It’s always about choices June 2025 comment from Jim

Part

Fast market look

I no longer had a room this month, so I wrote A market blog post instead.

But first – days on the market, the best way for me to get a sense of speed of the market.

For Charlottesville + Albemarle, all real estate types, just resale, removing the sale of “Comp

• 4/1/24 – 6/14/24 – 415 was under contract. The median days on the market were 5. 257 (62%) went in 7 days or less contract.
• This year, the same as above – 458 went under contract. Median Dom is 9 (Almost double, mathematics-in-style), and 210 (46%) went down within 7 days or less.

Buyers – You still have to know your market band well enough, so that you are the one who decides whether you offer it or not, and you may have more time to decide.

Sellers – Price accordingly and manage expectations.

Buyers and sellers – do you have questions? Please ask. 434-242-7140

The following is a kind of indoor-real estate politics, which absolutely influences how you (the consumer) and I (broker/customer representative) work.

The MLS works

So let’s break it?

There is a fight between a few large brokers, MLSS and Portals (Zillow and Homes.com in particular).

Here is my fluorescent; DR: As the internet evolves, (large) brokers try to distinguish and build their companies by hoarding stages, making them inaccessible to external brokers and agents, and force buyers to work with X broker to have a better observed access to “exclusive” inventory.

This is bad.

First, from an honest housing perspective, is one of the goals of the MLS, beyond cooperation between brokers and agents, to make all homes accessible to all buyers. Segmenting and fragmenting and hoarding serves to deny this. I suspect that if we still had a functioning HUD and the government, they have something to say about these new tactics.

Secondly, this is bad for the market. We depend on aggregated data to understand and analyze the market, and in turn guide and represent our customers. Freagmented and incomplete data are bad in one word. A real understanding of days on the market is absolutely crucial to understand the market; Hiding/manipulating this data is harmful to the market.

Thirdly, keeping things in -house in -house the brokers who hoist the offers, and increases the chance of situations with double agencies with one agent, the opposition of which is one of our establishment principles at Nest.

I have represented buyers and sellers in certain situations in which we have kept things in -house, but never as a company -wide strategy.

Fourth, and the final for now the MLS works. We fought this battle with IDX (sharing mentions with brokers and Zillow) decades ago. And now the real estate sector is damaging itself and the consumers and the market by combating this unnecessary war.

Okay, really last point: for consumers you and I have to work together to define what we need to analyze or find, and to develop the right strategy to find all relevant data, so that you can make a good decision.

(some on the baseball, and relevant))

* Related: one of the chapters in Michael Lewis’ recent “Who is Government” Talk about what happens when the government stops collecting the data we use. Markets need data and security.

Walking away is often the right advice

Walking away is often the right advice; So in the first place does not offer.

This is more for people in the purchase phase than selling, but the concept of asking questions and supervising both applies.

Sometimes when representing buyers, a part of what I do to help them think about their lives, finances, timing, so that they see the decision not Making an offer is the right decision. Or, to make an offer, they are comfortable to win or lose, even if that means a house inspection – get a house inspection! (Story that this year is coming)

I ask questions. I listen. I ask. Then leave them alone. And I don’t make decisions.

At the end of the day I cannot prevent my customers from making good or bad choices, but I can help them by walking and trying to see the consequences – good or bad.

Yes, I earn a living in unforeseen events – I am only paid when closing – and yes, the right advice is not to “sell” a house to a buyer client. Give the right advice to buy, but buy the right house or at the right time is The right advice.

Home Sale unforeseen circumstances

Contingent offers to the sale of a house – at the past – and seem to be possible options again. Conditional offers will not be viable for houses that are only active on the market for a few days* (See above about hoarding lists) But for houses that have been on the market for a while, that seller may be more inclined to consider your House is previously under contract theirs. (Related: what is a kickout clause?)

This week I was in a meeting in Nest and the question: “Do you see house sales again -for example circumstances?” Was asked.

Several agents said they saw and written them.

Things change. Returning to the office makes those who choose to come back better to represent customers.

Short summary to buyers – Do not assume that a conditional offer is not an option. It might not be, but don’t take it.

Location, location, location

Where you live, dictates how you live: how long your home work is, which coffee shop or library you visit, which paths you walk, if you can walk to school or drive to school.

I have long advised my customers to concentrate on the ‘where’ first. If you have worked with me, I probably told you: ‘We can find a house that is perfect fine. But if it takes you 45 minutes to get home or work, is that the right place for you? “

Many years ago, when I was a technical recruiter, I spoke with job seekers who lived 2 to 4 hours a day. Each. Way. The Charlottesville market is not, but there is A difference between a commuting of 10-17 minutes and 30-40 minutes.

The first will probably connect with one place and the last you insulate. Both can be the right choice.

I have stories that I tell my customers, one is this (and forgive me if I have already told you this):

I let a client come to Charlottesville to teach UvA, either at Darden or the Law School. One of the most important things they wanted to solve was to spend more time together as a family.

They fell in love with a house in the 29 North Area – for that unknown, old relocation map here for context – about 25 minutes of living – work traffic.

I asked, “Could you come home and have lunch with your family?”

Their shoulders soften a little and they admitted that no, that would not be an option.

They bought a house that was about a 12 -minute walk to that part of UvA and saw much more apart.

Where things.

Ai can be good.

My customers and I could not find out how they could present the brown kitchen again. Uploaded the photo on the left* claude.ai, and it responded with the kitchen on the right. We were stuck with what to do with the built -in ovens; The AI solution was quite fun.

*photo posted with the permission of the list agent

They didn’t bought that house, but we learned a few things.

What I read

What I listen to