(to me) Aware of and open to new innovations, and how they can fit into one’s business (ed. note: just because a technology is “new” doesn’t mean it’s “effective”In tune with consumer trends and changes in buyer/seller behavior (e.g., Gen X/Y)Appreciation for “old school†techniques but with an understanding of the value in adapting these techniques to new mediumsAs I said earlier this year in an Inman Article (PDF):”The challenge that we’re facing from the technology standpoint is that there is not a critical mass yet for bleeding-edge technology. If only one person in the market has heard of it — it’s cool to be in the leading edge but it doesn’t do any good if nobody else is using it. The balance is knowing and using what is new and cool but also knowing and using what everyone else is (using),” he said.The article also highlights its author, Kelly Roark; she is an example of the caliber of mind they have at Trulia – she (and they) “get it.”
Date Archives September 2007
A family in need
There is a camaraderie in the real estate blogosphere that I hope will continue throughout its growth. With that in mind, I give thanks to Lani’s brother’s life and my thoughts and prayers to his family. I’d like to think that the real estate blogging family (and others) will come through in her family’s time of need.Per Greg:Aaron Anglin is survived by a wife and two very young daughters. The way I’m reading things, he died without life insurance, which puts those three ladies on a very hard road.If you can spare something for them, put it in the form of negotiable funds — cash, cashier’s check or money order — and overnight it to:Aleisha Anglinc/o Lani Anglin2719 Costa Azul CoveLeander, TX78641April is working on setting up a donation account with Bank of America, and I’ll amend this post when that account becomes available.But: I will promise you that there are people who will want to be paid now, and this young family will have immediate and ongoing needs.
60th Carnival of Real Estate
Is up at For Sale by Locals.
Inventory levels of housing in the Charlottesville Region
With guests like these …”We’ve never seen inventory levels like this.””We need to fix affordability.”Home sales are falling sharply, housing starts are falling sharply.”We have the biggest supply of excess homes in US history”.”Inventory levels aren’t going to clear out for a quarter or two””You’ve got to clear the inventory …”I sometimes wonder why I watch CNBC.Below are the inventory levels for single family homes in the Charlottesville MSA.This week brings national housing numbers and consumer confidence data – the results and release of which may feed each other.Below is a trend analysis of inventory levels in the Charlottesville/Central Virginia region, from 2004 (earliest available in the statistical analysis) through 2007. The trend lines are in sync, although significantly elevated.”The real estate bust scenario is not like the tech bust scenario. I repeat, the wider housing market is not like the stock market…. …So a widespread housing BUST in an environment of anything short of an ECONOMIC bust just does not make sense to me.
Buying and Selling Real Estate in Central Virginia
That’s the title of Sunday’s “The Wake-up Call with Rick Moore” on WNRN.One of the beauties of writing a real estate blog (or any blog, for that matter) is the ability to react, expand on conversations and provide context – in this case, yesterday’s show on WNRN, Buying and Selling Real Estate in Central Virginia…. Time certainly flies in radio, and the host did a great job of managing the conversation.From CvillePodcast:This week on the Sunday Morning Wake-Up Call with Rick Moore, two guests from the real estate industry talk about tips and myths of the business, and deal with the recent accusations by the NAACP that Charlottesville has a racial bias in lending rates…. If you think that today’s interest rates are high – get some perspective.3) Much more careful analysis is required in today’s market – smart purchases can absolutely be found, but finding those takes more analysis, negotiation and experience.4) On the subprime market and the NAACP’s suit, note this one disclaimer from the NCRC’s study (PDF):The disparities discussed in this report reflect a number of factors including income, wealth, credit rating, and many others…. The disparities in this report do not necessarily reveal levels of discrimination in the marketplace; but they do reveal the presence of ongoing barriers associated with socioeconomic factors.There are problems (as noted when the story first broke), but to attribute them entirely to race is irresponsible.Doing radio is fun, having the opportunity to followup is crucial.Some of the issues we touched on:Excellent story on the NCRC’s/NAACP’s lawsuitPiedmont Housing AllianceCompass Home Loans/Matt HodgesHow to protect your home equity in a falling marketMarket Statistics section of this blogLimits on Fannie/Freddie could be lifted next yearI’m actually a Realtor with Century 21 Manley Associates, not “Jim Duncan realty” :)This article is directed primarily at the anonymous caller:One source of difficulty arises from a basic fact of real estate economics: about half of home purchases are by people moving within a metropolitan area.
The Fall Newsletter
I am doing the The Fall Newsletter a little bit differently this quarter. Rather than write more content, I linked to a page on my website with the below stories from RealCentralVA.com over the past few weeks and months.Market Statistics for the Charlottesville RegionHousing Appreciation in the Charlottesville regionHow to differentiate your home from the competitionWhat will the market shift do to real estate consumers’ psychology?There are no little dealsBuilder incentives in the Charlottesville area real estate marketJuly’s Housing Numbers for the Charlottesville regionSome of the factors impacting the Charlottesville real estate marketWhat if I see something the inspector doesn’t see?
Media appearance – WNRN this Sunday
Tune in at 1100 on Sunday morning to WNRN for a revisit of last year’s show. Matt Hodges, a local lender, and I will be talking about the local real estate market, the subprime market, the “Credit Crunch,” “Mortgage Meltdown” and any other nifty alliterations we can think of.