ager. “Maybe you know your neighbors on either side or across the street but you don’t have anything in common so you don’t want to invest the time and energy. At Serenbe, I feel younger because I am engaged and I’m living a more vibrant life.”
Serenbe and other new amenities-laden retirement communities illustrate how the senior living industry is going through a transformation that has accelerated since the COVID-19 pandemic. Pre-pandemic Americans age 65+ expressed the desire to stay living in their homes as long as possible; the social isolation imposed by the pandemic has solo agers — the 12% of the population who, according to AARP, are widowed, divorced or without adult children to care for them — rethinking the desire to age alone at home.
Known for its “Best” lists, US News & World Report is now out with its Best Senior Living list. You’re now able to search for what they’ve determined to be the “best” near you.
(From US News & World Report) For many older adults, there may come a time when living in their current home is no longer desirable or possible. Making a choice about what the right next steps are can depend a lot on their health and their preferences.
Someone who no longer wants the upkeep of a larger home and yardwork might choose an independent living or continuing care retirement community. If basic daily tasks are becoming a struggle or if they’re recovering from a hospitalization, an assisted living setting where there is some help available, either temporarily or longer term, is a good choice. Families concerned for a loved one with memory loss can consider a memory care community with staff to help with both daily activities and safety.
To help seniors and their families make these decisions, residents and families from over 3,000 independent, assisted and memory care communities were surveyed. They were asked to rate their experience with the things that matter most – the kindness of staff; variety of activities; quality of the food and dining experience; whether local transportation is provided to doctor’s appointments, grocery stores or other daily needs; the quality of on-site caregiving and more. The top-rated communities for each level of care have been rated Best Senior Living in their categories.
A recent Washington Post article looks at “how a move manager can help you trim down on your belongings.” There are several of these companies in the Atlanta area including franchises Caring Transitions and Smooth Moves. They are extremely helpful for homeowners or their adult children who need to clean out, liquidate items or pack in advance of a move or to simply ensure the space is clutter-free, clear and safe.
Like a senior real estate specialist (SRES), these organizations specialize in helping older adults downsize and relocate. Check out this article from the Washington Post and here are links to a couple of the senior move managers in Atlanta.
They will provide you with a quote for the services you need.
Senior housing is bouncing back after a struggle through the pandemic. So, what’s popular now when it comes to senior living?
Senior Housing News explores the latest senior living trends.
(From Senior Housing News) More senior living projects will be focused on the small-home trend, to create affordable environments that are easier to secure from an infection control standpoint. Such projects might involve campuses of modular or prefabricated tiny houses, or dwellings arranged in “pocket neighborhoods.” Dr. Bill Thomas is a proponent of such communities, with the Kallimos Communities and Minka initiatives. The trend also includes the growth of franchised residential assisted living, as exemplified by Majestic Residences.
Not only will communities become bigger and smaller than ever, but some will redefine the high end of the market, while senior living will also become more accessible than ever for less affluent consumers.
In terms of luxury, the urban offerings from Coterie, Inspir, Sunrise and Watermark already are setting the bar higher than ever, with designs, technology offerings, hospitality services, health care, prime locations and other components justifying monthly rates of $20,000 or more. Providers such as Balfour Senior Living, Solera Senior Living and Galerie Living are also pushing the envelope on luxury. In 2022, expect further innovations in luxury senior living, such as the recently announced plan from Hallmark Properties to create three “ultra luxury” residential assisted living communities of fewer than 20 rooms, with residents having access to a gourmet chef and a personal butler.
At the same time, more senior living providers will make good on their plans to serve middle-market consumers in 2022. On the leading edge of this trend, 2Life Communities just announced plans for its first middle-market Opus community, making progress on a concept that has been in the works. 2Life is just one of many senior living organizations that has been contemplating how to serve the middle market, given the incipient demand that was quantified in research released in 2019. The next 12 months will bring more concrete examples of how providers and investors believe they can meet this demand, with Transforming Age and Seasons Living being two such organizations to watch.
A new CNBC report said it all, “It’s a scary time for new retirees. Stocks have plunged this year. Bonds, which traditionally serve as a ballast when stocks falter, have also been pummeled. Both trends are worrisome for seniors who rely on investments for their retirement income. High inflation also means retirees need to draw more income to afford the same items and make ends meet.”
