A 30 second review of the new Realtor dot com
Not bad.
I like how it shows when the listings were last updated.
I like how they have finally integrated decent mapping.
Not sure why a featured listing asking $995k shows at the top of the screen when I’m searching for houses between $250k and $350k.
I think I like the grid-limiting search. I still want GIS, crime, school, etc, but this is a decent start (as well it should be - Realtor.com has continually redefined the standard of “underwhelmingly underperforming” for YEARS.
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Declining Market? Not so much
Fannie Mae is expected to announce Friday (today) that it is scrapping a policy requiring higher down payments on home mortgages in areas where house prices are falling.
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In a letter to the Realtors last week, Freddie also said that it is applying the policy flexibly. For instance, if appraisers can demonstrate that home prices in a given neighborhood are stable or rising even though values are falling in the wider metropolitan area, the declining-markets policy doesn’t apply.
I am undecided as to whether this is good or bad in the long run. In the short run, it’s probably good. Short-run thinking is one of the (major) ways in which we got to where we are today - having buyers “buying” houses with 100% loans who didn’t have any “skin in the game.”
But … many buyers now, while having great credit and job histories don’t have the cash to put down.
This lending market makes advising clients almost impossible. Should the sellers accept a 95% loan? Should they not? Should they wait for a 90%? What if they accept a 95% and roll the dice that by the time the appraisal comes back their house won’t be in a declining market?
This market is fluid and dynamic.
More on declining markets here, here, and here.
Thanks to CR for pointing this out.
Median Housing Prices for Central Virginia
In response to a reader question, these are the median prices for all residential properties in the Central Virginia* region:
Quick summary - 2006 was the peak year.
2008
2007
2006
2005
2004
After the break, I show the median prices for just single family homes in the region - excluding condos and attached homes.
* Albemarle, Charlottesville, Fluvanna, Greene and Nelson Counties. Data for the Shenandoah Valley - Waynesboro and Augusta Counties, is just not as robust as what we have in the Charlottesville MLS - so I am unable to post their data with confidence.
Curious whether any Charlottesville HOAs restrict solar panels
I haven’t yet run into this in the Charlottesville/Central Virginia area; I see that one development specifically allows them, but I’m curious as to whether anyone has had issues locally when trying to install solar panels.
From the USA Today -
There are no hard statistics, but renewable-energy experts say clashes over homegrown renewable energy are on the rise as more Americans seek to cut their utility bills or their carbon footprint.
Sometimes it’s local authorities who stand in the way by refusing to issue the necessary permits, or by charging such high permit fees that homeowners can’t afford them.
…
Renewable-energy proponents say cases such as the Canfields’ show that only a national law will make homegrown wind and solar power as common as they should be. Promoting renewable energy is “a national imperative,” says Rep. Dennis Cardoza, D-Calif., who introduced a bill that would ban strict regulations on home solar panels. “There are a lot of impediments. We’re trying to do everything we can to pave the way.”
This is the bill in Virginia General Assembly that will prevent HOA’s from restricting solar panels -
A. Except
to the extent provided in the condominium instruments, declaration, or rules and regulations duly adopted pursuant thereto, no community association shall enact any provisions restricting solar power oras provided in subsection D, any restrictive covenant included in an instrument affecting the title to real or leasehold property, that restricts the installation or use of any solar energy collection device onunits or lots that are part of the developmentreal property in the Commonwealth is declared to be void and contrary to the public policy of the Commonwealth.B.
TheA community associationmay prohibit or restrictshall not enforce any provision of a restrictive covenant that became effective on or after July 1, 2008, that restricts the installation and use ofsuchsolar energy collection devices on the common elements or common areas of real estate that the community association owns or has under its care, custody, or control.
I am seriously debating putting a clothesline at my house - we had one when when I was a kid - why not now?
Bike Week in Charlottesville
Check it out at ACCT’s site. Ride a bike on one errand every other day; start somewhere!
(gas prices are absolutely impacting ever facet of our lives - real estate, too)
“Many people did the ‘drive to qualify,’ ” looking in farther-out suburbs to find affordable homes, says Joe Cortright, an analyst at Impresa Inc., a consulting firm. He says that’s no longer a viable strategy.
Cortright studied home values by ZIP code for a report released last month. He found homes in distant suburbs lost more value than those in vibrant cities. He says higher gas prices and home buyers’ unwillingness to drive far to work were primary reasons.
One thing I am wondering is this - where are the best places to buy recycled bikes in the Charlottesville area?
Why is this concept so hard to understand?
Seeking to control the information is passé.
Related - What if Zillow is right?
What if the Meadowcreek Parkway didn’t exist?
It’s just a question.
There have been countless (at least a few thousand) stories written about the Meadowcreek Parkway over the years. What if the community was able to think of a brand-new transportation solution, not bound by the vestiges of 40-year-old (plus) thinking?
Would ‘they’ design the Meadowcreek Parkway now?
This is a test - it is only a test (of print advertising)
I have long advocated against print advertising - in 2006, 2007, and this year (there are more stories here, but this is but a sampling) and my argument has been consistent - there is no method by which to track print advertising’s ROI.
But - How does one track a Realtor’s Q Score?
This week marks the second week of an ongoing experiment that I have entered with the C-Ville. Can I increase the number of subscribers to my blog through a print ad - consistently placed - in a popular local print publication? In partnership with local real estate search site CurbPlaces and C-Ville, a similar ad (hopefully this week without the typos) will run - time will tell.
Part of business is innovating, and innovation includes trying new things. I tried a banner ad on a local site last year - with no measurable results - so now I’ll try print. Who knows? I doubt I will sell a house directly from this ad, but I wouldn’t be totally surprised if I gain a subscriber who in nine months decides to contact me about something real estate related.
I’m trying to not set any expectations for myself or this experiment. An honest question I have is - who benefits more?
This week’s theme? I am actively requesting new subscribers. CLICK HERE TO SUBSCRIBE.
Here is last week’s ad, which takes up about 1/3 of a page.
Maybe I’m wrong about this experiment, but there is only one way to learn - and failing is a great way to learn.
* The incorrect data displayed in this week’s issue aside, I think this could be a good venue.
Subscribe!
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