Living on Euler's Line

Top ten free technology tools for Realtors - Realtor 2.0

The technology committee for the Outer Banks Association of Realtors had an idea to put together some of our favorite free technology tools that could benefit Realtors.  I thought I would share my personal suggestions with my readers (Not just for Realtors).

Gmail - hands down - the best web based email.  With over 6.5 gigabytes of storage (and growing), you should never have to delete a message.  Search capabilities are unbeatable. 

Blog Platforms - many to choose from but Blogger and ActiveRain (send me an email if you would like an invite) are probably the two most prominent free platforms for Realtors.  MySpace and Facebook are alternatives but they don't seem to be as business friendly.  Typepad (costs $5 to $12 per month but well worth it) is the equivalent of Blogger on steroids.

Google Alerts - Keeps you updated on what is going on in your area.  (It is great for keeping up with your competition).

Photo Editing - Picasa from Google is awesome.  Turn those awful photos into works of art.

Google Documents - Don't have the funds to buy Office 2007 - Google Documents allows you to create documents (Word) and spreadsheets (Excel) that can be shared with all.

Primo PDF - Turn any document or screen into a .pdf

Gadwin Print Screen Pro - Print screen utility that captures your desktop when you press that seldom used print screen key.  Great way to capture those detailed overhead views from Microsoft Live Maps.

Maps - Microsoft Live has an unbelievable map program (depending on your location).  The Outer Banks is completely covered which is great for us.  The birds eye view is just that - great resolution.  You can even view the property from four directions - Microsoft has really kicked it into high gear with this program.  Great tool for showing you potential buyer exactly where and what the property looks like.  Google Maps has some cool features - you can create your own maps with markers to highlight points of interest such as restaurants or points of interest.

Video - Want to add some sizzle to your site.  Try posting some video from Google Video, YouTube or Viddler.  Viddler is my favorite - less junk and you can add tags and comments throughout the video. 

Widgets - Sounds like something from an economics class - Widgets are small programs that you can add to your website. 

Contact Management - Big Contacts is a pretty cool program for keeping up with contacts.  Web based and free for the first 250 contacts. 

Realbird Publisher - Single Property Web Site Builder Service.  You should pay for the advanced services - well worth the money. 

Pandora - Not really a Real Estate Program but a must have.  Having a stressful day - play your favorite artist and relax.

I would like to hear about your favorite free tools.  Leave a comment and let us know what free technology tools you cannot do without. 

Update:  Forgot about Goog 411 - no more directory assistance calls at $1 each.

 

Outer Banks Real Estate Market Update

I frequently speak with Realtors on the Outer Banks to get their take on the Real Estate Market Conditions.  Over the holidays, I had a chance to meet Holleay Parcker - the owner of Spinnaker Realty in Kitty Hawk.  Holleay has an interesting take on the market and I thought I would share it with my readers:

Waiting for the best moment to get on the boat, many buyers may find that their ship has sailed

I had an interesting conversation with an investor yesterday who owns scores of properties on the Outer Banks. As you might imagine, the topic of our conversation was the Outer Banks real estate market. 

We shared our thoughts and it was a lively discussion. Here are the high points:

The market is constantly running ahead of us all. At any given time, there are always properties that are under contract. It typically takes between 30 and 45 days to close on a property, although there are many instances where it is advantageous to the seller or the buyer (or both) to delay closing for an extended period, which can be several months.

These under contract properties represent the newest market data when these transactions close and these new closed sales establish market price. But since no one is privy to the price a property has sold for until it records (except of course the parties involved in each transaction), we all must wait for the sale to close before we have access to this information.

And by that time, more properties will have gone under contract…and so on, and so on…

Since the market is running ahead of us all, no one will know precisely when the market has hit bottom and is turning back to the seller’s favor. No one…

If you are waiting to buy until the market has hit the bottom, you won’t be buying at the bottom, because none of us will know until well after the fact when that has occurred. And by then, the market will be on the upswing, turning towards the seller’s favor once more, the best opportunities already a thing of the past.

