Zillow and Trulia....Should you be relying on their information?

Ten years ago when I started in real estate, I was interested in the new potential of sites like Trulia and Zillow and what they claimed to be able to offer consumers and agents and how they would bridge the gap of what brokers had and what consumers wanted...information!

Now having this time to see them grow and become a popular source for consumers to view homes and sales information, I have noticed that their sites offer a wealth of information but have little control or understanding of what that information means to consumers and how to filter it best to give accurate and reliable information. Even with brokers across the country adding their MLS (Multiple Listing Service) information and data feeds, they still have out of date homes for sale and sold information on their site that is not correct and "Zestimates" that are highly inaccurate to the actual pricing going in in the local real estate market.

I think thy could be a great tool for consumers and brokers to work in harmony but now brokers have the same, if not better, tools to help consumers get what they want with speed, accurate details and ability to meet or chat with an agent, see a home, get a loan, underwrite their insurance all from one place...the Broker site or apps.

Apps have really allowed the broker to make the information accessible in a very accurate way and allowed the consumer to have a wonderful experience with learning what homes they like (i.e. favorites), gathering community information, schools, and learning the market by seeing first hand the sales so they have an accurate picture to local pricing and what is for sale.

In my area and the company I work for, we have an app that allows you to save searches by searching via a criteria search( circa 1990) or the new way to search via a map and drawing the area you want to see your next home. Then the broker has gone above a normal search. They have allowed the saved search, which can also send automatic email updates to the consumer with new listings that come into the search or sales every 15 minutes. Now that is fast and accurate information!

With the markets being very local and to truly understand values, Zillow and Trulia can't write an equation accurately enough to "guess" the pricing of a home. They don't know the features of the home, what condition it is in, being able to physically walk through homes in the area or that specific home that is for sale, or the seller's situation for selling the home. That kind of knowledge is where a professional real estate agent, a realtor, can help navigate the market and interpolate the information for the buyer or seller in a way that is not only accurate but the ability to show the differences and talk about what they saw in that house that make the pricing higher or lower than the market.

These are just a few ways that these sites are becoming obsolete. There is a trend that brokerages across the country are stripping their feeds to these sites because of the lack of oversight and control of good and accurate information to consumers. Brokers are learning what they have to offer is so much more powerful than a site like those will ever be able to offer.

What would you like to see in a real estate search app or tool for home buying/selling?




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Death and Real Estate

With too many blogs that talk about what properties are available and how we can help you in real estate I thought we need talk about the real stories I experience all the time.

This situation would not normally happen but the seller, who is represented by another broker, is in a assisted living situation and the home they were selling is empty and ready for the next buyer. My client, the buyer, is a young couple looking to buy their first home.

We are all the way through the offer with all contingencies removed from the offer. We are waiting for the fink walk through and closing only. The story isn't very exciting or full of tension till we find out that Mr Seller is turning very ill and could possibly die. Concerned for the seller and what they are going through but in the other hand my clients could not close on their house if Mr Seller passes away before the closing is complete.

I did not want to make my clients feel stressed out or worry about the seller, but they needed to know as much as possible to make a good decision. As I knew his true health situation but I had to notify them that his health has dropped and he is not getting better. The conversation between myself and the buyer started with concern for the seller and then it focused on their options and what they should do to help their situation. Both buyers didn't really understand the potential for tragedy that could happen if he passes away before they close on the home. This is where I used my experience and understanding of what could happen if he dies.

After several attempts to make it clear what I would like them to do to make sure they close sooner than later, the seller's agent called me and indicated that the seller slipped into urgent care and was getting worse. This was not what the buyer or seller needed but the buyer had to know that they need to change their work schedule and make adjustments or they could close much later than planned. This would not be an issue but the buyer subleased their apartment and didn't have more time to close later. The buyer had a moment that it made sense why I was more forceful about what the should do with this new situation.

As soon as the buyer gave me the go ahead to move everything and close ASAP, I went into go mode and called the title company to see what they needed from both sides in order to move the closing and make sure this closed. With coordination efforts from the lender, title company and seller's agent, we were able to get the final walk through completed, get money from the bank and have the seller's attorney draft a POA( power of attorney) agreement for the wife to take control of signing for the husband at closing.

