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Home Tim Moncrief, Co-Owner-Bartlett RE Group

Tim Moncrief, Co-Owner-Bartlett RE Group

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How making predictions can come back to haunt you.....or help you.

11-02-09
Tim Moncrief, Co-Owner-Bartlett RE Group
Look back at one's thoughts and predictions years ago can be enlightening. I found my 5th post ever on the internet, California-2009-the-bottom-is-coming. Though not written in HTML and perhaps not the best written, it was quite fun to see how accurate I was at the time. My friends in California were in total disagreement with me on my theory of the downfall of California.

Where I was wrong, though not noted in the post, was I thought a tic in the interest rates would cause the landslide. I was definitely off on the recovery time period. We still are not at the point where California was 15 years ago relative to the rest of the US as far as comparing median pricing; but, we are finally getting close. i.e. California is finally getting their pricing where it should be in a normal market; but, of course, we are not in a normal market.

I still am worried of a double dip for California if rates were to increase a point or so in the coming year.

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RN area in Austin sees decreased inventory AGAIN....

11-02-09
Tim Moncrief, Co-Owner-Bartlett RE Group

Inventory in the River North area dropped in October from last year 6%, making the 9th month out of the 10 months this year that inventory dropped from the same month from last year. Though that is an encouraging trend, overall sales dipped by the same 6%. Though I am disappointed to see the sales dip, seeing inventory continue to drop over such a long period of time is a very encouraging trend, as when the market turns, it will turn much quicker with lower inventory levels.

An encouraging trend starting to emerge is an increase in sales in the 1 million dollar plus market. Though the numbers are not outstanding, there has been a slight improvement. Why this is encouraging is that months of inventory calculated over the last 5 months at $1mm to $1.5mm drops from 29 on an annual rate to 17.

As noted previously 4-7 months of inventory is considered a normal market. Though that number is still high, it has gone down each month over the last 5 months. i.e. a trend.

River North includes, but is not limited to the following communities:

  • River Place
  • Steiner Ranch
  • Westminster Glen
  • Glenlake Estates/River Point
  • Glenlake/The Parke
  • Greenshores
  • Villa Montana
  • Long Canyon
  • Shepherd Mountain

Click on the link below for a complete detailed report including neighborhood reports.

Complete River North Market Report CLICK HERE

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How Posting Listings on Active Rain actually gains me additional listings......

10-21-09
Tim Moncrief, Co-Owner-Bartlett RE Group
To show that I am one step ahead of the average agent during a listing presentation, I have clients get on their computer and Google their street and/or community; and, then I have them Google other streets in that community where we have listings or NOT.  I have the clients do the work so they won't think that I am playing some computer trick.  The exciting part is seeing their eyes open wide when they see my listings pop up on the page.

When posting a listing with proper key words on Active Rain/Localism, odds are very high that the blog will rank at or near the top of a Google search the very next day.  I am honest with clients and tell them that it takes alot of effort to gain massive internet exposure, and that the blog will likely float downward over the coming weeks and we will have plan B to get them back to the top of the list.  

Our podcasts spider to about 50 different sites that allows us to dominate a search for a particular neighborhood or street for years.  Even though I don't currently have a listing on Inshore in River Place in Austin, if I Google the street and Austin, our old listings are still there as I have no control over the spidered podcast sites.  But the key is that our presence remains.  Then I have them Google their street.   This is especially strong when they have had their home listed before as most of the internet exposures from the previous agent will move to several pages back or be entirely deleted.  What is ideal, is if I have had a listing on that street in the past couple of years and my listings are still on the first page.  That  will be hard to overcome for the competing agent.

Using Active Rain and Localism to post listings allows me to gain very favorable ratings, depending on my key words.  This has come with practice and asking clients what would they Google if they were interested in moving in this area.  I ask them a few things they would Google and have them Google it in front of me.  Next, I take them to the picture and video tabs of Google.  By naming pictures appropriately, it is quite easy to gain page dominance and is very impressive with potential clients.

This is NOT fluff.  This is reality.  People are Googling, to a degree, what your clients may be Googling; and, when my listing pops up it is not only impressive to a prospect that I am trying to list a home with, it is capturing an audience and branding my name and the company name.  i.e. it works!

