Pepperoni Bubble | Monthly Notes Archives

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March 2017.

Discussed: Charlottesville Market, Pepperoni (and community), Nest Presents, lessons and bicycling.

Market Update

I’m not looking at prices this month. Not that they don’t matter, but I cannot see anyone making a decision to buy or sell based on last month’s median price or average price per square foot. What matters now, for better or worse, is volume and speed. I want to dispel the notion/belief that *everything* is going under contract immediately. A lot of properties do move quickly, but not everything.

In February

  • 231 properties went under contract in the MLS in Charlottesville & Albemarle.
    • 75 of these were new construction (32%!)
    • 57 had days on market of 0
      • 45 of these were new construction
    • 119 had days on market of 7 days or fewer
      • 50 of these were new construction
    • 48 had days on market of 90 days or more

In the City of Charlottesville

  • 44 resale properties went under contract
    • 22 of those went under in 7 days or less.
      • Meaning, if you like a house, be ready to move. Quickly.
      • Meaning, you’d best have done your legwork and homework about the market well before the house you think you might love comes on the market.

In Albemarle County

  • 112 resale properties went under contract
    • 47 of those went under in 7 days or less.
      • 25 went under in 3 days or less, 63 in 14 or less, 76 in 30 days or less. 27 went under in 90 days or more.

In February 2016, 203 properties went under contract in the MLS in Charlottesville & Albemarle. 18% –   37 were new. That’s a big shift.

What does this mean? It means that a lot of properties are going under contract … fast. And a lot aren’t. Because I was curious:

In February

Messages I’ve received from other, good, trusted agents recently:

  • “crazy market right now… reminds me of 2007…bubble i feel”
  • “i hate this market. i think people forget 2005-20009”

I’m not the only one with concerns … I advise caution to my buyer clients.

Small one’s thought

Anyone who is friends with me knows that I refer to my younger (now not so small) daughter as “small one.” Sometimes she provides remarkable insight. I picked her up from school, as I do most days, and proceeded to talk to a client on the phone. She motioned to stop at Greenwood Gourmet, so that she could get a snack. Usually she gets a pepperoni and a water. That day, she changed it up and got a grape soda (tastes like Nehi!).

She came out, I finished my call, and she said, “You know what, Daddy? I’m thankful for where I live and how I’ve grown up. I love Crozet. I love where we live. But you know what I really love? They know me. When I got my soda, she asked me, ‘What, no pepperoni?’ I love that.”

What’s that have to do with real estate? Everything. A house is not just built on a foundation (hopefully), it is a literal foundation. The stability we have been privileged to provide to her – living in the same house for all but 3 months of her life – is something that a lot of my clients seek. Living in a community, being part of something, is something that is, for many people, valuable and desirable.

Knowing when you don’t get a pepperoni. That’s valuable.

Nest Presents

Tickets to Beauty and the Beast went fast – faster than Star Wars or Harry Potter!

As always, I’m inclined to remark on the phenomenal work of our Nest Marketing Team. We’ve started doing  a series of events that helps keep the Nest (client) Family in the … Nest? Periodically, our agents have the opportunity to invite clients – past and present – to a movie for an invite-only showing at the Violet Crown (they have beer!) theater in Downtown Charlottesville.

If I’m good at what I do, a lot of my buyer clients won’t need my services for a long time, so it’s crucial to stay top of mind when they have friends who are looking for representation!

From a non-client who I helped get acclimated to the Charlottesville market*

We read everything you write and appreciate your efforts. You are one of a kind.

We never properly thanked you for showing us Crozet properties as well as several down town properties over a year ago. So please accept our tardy appreciation. We ended up with two new … houses. One (here) and one (here) We used the … person you mentioned to us … (to help facilitate)

… Thanks again for helping us stay informed.

This is one of the risks of writing so much, and being so free with my time and knowledge. There are other, more protective ways to practice real estate, but for me, those ways wouldn’t be as fun.  I enjoy helping, guiding, and advising. And being paid to represent people make good decisions.

I shared the email with a friend, and he wrote to me:

They love your sharing of knowledge.
They appreciate all you taught them.
They don’t respect your role or the value you brought.
Harsh. Mostly accurate. I will fight the urge to be protective and jaded. But I won’t forget.

*This is part 1 of 2, with part 2 coming next month, when I’m going to write about buyer broker agreements. Not sexy, but vital. Part 2 will touch on a message I received from a Zillow lead, “I have a realtor but says this house is not on MLS. … He already said he couldn’t show it as it wasn’t on MLS.”

Riding a Bicycle is Good for You

I heard it described by a friend recently that riding a bicycle was his anchor, and without the time on the bicycle, he’d drink more, be less able to fight off depression, and likely be fending off suicidal thoughts.

That’s one way to put it. Another way is, “It’s Not Just a Bike—It’s a Happiness Machine Friends. Sunshine. Sanity. Mud. Wheeee! A bike is so much more than a frame and some parts—it’s the key to a lifetime of pure, unadulterated joy.

Or … riding a bicycle is good for you, and fun. If you’re in the Charlottesville or Crozet area, and interested in meeting others who ride bicycles, the Crozet Cycling Club is having a Cycling Social on Sunday, 19 March.

Things I’m Reading

And the blogs

RealCentralVA

RealCrozetVA

 

Questions? Comments? Hearing from you is one of the highlights of my month.

434-242-7140

 


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Jim Duncan, Nest Realty, 126 Garrett Street Suite D, Charlottesville, VA 22902. Licensed real estate agent in Commonwealth of VA.

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