Just a few days ago, Redfin unveiled it’s newest, latest, greatest thing in real estate – The Scouting Report.  The Scouting Report ignited a firestorm in the real estate community almost immediately.  What seemed to be designed to help consumers evaluate turned out to have alot of bugs and inaccuracies.  Redfin admitted, a day after launching The Scouting Report, that there were at least 12 bugs with the program.  The quirks in the system weren’t the only problems with the program.  It appears that Redfin was also indexing agents’ names. This means that if a consumer searched for an agent through Google, then Redfin would pop up in their search as one of the top options.  If the agent is not a Redfin agent this can cause some problems.  The brokerage disclosures for each agent were not readily apparent to the sites’ readers.  This directed internet traffic away from the agent’s brokerage and to Redfin.  This practice is frowned upon in the real estate industry because of the way information was presented to the public.  Many agents expressed that they do not mind their sales statistics being available to consumers; they just want that data to be accurate. 

How Would You Rate Your Last Agent?

What I think it boils down to is that statistics don’t tell the whole story.  The Scouting Report reported information on average days on market for an agent’s listings, average number of listings that had price drops, average sales price and sales price range, etc.  While Redfin now acknowledges that there were “bugs” in the days on market data; seeing an accurate number of days doesn’t tell you if an agent is good or not.  There are a variety of reasons why a home sells quickly or languishes on the market.  Many consumers would think that less days on market would be a good thing.  However, less days on market may be due to under pricing, or having a specific buyer in mind when a property is listed.  A lengthy time on market may mean that the seller has set a list price that is higher than what the market will bare.  Or, the property is very unique and requires a unique buyer.  The numbers mean nothing without context.  This is just ine example of why a rating system, such as this one, is not what it may seem on the surface. 

After many complaints and several Multiple Listing Services pulling their agent information from Redfin all together, The Scouting Report 1.0 has been taken offthe Redfin site.  The Northern Virginia MLS  (MRIS) was one of the mls’s that took this action.  It seems that The Scouting Report is a good idea in theory, but there are just too many variables in real estate transactions to make it work effectively and accurately.  MLS data relies on mls members (agents) to inport accurate data.  Let’s face it, mistakes are made.  If any rating system pulls human-imported data, then there is a great chance that errors will be reported as accuracies.  Redfin’s reference to their report being a 1.0 tells me that they may try to relaunch at a later date.  It will be interesting to see if that system will also be an “opt-out” instead of a “opt-in.” 

So, what’s the best way to evaulate a agent before you hire them?  It’s simple.  Ask questions.  If sales stats are important to you, have the agents you interview bring their sales stats with them.  Every agent knows how many deals they have successfully completed.  It shouldn’t be hard for them to answer questions about them.  You can also check the Department of Professional and Occupational Regulation for any state regulation violations.  You will need the agent’s full name to look up this data.  See if the agent has a Facebook profile, Facebook business page, and/ or Twitter account.  You can learn alot about a person by how they interact online.  The important thing to remember is that any agent rating system will be flawed.  Be prepared to seek out those flaws and do your own research.

I know you’ve heard about the great bed bug infestation that has hit the United States.  Well, it looks like it has finally made its way to Fredericksburg.  There has been an uptick in bed bug reports to landlords and doctors across the area.  The important thing to remember is that bed bugs are not a social class epidemic.  The can be found in any house, clean or not.  Keep in mind that many bed bug infestations happen in hotels and college campuses, not low-income houses.  Bed bugs feed off of human blood, not dirt.  So, as long as you have blood in your body, there is a chance you can have a bed bug infestation.  No one is immune from these little critters.  Makes you feel all warm and cozy, huh?

So who is responsible for the costs of exterminating bed bugs in a rental property in Virginia?  The quick answer is:  The Tenant.  That’s right.  Unless the tenant can prove that the landlord knew, or should have known there was an infestation before the tenant occupied the property, then the tenant is responsible for treatment and remediation.  The Virginia Residential Landlord Tenant Act also requires the tenant keep the premises free and clear from any bug infestation.  Section 55-248.16 states:

The tenant shall … keep that part of the dwelling unit and the part of the premises that he occupies free from insects and pests.