So, what’s a baby boomer to do? What steps should you take to protect yourself from loss? Of course, the #1 recommended action to take is “spend less” but there are other things to be mindful of. Click here for the full article.
It used to be that a family stayed in a home for 50+ years moving out only when necessary, but times have certainly changed. Couples and individuals are healthier longer and when they decide to move, it’s not necessarily a move to live with a child or into a senior living facility.
The National Association of Realtors’ 2021 Generational Trends Report shows the changing priorities of today’s seniors.
1/4 or more of seniors surveyed cite the desire to live closer to family and friends as their primary reason for relocating. The second most cited reason is that they consider their existing home too large.
More than 1/2 of seniors surveyed say their top consideration when looking for a neighborhood is the quality of the neighborhood. Coming in second is its proximity to friends and family and third is its convenience to shopping and health facilities.
When asked about factors causing a buyer to move, 1/4 of 66-74 year olds and 1/3 or 75-95 year olds say a household members health is the primary reason.
Among those considering senior-related housing, today’s seniors are looking for detached single family houses located in a suburb.
Understanding what seniors want and need in their next homes is what Senior Real Estate Specialists do best. They specialize in knowing what homes and communities work best for seniors who want accessibility, convenience and security in their future neighborhood.
The survey also revealed that seniors contact agents as a first step in the home search process, take the longest (an average of 10 weeks) to search, and ultimately view fewer homes than younger home buyers. Seniors want a realtor with the expertise to make the homebuying process as stress-free as possible. Atlanta Seniors Real Estate is one of the best at understanding how best to serve senior homebuyers. Contact us for a complimentary consultation to learn how we can help you with your next real estate transaction.
In case you missed it, a great interview on NPR’s Morning Edition this week. Seniors across the US are struggling with the same question — if I sell my house, where will I go? Click here to read the interview transcript.
The article below comes from the National Association of Realtors/SRES. Hilary Walker has earned the Senior Real Estate Specialist (SRES) designation and is committed to helping Atlanta-area seniors manage their unique real estate needs.
Preparing a home for sale is always a significant undertaking. For seniors, in particular, the pre-listing process can feel overwhelming. An agent who has earned their Seniors Real Estate Specialist® (SRES®) designation can guide your efforts and help make the transition go as smoothly as possible.
You can trust your SRES® designee to help you:
Map out a plan.
An SRES® understands that each client faces different circumstances and challenges. They can advise you on a sequence of steps tailored to your situation. And they’ll guide you through the process at whatever pace suits your needs. Your SRES® will take a no-pressure approach and look for ways to make your move more manageable and less stressful.
Set priorities.
Please don’t assume that every aspect of your home has to appear picture-perfect before listing it for sale. Your SRES® understands what matters most to buyers in your market and can help you focus on the most critical projects. The top priorities are often decluttering living spaces and cleaning your home thoroughly, immediately before it is listed.
Evaluate renovations.
Is it essential to update your flooring, paint your walls, or replace your appliances? Your SRES® knows local buyers’ top priorities and understands which renovations offer the biggest bang for the buck. They’ll explain your options, but it’s up to you to decide if you want to add these projects to your list.
Suggest trusted resources.
If you need help with any aspect of your move, your SRES® can provide suggestions. They’ve already vetted related service professionals that understand seniors’ concerns and can assist in decluttering, packing, renovating, and more. The choice is always yours, but it’s nice knowing you can turn to these trusted resources.
Discuss staging options.
Many sellers assume they need to stage their home before listing it. Again, this depends on your local real estate market and your personal situation. Often, staging isn’t mandatory. Today’s property marketing options include virtual staging techniques, which might be a good alternative. Your SRES® can discuss your options and offer recommendations tailored to your concerns.
Regardless of when and where you are moving, you’ll have a better experience if you work with an agent who has earned the SRES® designation- someone who is committed to helping seniors navigate their housing transitions successfully
Increasingly, we’re hearing of home sellers being approached by iBuyers – those companies who purchase your home quickly without you having to list and have showings. The largest iBuyers include Zillow, Opendoor, Offerpad, Simple Sale and Redfin Now. It’s a tempting approach for many appearing to be simple and fast, but is it really worth it? I know from experience that working with an iBuyer can mean that you’re leaving money on the table. If you have questions about iBuyers, contact me and I can tell you more.
For some basic information about today’s iBuyers, check out the article below from Nerdwallet.
