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?
Browsing Category Sellers
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.
Reflections on this weekend
This weekend I had the opportunity to meet with two different buyers, both of whom are going to be Medical Residents at UVA, and I hope I listened well.1) “Your blog is very helpful – more-so than your website.” While somewhat difficult to hear, this reflects the changing dynamics of how people search for homes. Buyers and sellers can search for homes anywhere; finding the information interpreted in a cogent way seems to be more challenging to find.2) Email cannot replace interviewing Buyer’s Agents face-to-face – but having a blog can help, as that Buyer has the opportunity to learn more about who that agent is.3) I have a new project – a flow chart depicting the various steps of the home-buying process.4) People notice when you listen and take notes (which I do).5) When I am meeting with Buyers or Sellers, I look at the initial meeting as a job interview, and I hope that they do too. Not taking anything for granted – ever – is crucial to success.As a side-note, Jott has been an excellent addition to my business.
How do you choose your Realtor?
“I shop for the person who puts themselves in my shoes.”Said to me by a prospective client who was interviewing agents last week. I would like to think that more Realtors take this approach.
Negotiating in Charlottesville’s Buyer’s Market
Seller is asking nearly $200k; we offered $184k.There are currently (not including any unrepresented Sellers) ten active two bedroom condos on the market in [this development] – more on the market at the same time than ever before, and one under contract.The average days on market for condos in this development is 62 days. Median Price per square foot of these properties is about $150/square foot; your unit is very nice, butIn response to the Subprime market collapse, lenders have already begun to significantly tighten their standards.My client is very informed as to the current state of the condo market in Charlottesville and these are some of my clients’ concerns:1) It does not have blanket Fannie/Freddie approval – each unit has to be looked at and analyzed by the lender.2) One owner owns more than 10% of the units.3) There is a high concentration of investors in the [this development] development4) Low downpayment (95-100%) financing is getting harder and harder to obtain – many of the buyers who seek to purchase in [this development] are first-time homebuyers moving from rental to purchase.5) The condo fee is now $190/month.6) The highest price paid for a condo in [this development] is $200,000 last July; frequently (especially with appraisals being actually reviewed now) dismiss the highest and lowest prices…. He said that appraisers now are looking for transactions “as close to today as possible;” as the market has changed so much so fast.My client is putting at least 20% down, has nothing to sell, and has been pre-approved by a very reputable, local lender.Very good related story at Noah’s Urban Digs, with this important paragraph:THE MONTHLY COSTS TO CARRY A PROPERTY IS DIRECTLY RELATED TO THE AFFORDABILITY OF THE PROPERTY ON THE OPEN MARKET. PUT SIMPLY, THE HIGHER THE MONTHLY COSTS TO MAINTAIN A PROPERTY THE LESS AFFORDABLE THE PURCHASE PRICE WILL BE TO THE BUYER POOLI also pulled from some of knowledge found in the comments of this post that I wrote last July.My goal in this was to negotiate the best price for my client, and in doing so to provide the facts that we were considering.
Posts with enduring value
It’s amazing how often I refer to this blog in conversations with clients and even fellow agents. Here are a few of the stories I have written over the last two+ years that answer many questions real estate buyers, sellers and others may find interesting, and hopefully useful.Top 5 Questions Home Buyers AskWhere do you search for homes in Charlottesville? There’s more than the MLSRolling the Dice with Buyers & Being Selective- why jumping in the car with anybody who wants to see a house is neither the most efficient nor most professional use of a Realtor’s timeThe Value of Transparent BloggingOut of area lenders – the answer to why one should work with a local lender; in short – accountability.Questions to ask your agent in Charlottesville – hiring representation should not be taken lightlySexual Offenders impact on property values (Part 2)Default Position – one of many posts written on the perils of Dual Agency – for the frequently unsuspecting Buyers but for the Realtor profession as well.What is a Buyer’s Broker?”Exclusively marketed by” (related post) – when you see the signs on developments that say “Exclusively marketed by,” it may not mean what you think it means.CLUE Reports’ impact on real estate – ever heard of a CarFax report?
Top 5 Questions Home buyers ask
.. And why Realtors can’t answer most of them.
Riffing off of the WSJ’s timely article this morning:
1- Are there kids in this neighborhood?
Look for balls, bikes and playground sets. Despite the fact that most families with kids want to live in neighborhoods with other kids, this is (per my training) deemed to be a Fair Housing Law violation.
2- How are the schools?
Greatschools and School Matters are good starting points, but nothing can replace actually visiting the schools and meeting the principals. We are all customers of the public school system.
3 – What type of people live here?
Many folks want to live with like-minded people, be they other families, medical residents, professors, young professionals, fellow retirees … I just won’t answer these questions. You want demographics without walking the neighborhoods and knocking on doors? Check out the Census’ Fact Finder.
4 – Is this area safe?
Click through to read the rest …