So, landlords will argue that it is the tenant’s responsibility to treat and remediate bed bugs at the tenant’s expense.

If you think your bed bug infestation is the fault of your landlord, you need to document everything and contact a local attorney.  There is no guarantee that the cost of bed bugs will end up getting paid for by the landlord.  Moving out in the middle of the night is also not an option.  The landlord has a right to sue a tenant who has abandoned the property for lost rents, cleaning fees, and pest remediation.  You may not live there any more, but you’ll still get a bill for the bed bugs.  So far, Virginia has not had a bed bug case go to court.  It is hard for lawmakers to address an issue if they haven’t acknowledged there’s a problem.  It’s kind of like a out of sight, out of mind mentality. 

What does bed bug treatment look like and how much does it cost?  Simply washing linens, clothing, and carpets isn’t going to rid you of bed bugs.  These little guys are super great at hiding.  The extermination of bed bugs includes using monitoring devices, removing clutter where bed bugs can hide, applying heat treatment, vacuuming, sealing cracks and crevices to remove hiding places, and using non-chemical and chemical pesticides.  Because the treatment process is so intense, the cost is much higher than the treatment of other insects and pests.  Getting multiple quotes from reputable pest control companies is highly recommended.

I am relatively sure that I have covered this topic before.  But, my approach to blogging for real estate is to relate day to day occurences, as well as trends in the market.  Well, it just so happens that today, I found a couple of, apparently, unmotivated sellers.

Here is the story.  I have a highly qualified and motivated buyer who is interested in one community only.  She picked five listings… five properties in which she is interested, and requested to see them on a specific day.

I telephoned all five contacts, and two of the five refused our showing request.  REALLY?  I don’t really mind that they refused us, it’s their loss.  I do feel badly for the listing agents who are trying to sell these properties, and have uncooperative sellers.

When I meet with potential homesellers, one of the most important things that I stress is that showing availability is critical.  If we refuse a showing, it could have been the perfect buyer, and they may never call back.

I know it can be inconvenient to keep the home in show shape, and to have to reorganize your schedule on short notice.  But come on, you are trying to sell a $200k or $300k house.  This isn’t a yard sale.

So, if you decide to put your home on the market for sale, discuss with your agent how to maximize the home’s showing availability.  Then, you won’t have to second guess if you could have netted more money with a buyer that you turned away.

Our monthly newsletter for September 2011, with market statistics is now available.  Click the graphic below to view the newsletter.

I’m giving August a thumbs-up, but barely… just barely.  Inventory is pretty low, which is actually a good thing as we head into the fall selling season.  However, rumor has it that banks are releasing a new wave of REO properties in the next month or two.  This should create longer days on market and more months’ inventory.  Unfortunately, sales price ratios will most likely also see a decline.  Those pesky banks!   

Fredericksburg City:

• 84 days on market – this is 67 days less than in August 2010
• Sellers received, on average, 98.5% of their list price when the home sold
• There is 5.8 months of inventory on the market
• 20 homes sold in August 2011 – this is 4 more than August 2010.
• The most popular price range was $200,000-$299,999.
• The median sold price was $220,000, compared to $283,500 in August 2010.
• Financing Terms:  Conventional – 8, FHA – 5, VA – 3, Cash – 2

Orange County

• 116 days on market – this is 31 days less than in August 2010
• Sellers received, on average, 89.5% of their list price when the home sold
• There is 7.95 months of inventory on the market
• 41 homes sold in August 2011 – this is 10 more than in August 2010
• The most popular price ranges were $100,000-$149,999.
• The median sold price was $150,000, compared to $160,000 in August 2010 
• Financing Terms:  Conventional – 16, FHA – 6, VA –1, Cash –14, Other – 4

Spotsylvania County

• 75 days on market – this is 20 more than August 2010
• Sellers received, on average, 93.8% of their list price when the home sold
• There is 4.19 months inventory on the market
• 157 homes sold in August 2011 – this is 20 more than in August 2010 
• The most popular price range was $200,000-$299,999
• The median sold price was $187,000, compared to $200,000 in August 2010 
• Financing Terms:  Conventional – 38, FHA – 41, VA – 40, Cash – 32, Other – 6

