So let a trusted local realtor with the right resources help. Watch Coldwell Banker's take on the homebuying process .... it's funny because it's true!
Tuesday, April 12, 2011
Monday, March 7, 2011
The von Trapp Team takes the Madness out of March Madness!!
What: March Madness! It’s not just basketball. Navigate the spring selling season with the von Trapp team!
When: Wednesday, 6:30 - 9 PM
Where: 156 Bistro at 156 St. Paul St.
Why: Because it's March and we're that much closer to spring .... right ???
Thursday, March 3, 2011
Zillow and the Magical Housing Math
Few industries have been transformed as drastically by the Internet and the information-sharing websites that followed as the Real Estate market. The incredible gains in productivity, increased marketing exposure for any given listing, and the access to prospective buyers and sellers by means of the Internet is truly “mind blowing” for realtors. Buyers are reveling in these same efficiencies, conveniently browsing properties thousands of miles away, in their jammies, at all hours of the night (I know this because I have the time stamped e-mails to prove it). The available listings include up to 24 photos, pertinent documents, virtual tours and good old-fashioned written descriptions of every house on the market, provided by the listing agent and uploaded through the local Real Estate Multiple Listing database.
Enter Zillow. This “Real Estate” website was a late entry into the internet mark
etplace and had to differentiate itself from the pack. Like most Real Estate websites, it pulls home listings and their visual and written descriptions from the listing databases. But Zillow added a twist. The site attempts to provide prospective buyers with a reasonable idea of a property’s true market value, dubbed their “Zestimate” for any given listing.
It is important to understand how Real Estate professionals arrive at a listing price by performing a Market Analysis prior to listing the property. It is a value driven by comparable sales in a general area and the current market conditions; it is a combination of an appraisal process driven by raw data and market knowledge derived from experience. It is part science and part savvy. Sellers avail themselves of this process when listing. Buyers have access to the same science and savvy when hiring a buyer’s agent.
A Zestimate is a value driven by data fed into a mathematical algorithm. This is well and good if you accept the following premise: all homes are created equal, differentiated only by square-footage and amenities. Location in the community, school system, views, proximity to workplace, charm, character, siteing on and quality of lot, local weather, location with respect to personal lifestyle, et cetera, are not factors in the equation. Zillow cannot, and thus does not, attribute a number to any of these qualities.
Granted, Zillow’s mathematical algorithms, may have their place in some Real Estate markets, but are not particularly applicable to Vermont. The algorithms may be more accurate when applied to an area with a homogenous housing stock, such as DC suburbs where condominium compounds multiplied like dandelions. In Vermont, however, the rate of growth is much slower, spans a longer period of time and includes a wide variety of housing within the same area. It is not unusual to have a modest double-wide home a mile down the road from a million dollar property. The lakeshore areas present an even greater challenge, as some homes are year-round, some seasonal cottages, and many on leased land. It is difficult to numerate the vastly different qualities to make them fit into a mathematical equation.
And most importantly, people react differently to the three-dimensional space that they call home. Each buyer attributes their own intrinsic value to a home, depending on how that space meets their personal and family needs. Zillow, let’s face it. If you take the humanity out of buying a home, what have you left?? Certainly not anything I want to help search for and buy.
But here is the bigger shame, or sham, if you will. Buyers accept these valuations as gospel, because—you guessed it—they read it on the internet. Prospective buyers embrace Zestimates as accurate, and avoid potentially attractive homes because Zillow believes that they are over-priced, only to find out later, in total disbelief, that the property sold for 95% of the asking price and appraised with a lender. Don’t be that buyer. Use Zillow as a resource to search and identify available properties; but ask a local realtor to complete a market analysis on your behalf to cross-check the Zestimate. A local established realtor with good testimonials knows more about your area and will steer you in the right direction.
Enter Zillow. This “Real Estate” website was a late entry into the internet mark
etplace and had to differentiate itself from the pack. Like most Real Estate websites, it pulls home listings and their visual and written descriptions from the listing databases. But Zillow added a twist. The site attempts to provide prospective buyers with a reasonable idea of a property’s true market value, dubbed their “Zestimate” for any given listing.It is important to understand how Real Estate professionals arrive at a listing price by performing a Market Analysis prior to listing the property. It is a value driven by comparable sales in a general area and the current market conditions; it is a combination of an appraisal process driven by raw data and market knowledge derived from experience. It is part science and part savvy. Sellers avail themselves of this process when listing. Buyers have access to the same science and savvy when hiring a buyer’s agent.
