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Discussed: Note from Jim – Owning it, and a hypothetical | December 2015
Owning it, the market, a hypothetical, and a few other things tossed in. 2015 is almost over. Thank you. Thank you for reading, commenting, forwarding this note to friends. I truly appreciate the time you give me every month.
I got a panicked call recently from an appraiser who needed to get into a house “today;” as in, “in about an hour.” Normally, my first reaction would be “Really?” But here’s the thing – the appraiser forgot about the appraisal. And owned it. She led with, “I’m really sorry; this one slipped through the cracks, and I need to get this done today.”
Easy. I’ll help out almost anyone if they make a mistake, own it, and apologize.
Soccer – the ref.
The Market – Comparing January through November of this year and last year.
Albemarle County – mostly stable
- Single family home new listings : up 3% from 1562 in 2014 to 1609
- Attached homes: flat – 454 in 2015 to 451 this year
- Single family home closings: up from 929 to 996 in 2015
- Attached homes: up from 338 to 356.
- Single Family: $385K in 2015 vs $387K in 2014
- Attached: $247K in 2015 vs $251K in 2014
- Condos: $125K in 2015 vs $124K in 2014
- Price per square foot for single family homes: $142 in 2015 vs $134 in 2014
City of Charlottesville – sales and inventory down
- Single family home new listings : down from 539 in 2014 to 477 in 2015
- Attached home new listings: down from 101 last year to 90 this year
- Single family home closings: down from 363 in 2014 to 346 in 2015. I attribute this to both the lack of inventory and fewer homes being put into the MLS.
- Attached homes: up from 54 to 61. Lots of new construction in this segment, too, notably Burnet Commons downtown and Lochlyn Hill in the urban ring.
- Single Family: $297K in 2015 vs $290K in 2014
- Attached: $215K in 2015 vs $218K in 2014
- Condos: $168K in 2015 vs $215K in 2014 — I attribute this to the inventory and product mix more than an overall statement on the condo segment.
- Price per square foot for single family homes: $183 in 2015 vs $177 in 2014
And new construction. There’s lots more of this to come. In Albemarle County, (per MLS) there have been 21 more single family home closings than this time last year – 161 this vs 140 last – and a few less attached homes (6). In the City, 8 more single family homes have closed, and the percentage is greater than in the County – 30 this year vs 22 last and 13(!) attached homes have closed vs 4 last year.
When given the option and the location, a lot of buyers will opt for new construction; sellers need to recognize this. A lot of buyers have the option/discretion to pay more for the right house, particularly in the $500K+ price point … if you’re a seller thinking about entering that segment, make sure you have good advice.
Trust me. Really. I do know what I’m doing. And I know whom to trust to represent my clients.
Reporting another agent.
Back to the but. If I were to take this to DPOR, I’d be helping the profession and the public, but likely be doing irreparable harm to my ability to represent my future clients. Any offer I take would not be considered by this agent; any listing I had would not be shown.
What to do other than protect my future clients and alert professional colleagues?
Bad blood between buyers and sellers.
While they will clearly have your best interests at heart, they’re not likely to be competent (yet) to truly represent you, point out pitfalls or even know what the process is (how many closings/inspections have they attended?) In my state, the real estate classes don’t begin to prepare you to do anything other than pass the test.
If you are set on working with them, ask if they have a mentor or a broker who is actually overseeing/supervising them. One of the biggest advantages a new agent has is that you’re likely to get much more of their time/attention as you’re likely to be one of few clients with whom they’re working – and that’s a good thing.
Going behind the sign.
Early, early in my career, I did just this. A seller’s agent was astonishingly unresponsive, and my buyers wanted to submit an offer. I contacted the seller, then the broker. I may have done this in this wrong order – The broker nicely came to me, explained what I’d done that wasn’t quite the proper protocol, and explained why he was treating me as graciously as he was – he knew and respected my mom (then and now, a great Realtor). Darn parents. Glad we have them.
- Brownsville is Getting a New Principal — I really wish a journalist would look at this.
- All the kids on the Crozet Angel Tree were taken!
- Greenhouse Coffee celebrated 5 years.
- Recap of the CCAC Meeting – really, people should pay attention to this stuff
- Recap of the CCA Meeting – trains are loud. Really. Who knew? (seriously; read this)
- A boutique hotel in Crozet?
- The Crozet Cycling Club grows.
- Great ways to stay informed about the Crozet area.
What I’m reading.
- The “no fly” list – it’s bullshit. And it’s theater that doesn’t keep us “safe”. Not even in baseball stadiums.
- Calculated Risk – the future’s so bright!
- Mapping student debt
- Paving over paradise
- Millennials will not save the housing market. Hint: Debt.
- The Future’s so bright.
- Zillow’s predictions.
Email: firstname.lastname@example.org or just reply to this email.
New contest: forward this to a friend and tell me, and I’ll make a donation to a Charlottesville charity. (I’ll donate regardless, but thought this might be a nice nudge)
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Jim Duncan, Nest Realty, 126 Garrett Street Suite D, Charlottesville, VA 22902. Licensed real estate agent in Commonwealth of VA.