An iBuyer, or “instant buyer,” is a real estate company that uses algorithms and technology to buy and resell homes quickly. When selling a home to an iBuyer, you may get a cash offer in as little as 24 hours without the hassle of staging and repeatedly showing the home.
You can also buy a home from an iBuyer. The companies’ websites or apps let home buyers view available properties, schedule tours and request information to get started. Closing may occur more quickly with an iBuyer because you don’t have to accommodate a traditional seller’s timeline.
My mature and experienced clients know that rates have been much higher than they are today (just 20 years ago they may have purchased a house with a 7% rate). So, today’s rate at just over 5% is still a good rate in their minds, although we’ve been spoiled with those extremely low 3% rates in recent years.
These clients are savvy and experienced to know also that increasing rates can be a detraction for buyers who want to buy now or very soon. So, now the baby boomers and older homeowners in my circle are calling to ask the very serious question…”How quickly do you think my home will sell if we put it on the market now and where do I go if I sell now?“
Here are two scenarios that I’ve seen first-hand.
First Scenario
A first-time home buyer (over 65) approved for a loan in late March prefers purchasing rather than renting because rent has increased by a significant amount for the last 3-years. We have been on the lookout for a home but have not yet found anything suitable.
Reasons for a delayed purchase in this case are:
wanting a home with all spaces on one level
low inventory in the area of choice with only one or two potential homes coming on the market each week
multiple offers on those few homes or they are in disrepair
and the buyer is searching with a lower-than-average price point (average house values for our local area rose from $278k to $338k)
The first week of May, the lender informed us that the interest rates went up over a quarter percent since the buyer was approved in March so there will be an increase in mortgage payments. This makes the buyer nervous because they are on a fixed income. An interest rate hike above 5.5% may force this buyer out of the homeownership market so time is of the essence.
Second Scenario
Most of my clients are already retired, on a fixed income, or have a budget they are adamant to stick to, so overspending for another home is hard to do. I say “overspending” because that is the word of choice among some of my clients who have watched the market take an unprecedented boom of house prices and, while that is fantastic for the seller, it is a hard pill to swallow for the mature buyer.
However, those who need to move are acknowledging this is the market they are in and must move forward regardless. I have a few clients who are in the situation of needing to sell the large home where they raised their families or enjoyed their mid-life empty nest, replacing the space with their hobby or 2nd career or entertaining friends and family periodically. But the time has arrived that the house is simply too large. They are heating and cooling, and cleaning spaces they rarely use so they want to downsize or resize while they can get a good price for their home.
One of my clients wants to move out of their 5,000 square foot home while identifying a comparable smaller home at a mid-range price point – reasonable, at least so we thought.
The search was difficult for these reasons:
in the madness of the real estate frenzy of 2021/22 even homes in the higher price points were not presented as well as they should have been – a stark difference between photos online and in person
almost every decent home that came on the market received multiple offers within a day or two
their competition was no longer just another occupant buyer but now it was large fund investors vying for that property, too
In the case of these kinds of buyers, interest rates don’t bother them too much since, in most cases, they plan to use the equity they have in their current home to purchase the next home or they only plan to keep the mortgage for a few years before they pay it off and live mortgage free. In a couple of cases, they are choosing to use a Reverse Mortgage to help stretch their wealth, therefore, the interest rate is not an issue since they can choose not to make any mortgage payments on a monthly basis.
If you want to know more about how interest rates may affect your decision or that of a loved one to move forward with a sale or purchase, feel free to contact me.
A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage loan, is a federally insured home loan that allows borrowers age 62 and over to access a portion of their home equity to supplement their retirement income. Like their traditional cousins, reverse mortgage loans have financial obligations, requirements and qualifications, but repayment is structured differently. Whereas traditional loans require borrowers to make loan repayments each month for a designated period of time, reverse mortgage loan borrowers aren’t required to make monthly mortgage payments, so long as they pay property taxes, homeowner’s insurance and comply with loan terms. Instead, non-taxable loan proceeds are made available to the homeowner to use at their discretion, such as paying off other expenses, building up a financial buffer for future unanticipated expenses, or planning for the retirement of their dreams.
How Can a Reverse Mortgage Help with Retirement Planning?
According to American Advisors Group (AAG), there are many features of reverse mortgage loans that can benefit seniors who are looking to supplement their retirement income.
Eliminate monthly mortgage payments. Rather than paying money to the lender each month, you receive funds to enhance your retirement savings. The loan is repaid when you sell your home, move to another primary residence or when the last borrower leaves the home.
