Discussed: March 2016 – Stupid Market, Pooping Babies, and Privacy
This month, that holds true. We’re in the thick of it.This market is, in many segments, crazy. Feels-like-2005-and-2006-crazy. Crazy as in, I feel like I’ve been here before crazy.
A few weeks ago, I wrote four offers on a Wednesday. Cool, right? Meh.
Three of those offers were competitive situations, and my clients lost all three. “Lost” being relative. One of those situations, the winning Contract was a cash buyer. Who was an investor. Who went significantly over the asking price. I’ve not seen that combination since the “boom” market.
There is nothing my clients could have done.
This is a market where buyers make big mistakes. As a 15 year (holy cow) veteran of this market, I’ve seen remarkable windfalls and profound pain. I remember my clients’ pain more than I do the successes.
Buyers, if you’re thinking about buying a house, even a little bit, engage a buyers’ agent now. If you wait to make that first call to a Realtor on the morning you see that house you love, the only thing you’re going to get is a feeling of disappointment and lost opportunity. Please, be prepared.
The Market, Context.
In Albemarle County from 1 January to 14 March
In 2015, 558 homes were listed from January 1 to March 14. 621 have been listed so far in 2016; more homes have come on the market this year, but it sure hasn’t felt like that. In 2015, 314 homes went under contract. 358 (12% more)have gone under contract in 2016.
Looking at how quickly homes have gone under contract: in that timeframe in 2015, 69 homes went under in under two days while 71 went under in 2016. I’ll call that flat (excepting pocket/pre-marketed listings).
In the City of Charlottesville from 1 January to 14 March
In 2015, 162 homes were listed in this time frame. 187 have been listed in 2016; a few more homes have come on the market this year than did last, although the bidding wars and escalation clauses would seem to belie that. In 2015, in this time period, 107 homes went under contract (21 in under 2 days). 119 (22 in under 2 days) have gone under contract in 2016 so far.
I wish there was a way to track the number of escalation clauses and offers submitted; I’d wager this year has seen *way* more than last year.
A client offered a free week of this service, and I like free food, so I tried it. And we loved it. She and I cook two meals a week together, laid out in a beautiful and beautifully simple directions, and she’s tried more new things in that time – because she’s been cooking it – than she has in her entire life. What this service provides for us is time together successfully feeding ourselves, and I highly recommend it.
It was fun seeing a client who also subscribes to Blue Apron, and talking to them the next day. “Weren’t the smashed potatoes delicious?!” Shared experiences are cool.
Want a free week? Email me and I’ll share one of the two free meals I have left to share.
Lessons from VMI
I added diapers to my preparatory list many years ago. I was showing property for one of the first times to what is now a wonderful repeat client and friend. Her son had what they call a “blowout.” And she was all out of diapers. Small One had just aged out of diapers and I had one or two loitering about my car, so I gave it to my client.
We see people in so many moments of their lives – happiness, sadness, fear … and blowouts. Being prepared is part of the job.
From the Blogs
- What’s on your bookshelves? – I loved this story as it highlights one of the things buyers evaluate when they are looking at homes.
- Albemarle County are raising property taxes. Again. No surprise. Keep in mind; “Average #Albemarle County homes pays for 57% of the services they require -per staff“
- VDOT are marketing their homes through Zillow but not the MLS.
- Homebuyers want the right space.
- Why I chose a Subaru as my real estate car. Twice.
- Interested in having a voice in Crozet? The CCAC has openings.
- Soup and cupcakes in Crozet + the honor box. Awesome.
- Recapping the February CCAC meeting.
What I’m reading
- The Amazon Echo is changing, and is going to change, everything.
- The Note to Self Podcast has become one of my favorite podcasts. This one, Is My Phone Eavesdropping on Me?. Yes, yes it is. Really.
- Watch this John Oliver piece. Encryption and privacy are crucial.
- Apple Should Own the Term “Warrant Proof”
- Can computers be racist? 1) Yes. 2) I wrote about this four years ago.
- After John Oliver’s video, this should be the next thing you watch; it’s about robots.
- More people should use Signal.
Questions? Comments? (you know … I’m a Realtor and do make a living representing buyers and sellers in the Charlottesville area)
* A lot of you are new this month. Welcome, and thank you! A reminder from my my April 2014 note:
Agents, lenders, attorneys – don’t take offense, but this note is not for you. I sincerely appreciate your reading, your replies, etc. but this note is for clients, those moving to the area, and curious consumers. If I think of those of you in the real estate world, my focus and my writing will be in the wrong place. If you find value here, I’m thankful. What brought this on? Two great notes from readers, one who wrote, “Even though I am not a realtor and I have been in my home for almost 2 years, I still visit your website and read your notes” and another reader who took the time to answer my “why are you unsubscribing” email with “Thank you … I am unsubscribing since we are not going to relocate to the Charlottesville area.
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Jim Duncan, Nest Realty, 126 Garrett Street Suite D, Charlottesville, VA 22902. Licensed real estate agent in Commonwealth of VA.