A clarification on their stats: There are 2595 properties on the market in the Charlottesville area, and 239 sold in July 2008, when defined as Albemarle, Charlottesville, Fluvanna, Greene, Louisa and Nelson. … I’ll be posting my own updated analysis in the next few days … it typically takes several days for all the data to be updated in the MLS.
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Wednesday links 01-16-2008
More tools in the battle versus sploggers.We have relatively very few foreclosures in the Charlottesville area, but this with regards to foreclosures in general, this is an interesting development.If there’s no appreciation for the next 5 years, how will you do? An excellent article by one of my favorite real estate investor writers.Why exactly did the City and County lift the drought restrictions?If you think Albemarle County assessments are bad, think about getting reassessed for the first time in five years.Lenders don’t deserve to be rescued eitherSubprime nation – try to ignore any partisan feelings and read what he’s saying.
Cyberhomes and Realtor.com
Cyberhomes has Realtor.com in their cross-hairs.For the real estate buyers/sellers/consumers in the Charlottesville area – which site has better, more useful data, and data display, for your house? Realtor.com has the current listing data:But Cyberhomes has more data, and is working on acquiring the “current” data.From an (subscription required) Inman News Article in May: Fidelity will keep property listings content fresh at the Cyberhomes site by updating brokers’ data directly from MLSs, said Marty Frame, senior vice president and chief information office for Fidelity National Real Estate Solutions, a division of Fidelity National Financial Inc….In addition to past sales and for-sale home information, Cyberhomes also offers “heat maps” that allow consumers to visualize data on a map that is color-coded for home values, changes in value and property density at the neighborhood level…. This is what consumers want:users can also learn about the neighborhood and community, including the weather, economy, commute times, diversity, even air/water quality.As a Realtor, that is what I want to provide to my customers.Users don’t have to login to either Realtor.com and Cyberhomes, but here is one of the many distinct (and detrimental to Realtor.com) differences between the two. To get the “value” of a home in Cyberhomes, create a login, search and get this data-rich page with options – neighborhood, schools appreciation rates, demographic information:Do the same search on Realtor.com, and users get this roadblock:1) They don’t have the data.2) There is no way to choose “your” Realtor, among other deficiencies noted earlier this year.When you do find a home you like, there is nothing more than information on the property itself (and there is no “maximum square footage” search limitation – only “minimum square feet” – a significant limitation in the search).It’s been said before – consumers want all the information, they want it now and they want it for free.Cyberhomes has the potential to move up the ladder in of usefulness for on the list of “Empowered Buyers’ Online Tools.”Take this example – I was previewing a home for a couple this past week.
Agent 2.0
(to me) Aware of and open to new innovations, and how they can fit into one’s business (ed. note: just because a technology is “new” doesn’t mean it’s “effective”In tune with consumer trends and changes in buyer/seller behavior (e.g., Gen X/Y)Appreciation for “old school†techniques but with an understanding of the value in adapting these techniques to new mediumsAs I said earlier this year in an Inman Article (PDF):”The challenge that we’re facing from the technology standpoint is that there is not a critical mass yet for bleeding-edge technology. If only one person in the market has heard of it — it’s cool to be in the leading edge but it doesn’t do any good if nobody else is using it. The balance is knowing and using what is new and cool but also knowing and using what everyone else is (using),” he said.The article also highlights its author, Kelly Roark; she is an example of the caliber of mind they have at Trulia – she (and they) “get it.”
The Fall Newsletter
I am doing the The Fall Newsletter a little bit differently this quarter. Rather than write more content, I linked to a page on my website with the below stories from RealCentralVA.com over the past few weeks and months.Market Statistics for the Charlottesville RegionHousing Appreciation in the Charlottesville regionHow to differentiate your home from the competitionWhat will the market shift do to real estate consumers’ psychology?There are no little dealsBuilder incentives in the Charlottesville area real estate marketJuly’s Housing Numbers for the Charlottesville regionSome of the factors impacting the Charlottesville real estate marketWhat if I see something the inspector doesn’t see?
August’s housing numbers for the Charlottesville region
Another month brings another set of data and observations on the Charlottesville area housing market…. Continuing my series in comparing 2004 to 2007 -Sales are down significantly, (100 fewer transactions in Charlottesville/Albemarle) inventory is up and absorption rates are way up.With the caveat that MLS numbers, while still the best source of data, do not have all properties for sale and that have sold (primarily new construction and condo conversions which are frequently never entered into the MLS) -Sometimes, there is absolutely nothing a seller or Realtor can do to induce a sale (or even traffic), and this is one of the most frustrating aspects of this current market. Some observations and anecdotes:- More and more, buyers are making offers continent on the sale of their existing property.- Sellers – if you get an offer, hold onto it!- The last few homes on which I have closed (as the Buyer’s Agent) have sold for between 13% and 15% under asking price.- If you don’t need to sell your home, you may want to strongly consider staying put.When comparing 2004 and 2007, sales in Charlottesville/Albemarle are down about 35%.2004 Sold – Charlottesville & Albemarle – Single Family homes, attached homes and condos2007 Sold – Charlottesville & Albemarle – Single Family homes, attached homes and condos2004 Sold – Charlottesville & Albemarle – Single Family homes and attached homes2007 Sold – Charlottesville & Albemarle – Single Family homes and attached homesThere may be a couple of things at play here — Satisfaction with one’s current home…. We may be moving to a less transient market, and this is going to take some time to shake out.- Buyers and sellers are very reluctant to buy or take a lower price, respectively.- There is no easy wayRegarding the “real estate agent” bubble:111 agents have had 10 or more “sides” so far this year.438 have had between 2 and 10 sides.223 have had one side.Approximately 500 have not had any transactions at all so far this year.
When writing about the Charlottesville real estate market
Is contribute to the culture of fear being propagated by the media, with respect to the housing market. The “doom and gloom” stories sell as well as, if not better than, the “market is booming” stories. What I do intend to do is provide candid, un-spun analysis of the Charlottesville area real estate market. If I should ever stray from this goal, please let me know.Read about all the postings on the Charlottesville market here.But I also don’t want to get the track record and loss of credibility that the National Association of Realtors have.