Charlottesville's Real Estate Blog. Buyer &/or Seller Representation, Real Estate News
“From a consumer’s perspective, only the local market information matters and there are no changes to local multiple listing service (MLS) data or local supply-and-demand balance, or to local home prices,†Yun explained. (business insider)
True. Ignore the NAR. Read local real estate analysis.
If you’re looking for insight into and analysis about the Charlottesville area real estate market, start here.
I’ve tried to write this story about the National Association of Realtors’ revisions and I can’t seem to write anything new that I or others haven’t said before.
@mortgagereports How will they help? More accurate data is good, but who trusts the NAR? My take is: national is irrelevant,local is crucial
There’s a bit more after the break, but the above sums it up.
The New York Times notes this regarding law schools:
“The fundamental issue is that law schools are producing people who are not capable of being counselors,” says Jeffrey W. Carr, the general counsel of FMC Technologies, a Houston company that makes oil drilling equipment. They are lawyers in the sense that they have law degrees, but they aren’t ready to be a provider of services.
The same holds true in the real estate profession – except in Virginia, it takes a bit less than three years (try less than 100 hours of “education”) to get your real estate license. And the state-mandated real estate exam (and Broker’s exam, too) is so mind-numbingly easy and irrelevant as to be farcical.
Expertise comes with practice, time, production and learning from mistakes. More from the NYTimes:
And they have each spent three years and as much as $150,000 for a legal degree.
What they did not get, for all that time and money, was much practical training. Law schools have long emphasized the theoretical over the useful, with classes that are often overstuffed with antiquated distinctions, like the variety of property law in post-feudal England. Professors are rewarded for chin-stroking scholarship, like law review articles with titles like “A Future Foretold: Neo-Aristotelian Praise of Postmodern Legal Theory.”
So, for decades, clients have essentially underwritten the training of new lawyers, paying as much as $300 an hour for the time of associates learning on the job.
The answer is: apprenticeship. No classroom can effectively replicate practical experience. I’m still working on devising a practical apprenticeship for real estate … I’m sure it’s doable, but everything would have to change – compensation of agents, most of whom currently work on 100% commission, real estate office business models, education requirements, hiring salaried mentors? – suggestions welcomed.
1 – Stabilizing real estate assessments – some are legitimately up, some are legitimately down; while they are irrelevant to market value – they do affect consumer sentiment & perspective . 2 – Unemployment has declined to a two year low . ( more ) 3 – I am hearing this more and more from buyers with whom I am working: “She is in no immediate rush but she is aware that this is probably the bottom of the market so would like to capitalize on that.” … I just returned from FiberLight’s ribbon cutting ceremony at the Omni Hotel in Charlottesville, and I am very excited about what they are doing, what they plan to do and what this may mean for the Charlottesville region. More to come on how this will affect businesses, consumers and most importantly (to me at least), the Charlottesville real estate market.
Transcript to come …
That question is one of the many reasons that I choose to use Buyer Broker agreements with my buyer clients . (and why ending cooperative compensation would be a boon to the real estate world ). 1 – The Seller and the Sellers’ Realtor are going to do whatever they can (legally and ethically) to induce a buyer to look at the house … and hopefully buy it.
…(this argument becomes much harder when the seller has no or negative equity) – “It’s none of the Buyer’s business how much I’m being paid!” (as argued by the Buyer’s Agent who ostensibly is seeking to “represent” said buyer) Look, I’m not begrudging Realtors earning livings what I do encourage is for buyers to be aware of what may be going on behind the scenes.