Many buyers are waiting to buy thinking that they will ‘know when the time is right’. For most people, this means that they will need to see the market improving and they will need to hear from the media that conditions have changed. Many people are waiting for the media to make some kind of proclamation that ‘Now is the time! Go forth and buy real estate!’

But consider for a moment who has the most recent (and most reliable) information about the Outer Banks real estate market – it is the top-producing real estate agents. They are the ones who know how to analyze the information in the mls in meaningful ways. Of course, all Outer Banks real estate agents have access to this information, but not all of them possess the necessary skills to know how to interpret it.

The media does not have access to the relevant local market information that real estate agents do. They have to interview those closest to the market to get it. (Get it?) 

So, if you really want to know the state of the market on the Outer Banks, you won’t get that information by reading the paper or listening to the nightly news. By the time the media ‘gets it’ that the market has turned, guess what? 

The market will have turned.

I’ll leave you with the most valuable thought the conversation produced. It was this:

You don’t have to buy at the bottom to make money in real estate. You just have to get a good value.

If you just heard that, then you know all that you need to know about whether or not now is the right time to buy.

The boat is in the dock. Will you be getting on board?

If you have any questions for Holleay, you can reach her at 877-207-1617. 

 

Realtors using Video Technology to deliver a clear message

I work with a lot of Realtors on the Outer Banks.  One of the most common complaints I hear are that some sellers don't understand that prices are not what they were in the summer of 2005.  The Outer Banks is not alone in this challenge.  Today I found Real Estate Zebra and a video they published on YouTube to get the message across to those sellers still stuck in 2005.

What a cool way to deliver a simple message.  Not sure this would be a good way for me to deliver a mortgage update - my neck and head would take up the whole screen.  Customers would miss the message and wonder how my neck could possibly hold up a head that big.

There is good news.  There are sellers that are very motivated and pricing their property to sell.  This creates a great opportunity for those wanting to purchase their dream home on the Outer Banks.

Living the Dream by Jeff Scott

Jeff Scott from Scott Team Realty recently published a book titled:  Living the Dream - A Comprehensive Guide to Buying, Owning and Selling Real Estate on the Outer Banks.  Jeff has been involved in Real Estate on the Outer Banks since 1989 and currently serves on the MLS committee for the Outer Banks Association of Realtors. 

I found the book to be easy to read with good information for anyone considering purchasing a property on the Outer Banks.  The book is broken into three sections: Buying, Owning and Selling an Outer Banks Property. 

His section on the lending process was accurate and easy to follow. 

I am a big believer in setting up an exit strategy in any investment and I think Jeff covers those areas well in this book.  If you are interested in purchasing a copy - you can order it online.  Congratulations Jeff. 

Outer Banks Real Estate Market - Who's to blame?

There seems to be a lot of finger pointing going on in the Real Estate world today.  People want someone to blame for the current market conditions. 

Mary Umberger from the Chicago Tribune covered the National Association of Realtors conference held in Las Vegas in mid November.  I found a couple of interesting quotes from Lawrence Yun - the Chief Economist for National Association of Realtors. 

"Given pent-up demand and historically low mortgage rates, it's a fairly easy call, from my point of view, that we are in a market recovery," he said.

That is an interesting set of data used to determine that we are in a market recovery.  The second quote really caught my eye.

Yun said that the housing meltdown resulted from a "period of greed" and blamed mortgage lenders looking for big commissions, global investors seeking "juicy returns" and bond-ratings agencies turning a blind eye to risk.

Mortgage Lenders are the reason for the housing slump?  Are you kidding me?  There are bad lenders out there but I don't think they can accept the lion's share of blame for the current market.

