Below is a sample of just one of the many tools created by our talented graphic design team which are available for you to use to help you grow your business. To learn more about other resources available as a William E. Wood and Associates Realtor, contact Laura Ross, Director of Recruiting, at (757) 499-9663.
Dick Thurmond, President of William E. Wood and Associates with Bobby Wilder, Head Football Coach for the ODU Monarchs
Gail Coleman, Vice-President and General Manager for William E. Wood and Associates, shares some observations regarding the Hampton Roads Real Estate Market.
Recently, I read a blog on Housingwire.com which was written by a perplexed real estate practitioner in the Arizona market. The Realtor who is also a frustrated investor mentioned in the article the fact that she had lost out on one real estate contract after another. She wrote, “Suddenly, It Is a Seller’s Market!” What was most curious to me was the word suddenly…really? Rarely do real estate markets shift over-night unless for example a major employer enters or leaves a community. The signs of change are there for us to see and analyze in the form of market data, statistics and trends.
There is no question about it…there is a shortage of inventory all across the country. The gradual decline occurred over a long period of time not suddenly and in our neck of the woods we are no exception. Take a look at the attached REIN listings by month graph. We reached our residential listing inventory peak at just under 16,000 properties in July of 2010. By July 2011, one year later the chart shows that we were sitting right at 14,000 listings. Notice the continued gradual decline from this point to where we are today at approximately 10,605 residential listings.
As inventory has declined other trends have emerged. Per the most recent REIN Statistical data report the median sales price has increased year over year from $184,000 to $199,000 and we are edging closer to a more balanced market with a 6.38 month’s supply of listing inventory.
Although we still have the challenge of distressed properties to deal with fewer foreclosures are expected to enter the market due to loan modification programs and processes. The HAMP program and the announcement this week by the Federal Housing Financial Agency of a new alternative loan modification program offers viable options to homeowners facing foreclosure. Low interest rates and the concern that they may edge higher in the coming months have buyers more motivated to purchase now. The old law of supply and demand has already begun to push prices for homes upward and as many of you can attest multiple offers are making a comeback in certain price ranges.
Giving your clients a clear picture of the current market with some history as to how we got here helps to forge a bond of trust. No matter what may be trending, your clients will count on you to assist them in making the best decision for themselves and their family.
Gail H . Coleman
Vice President & General Manager
William E. Wood & Associates Realtors
Mark your calendars and plan to join us for our 3rd Annual Run-Walk on September 21st at 9AM. Whether you run or walk, this is a great way to come together with friends as we raise money to support local charities throughout Hampton Roads.
Newly licensed? Want to make sure you have the best training available to launch a successful career in real estate? Look no further! William E. Wood and Associates Sales and Marketing Strategies Class establishes the foundation you need for Success! Corporate sessions give you the structure and systems needed to start generating business quickly while hands-on session with your branch manager and other experts will give you the insider’s perspective on how it’s done.
Some of the topics covered include: Business Planning and High Yield Selling Principles, Developing and Maintaining your Database, Maximizing Business with your Web Page, Social Media for Real Estate, Seller Consultations, Buyer Consultations, Purchase Agreements, and more!
Our new agent training program is recognized regionally as one of the best in the area. Our Director of Professional Development, Nita Everton, has extensive experience training new and experienced real estate professionals is able to offer insights and strategies that will give you a competitive edge in your real estate business.
To learn more contact Laura Ross, Director of Recruiting, at lauraross@williamewood.com or (757) 499-9663.
With NAR’s National Open House Weekend just a few weeks away, the article below from HGTV’s Frontdoor has some great ideas to share about how to prepare for an Open House:
Step 1: Plan and Prioritize
You definitely don’t want to start preparing for your open house by making updates willy nilly. Before getting started, it’s important to understand what improvements will help you sell your home and to make a realistic plan that fits your budget and time frame. Ilaria Barion, a professional home stager in New York and Chicago and author of Set the Stage for a Sale, offers three tips to get you started:
Keeping your target buyers and what they are looking for in mind, your next step is to grab a pen and paper, walk through your property as a buyer would and jot down your home’s problem areas, Chan says.
“Really be hard on yourself,” Chan says. “Look through the buyer’s eyes as much as you can. If you can’t be objective, bring someone along you who will tell you exactly like it is, not just what you want to hear.”
Once you’ve finished your list, rank it, putting top-priority issues that are sure to turn off buyers first. Depending on your budget and time frame, it may not be feasible to address everything on your list. But remember, today’s buyers are looking for move-in ready properties. Putting a little more time and money into updates could lead to a quicker sale and a higher sales price.