A Zestimate is a value driven by data fed into a mathematical algorithm. This is well and good if you accept the following premise: all homes are created equal, differentiated only by square-footage and amenities. Location in the community, school system, views, proximity to workplace, charm, character, siteing on and quality of lot, local weather, location with respect to personal lifestyle, et cetera, are not factors in the equation. Zillow cannot, and thus does not, attribute a number to any of these qualities.
Granted, Zillow’s mathematical algorithms, may have their place in some Real Estate markets, but are not particularly applicable to Vermont. The algorithms may be more accurate when applied to an area with a homogenous housing stock, such as DC suburbs where condominium compounds multiplied like dandelions. In Vermont, however, the rate of growth is much slower, spans a longer period of time and includes a wide variety of housing within the same area. It is not unusual to have a modest double-wide home a mile down the road from a million dollar property. The lakeshore areas present an even greater challenge, as some homes are year-round, some seasonal cottages, and many on leased land. It is difficult to numerate the vastly different qualities to make them fit into a mathematical equation.
And most importantly, people react differently to the three-dimensional space that they call home. Each buyer attributes their own intrinsic value to a home, depending on how that space meets their personal and family needs. Zillow, let’s face it. If you take the humanity out of buying a home, what have you left?? Certainly not anything I want to help search for and buy.
But here is the bigger shame, or sham, if you will. Buyers accept these valuations as gospel, because—you guessed it—they read it on the internet. Prospective buyers embrace Zestimates as accurate, and avoid potentially attractive homes because Zillow believes that they are over-priced, only to find out later, in total disbelief, that the property sold for 95% of the asking price and appraised with a lender. Don’t be that buyer. Use Zillow as a resource to search and identify available properties; but ask a local realtor to complete a market analysis on your behalf to cross-check the Zestimate. A local established realtor with good testimonials knows more about your area and will steer you in the right direction.
Tuesday, February 8, 2011
Join us at 156 Bistro !
156 Bistro on Wednesday, February 9th
6:30 p.m. to 8:00 p.m.
Come in from the cold for a cocktail or local draft. Chat with me, Bobby and Elissa about weathering the winter and preparing for the spring buying and selling season!
6:30 p.m. to 8:00 p.m.
Come in from the cold for a cocktail or local draft. Chat with me, Bobby and Elissa about weathering the winter and preparing for the spring buying and selling season!
Friday, January 21, 2011
Real Estate Resolutions Week #3
Three weeks into the new year, keep up the good work!
Buyers’ Resolution #3: Get building inspector recommendations before you purchase your new home.
Once your house is under contract for purchase, you will need to hire a building inspector. Never buy a home or condominium without an adequate inspection. Ask for recommendations from your realtor, friends and family. Once again, this is on of the largest investments you will make in your life. Let’s be sure that you know what you are buying, from the inside out, before you own it. Better to walk away from a poorly constructed home sooner rather than later.
Sellers’ Resolution #3: Ask for Realtor recommendations from friends and family.
Should you decide against navigating the wonderful world of Real Estate sales on your own, take some time to interview local agents for the job. The role of the listing agent in today’s Real Estate market is demanding and competitive. You are entrusting your biggest asset with this individual and are asking them to assist you in pricing it, preparing it for the market, and promoting it, so that you may achieve your sales goals. All agents are not equally prepared to provide you with the level of service or experience necessary to get the job done. Choose wisely and do your homework; the wrong choice could cost you thousands in lost sales value.
Buyers’ Resolution #3: Get building inspector recommendations before you purchase your new home.
Once your house is under contract for purchase, you will need to hire a building inspector. Never buy a home or condominium without an adequate inspection. Ask for recommendations from your realtor, friends and family. Once again, this is on of the largest investments you will make in your life. Let’s be sure that you know what you are buying, from the inside out, before you own it. Better to walk away from a poorly constructed home sooner rather than later.
Sellers’ Resolution #3: Ask for Realtor recommendations from friends and family.
Should you decide against navigating the wonderful world of Real Estate sales on your own, take some time to interview local agents for the job. The role of the listing agent in today’s Real Estate market is demanding and competitive. You are entrusting your biggest asset with this individual and are asking them to assist you in pricing it, preparing it for the market, and promoting it, so that you may achieve your sales goals. All agents are not equally prepared to provide you with the level of service or experience necessary to get the job done. Choose wisely and do your homework; the wrong choice could cost you thousands in lost sales value.
Thursday, January 13, 2011
Real Estate Resolutions Week 2
How are you doing on your New Year’s Resolutions? If you are on a roll, consider the second installment a congratulations for and continuum of good behavior. If you have not been quite as successful with the “new you,” the below will give you a second chance! As always, questions and comments are welcome.
