It may not feel like it due to the significant amount of inventory currently on the market.Between 1 September 2006 and yesterday, 27 January 2007, 1188 properties were listed in the MLS (*975 of the properties listed in 06/07 were not condos and 958 listed in 05/06 were not condos).In that same time period in 2005-2006, 1260 properties were put on the market. Quite simply, homes are taking longer to sell; well-priced homes (priced well from Day 1) are selling. 340 properties were listed from 1/1/5-1/28/2005 and 193 went under contract.532 properties were listed from 1/1/6-1/28/2006 and 207 went under contract.441 properties were listed from 1/1/7-1/28/2007 and 116 went under contractMy fascination with numbers and data confounds me, as I was an English major and have always had an aversion to math…. translated to “How many properties come on the market in Charlottesville/Albemarle?**Doubly inspired to combat the perception that our market is dead in the water.
Browsing Category Sellers
Disclosures versus Disclaimers – caveat emptor to a lesser degree
sell the property without representations and warranties as to its conditions …In six years, I have seen only one transaction with a Disclosure, and that was a corporate-owned relocation. The reasons for Sellers not electing to use Disclosures are varied – *The market has been so hot that, with Buyers waiving home inspections from time to time, there was no incentive to use Disclosures.*Using a Disclosure would confuse many (most?)… This is a pertinent article from the HooK in 2003, wherein Robert Ramsey, a prominent and well-respected Realtor was quoted:However, “Just because a seller chooses disclaimer doesn’t mean he can go around committing fraud,” warns Ramsey. “It doesn’t protect a seller who knows he has a terribly wet basement, waits until a drought year to sell, and paints the basement and puts in new carpet to hide the damage.”And while fraud is hard to prove, a disclaimer doesn’t mean the seller is immune from prosecution, nor does it prevent the buyer from suing.
Real estate photographers in Charlottesville area?
I’m looking to find the best ones in the area and compile a list in one place – perhaps here, even. – Are you a real estate photographer with a portfolio online (like this one)? – Are you a Realtor who has used one (or two or three) with success?- Are you a Seller who sold your home yourself (or had a friend who did, etc.)?Unfortunately (or fortunately), most of the google searches for real estate photographers in Charlottesville lead to this blog. :)If you fit any of the above criteria, please leave the information (and pertinent links) in the comments – or contact me.
Withholding offers?
a story just came across my desk from another agent who said that, on a listing of his, two separate buyer’s agents are withholding two separate offers because the seller is offering 2.5%, rather than 3%.In one case, an agent said his/her broker would not allow him to accept less than 3%; the other case, she demanded the seller increase the offering to the buyer-broker.And you wonder why the Realtors’ profession gets a bad reputation?… What the Seller is offering should be irrelevant.As a buyer, when considering whom you are going to hire as your Buyer Broker – if the Realtor is hesitant to negotiate their fees with you up front, what type of negotiator will they be for you? Depending on what the Seller is offering through the MLS is a sign of a Realtor who is 1) stuck in the past and 2) not confident in their own abilities. From the Virginia Association of Realtors’ (VAR) Buyer-Broker:Broker shall promote the interests of Buyer by (a) seeking property at a price and on terms acceptable to Buyer, (b) presenting in a timely manner all written offers or counteroffers to and from Buyer, (c) disclosing to Buyer all material facts related to the property or concerning the transaction of which Broker has actual knowledge, (d) accounting in a timely manner for all money and property received in which Buyer has or may have an interest.
How to market new construction
The methods being employed in Fluvanna and Louisa at present are: (1) Make all lots available for sale to anyone (via standard marketing tools, i.e., MLS, print ads, etc.)…Simply market the hell out the thing in every way possible…. Pros: faster lot absorption, higher lot price potentialCons: speculators purchasing lots and sitting on them, undesirable heterogeneity in home styles, market-level sales commissions (2) Require buyers to use one or more pre-selected builders…In several instances, I’m seeing developers hire listing agents to sell lots, while requiring buyers to use a pre-selected builder(s)…. Pros: minimal sales commissionsCons: buyers may not want to use pre-selected builders, slower absorption (3) Sell all lots to one or more builders …assuming the desired price and absorption can be negotiated, and the builder is not some startup guy who could fold if a single home doesn’t sell, this is probably the best situation for developers. Pros: no sales commissions, predetermined absorptionCons: small builders may back out, price discount likely *Best, in this context, is how best to maximize value/return on the development of the subdivision.
Tracking the market too closely?
We won’t know how the market is doing today until we look back from a six- to nine-month removed perspective…. but to get an accurate understanding, we have to look in the rear-view mirror.Most of the analysis is cogent, articulate and informative, but…. Many contracts were written three, four, six months ago. In reality, when analyzing the housing market, one is analyzing the past and attempting to project the future…. Let’s take a breath, step back a bit, read the apocalyptical and rosy projections and determine that reality is probably somewhere in between.Related reading: The Big PictureSeeking AlphaCalculated RiskGranted, most of the analysis is cogent, articulate and informative, but.
Poll results
As of 17 December, 2006 – these are the results.56% of all voters are either “Curious Consumer” or “Active Buyer or Seller.”39% of all voters are either “Real estate Professional” or “Related Real estate field”These results are better than I had hoped for, as they show me that more readers may be prospects that fellow real estate professionals. This gives me an opportunity to educate more people and potentially connect with more prospective buyers and sellers in the Charlottesville area, which has become a goal of this blog…. The more everybody knows – Realtors and consumers alike – the better my/our profession will be. Related posts:Why blog?Blogging’s expectations (it’s local)I took the following screenshots a few weeks ago – Where are my readers coming from?Of the readers in Charlottesville, how are they connecting?