“His asking price is very close to what he paid for it X years ago.” With regards to market value, this means nothing other than helping to ascertain the Seller’s motivation.
Date Archives April 2007
Inventory is up in the Charlottesville area
Buyers, Sellers (and Realtors) would do well to take note of this chart depicting inventory numbers for residential properties in Charlottesville and Albemarle. The short analysis: Houses are taking much longer to sell and buyers are being more demanding and patient…. The number of sales, year over year comparison, is almost half that of 2006.*ignore the “months inventory” column for “current 2007” Taking condos out of the mix:All-inclusive – Charlottesville, Albemarle, Fluvanna and Greene:From the Wall Street Journal:Large inventories have caused prices to level off or fall modestly in much of the country over the past year or so. The recent surge in defaults on subprime mortgages — loans to people with blemished credit records — has prompted lenders to tighten credit standards.
Home Prices as a roller coaster ride
Are we looking over the precipice or a flat ride? HT: Waldo and the Mortgage ReportsMore of Robert J. Shiller’s work here.
Wednesday Links 04-04-07
Pending home sales contract rallyApril is Fair Housing Month – I have never liked the term “fair;” “equal” would be a more appropriate word as “fair” is so relative.The NoBS MBA program – I have learned more from reading this blog than I have almost anywhere else.Affordable Housing, Land Tenure and Urban PolicyGetting ready for Earth Day: Saving Energy at HomeReal estate Agent Referral Fees: Conflict of Interest? For the most part, the answer is yes.The first quarter report for the Charlottesville market area should be complete by the end of the week … waiting for Realtors to close out their March closings …
Zilllow steps it up again
Rather than repeat much of what is being said around the real estate net today, check out Bloodhound and Rain City Guide for their reviews of Zillow’s new features. Two quotes I read this morning that are relevant – From Inman:real estate has become a habit like going to Starbucks.and from the Zillow blog:Some of the most interesting answers to important questions about homes are locked up inside the heads of homeowners, agents, neighbors, and previous owners. It is our hope that if a question is asked about a home, the community will rise up to answer it.If nothing else, credit the Zillow folks for thinking big.
Struggles with Growth in Charlottesville/Albemarle and beyond
In the light of last week’s Biscuit Run hearing on adding 3000 homes to the Southern part of CharlAlbemarle, I am faced anew with the struggle our region faces, and how to cope with the challenges of being a Realtor who makes my living marketing and selling houses – across the gamut of price ranges …… As a Realtor, I recognize that people move to the Charlottesville area not necessarily because their jobs are moving, but because we are a destination with a reputed high quality of life…. Here is my question on TDRs: If there are 20,000 development rights in the new “boundary area,” what happens if there are 50,000 development rights to that could be sold in the rural area?… So here is the question – what do we want CharlAlbemarle/Central Virginia to look like in fifty years?*Disclosure: I sit on CAAR’s Board of Directors and am the current Chair of the Realtors’ Government Affairs Committee.
Even more about Days on Market
While Days on Market does not draw a clear correlation to market value, it can help start the line and add insight into the Seller’s motivation.When I review active listings in a particular market, I look at the days on market before I consider finer property nuances like condition, layout, room count and so on. It provides clues to the upper limit to value, helping define the possible value range of a property whose value we are estimating…. (bolding his)Our MLS is in the process of developing/implementing a “continuous days on market” category to make tracking this data more accurate. Yet, we still have to depend on Realtors (the weakest link), who generally do not recognize the value the MLS data, to input correct information. Understanding the data is one thing; understanding its limitations is another.Side note: I wish our MLS provider would practice the transparency that this MLS provider does; the insights are invaluable.