Clients often ask, “Are land prices holding?” My reply is always a quick “Yes, and prices are beginning to creep up in the last year or two.” Then the next question is always “What is causing the increase?” Of course, the answer to that is always availability. Anyone who has looked for a sizeable piece of land lately will tell you it is just not to be found. The quick answer for the next question is “They just don’t make any more land.”, but of course, it is much deeper than that.
Buyer buys home.
Buyer makes improvements to home.
Buyer expects home’s value to increase.
Buyer learns that the money spent on improvements did not add value to the home.
Buyer is wrecked.
I’ve seen this too many times to even count. Homeowners spend their hard earned dollars on improvements that they believe will make their home worth more, but it really only makes a home more desirable. Allow me to explain.
What is a bad color?
We’ve all had them. Sherwin Williams knows me by name, because when I am working on a project, it takes several trips, with their little sample quarts, to pick the just the right color. I have even been known to go around back to help them adjust the color. They love me. LOL! When I am working on a new build, I just can’t take risks.
When picking out colors, you MUST know your audience. Basically, a builder is not going to appreciate if I take risks with their investment. So, I have to stay within the box. But one builder was the exception and wanted something different, and we got it.
With the introduction of the Internet, fraudsters were given tools that extended their reach not only worldwide but also expanded their possible pool of people to defraud into the thousands or millions. To make matters worse, they could now do it much more easily, much more quickly and with a high level of anonymity. Our lives got a lot more troubling.
So far this year, there have been 1,473 NEW LISTINGS. Last year, at this time, there were 1,440 New Listings. We are running about the same as the previous year, but a little up. Last year, in the month of August, there were 123 Homes Under Contract. This August, there were 153 HOMES UNDER CONTRACT. A nice increase since the same time in 2017.
Seriously. Why is this not the mandatory opening discussion of all Real Estate classes? Respectfully followed by “Lesson 2: You Will Lose Count At The Number Of Times You Regret Your Decision To Go Into Real Estate.” Perhaps these two topics were covered in the fine print that no one ever reads. Maybe it was at the beginning of the Real Estate exam? “Please verify your name, address, social security number, and that you understand big fat crying sessions will be in your future.” Or was it at the very end? “Click here to complete your exam and to acknowledge that you’re aware you’ll ruin your mascara in your car at least once a month.” Honestly, I was so nervous that it could have been in blinking marquees and I wouldn’t have noticed. Between the 347 songs I’ve downloaded on my iPhone and countless updates I’ve done over the years, I still have no idea what the Apple Agreement even remotely says. (What’s that? A Realtor that doesn’t read the fine print? Let’s be real, downloading a song is small beans compared to the investment of buying property. I assure you, I read the fine print on all my contracts, forms, and disclosures.)