There are currently 1591 properties actively on the market in Charlottesville, Albemarle and Fluvanna (203 of which are condos).*438 of these 1591 properties are marked as New Construction – 28% of properties on the market now in the above localities are new construction. How many have actually broken ground and are currently under construction? Hard to tell.434 are not listed as New Construction and are vacant – nearly 38% of resale homes on the market are vacant. Ostensibly, these homeowners are managing two house payments at the same time.Good times and good opportunities for buyers.*Data is from the CAAR MLS, which contains most, but not all property information.
Browsing Category Sellers
Required reading for sellers
This article from today’s Wall Street Journal (paid link) is direct, cogent and simple; simple in a good way. Finding an article in the big media about today’s changing market that provides good information that is not written from a fear-mongering frame of mind is rare…. A few select quotes:Sellers are also being told to cut prices aggressively if their house isn’t moving — or risk chasing the market downward….Waterford Development Corp…. If the price drops, the company says it will write the buyer a check for up to 15% of the original sales price, not including the value of any optional upgrades…. says he has begun checking multiple-listing service data every week or two instead of once a quarter to see how recent sales compare with deals that closed three and six months ago. “Things can change…very quickly,” he says….Another approach is a personal plea. (She) encourages clients to court prospective buyers with a letter explaining the intangibles that make their home and neighborhood so appealing, such as the fact that the kids on the block trick-or-treat at Halloween together. During the height of the housing boom, some brokers were encouraging the same type of personal notes — but from buyers eager to get their bid accepted….My, how things have changed. I will still write letters presenting my buyers to the sellers (and perhaps now from my sellers to the buyers) – the business remains about people, hot market or not.While I read this article in print this evening, the Housing Bubble blog brings its spin to the conversation.
Riddle me this
How can a property be a “wonderful home priced below market value?” Market value:The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.If it’s priced “below market value,” how does this person define market value?
I’m the …
This is one of my favorite, most succinct series I have seen in the real estate blogosphere, provided by sellsius’ blog. (in spite of his use of the GD word) :)Buyer!Seller!Real Estate Agent!I aspire to being that agent and having clients who aspire to their respective categories.
Labor Day
Labor Day:Labor Day is the celebration of the value and dignity of work, and its role in the American way of life.I have an 11 o’clock (marketing presentation), a one o’clock (write an offer) and a three o’clock (take photos for a new listing). And then input another new listing. It’s a Labor Day, alright. 🙂 More reading on Labor Day here and here.
Baby Steps
What does a good Realtor do for his or her clients?Yesterday I was walking my two and a half year old down the stairs. For the first set, she went alone, step by step by step. (there are seven, we counted) She went slowly and deliberately and she made it. For the second set of stairs, I held her hand…. Flew down the stairs, unhesitatingly, trusting my guidance one hundred percent. One day she fell down two or three stairs (she was alone). I picked her up, calmed her fears and assured her that she would be alright. A good Realtor will seek to prevent the falls and guide the path to a smooth transaction.
Valuation in a Vacuum
Valuation in a Vacuum – Appraisals and market analyses can be two very different values. An appraisal should be a relatively scientific valuation based on square footage A valuation provided by a Realtor typically takes into account other items, such as a property’s proximity to amenities, views and other intangibles that may be difficult to value.One thing that has always bothered me, and this is not intended to be an attack on appraisers – Why do appraisers need a copy of the Contract to Purchase prior to their doing their valuation?