Great article in the Boston Globe sent to me by a reader. The whole thing is worth reading (and saving as a PDF). The only difference I’ll note between buying in that market and buying in the Charlottesville area is that here, attorneys generally do not get involved until all negotiations – price, dates, home inspection items – are complete. “If you pigeon-hole buying as a financial decision, there’s never a right time to buy.”
Browsing Category Buyers
You’re buying your Monday mornings
Showing property this weekend, I put words to a change that I have recognizes as the market has shifted. My clients have the luxury of time to do more and better due diligence prior to buying a home…. Granted, it wasn’t the best day for it, as the rain was intermittent, but the point is we had the time to do so (and we’ll probably do it again today).I encouraged my clients to take the time on Monday morning to drive from Point A to Point B during rush hour …… If you’re going to do it five days a week for the next several years, shouldn’t you do it at least once before you buy?We are all adjusting to the changing market, and this is one of the benefits to the shift.
Real estate will always be local
Forsalebylocals notes the value of local content, coincidentally on the same day that I received a heads-up about a new data mashup startup, Fortius One, which looks quite interesting. Ideally, FortiusOne will provide the ability to localize their content on websites (like my blog or real estate search site, for example), assuming they provide an API and I can figure out how to use it…. * Choosing your ideal neighborhood using crime, population and commute data * Identifying your target markets using age, income and occupation data * Educating yourself and others using pollution and environmental impact dataA map of the USA for those relocating is useless. A map with the same data, only drilled down to specific neighborhoods would be extraordinarily valuable.As Pat Kitano said:On just one map however, the obvious value is in identifying niche neighborhoods across a variety of variables…
Dual Agency, selling advice and how to avoid getting sued
My call to action is still in the works.Often times as agents representing the seller, we receive calls or emails on our listings from potential buyers who are not working with an agent and who want to see our listing, or perhaps even write an offer…. So don’t do it.Greg notes some of the ways to avoid potential lawsuits when selling your home:Your Realtor should help prepare you properly to make sure you are not exposed to risk of lawsuit, but here are a few things to keep in mind.Finally, Daniel writes a very succinct post about pricing one’s home and what to do with that first offer (hint: you may do well to take it) Normally I don’t quote such lengthy parts of posts, but Daniel gave permission and it is very worthwhile:You are selling your house…. You aren’t thrilled with the idea of having to take $10,000 less than your asking price, so what do you do?Remember, more is better sooner…. I know what you are going to say, “but the house is getting showings, and someone could come and make an offer for full price in a week.”
Empowered buyers’ online tools
Today’s buyers are far, far more empowered and knowledgeable about real estate than they ever have been, thanks to the internet. Buyers are contacting Realtors after they have done a significant amount of research using tools with which many Realtors may not yet use.Albemarle’s GIS siteOnline GIS (not Mac-friendly)Various tax records (assessments are, for the most part, wholly irrelevant with regard to market value); the individual county sites have assessment information as well.Google Maps and Google Earth, which have now been implemented on the best local search site, provided by the local Board of Realtors.Neighborhoo for graphical display of population density, housing prices, crime, etc. The data is not 100% accurate, but it’s a start.Cyberhomes – which is quite an excellent site, with the same disclaimer as that for Neighborhoo, except moreso, as the housing data is vastly incomplete. Zillow, as well.Greatschools.netVirginia’s Standards of Learning resultsMyCaar.com and the rest of the property search sites.My neighborhood series (which I fully intend to finish and would welcome reader submissions)Why put all of these together?… No amount of online information can compete with professional interpretation, guidance and advice nor can online data compare with actually walking down a neighborhood’s streets, smelling the air, waving to the neighbors and spending a little bit of time in the place you will live.Charlottesville Buyers (and Sellers) – what other tools have you found useful for searching and researching homes and the real estate market in the Charlottesville/Central Virginia area?
New construction question from a reader
Any thoughts?In response to my question as to whether they are currently working with a Realtor -Well, we are not working with a realtor right now, as in the past most realtors have not given any specific advice due to fear of lawsuits, I suspect…. But with three new developments feeding into the same school district, I figure someone definitely knows something I don’t!I think for us now is a great time to buy…and we have found it easier to negotiate with builders rather than sellers in resale homes.Anyhow, I would love to hear your thoughts in general. Please feel free to use my story on your blog.Again, keep up the good work…with honest and thoughtful realtors like you in the business, it sure must makes it easier to find someone to trust.As I told the writer, rather than give specific advice as she is not a client, I will answer the questions here, in a more general sense…. As you are aware, there is significant growth around this development, all of which are feeding into the City School System, so there will likely be growing pains and redistricting.As as aside, thanks for thinking that I “might know something (you) don’t.”)
Dual Agency under fire in Virginia?
From the head of the Commonwealth of Virginia’s Real Estate Board, Schaefer Oglesby:We are still seeing numerous cases involving dangerous practice of dual agency…. (italics and bolding mine)The newsletter is here (PDF)…. That’s a succinct summation of dual agency.If the head of the Real Estate Board finds dual agency dangerous, why do so many Realtors do it?… Dual agency should be a last resort, a reluctant decision reached only after full disclosure and explanation to all involved parties.Much more on Dual Agency here.