Buyers’ Resolution #2: Choose your own title attorney; do not let your lender do it for you.
When you buy real estate, you will need to have the title searched. Most closings in Vermont are administered in the buyers’ attorney’s office. When the lender selects the attorney, you are in effect paying the legal fees through a part of your closing costs, while the attorney represents the bank. Most banks will allow you to hire the attorney; the legal fees are still paid from the closing costs, but the attorney’s responsibility is to represent you. If the bank insists on having their own attorney, you may want to hire an attorney on your behalf, as well. I can not emphasize enough, a home purchase is a big investment, big risk, and you want to avoid big problems.
As always, do your research and ask for recommendations from friends, family and (of course)your trusted realtor.
Sellers’ Resolution #2: Order a dumpster before packing that “heirloom” from Grandma.
As you prepare your home for sale, take this opportunity to evaluate your “stuff.” Are you holding onto things that were valuable to a family member, but not to you? Are you about to move a box you packed from your last move ten years ago, but never opened?? Do yourself a favor and clean house now: if you are about to pack and move unopened boxes, open and asses their contents. If you are saving something that you intend to pass down to the next generation, pass it on now; and, if an item has neither use nor sentimental value, consider donating it to a charitable organization with a resale shop or to Goodwill or the Salvation Army. Instead of paying a mover, you can take a tax deduction for the donation and be done with it. Items that have no value for re-sale, consider throwing them in the dumpster or better yet, recycle them, but do not move that un-wanted and accumulated “stuff.”
Find a Good Will has locations in Chittenden County to donate clothing and household items at
http://locator.goodwill.org/
ReSource (formerly Recycle North) also accepts donated household items and offers pick-up services: http://www.resourcevt.org/donate-goods-to-resource
Myers Containers "The Red Can Family"is a Waste and Recycle Management company that provides trash services, weekly pick-up and roll offs for residential and commerical properities. Contact President Jeff Myers at jeff@theredcanfamily.com
Buyers’ Resolution #2: Choose your own title attorney; do not let your lender do it for you.
When you buy real estate, you will need to have the title searched. Most closings in Vermont are administered in the buyers’ attorney’s office. When the lender selects the attorney, you are in effect paying the legal fees through a part of your closing costs, while the attorney represents the bank. Most banks will allow you to hire the attorney; the legal fees are still paid from the closing costs, but the attorney’s responsibility is to represent you. If the bank insists on having their own attorney, you may want to hire an attorney on your behalf, as well. I can not emphasize enough, a home purchase is a big investment, big risk, and you want to avoid big problems.
As always, do your research and ask for recommendations from friends, family and (of course)your trusted realtor.
Sellers’ Resolution #2: Order a dumpster before packing that “heirloom” from Grandma.
As you prepare your home for sale, take this opportunity to evaluate your “stuff.” Are you holding onto things that were valuable to a family member, but not to you? Are you about to move a box you packed from your last move ten years ago, but never opened?? Do yourself a favor and clean house now: if you are about to pack and move unopened boxes, open and asses their contents. If you are saving something that you intend to pass down to the next generation, pass it on now; and, if an item has neither use nor sentimental value, consider donating it to a charitable organization with a resale shop or to Goodwill or the Salvation Army. Instead of paying a mover, you can take a tax deduction for the donation and be done with it. Items that have no value for re-sale, consider throwing them in the dumpster or better yet, recycle them, but do not move that un-wanted and accumulated “stuff.”
Find a Good Will has locations in Chittenden County to donate clothing and household items at
http://locator.goodwill.org/
ReSource (formerly Recycle North) also accepts donated household items and offers pick-up services: http://www.resourcevt.org/donate-goods-to-resource
Myers Containers "The Red Can Family"is a Waste and Recycle Management company that provides trash services, weekly pick-up and roll offs for residential and commerical properities. Contact President Jeff Myers at jeff@theredcanfamily.com
Tuesday, January 11, 2011
The entire von Trapp team would like to invite you to our first monthly get together for 2011!
156 Bistro on Wednesday, Jan 12th
6:30 p.m. - 8:00 p.m.
We are all very excited about the prospects for the new year and we would like to share our reflections on this past season as well as try to help you look into the future and plan your next sale or purchase.
If you are planning to buy or sell in 2011, you will not want to miss this get together. Our goal is to have all of our clients and fans well positioned in the market this year before it happens.
To show our appreciation, the first Beer of 2011 is on us so come on down, share some great Trapp Dunkel Lager and get the inside Real Estate Scoop for 2011.
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