Stafford County

• 66 days on market – this is 5 more than August 2010
• Sellers received, on average, 95.3% of their list price when the home sold
• There is 4.7 months inventory on the market
• 120 homes sold in August 2011 - this is 43 less than in August 2010 
• The most popular price range was $200,000-$299,999
• The median sold price was $225,000, compared to $249,625 in August 2010 
• Financing Terms:  Conventional – 31, FHA – 30, VA – 41, Cash – 17, Other – 1

Prince William County

• 53 days on market – this is 10 more than August 2010 
• Sellers received, on average, 96.8% of their list price when the home sold
• There is 3.10 months inventory on the market
• 498 homes sold in August 2011 - this is 89 less than in August 2010
• The most popular price range was $200,000-$299,999
• The median sold price was $277,500, compared to $265,000 in August 2010
• Financing Terms:  Conventional – 156, FHA – 143, VA – 116, Cash – 74, Other – 9

Caroline County

• 95 days on market – this is 2 more than August 2010 
• Sellers received, on average, 88.7% of their list price when the home sold
• There is 5.78 months inventory on the market
• 33 homes sold in August 2011 - this is 10 more than in August 2010
• The most popular price range was under $100,000-$149,999
• The median sold price was $110,000, compared to $150,000 in August 2010
• Financing Terms:  Conventional – 7, FHA –11, VA – 3, Cash – 7

All data provided by MRIS.

We see a LOT of interesting things when we preview homes for sale in the Fredericksburg area with and for our buyer clients.  Some are more… interesting… than others.

This was in a home we recently previewed.  It is a hammock attached to the walls with eyescrews in the family room.  There was also one attached in a bedroom.  The drywall in the bedroom was pretty badly damaged from the eyescrew.

Definitely falls into the DON’T category in home staging.

I am admittedly a gadget guy, but only if those gadgets actually save time or money, or truly make our business better in same tangible way.  So, when the iPad hit the market amid tremendous fanfare, I checked it out.  But, I truly couldn’t see how this toy would make an impact in my business.  Even so, I kept my eye on it.

A good bit was written about the iPad and eventually the iPad2 in real estate trade publications, and I read it all.  Still I wasn’t convinced.  Then I happened upon an article that identified the benefits of an app called PDF Expert and how it worked with the iPad2.  After thoroughly exploring the app, I decided that I had found something that made the iPad a tool, not just a toy.

Since purchasing the iPad2 and downloading some key applications (PDF Expert, Calculator Pro, Penultimate, Docusign, Printer Pro, Efax, and Scanner Pro) I now travel light when I leave my home office.

These apps on the iPad make it where I am able to work largely in a paperless environment.  My clients sign contracts and listing agreements right on my iPad2, and I can email them copies of what they signed.  I can view and store listings of homes I am showing to buyers.  Often, as we walk in the door of a home, I pull up the stored listing and hand them my iPad.  They can reference the listing,  and can make notes right on the listing page as we tour the home.  I can then email them the page with their notes for future reference.

So, the iPad2 has become an extremely useful tool in my business.  It definitely saves time and energy.  What I haven’t decided is has it made any type of environmental impact in my business.  I suppose it has a little, but because I have yet to find an app that will let me reorder the pages in a multiple page PDF, or merge multiple PDF files, I still end up printing contracts and listing agreements.  These documents have to be in a specific order when they are turned in to my brokerage.

But, the impact to my business is good, and my clients seem to like how I have incorporated the technology.

Click here to see the full listing with additional photos.  This delightful Colonial style home is nestled amid the gently rolling hills of the Salem Fields neighborhood. Salem Fields is a community that is lined with sidewalks and friendly faces, and brimming with amenities including a community pool, clubhouse, pathways, and playgrounds.

Salem Fields has long been one of the more desired neighborhoods in the area surrounding Fredericksburg.

Classic Colonial architecture, and subtle, yet appealing landscaping welcomes the owners home, and creates a lasting first impression upon family and guests. Inside, the gleaming hardwood floors and designer colors enhance the warm and inviting atmosphere.

