Runnin’ With The Big Dogs
November 20th, 2008 categories: Market Trends, Relocating
For many in the Real Estate community, last week couldn’t have come sooner. The National Association of Realtors’ (NAR) Annual Convention took place, in of all places, Orlando, Florida. As you might imagine, November in Orlando is an ideal place to relax in the sun. But the annual gathering of Realtors also offered us the opportunity to benefit from an examination of what works in today’s online marketing world.
While the Convention has its share of excellent speakers, and an endless assortment of exhibitors, nothing compared to the all day session put on by the good folks at the Bloodhounddblog.
Suitably, the day kicked off with the Bloodhound creator, Greg Swann. His passion for operating at peak capacity, a bit outside the traditional lines of practice, was shared using the example of the classical Greek culture. Theirs was truly unique, and by almost all accounts, a civilization bound by nothing less than their imagination. This launching point for an all day discussion of Web 2.0 best practices, was the perfect for a day well spent learning from some of the best and brightest in the business.
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Stafford and Fredericksburg Market Update
October 17th, 2008 categories: Market Trends, Relocating
“Figures don’t lie, but liars figure.”
Mark Twain
As we’ve discussed with numerous reluctant home sellers during the past three years, nothing speaks louder, when it comes to assessing the value of your home, then recent home sales. In other words, the market is the determiner of your home’s value. Yes, it is as simple as supply and demand.
The slide in home values has gone on long enough that even those who’ve been hiding under a rock during the current mortgage crisis have come to realize that selling a home in today’s market is tough going. Prices continue their descent, coupled with an increasing inventory. But, fortunately, accurate market data provides us the information we need to draw important conclusions and make intelligent decisions when preparing to sell our home.
Altos Research, which we use to track local market data, plots current data in graph form, which makes it easier for many of us to interpret. As they say, a picture is worth a thousand words.
The first chart indicates the average days on market for Fredericksburg and Stafford zip codes. The snapshot indicates the change in days on market (DOM) for the last sixty days. Today’s market is fluid, if nothing else. Unfortunately, the normal absence of buyers that characterizes this time of the year, now coupled with the tightened credit rules, has led to an even greater number of days that homes remain on the market.
In just a couple of months, the average days on market increased by over twenty days for both indicated locations. Similarly, for both Fredericksburg & Stafford, prices continue to decline as days on market increase.
While these charts provide accurate data points and indicators of the local market, they are averages. From home to home, and neighborhood to neighborhood, there will be variances. That depends on the conditions and quality of the neighborhoods, and the condition, features, and appeal of the individual homes.
Having said that, in the current market, these trends are anything but comforting to sellers. But, more importantly, they keep you aware of some of the obstacles you need to overcome to successfully market your home. And, with that in data in hand, sellers are certainly better equipped to meet the challenges of preparing their home for the market with their eyes wide open.
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That’s Why It’s Called the Sunshine State
October 8th, 2008 categories: Real Estate News
A landmark settlement was reached earlier this week between Florida and Countrywide Financial Corp. The agreement establishes the country’s most comprehensive mortgage-modification program, resolving allegations of predatory lending that Florida and ten other states have made against Countrywide. Those states participating in the agreement with Florida are Arizona, California, Connecticut, Illinois, Iowa, Michigan, North Carolina, Ohio, Texas, and Washington.
The agreement calls for Countrywide to provide as much as $8.7 billion in loan relief, assisting some 400,000 borrowers across the country. The program is aimed at borrowers who had secured what are termed as “the most risky loans.” Those include adjustable rate mortgages (ARM) that feature what’s been characterized as a teaser rate to attract buyers, whose rate then rose significantly after expiration of the teaser.
While this latest agreement between Countrywide Financial Corp. and its borrowers is a step in the right direction, it is merely a first step in attempting to rescue the economy from the mortgage crisis Tsunami. Presidential politics aside, there are miles to go before we right the mortgage mess ship. With projected foreclosure estimates in the millions, much more relief borrower relief is expected, and, according to many of our leaders in Congress, help is on the way. As they say, better late than never.
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What’s Happening in Your Neighborhood?
September 30th, 2008 categories: Entertainment, Relocating
Sitting in front of your High Definition (HD) big screen television, watching somebody else live their life can be awfully tempting at times. I mean, you’re in that controlled environment. Better yet, YOUR controlled environment! But, most of us, sooner or later, hopefully, wake up from watching other’s lives, and decide to get out and experience the many activities our communities have to offer for ourselves.
But, once we decide to get out and find out what’s happening, where do we go to discover what’s taking place in our cities or neighborhoods? For many of us, we depend on that weekly newspaper insert. In this area, the local newspaper, the Free Lance Star, has its weekely Weekender section that does a splendid job of providing a rundown of local things that are happening. But for us online types, there may be an easier solution.
