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Should Realtors Disclose if They Haven’t Represented a Short Sale?

in General Real Estate Public Perception on August 9, 2010 August 9, 2010

The services which REALTORSÂ® provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage; specifically, residential real estate brokerage, real property management, commercial and industrial real estate brokerage, land brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate.

REALTORSÂ® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client . … 2 – Customers/potential clients (they’re different things by the way; see Article 1, Standard of Practice 1-2) should be interviewing their potential representation as if they are hiring someone to represent them in the biggest financial transaction of their lives. … 3 – If a Realtor is not doing at least five (and some have argued ten) transactions a year, they are most likely not up to speed on the most recent happenings, changes, relationships that are crucial to client success in this market.

Friday Charts – Median Price in Charlottesville MLS

Keep in mind that below we’re looking at the moving median price for the entire Charlottesville MLS – inclusive of the Charlottesville MSA (Charlottesville, Albemarle, Fluvanna, Greene, Nelson) as well as outlying areas such as Madison, Waynesboro, Rockbridge, etc. … But … it seems that the median price has been increasing after the expiration of the homebuyer tax credit . Looking at the moving median price for the past year … And for the past five years … I wish this chart allowed for more than five years, but stay tuned, we have some interesting things in the works at Nest . See all posts in the Friday Charts series . … Foreclosure charts courtesy of RealtyTrac : For Albemarle County: For the City of Charlottesville : For Palmyra in Fluvanna County , which includes Lake Monticello : (they have more foreclosures per capita than Charlottesville or Albemarle) Of course, God only knows what our government might do … all of our analysis would be for naught.

I Tried to Show a House This Weekend

in Public Perception on July 19, 2010 July 19, 2010

The lockbox doesn’t work and apparently hasn’t worked for many months; another Charlottesville Realtor told me that he had tried to show the house five times, to no avail … seven months ago. … But I’m left agreeing with my clients that the Realtor isn’t doing his job, that the house might have been worth something nine months ago. … Think about this – nearly 28% of the houses currently on the market in the Charlottesville MSA are vacant – that’s about 700 homes. … About 155 homes have been on the market for at least a year . 72 of these vacant homes have been on the market for at least 600 days.

When Evaluating the Charlottesville Real Estate Market, IGNORE National Data

in Market statistics on June 23, 2010 June 30, 2010

Take your lede : – Home sales up 14% in Charlottesville and Albemarle year over year. – Home sales up 19% in Charlottesville MSA year over year. – Foreclosures continue to climb in Charlottesville and Albemarle. – Questions abound regarding second half of 2010; where will we find the bottom of the market? – If you have questions about or would like more detailed analysis, please contact me.

…Simple (though notsoumuch in reality) What I’m reading: – Harvard’s State of the Nation’s Housing Market (PDF) and listening to an excellent podcast with Nicholas Retsinas , Director, Harvard Universityâ€™s Joint Center for Housing Studies . (did you know that there was an exhibit at the Smithsonian on McMansions ?) – Core Logic’s Home Price Index Report for April 2010 – Virginia’s Housing Price Index, for single family homes year-over-year, is up 6.5%; for single family homes excluding distressed properties, is up 3.6%. Virginia is one of the five best states for year-over-year price appreciation excluding distressed sales .. but mostly that’s irrelevant in my opinion as the bulk of those sales are most likely comprised of Northern Virginia sales. – The Federal Housing Finance Agency’s House Price Index for First Quarter 2010 The FHFA (formerly OFHEO) say that in the Charlottesville MSA house prices have dropped 6.98% year over year, 1.86& in the 1st Quarter 2010, and have appreciated 12.68% over the past 5 years .

… Home Sales are Up 19% year over year in the Charlottesville MSA: Homes sales are UP 14% in Charlottesville and Albemarle : One point: Charlottesville’s Unemployment is lower than the national average. Prime example of the irrelevance of national, aggregate housing data, which is good only for political talking points and respective agendas: Foreclosure starts for the nation and Charlottesville and Albemarle: National foreclosure data, courtesy of the HUD Scorecard, using RealtyTrac data: For Charlottesville, using RealtyTrac : For Albemarle County, using RealtyTrac: What have median home prices done in Charlottesville over the past five years?

Dealing with Home Buyers’ New Psychology

in Buyers Market statistics Sellers on June 21, 2010 November 17, 2014

When we started, we were looking at new construction, and I had to tell them that whatever they wanted changed would have to be done by them, at their expense after closing, as the builders were not going to make any concessions or alterations. … That’s a difference that matters – both to actual sales numbers and perceived sales numbers – to the market’s collective psyche, if you will. See for yourself (PDF). Add to this the fact that the average Days on Market in May 2006 was 69 and the average Days on Market in May 2010 is 106 and the market rightfully feels slower.

…Many Sellers don’t want to “give their homes away” (hint: price your home to sell from Day One ) and many Buyers want to feel like they get a “deal” and many buyers have unreasonable expectations – resale homes are used homes; they are not new construction.

…They also are prepared to walk away if things don’t go their way – there will be another house that suits their needs and wants; five or six years ago, another house would come on the market, but it would probably have been more expensive.

Charlottesville Realtor Productivity Update

in Albemarle Charlottesville sideblog on June 7, 2010 June 7, 2010

There are plenty of caveats to this post; I will be overlaying these numbers, which are based on the Charlottesville Extended MSA, with total transaction volume.

Foreclosures in Charlottesville Increasing – As Expected

in General Real Estate Shameless Self Promotion on June 3, 2010 June 3, 2010

Following up on the Charlottesville Bubble Blog’s noting that foreclosures in the Charlottesville MSA are up: As expected (I noted in 2009 that foreclosures in Charlottesville would likely increase ): What does this all mean from a market standpoint? Foreclosure activity is likely to increase, but we are nowhere near the foreclosure rates and percentages of the major foreclosure hotspots -parts of Florida, Phoenix, California – which account for a majority of national foreclosures. Foreclosure Data for Virginia (PDF) Look at mortgage conditions in Charlottesville at the New York Fed’s map . We’ll get through this.

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