The more I think more about his situation and what was happening, imagine someone selling their home by themselves( FSBO) and coordinating this from work or another arena, would they have known what to do and how to connect all parties to make sure it closed on time and with as little of effort on the buyer or seller? I don't think it would have worked out professionals like the realtors, lender, attorney and title company working like a well oiled machine.

The buyer closed on their home and the seller was able to transfer the sale to them and accept the proceeds of the sale. I have not heard the status of Mr Seller and whether he is doing ok. I can not imagine seeing my wife in that state of health and then having to deal with something important, but not as dire as death, at the same time. I am so impressed with the focus and gentle heart that Mrs Seller had for,the buyer of their home. She wished them many years of happiness and hope they love the home like they did. I was blown away. This act of kindness was noticed by everyone in the room. It makes me really enjoy what I do.

We are in the business of human capital as well as real estate capital. I am happy this was all possible for my clients. I know we would have figured out a solution if it didn't go the way it did but I stress the importance of professionals being able to coordinate and handle the stressful situation and make sure everyone was taken care of as best as possible.

I love my job!

A huge Thank You to Preferred Title, Don Griffin(Summit Credit Union) and Ben Anton. With out their efforts and great communication this doesn't happen.



- Posted using BlogPress from my iPad

Location:Madison,United States

Exceptional Fall real estate market...Is it time to prepare for next year?

With real estate sales up 30% above the same time last year, the market has improved almost every month this year over last year. The most notable markets are the $100,000 to $350,000 single family homes and condos under $150,000, with single family homes the absorption rates are ranging from 6 months to 8 months. Condos are 8-10 months for the range above.

October Real Estate Stats

With the market improving and shortages in some price ranges and neighborhoods, now is the time to prepare our home for the Spring market.  From decluttering to re-organizing and staging, your Realtor is equipped to help you with the entire process. 

Enjoy the holidays and be safe!  Happy house hunting!

Charlie

Real Estate Market Hot in Madison

Market Update for Dane County and First Weber

The past few years in almost every market in the United States has been anything from slow to depressing for all real estate sales.  With the market improving and the local area seeing a lot of job growth, higher rents and an unprecedented start to the first 5 months of real estate sales, the market is starting to gain momentum.

Here are statistics( stats from SCWMLS service) that show the true picture of the market.

South Central Five months Year to Date:

• Units closed are up 17.5% over last year for single family and condo.
• Average sale price is almost even at $168,207 this year vs. $169,386 last year.
• List to sale ratio is 94.66% up from 93.84% last year in the same period.

First Weber South Central Five months Year to Date:

• We are up 25% in closings.
• Our average sale price is up by 1%.
• Our market share has gone up from 16.64% to 18.03%

Dane County Five months Year to Date:

• Sales are up 16.6%.
• Average sale price is down 3.6%.
• List to sale ratio is 96.07% up from 95.71%  

First Weber Dane County Five months Year to Date:

• We are up 24% in closings.
• Our market share has jumped from 18.82% to nearly 20%.

We have experienced month over month sales increases for 11 months in a row in Wisconsin.  Sellers are more realistic and better at getting their homes priced right and having their homes decluttered and staged. 

Buyers have more confidence and are acting with less resistance than we have observed in the last few years.  This is evidenced by the fact that they are looking less and buying more and that the offers are much more likely to stay together once accepted.  

With interest rates where they currently sit, 3.875% for a 30 year mortgage, it is one of the best opportunities for buyers to buyer and sellers to sell their home.

Spring has Sprung

Spring is HERE!  The weather has completely changed when 30 days ago we had a large winter storm and now it is consistently 60-70 degrees outside.  Our allergies are early, flowers are blooming and trees are sprouting with new life.  I have even witnessed several diligent home owners cutting their lawns!!!

With this new season coming sooner than expected, the activity in real estate in Dane County has bloomed as well, especially in Madison and surrounding areas.  Sales are up over 15% while median prices remain slightly below January and February sales were in 2011.  Inventories all over the county for Single Family homes are down over 8% from last year.  With the increased demand starting earlier than normal, inventories decreasing and rates around 4%, this is turning out to be a hot start to Spring in 2012!

For a good read and full statistics please read: http://scwmls.com/public/stats/stat_search/monthly_composites/2012/monthly_stats_february_2012.pdf

I don't want to have any misconceptions to the last paragraph.  Please don't  believe it is turning into a sellers market, as we are a long way from this point.  Currently most price ranges are sitting with 11-30 months of absorption.  This means that if we added no more listings to the pool of homes available, at the current pace homes are selling, it would take 11-30 months to sell all of the homes.  The range of 11-30 months is coming from a price range of $100,000 to $1,000,000+ single family homes and condos.  A "normal" real estate market is 8-10 months of inventory.  This is close in only one price range: $100,000-$149,900 homes and condos.

