Your private sanctuary has gone fully public with the newest twist in online home listings. Legendary Kim Komando wrote in a recent newsletter that Homes.com publishes the mortgage details of every house on their website. I didn’t know this, so I tested it.
I searched the 4 homes I have owned on Homes.com scrolling all the way down to the Mortgage History section. Our first house in Virginia does not list our mortgage details. However, the homes we owned in New Mexico, California and now Illinois all do. The numbers appear to be right, but I don’t recall the exact details of those mortgages. The most recent one in 2022 was completely accurate.
After researching further, I recalled this was the website that won’t remove the pictures of my current house even after the MLS listing was inactivated and removed. If the house information is readily available in public records, which it is, they won’t remove it nor will they redact any valid information, only information that is incorrect.
The Bogleheads had a thread on their forum for Homes.com regarding this but appears most of the data removal guidance is now outdated. Homes.com isn’t as popular as Zillow and Redfin but wins for the most accessible, compiled online display of public information without a fee or any barrier, not even a trip down to the courthouse or building of public records.
Kim’s titled her newsletter, “Your neighbor’s mortgage is one click away, and so is yours.” This is true and disconcerting given there is no context with these mortgage numbers. Here’s what you need to consider.
• Most don’t know this information is readily accessible.
• The amounts could be incorrect especially if the mortgage data is dated.
• Some don’t want to move even though they can afford it.
• Some are grateful for the house they have.
• Some don’t pay off their mortgage because they use extra funds to invest in other things or at a higher rate of return.
• Some pay off their mortgage even with a very low interest rate rather than investing that money at a higher rate of return because their personal circumstances, investing preferences and financial goals differ.
• Some may use their home as collateral for a business.
• Some invest in real estate and buy homes to rent.
• Some move to a smaller house because they don’t want the hassle of maintaining a large one and have other interests.
• Some may be highly leveraged because they want it all.
Context creates perspective and numbers are meaningless without it. Data and information don’t tell the entire story and never will.