Another theme I have heard lately is to blame the media.  "The media just won't let this story die" or "The media is hurting our market".  Inman News published an article that I think puts things in proper perspective.  This quote says it all:

Another reader, Michael Blomquist, says there is a difference between negativity and "realistic projections":

"Real estate has been hurt by spin, but irrational exuberance has been much more damaging than negativity could ever be. I for one am tired of the attacks by those who don't know the difference between ignorance and optimism. Too many 'optimists' view 'realistic' projections as negativity and try to discredit those with opposing views," he wrote.

I believe irrational exuberance from all parities involved is to blame for the current market conditions.  Trying to put a positive spin to cover up the facts will not help any market recover.  Consumers want facts - not fluff. 

The Outer Banks Real Estate Market has been hurt by the slowdown more than the surrounding markets.  We rely heavily on the investors and second / vacation home buyers and they stopped the frantic pace of purchasing property in the Fall of 2005. 

That being said, I think a legitimate argument can be made that the Outer Banks Real Estate Market might be one of the quickest to recover.  With above average reduction in pricing, low interest rates and some very motivated sellers - we might be in for an early spring. 

Ideas on how to sell your Outer Banks Real Estate

I heard a show on NPR on Monday about a Realtor that burried a Saint Joseph figurine in the yard of her listing to make the home sell.  I had never heard of this tradition but apparently there is an established market for "St. Joseph Real Estate Kits".

It seems that when the Real Estate market slows - the kooks come out to play.  I would be a little concerned if my agent showed up with one of these kits and a shovel as a way to sell my home.  It reminds me of a book I read a while back - Hope is not a Strategy. 

What would I do to sell a vacation home on the Outer Banks (if I were a Realtor)?  I would focus much of my attention on existing and emerging technology - Web 2.0.  The majority of people find properties online before they talk to a Realtor (or a mortgage lender - shame on you but that is a topic for a later post).  I would imagine that the statistics for online searches on the Outer Banks Real Estate Market is even higher.  Here is my current order:

The MLS is a closed system but it is the first step in promoting your house to other Realtors.  It is a great tool but but it does little to promote your property online.

Trulia is my current favorite listing / mapping tool.   It is easy to add your listing and customize  your listing with your contact information.  For the map based crowd - it is the cream of the crop.

Zillow would be my second choice of online services - love them or hate them but they get a lot of traffic every day. 

I would also look at using Realbird or VFlyer (or both) to make custom flyers, maps and web sites for my listing.  Both services send your listing to multiple listing services online.  Some of the services one or both feed are Google Base, Edgeio, Vast, Trulia, Oodle, Backpage and Craigslist.

I would add a virtual tour or a video of the property on my website.  Stuart Chamberlain offers a great virtual tour package that is affordable, professional and can be added to any web site.  Video can be very expensive and in today's market - I would only offer professional video if the seller agreed to pick up the tab.  These services provide valuable information to the buyer which helps narrow their search of properties.  This saves everyone time and money. 

I would use Microsoft Live Maps to show the property and the proximity to other restaurants, beach accesses and services.  People can get a great idea of what is around them by zooming in on the birds eye map technology.  As of today, they really have the competition beat for Outer Banks views.  You can see an overhead from four directions at the height of one of those planes carrying the banners along the beach in the summer.  Google will be using the services of a new satellite this summer and we have seen some improvements but they have a long way to go to catch up to Microsoft.

Lastly, I would consider adding a Craigslist post - please make sure you add an s because the alternative is not safe for work.  Don't expect to get rich here.  You will be mixed in with the kooks selling the Saint Joseph Real Estate Marketing Kits but you never know where a potential buyer is looking for an Outer Banks Vacation Home.

If you have any additional ideas or suggestions, please leave a comment.

   

OBX Bank Owned Real Estate Statistics

I recently spoke with Pat Watson from Help U Sell Outer Banks about the state of the local Real Estate Market.  Pat provided some information on the bank owned properties and the difference between the listing price and the selling price. 

