The real estate market has been viewed of late through a lens that is about five years old. “Conventional wisdom” may say that low rates have driven the market, but when one looks at interest rates over the past thirty years, they don’t look so bad. The commoditization of the real estate market looks to be on its last legs.Graph courtesy of Jay at buygilberthomes. Data courtesy of FreddieMac. I actually downloaded this data weeks ago, but am not the graphical wizard that Jay is.
Date Archives September 2006
Learned something today
I have been going to Chicago once a month for the past four months. I have yet to experience that elusive goal of on-time delivery of my person from place A to place B. Having flown from Charlottesville through Washington Dulles, Charlotte and New York LaGuardia, I figured this time I would try Cincinnati. When asked this afternoon why I tried so many different connections, I responded saying, “each time I get a new story.” If I do not look at the bright side, I will focus on my missing my family …This evening I garnered a new story. The flight from Chicago to Cincinnati was delayed about an hour or so.
Should buyers forego inspection in a hot market?
This story is from Inman today (and is subscription only)Should buyers forego inspection in a hot market?His answer:This is just one more reason why “it is the height of professional irresponsibility for any real estate agent to advise a client against having a home inspection.”My answer:Hell. No.
Being selective
Or, how does Buyer Agency/Buyer Brokerage/ Exclusive Buyer Representation benefit the agent and the the Buyer?
There has been a lot of discussion at RCG and Bloodhound recently about Buyers’ Agency and the associated compensation. I can speak specifically about the Commonwealth of Virginia’s Buyers’ Agency and and generally about the concept of Exclusive Representation.A few items: First, I have said many times before that the real estate industry is going to have to move more towards representation of clients’ interests and somewhat less of “selling” and marketing, for a variety of reasons. One of the most basic reasons for this switch is that marketing is becoming easier, with the proliferation of new sites’ (read: Google) entry into the real estate marketing field.How do both parties benefit? Allen says:I feel it is unprofessional to be working with someone when the obligations to each party are not clearly defined in writing…. But once you decide to work together then there should be written agreement stating what each party is obligate to. I don’t necessarily agree that I need a written agreement that states what I am going to do (whatever it takes) nor I feel I need anything other than a handshake to work with clients…. It seems that the cutthroat aspect of this business has led to distrust and a general lack of loyalty – on both sides… We need to get rid of the Dual Agency aspect of the agreement, something I do verbally with my clients.I don’t work with everyone I might, and part of that is that if I were to spend my time chasing every potential client, then I wouldn’t have time for my good clients.
9-11
There are going to be lots of memories and remembrances today about 9/11/01 and justifiably so. These remembrances will be eloquent and poignant and touching.I was at my very first home inspection today five years ago, with my very first clients. We grabbed a TV from the Seller’s bedroom and watched in silence?… Confusion?Today, I am planning* to fly to Chicago through LaGuardia. Because I have to be in Chicago tonight and tomorrow. For most of us, life goes on. For that I am grateful. Never forget.*”planning to” because I am scheduled to fly out of the Charlottesville airport, an airport with which I am currently batting a .500 success rate with regards to actual departures and landings.And to my family, I say thank you for your support and love and understanding. I know you’re a bit scared, but today is as safe and/or as unsafe as any other day.
Monday reading -09-11-06
Bloggers and JournalistsLiving in the richest county …You need good credit for a mortgage … and a job.If I had $1.3 million dollars … I’d buy a farmlet.Regional tax plans – good!Interesting development in rural areas -v- need for power. Merv has moreGas prices drop – but why is gas in Charlottesville/Crozet still thirty cents higher than Waynesboro?
Carnival time
At the Tomato.