It is still a buyer's market as a whole, but some pockets in the Madison Metro have felt like a seller's market with multiple offers, higher than asking price bids and quick sales!  Make sure you talk with a professional Realtor about the market in your area, so you can get a clear picture of the market, and how your home fits in that market.  We all want the most money out of our homes when we sell it, the best way to understand it is to educate yourself on the market around you and lean on a professional to help you through the pool of information and endless possibilities.

Have a great Spring!

My First Weber: 10 Tools to Help You Find the Perfect Home

My First Weber

With so many options to choose from in the real estate world.  You want to know that the information you are looking at is up to date and accurate, plus like most of us want to know that you can view the sold information.

This is all possible with a free My First Weber account on www.firstweber.com!

Once you have signed up you can set up your own search areas, see sold properties for the past 6 months.  Beyond the basics, when homes in your searches are going to have an open house or have a price adjustment, you get an automatic email.

The local knowledge and local attention to the market is what makes First Weber Group and their applications the best in the business.  Zillow and Trulia have their place but true local knowledge should come from a trusted local source.

If you have an Android or iPhone/iPad, then you can take advantage of the amazing First Weber App.  Just download the free app, login with your My First Weber account information and shazzam...you are now synced with your online account.

One advantage of the apps is that you can draw your own search areas and get instant data on the market, active and sold!

There are a lot of features in your free My First Weber account.  To register for your My First Weber account, click Here.  Check out this blog for more information: First Weber Blog

Happy Searching!

Historic Loraine Hotel Condo In the Heart of Madison

123 W. Washington Ave #505, Madison, WI

It is extremely fun to list homes and condos.  Especially historic properties like the Loraine Condo.  

The condo has almost 1300 sq. feet of living space, open and spacious floor plan has maple hardwood floors & cabinets throughout. Large kitchen with granite counter tops, breakfast bar & ample counter space for food preparation. Open concept living w/ dining, living & kitchen open to each other is made for entertaining. Fireplace in the living room. Master suite has 3 closets with one of them a walk-in. Dual vanity sink, linen storage, shower & soaking tub. Workout facility, common areas and open air terrace to share and use anytime.

www.firstweber.com/1644683

The Loraine was originally conceived in 1922 by Milwaukee hotelier Walter Schroeder as a 250 room hotel. Architect Herbert Tullgren designed the Tudor Revival structure and construction was completed by June, 1924. Hotel Loraine (named after a niece of Mr. Schroeder who died during the course of construction) was so popular that a 100 room addition was completed one year later in 1925.

Hotel Loraine was the largest and arguably the most prestigious hotel in Madison. At an initial cost of $1,100,000, Hotel Loraine was the most expensive commercial building in Madison. Its prominent location on the site of Henry Proudfit's home provided a seamless link between the affairs of Wisconsin's government at the State Capitol and the academia at the University of Wisconsin.

Hotel Loraine was renowned for its grand lobby, exquisite dining, and the fabulous Crystal Ballroom; site of many debutante balls, wedding receptions, and Madison's largest social functions.

Hotel Loraine hosted numerous notables during its history including Ethel Barrymore, Gloria Swanson, Mae West, Harry Truman, and John F. Kennedy.

The Schroeder family operated Hotel Loraine until 1968 when the structure was converted into office space for the State of Wisconsin.

The Department of Justice most recently occupied The Loraine Building until its new building was completed in October 2001.

The new millennium has brought new life to The Loraine. The City of Madison designated the building a national landmark due to its history, location and architectural significance. Furthermore, this gem of a building has been carefully restored and masterfully renovated back to residential use as luxury condominiums.

Office/Den or Ample space for a guest suite

Office/Den or Ample space for a guest suite

Full Bathroom with Shower Stall

Maple Hardwood, Tray Ceiling and Fireplace

Stackable Laundry

Granite and Stainless Steel Appliances

Master Suite leading to Closets( 3) and Master Bathroom

Shared Outside Patio

Common Area Terrace-Open Air with Grilling Station

Common Gathering Room

Lobby Entrance

Mail and Lobby