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Tag Archives: business of real estate

Flashback Friday… Getting the Most for Your Renovation Dollar

Friday, 24 December 2010 08:35
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Do you know anyone that just likes to throw time, money and energy at a home renovation project, without a care for the value added?  I sure don’t.  In fact, almost everyone I know is looking for ways to maximize the value of the dollars they spend renovating.

Last year, I wrote about a study from the National Association of Realtors® which detailed the average costs and RoI (Return on Investment) for various renovations.  It was even broken down by region.

I’ll give you the spoiler…  Replacing the front door actually is the winner, and by a wide margin.  The correct replacement averages an RoI of 146.8%.  It makes sense, since curb appeal is a major selling point, and first impressions are greatly affected by the front door.

One thing to keep in mind, though…

Renovate to fit your lifestyle and taste…

Don’t ignore resale value, but understand that almost nobody will have exactly the same tastes.  I’m always saddened when I see people renovate their whole house just before putting it on the market.  The $20k, $30k, $50 or more that they sunk into the house becomes worth half or less in resale value.

So, do the work and then live in it to get enjoyment from it.

Updating can be a slightly different story, but I would still counsel not to wait until sale time to get the work done.  Do it, enjoy it and then sell it…

Jump in the Flashback machine and look at the original post…  146.8% RoI for a real Estate Improvement?

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Wayback Wednesday… Fear/Greed and “the Deal”

Wednesday, 22 December 2010 08:44
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Two years ago, we were in the midst of the financial system meltdown.  real estate was looking bleak… and so was everything else.  Unemployment hadn’t really reared its ugly head.  It was swirling up, but still seemed manageable.

So, I thought that a blog about market psychology was in order…  And this isn’t just real estate.  The same holds true for any kind of market.

Fear and Greed

Those are the emotions that drive ALL markets.  Stop into the old post and take a look at the background.

In a nutshell, when fear overruns greed, markets expand.  When greed overtakes fear, markets contract.  Many are still fearing.  The market hasn’t recovered.  As the bubble was inflating, there was little fear… greed had full run of the emotional mind.

The markets will recover, barring some massive calamity like the currency market collapsing.  People just have to start being more greedy than fearful.

We need to keep a little of that fear in the back of our mind, too.  It will keep away the next bubble a little longer.

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Wayback Wednesday… Optimist of Pessimist?

Wednesday, 15 December 2010 08:16
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Two years ago I wrote this post…  And it is almost embarrassing…  I was SO wrong.  So wrong.

Or maybe I was right, but just a couple of years too early (nope, I think that saying I was wrong is closer to the truth).

In effect, my opinion was the real estate was poised for a recovery.  The prices were cheap, and mortgage rates were almost impossibly low.

Prices are lower… and so are interest rates.  There are still deals out there (but at least there is a fight for some of them).  But the fact remains that I misread the market, then.  I tend to be a little more cynical about it now…

But, all of the same forces that were lined up pointing to a recovery, like the media talking it down, investors like Warren Buffet looking at real estate, etc., are still there.

What I hadn’t banked on was unemployment and how it would affect the real estate market.  Unemployment is up about 30% from where it was two years ago.  Despite the bailouts, government takeovers and TARP, people aren’t working.  Until that happens, we won’t see a real estate recovery…  But when it happens, it will happen in a big way.  I still believe that.  It won’t wind back up as fast as things unwound, but the best deals will vaporize from the market.

As mentioned, I have had buyers that have had to compete for properties at the entry level.  It is a glimmer of hope…

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Lilburn, GA Market Report, November 2010

Tuesday, 14 December 2010 08:46
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Market stats for Lilburn, November, 2010, indicates that there are 425 properties on the market (as of November 30th). Overall, there is about a 11.8 month supply of properties.  Lilburn is actually mid-pack among cities in Gwinnett County.  Absorption Rates had been improving since March, until September.  In fact, in March there were 15.3 months of inventory.

In the sub-$200k arena, there are 264 listings, with about an 8.6 month supply.  This represents most of the sales in the market area, and reflects the same improvement in inventory levels, continuously since March, until October.  Sales were on par with November 2009 (28 v 24).

Between $200k and $400k, there are 134 listings for sale, and about 28.7 months of supply. This segment has also been getting stronger each month since March, until September.  There were only 2 sales in September 2010, compared to 11 last year and 6 in October v 18 in 2009.  November held 6 sales in 2010 v 9 in 2009.  The expected end of the tax credit last year started pushing sales down in Nov. 2009.

Snow in Lilburn

Snow in Lilburn

From $400k to $600k, there are 22 homes on the market. The absorption rate is around 33 months. There  were no sales in this segment in May, June, July or October this year.  There were only 4 sales in August and September(combined). November had 1 sale (2 last year). Last summer was much stronger overall.  With just a few sales, just one or two can make a huge difference.

From $600k to $800k, $800k to $1M and Above $1M, there are 5 listings (combined), but too few sales to have any sort of reliable number of months of inventory.  There has been one sale in the last four months, but prior, there had only been a few other sales in 2010 (January, March and August).  One of the listings is above $1M (none between $800k and $1M), and there is no market activity in the last 12 months for that range…

Lilburn is in Gwinnett County, GA, just outside of Atlanta.  As of the 2000 Census, there were 11,307 people in Lilburn, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County.  It was incorporated in 1910.  Lilburn is home to Parkview High School, and also has students that the Brookwood, Berkmar and Meadowcreek clusters. It is also home to Killian Hill Christian School, Providence Chrisian Academy, St. John Neumann Catholic School and Parkview Christian School.  Possibly the most famous resident of Lilburn is General Beauregard Lee, a groundhog with a better winter prediction record that Puxatawnee Phil up in PA. Dominique Wilkins, formerly of the Atlanta Hawks also lives in Lilburn.

I have a page dedicated to Lilburn Market Data.

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Disruption… Tables Turned

Monday, 13 December 2010 08:58
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I was at a real estate conference last week, and one of the things the presenter said REALLY struck a chord with me.

Ten years ago, WE used to tell our clients which houses we were going to look at that day.  Now, THEY come in and tell us which houses we are going to see.

Obviously, this is a giant change in the way real estate agents do business.  Since my entry into the real estate business, it has always been the way I’ve done business.

In the “Old School” world of real estate, agents were the gatekeepers.  We controlled the access to the information.  We had the listing information, and it wasn’t available to the public.  Some agents still wish that the old order ruled the day.

Technology has turned the tables… and it is for the better.  Buyers have never had as many choices, nor as much access to information.  That is something to be applauded.

Feel free to tell me which houses interest YOU…  I’ll be happy to make suggestions, but they are just that, suggestions.

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