A few months back, sitting in front of the computer, I ran across AmericanTowns.com. Talk about community information! When you have a moment, take a look. It offers the latest in Community News. Some of the items covered are:
School Activities, Classified Ads, Church Activities, Community Events (like the Pumpkin Patch, Guide To Apple Picking Orchards, Movie Guides, Volunteer Opportunities, etc.), Best Local Gas Prices, Classified Ads, Recreational Activity Sign Up, Arts & Entertainment News, Local Traffic Videos, Area Maps…in other words, Just about Everything!
White Water Thrill
American Towns has about all you’d want to know about your local area. As a matter of fact, it covers the entire U.S. Make sure you take advantage of this wonderful online tool. You’ve got all you want to know at your fingertips. So, do yourself a favor, stop playing the couch potato (not just on weekends) and start enjoying all that your local area has to offer!
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Can I Really Do That?
September 25th, 2008 categories: Market Trends, Relocating
During times of crisis, especially those crisis when we’re trying to solve a problem, we’ve been told time and time again, “You’ve got to think outside the box. In times like these, you have to look at things differently, and not approach things routinely.”
To say that today’s housing market is in “dire straights”, is probably an understatement. The good news is, while the government is attempting to formulate some sort of plan of relief for distressed homeowners, some private individuals have taken matters into their own hands by using innovative marketing techniques to sell their homes.
In March of this year, a Maryland couple, after unsuccessfully struggling to sell their home through the traditional “list with an agent” method, unloaded their home through a raffle. Yep, you heard it right, a RAFFLE. While in most states it is illegal to raffle off a home, allowances are made in some states if the homeowner is partnering with a nonprofit organization. In these cases, the homeowner is restricted from making a profit on the “sale”. All profits beyond the break even point or appraisal price are kept by the nonprofit.
Before you get the idea that raffling your house off is a great idea, take the time to investigate the many hurdles needed to make it happen. Many have tried it and found the red tape run around more than they could handle. It isn’t easy, but, if your state allows it, it may be a struggle you’re willing to take take on. If so, you can get more details at usahomeraffle.com
Another alternative is the option of swapping homes. While this practice isn’t commonplace, it has seen an increase in use over the past couple of years. Although it sounds simple enough, like many things, the devil’s in the details. The most important step you’ll take is to establish a list of “wants” in the home you’re looking for, including the location you’d like to move to. While it’s rare that you’ll find an exact value to value match, there are many online service agencies that facilitate this process.
Some of these include:
GoSwap.org
Home Trade Nation http://www.hometradenationwide.com/
Online House Trading http://www.onlinehousetrading.com/
Try Swapping It http://www.myhouse4trade.com/
Domuswap http://www.domuswap.com/
Each of these online sources are deisgned to assist those who are looking to trade or swap homes instead of selling them the traditional way. For those with a bit more experience at online trading, there’s always Ebay or Craig’s List as well.
As the Greek philosopher Plato once said, “Necessity is the mother of invention.” With the dramatic slow down in the market, listing and selling a home isn’t as easy as it once was. As a result, some would be sellers have looked for other ways to “move” their property. While raffling off or swapping a home may not be the conventional method, it can, in the current environment, achieve the objective of getting rid of a home. And, if that’s the case, perhaps we need to consider the exception instead of the rule when making the decision to market a home.
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Hazardous Waste and You
September 23rd, 2008 categories: Real Estate News, Relocating, Repairs
Each year, between the end of summer and the Columbus Day Weekend, we try to do a little house cleaning. And, apparently, so do others. While a garage sale regular I’m not, plenty of my neighbors are. And, for all of us the intent is the same; get rid of stuff we no longer need. But, what do we do with that left over toxic or hazardous material we have sitting around? You know, those old paint cans, cleaning solvents, fertilizer, and other chemicals that have been sitting in the garage or shed for years.
Both local area counties, Stafford & Spotsylvania, set aside dedicated time each year for its residents to get rid of this kind of waste. Stafford’s hazardous waste collection is scheduled for the weekend of October 17-18. Spotylvania’s is September 27th. In both each cases, the event is for county residents only. According to local gudelines, hazardous material is any “that can catch fire, react or explode when mixed with other substances, or is corrosive or toxic.”
Take advantage of your local waste dumps and landfills. They’ve provided us with the opportunity to get rid of some of that toxic material we’ve left over and will probably never use. Now, if I can just get my teenager to clean his room, we’ll be set for the Columbus Day holiday. It may mean an extra toxic waste run to the landfill, but it’ll be well worth it!
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