Here are the bank owned sales from August 1. The sale price to list price ratios are not very wide. I guess what I would say is that if anyone is looking to purchase a foreclosure, they should work with an agent skilled in maneuvering through the process, even though it will cost some money. Banks will often purchase the property back thinking they can do better in a straight sale than even the highest foreclosure bid. In general, a person will get a better deal in the foreclosure but they need to be ready with the financing. That's where you, Ronnie come in!!!

CMA Summary Report

RESIDENTIAL - Sold

ADDRESS	MLS #	Area	Price	HtdLvArSF	DOM	LP	SP
137 Faris Drive	52110	Jarvisburg to Poplar Br.	$95,000	1208	45	$105,000	$95,000
105 The Oaks	51680	Manteo-S. of Airport Road	$165,000	988	38	$170,000	$165,000
52632 Piney Ridge Road	51291	Frisco Oceanside	$171,000	1456	94	$189,500	$171,000
130 Lee Court	51533	Colington Harbour	$210,000	950	48	$219,900	$210,000
26017 Galleon Drive	51404	Salvo Oceanside	$230,000	960	77	$230,900	$230,000
504 Wingina Avenue	51745	Manteo-S. of Airport Road	$270,600	1770	34	$269,900	$270,600
129 East Woodlands Drive	50829	Manteo-S. of Airport Road	$300,000	2010	70	$309,750	$300,000
203 W Bridge Lane	51553	Nags Head Westside	$342,000	1780	35	$359,900	$342,000
83 Poteskeet Trail	51838	Southern Shores Westside	$385,000	2350	66	$395,900	$385,000
105 Ruddy Duck Lane	51239	Duck Westside	$525,000	2550	20	$599,900	$525,000
765 Voyager Road	49008	Corolla Oceanside	$1,625,000	5690	216	$1,699,000	$1,625,000
Total Listings					Avg	Avg	Avg
11					67	$413,604	$392,600

RESIDENTIAL Summary Statistics
	High	Low	Average	Median
LP:	$1,699,000	$105,000	$413,604	$269,900
SP:	$1,625,000	$95,000	$392,600	$270,600

This is good information - and thanks for the plug Pat.  Based on my research for the OBXforeclosures.info site, many of the properties that make it to foreclosure in Dare County are purchased back by the lenders.  In many cases - they are the only ones that show up on the courthouse steps.  Those properties are then put back into the MLS and listed by Realtors. 

Outer Banks Foreclosures site

I have been working on a new site that provides accurate information on foreclosures in Dare County.  There have been a few articles and blog posts recently about the number of foreclosures but it is difficult to find the answers without spending a lot of time at the courthouse.  Obxforeclosures.info (.info - not .com) will focus on primary residences, second homes and investment properties using map based technology along with free email updates to subscribers.  The system was launched last night and it only includes properties that were filed after September 1, 2007.  If you have any questions or suggestions, please drop me a line. 

Outer Banks Real Estate Market Conditions

The Outer Banks Association of Realtors published some statistics on the local market conditions this week.  The results include property from Corolla to Hatteras.

Date                Total Listings             Under Contract Listings

11/1/03                1,703                             545

11/1/04                1,459                             411

11/1/05                2,417                             446

11/1/06                2,538                             203

11/1/07                2,965                             190

Foreclosures on the Outer Banks

The Outer Banks Sentinel published an article about the current state of foreclosures on the Outer Banks.  Here is an excerpt from the article:

Adding to the financial squeeze is a 78 percent increase in the number of foreclosures in the county. Between Aug. 31, 2005 and Aug. 31, 2006, there were 217 foreclosures. From Aug. 31, 2006 to Aug. 31, 2007, the number jumped to 387.

I am not sure if those numbers include the large number of timeshare foreclosures.  It is my understanding that the number of foreclosures year to date (excluding timeshares) to be close to 200 properties.  More details to follow...