You remain the homeowner and stay in your home. You maintain ownership of and the title to your home as long as you comply with the terms of the loan.
How you spend the proceeds of the loan is up to you. The loan proceeds have very few restrictions and can be used to pay for common senior expenses like medical care, in-home care, household repairs and remodeling, or paying off other debt. Disbursement options vary: you choose a full or partial lump sum, monthly payments or a line of credit.
Social Security, Medicare, your 401(k) and pension are not affected. A reverse mortgage loan is considered a loan and not income, so proceeds are not taxable. However, need-based benefits such as Medicaid and Supplemental Security Income (SSI) may be affected.
Want to know more? Click here to read the full article from AgingCare including: *How to qualify for a Reverse Mortgage Loan *What are the obligations as a borrower? *How Does the Government Regulate HECM Loans? *How to Apply for a Reverse Mortgage
Remodeling a bathroom for someone who is aging in place is very different than one based on aesthetics or home value. If you or a loved one are remodeling with an eye toward future needs, there are some very important issues to consider before you start and as you’re going through the process.
From design, to safety, to ease of use, remodeling a bathroom will take time and effort, and there will be costs involved. But for anyone who wants to age in place it can be very worthwhile to have a bathroom that is comfortable and safe to use easily as needs change.
From something as simple as sensor lights to adding another bathroom, there are options and considerations for anyone who intends to stay in place. But without a clear picture of what you really want to do with your project, you may find that the costs continue to rise and the needed changes either don’t get completed or aren’t what you really expected. Changes have to be effective – and sometimes this means completely revamping an existing space to accommodate what’s needed in the future.
Sponsored by Representative Lee Hawkins, the Georgia Caregivers Act (House Bill 1304) would bring much needed support to family caregivers across the Peach State.
Family caregivers help their parents, spouses and other loved ones so they can live independently in their homes and communities—instead of in costly, taxpayer-funded institutions. They assist with meal preparation, managing finances, transportation, and much more.
Many family caregivers also perform medical or nursing tasks for their loved ones like complex medication management, wound care, and injections. Yet most receive little or no training for these important duties. That’s why AARP Georgia is asking the Georgia state legislature to pass a no-cost, commonsense bill called the Georgia Caregivers Act.
The Act ensures that:
Patients can identify a caregiver upon admission to the hospital
The identified caregiver is notified of the plan to discharge the patient home
The caregiver is given live instruction and training on the medical and nursing tasks to be performed at home.
In 2021, more than half of Georgia’s hospitals were penalized for excessive patient re-admissions. The Georgia Caregivers Act could help.
Mortgage rates in the U.S. have risen this year and are expected to continue doing so, but the conflict between Russia and Ukraine could throw a wild card into those projections.
The 30-year fixed-rate mortgage climbed by 37 basis points over the first two full weeks of February, according to Freddie Mac. But last week, as Russia invaded Ukraine, rates dropped to 3.89% for the 30-year fixed-rate mortgage.
“When global investors sense increased uncertainty, there is a ‘flight to safety’ in the U.S. Treasury bonds, which causes their prices to go up, and their yield to go down,” says Odeta Kushi, deputy chief economist at First American. “Consequently, amidst heightened uncertainty due to the worsening events in Ukraine, there is a possibility that investors flock to U.S. Treasury bonds, which may result in a temporary, short-term decline in mortgage rates.”
The Federal Reserve has announced it would be raising the funds rate multiple times this year and says it will address this more at its next meeting, March 15 and 16. But how aggressive the Fed is with rates could change, predicts The Mortgage Reports. The Fed’s key rate does not directly affect mortgage rates but can influence them.
Did you purchase or sell a home in 2021? If so, Senior Real Estate Specialist Hilary Walker gives you two quick tips in advance of the 2021 tax filing deadline.
Baby-boomers and seniors want to retire and move to a tax-friendly state. So, how tax-friendly is Georgia? An Atlanta Journal Constitution article looked at that and found that it ranks pretty well for the following reasons:
There is no tax on Social Security retirement benefits.
Anyone 65 and older is offered a maximum deduction of $65,000 per person on all types of retirement income.
Sales taxes and property taxes are relatively moderate. The 4% sales tax puts Georgia in the bottom 20 of the country. Georgians pay below-average for property taxes. It’s around $870 per year in property taxes per $100,000 in home value.
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