The OFHEO has recently released their study looking at housing data for the first two quarters of this year (PDF).“House prices were basically flat in the second quarter despite tightening credit policies, rising foreclosure rates, and weakening buyer sentiment,†said Lockhart…. To the extent that recent mortgage market instability may have affected housing demand and prices, those effects would be evident in OFHEO’s next HPI release.The chart at the right, courtesy of housedata.info, shows the appreciation rate of the Charlottesville housing market since 1985.For the Charlottesville MSA,Our national ranking is 102The one-year rate of appreciation is 4.66%The second-quarter appreciation is .71%The five-year appreciation rate is 71%The number that should be of most importance to most people is the five year rate of appreciation – the timeframe by which most people should now be basing their purchasing decisions.For some context, in September of 2006, the Charlottesville MSA’s 5-year appreciation rate was 79.93% and our national ranking was 64. In 2Q of 2004, our 5-year appreciation rate was 52.86%, 2Q 2002 was 41.93%, and 2Q 2000 was 19.8%In short, with all the turmoil that is happening right now, housing likely will remain a good long-term investment for most people…. *These numbers do not necessarily reflect new-home cancellations.*The Charlottesville Metropolitan Statistical Area consists of Albemarle, Charlottesville, Fluvanna, Greene and Nelson Counties*The Case-Shiller home price index does not track the Charlottesville market specifically (PDF) – while it is an excellent source, using the Washington metro area to draw correlations to our market would be silly.
Date Archives September 2007
VAR Reaches out – Part 3 of 3
A whole host of new ways to be engaged with VAR in a number of different program areas (convention, government affairs, governance, public relations, committee/advocacy groups, working groups, other ad hoc groups, etc.).What are some of the most useful blogs you read?As of this morning, I’m following 80 feeds. The top ten I open first are, in no particular order:www.getmejamienotter.com – to help me become a remarkable teammate, manager and employee.www.ehub.com – to stay on top of the latest web 2.0 releases.www.principledinnovation.com/blog/ – keeps me close to the bleeding edge of association strategy.http://leeaase.wordpress.com/ for the coolest meme going on using facebook for business.www.commoncraft.com – for very useful social web thought leadership and “in plain English” web 2.0 videos.www.churchofthecustomer.com – has awesome and fun word of mouth marketing content. Plus, I just dig Jackie Huba.http://www.flickr.com/photos/schipulites/1115163032/www.alwaysdoneitthatway.com – gives me ammunition to destroy the status quo.Tony Rossell is a novice blogger, but his membership marketing expertise is based on many years of practical implementation and solid research.I’m still trying to find my faves in the real estate space, but so far my “usual suspects” are real/dia blog and this fine blog, www.realcentralva.com.What role do you see VAR playing in Realtors’ lives and businesses in the next couple of years?I’d like REALTORS to view VAR as an indispensable resource for growing their businesses and living a fulfilling life…. And so we’re on a strategic mission to connect with and better serve a broader group of Virginia REALTORS, and social media is one new and very important tool for doing that – particularly in reaching out to and fostering community among our younger, more tech-savvy members.
Jott gets even better
It’s a website where you call the free phone number that they give you, say whom you want to “Jott” (I use it almost exclusively for sending myself notes) and then within the next three to five minutes, there is an email in your inbox with your message transcribed…. To a person, they have been both surprised and impressed that such a service exists.For example, if I am with a client and I need to remember something to do for them (call about the radon test), I Jott myself, and immediately address the need when I return to my email…. They’ve certainly stepped it up a bit: Jott to your blog, to Twitter, get a Zestimate (which still aren’t accurate in the Charlottesville market area), and perhaps best for how I will use it, Reminders!… They also know their customers – here’s a page that shows how real estate professionals are using Jott.Why Jott?John Pollard, the chief executive of Jott, boasts that the service is three times faster than attempting to send a text message or e-mail on the keypad of a mobile deviceHow might they make money, you ask?
What if I see something the inspector doesn’t see?
A simple argument against dual agency.In speaking to a respected listing agent last week while negotiating an offer, she assured me that I wouldn’t have to worry about her selling the listing herself via Dual Agency. (the thought had never entered my mind, as I know her and trust her, but I don’t trust Dual Agency).From the Realtor Code of Ethics:When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client.
…She said that she decided many years ago not to represent both parties in a transaction after one experience:She was representing the Seller and had written the offer for a non-client purchaser…. That question alone should be sufficient argument against Dual Agency.While the above is not a clear example of Dual Agency, the analogy applies especially to a Dual Agency situation whereby an agent has pledged his allegiance to his client – how can one serve two masters?The inherent conflict of interest disqualifies all arguments for dual agency.
Virginia Association of Realtors reaches out – Part 2 of 3
Realtor associations provide more for their members than the respective MLS’ – most importantly perhaps is the lobbying they do on behalf of their members, and often the general public – from issues such as recordation taxes, disclosure/disclaimer laws, zoning, preservation of property rights, transportation and more.This is Part Two of a three-part interview with Ben Martin, the new Director of Communications & New Media at Virginia Association of Realtors.What intimidates you?There is so much to learn…. Still, I’m a bit conflicted about all of this on a personal level.What do you think the reaction from members will be?There will be some confusion or some excitement, depending on how much involvement the member had with the social web or new media…. I’m starting to believe that I need to subscribe to link alerts for your blogs and others that I know of to discover new entrants to the Virginia REALTOR blogosphere.How can this outreach/position benefit members?The Association becomes more valuable to members as they get more engaged. By extending the number of channels through which a member can engage with us, we are making it easier to get plugged in. VAR offers a very robust suite of services to members, but most of them only benefit members if they actually learn about them and get plugged in. In the association business and our modern, hyper-connected marketplace, moving the needle just a little bit can produce a major ripple effect.
A new urbanist design that facilitates social drinking – brilliant.
From Fermentium:Standard suburban design, with housing separated from retail and office uses, forces people to drive for their every need, no matter how small. One glass of wine in a nice establishment involves a minimum 10 minute car ride in most of suburbia, and any more to drink requires the presence of a designated driver. But things are changing, a neighborhood planning movement called new urbanism is creating communities all across the U.S. with design features that reduce the risk of drunk driving, so you can live in the suburbs and drink your beer too!Via Boing Boing.The true test in the Charlottesville market – will Old Trail, Belvedere, Biscuit Run successfully incorporate these concepts? How about a wine/coffee store/bar as one of the central points of the development?
An update on a “million dollar home”
I wish only that I could get an update on the other properties shown in the CNBC piece. The one referenced in April as having been on the market for only two weeks with an asking price of $1.19 million? It’s asking price is now $975,000. What are the chances that CNBC’s Diana Olick will revisit these properties?