Inside the front door and to the right is the generous sized living room, with bright neutral carpet and alluring trim work. The formal dining room is a fantastic venue for entertaining dinner guests, and is adorned with abundant natural lighting, and an aesthetically pleasing color scheme.

The hub of the home is, of course, the kitchen and family room areas located at the rear of the home. The kitchen features sparkling wood floors, shining white appliances and ample space to please even the most discriminating family chef. The breakfast nook also offers plenty of natural lighting, and is a perfect setting for those less formal meals with family or friends. The open floor plan flows into the family room, where wood flooring, crown molding and a cozy gas fireplace creates a calm and peaceful setting for relaxing after a hard day at work or school.

Four bedrooms, and two full baths comprise the upper level of the home, including a substantially sized master suite, which includes a separate shower, soaking tub, dual vanities, vaulted ceiling, walk-in closets and more. The three additional bedrooms are ample sized and showcase the current owner’s exquisite decorating skills, making this home one that welcomes all members of the household.

A palatial recreation room awaits at the bottom of the stairs in the basement. Warm colors and massive space make this a recreational venue that is hard to beat… perfect for enjoying movies, games or a competitive round of pool, ping-pong or air hockey. Yes, the pool, ping-pong, air hockey converter table DOES convey with the home. The lower level wouldn’t be quite complete without it’s own luxurious bath with a separate shower and tub.

A fenced backyard, and playset (that conveys) complete the backyard, and our tour of this fantastic home. Come see this one today.

Click here to see the full listing with additional photos

Click here to see the full listing with photos… Nestled in the heart of Spotswood Estates, convenient to virtually everything Fredericksburg has to offer, this lovely Colonial welcomes family and guests alike. Features like the inviting front porch, cozy wood burning fireplace, spacious bedrooms, generous sized kitchen, well lit breakfast nook, beautiful floors, built-ins, and a fenced backyard, creates a warm and comfortable atmosphere.

Want more information about this property? Send us an email, and we will be happy to provide you with additional details.

Click here to see the full listing with photos…

I get a ton of emails from all over the United States regarding short sales.  In most of the emails I am referred to as a “short sale expert.”  I always cringe at this term.  “Short sale expert.”  BLECH.  What is that anyway?  I also find it fascinating that any real estate agent would want to be referred to as a short sale expert.  The term “expert” should just be abolished from the real estate industry, in general.  With today’s market, it is very hard to be an expert.  The market changes daily.  The rules, if they are being followed, are changing as fast as the banks change ownership.  Calling yourself an “expert” is just asking for a lawsuit or a licensing complaint. 

When ever anyone claims to be a “short sale expert” there are a few questions you need to ask.

1.  What qualifies them as an expert?  – It’s easy to put “expert” after your name.  But, what makes you an expert?  Is it the number of successful closings?  Number of listings taken?  Did you earn the word “expert” by taking a class, getting certified, or obtaining a designation? 

2.  How many short sales have they closed? – You can’t be considered successful as a short sale agent unless you are closing short sales.  What type of short sales are you closing?  What!?!  There are different types of short sales!?!  Yes, there are.  Each bank has their own guidelines, each investor has their own guidelines.  Loan types handle default differently.  Handling a VHDA short sale is much different than handling an interest only, investment property short sale. 

3.  How many short sale listings have they taken?  – If an agent has listed 100 short sales, but only closed 20, there’s a problem.  They aren’t a short sale “expert”.  They are an “expert” at listing short sales.  There’s a difference.  Listing/ Closing ratio is important with this type of transaction. 

4.  Who negotiated the short sale?  – I’ve noticed a trend that many “experts” aren’t actually negotiating their short sale listings.  They are hiring a 3rd party to negotiate for them.  I often question how they can claim being an expert.  The hardest part of a short sale transaction is negotiating with the bank.  There is no magic algorithm for getting a short sale approved.  If there was, a computer program could negotiate for you.  That would make real estate alot easier! 

In my opinion, any one claiming to be a “short sale expert” is just trying to sell you something.  You might want to purchase a bag of colorful beans while you’re at it.  Short sales are a complicated real estate transaction that shouldn’t be taken lightly.  Being an “expert” doesn’t get you results.  Working this type of transaction continuously can increase your likihood of success.  Experience increases your liklihood of success.