he said he is largely in the dark about an NAR-created MLS Future presidential advisory group that is studying the feasibility for creating a national real estate data repository, also known as the “gateway.”… all you have to do is show up and speak up,” he said.Today’s Inman story (to be locked behind a subscription wall after today)Rain City GuideTales from the TechsideMichael Wurzer’s FBS blogMy story last weekBloodhound (on a related subject)Regarding the data feed standards – this caused me to think of a story I wrote last year – What if – Zillow is Right?… What if they become the de facto standard for home valuations?Give us – consumers and Realtors – one place with everything, that has all the data, all the content, and you’ll see something that is used by everybody.Aside from my fascination with technology and change, Russell Shaw sums up why I am involved with the Realtor associations at the state, local and national levels:I totally agree that Realtor associations tend to award “sweetheart deals . But at the end of the day, some committee somewhere, has to make a decision and award the contract to some company.If you know better who those contracts really should have gone to, perhaps become a part of that process.
Date Archives September 2007
Another sign of a less transient market in Charlottesville
I’ve written several times that one of the major impacts of the market shift in Charlottesville will be a shift in the transience of the market…. One of the better builders in the region mentioned the other day how over the past two years, the majority of their business has shifted from new construction to remodeling…. We will continue to have people cycling through our economy – professors, doctors, medical, law, business and graduate students, not to mention the huge number of government contractors in the area…. In many cases, renting costs more than buying, and this is a conversation that will necessitate more deliberate thought than it may have before the shift..
August’s housing numbers for the Charlottesville region
Another month brings another set of data and observations on the Charlottesville area housing market…. Continuing my series in comparing 2004 to 2007 -Sales are down significantly, (100 fewer transactions in Charlottesville/Albemarle) inventory is up and absorption rates are way up.With the caveat that MLS numbers, while still the best source of data, do not have all properties for sale and that have sold (primarily new construction and condo conversions which are frequently never entered into the MLS) -Sometimes, there is absolutely nothing a seller or Realtor can do to induce a sale (or even traffic), and this is one of the most frustrating aspects of this current market. Some observations and anecdotes:- More and more, buyers are making offers continent on the sale of their existing property.- Sellers – if you get an offer, hold onto it!- The last few homes on which I have closed (as the Buyer’s Agent) have sold for between 13% and 15% under asking price.- If you don’t need to sell your home, you may want to strongly consider staying put.When comparing 2004 and 2007, sales in Charlottesville/Albemarle are down about 35%.2004 Sold – Charlottesville & Albemarle – Single Family homes, attached homes and condos2007 Sold – Charlottesville & Albemarle – Single Family homes, attached homes and condos2004 Sold – Charlottesville & Albemarle – Single Family homes and attached homes2007 Sold – Charlottesville & Albemarle – Single Family homes and attached homesThere may be a couple of things at play here — Satisfaction with one’s current home…. We may be moving to a less transient market, and this is going to take some time to shake out.- Buyers and sellers are very reluctant to buy or take a lower price, respectively.- There is no easy wayRegarding the “real estate agent” bubble:111 agents have had 10 or more “sides” so far this year.438 have had between 2 and 10 sides.223 have had one side.Approximately 500 have not had any transactions at all so far this year.
How to Choose an ethical lender
Finding a lender who will represent your best interests rather than their own has always been important; even with the web, doing the necessary due diligence is seemingly more difficult than ever.The foundations of real estate and lending are relationships and reputation…. (This means that guaranteed rate you were depending on likely won’t be available come closing day, and that 6.25% interest rate may be 7%) To use the cliché – if it seems too good to be true, it probably is.Or as I put it to my clients, choose someone whose office you can walk into, look them in the eye, shake their hand, and tell them to “fix it,” even if fixing it means they pay for it…. They should; if they don’t, run.The “broker versus banker” debate is an entirely different debate to be covered at another time.Do they offer a wide breadth of options?Do they try to push you the maximum you can spend, or do they listen to your needs and budget and help you determine what you should spend? Just because you can afford something doesn’t mean you want to.Shop around; there are plenty of reputable, trustworthy lenders in town.Finding a good lender, Realtor, home inspector is a matter of trusting someone’s reputation.
Check out the HooK’s new site
The HooK has a new site. Personally, I think I liked the other one better – while a bit cluttered, it was easy to find things. But the new one’s cool, too.
How to explain the mortgage crisis to an 8th Grader
My daughter has to do a research paper, and the topic she chose is “The Fall of the Mortgage Industry.”
Summing up the “Credit Crunch” or “Mortgage Meltdown” in two pages or less should prove quite challenging.
Two of the most salient questions she asked as we were discussing the matter –
– Isn’t that fraud?
– Why were people getting loans they couldn’t afford?
Albemarle County BoS Candidate interviews
Charlottesville Tomorrow continues its extraordinary public service with interviews with the candidates for Albemarle County Board of Supervisors. If you’re planning to vote (and you should be, if you live in one of their districts) you would be well advised to listen to these.In the Scottsville District – Lindsay Dorrier, Kevin Fletcher and Denny KingIn the Rivanna District – Ken Boyd and Marcia JosephIn the White Hall District – Ann Mallek and David WyantYou just won’t find this kind of comprehensive coverage of local politics anywhere else. More than anywhere else, local politics are where your vote can make a difference. Growth, land use, transportation, infrastructure, property taxes, property rights – they’re all here.