Blogging and podcasting or videoing a listing are extremely powerful, and are avenues that separate me from the crowd.

Thanks Active Rain!
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Ever checked the tax records SKETCH to see your home is the home measured? Huh?

10-16-09
Tim Moncrief, Co-Owner-Bartlett RE Group
We all know that tax assessor's records are so reliable.....HA! I had a fairly unique situation pop up today that I wanted to share......as it is quite rare, but if it happens to you, it can be devastating.

SCENARIO: The house is 12 years old and currently shows a square footage on the tax records of 2815 square feet.  Buyer 1 bought it with the tax record showing 3112 square feet; buyers 2, 3 and 4 at 2815 square feet.  So the appraisal comes in yesterday at 2575 square feet, which, of course, causes the appraisal to come in low.  The measurement has to be wrong, eh?

I know buyers 2, 3 and 4.  I ask each if they have appraisals of the home.  None do.  Hmmmmm.  Buyer 4 asks the bank for the appraisal and they refuse.  Hmmmm.  

So I get on the tax assessor's website and pull up the home and pull up the sketch of the home the tax assessor used to measure.  The sketch is is NOT the home that is being sold.  Hmmmmm.

Then I remember buyer #1.   The builder was going to build a spec home and buyer #1 wanted to change the plan, and the builder agreed and the new home was built.  You can probably guess what drawing is still on the tax records 12 years later.  Yes, the plan that the builder had originally planned to build.

We all need to remember the spelling of assume.  Ass U me.   We all pull up tax records to verify information, but how many pull up the sketch that the assessor used in making the square footage calculations.   Most agents would say "Is there a sketch on the tax records?".  I don't mean to be harsh about saying that, but it is AssUme d  that the square footage over a 12 year span had to have been corrected at some point, right?  Surely one of the 4 appraisals measured the home, right?  Surely the sketch has to be correct, right?  That is what I Ass U Me d.

We all have had square footage problems with relatively new homes from a builder's measurement to an assessor's measurement; but what are the odds that such a scenario would pop up where the floor plan measured is not the floor plan of the home.  Honestly, not that often; but one time will wake you up.  How long does it take to check the drawing?  One click and about 3-4 seconds to say "yep, that's the same plan".

You might want to pull up your own tax records and not only see if they have the correct plan, but even check the calculations of the measurements.  Odds are pretty fair that there is an error in the calculations.  For my seller, I told them that there is a tiny bit of good news as you can go back and get rebated on your tax differential over the past two years.  I had one client with an 800 square foot area error.  At 4000sf, not 4800sf at $270/sf at a 2% tax rate, they got a pretty sizable refund.

God willing we will make this work by day's end and make it a win win for all; but I thought it would be a nice lesson to share to all........

Have a blessed day.....
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5 Day Closing: Who really gives a CRAP! (An H1N1 Story)

10-11-09
Tim Moncrief, Co-Owner-Bartlett RE Group
Perhaps a bit harsh title, but Friday I was going to write a blog that we could still sell and close a home within 5 days. But at the closing table I got some horrible news that made the 5 day closing meaningless.

My client did not show up on time for closing, so I called to find out what was the delay. My client said "Are we closing today?" A bit of an odd reply as we had talked earlier and my closing manager had set up the closing time, gave directions and gone over the HUD. Though puzzled, I did not bat an eye, and told her that I was at the closing office, but to come by at her earliest convenience. She said she would be there in about 15 minutes and greatly apologized.

She shows up and has this stunned look on her face. I asked her if she was OK, and she said "No". She said that her neighbors' 5 year old had just passed away from the H1N1 virus. She was the child's Godmother.

So now I was going to close on a deal? Perhaps the most awkward, heart wrenching closing I have ever been to in 28 years. Closing went fine and she flew out of the room and apologized for leaving so fast. What do you say? Congratulations? I am so sorry? I was so shocked as the title rep's children and husband also had the same virus this week, so I had to not say anything until after the closing.

I just sat there for about 5 minutes thinking this was going to be a cool moment that I was able to get a contract on Monday and close it on Friday. But instead, I could not give a crap. Moreover I won't even go into the details of how we were able to pull it off as it is totally meaningless to this post. Sometimes in life we get a moment where we get a big kick in the face as to what life is all about. It was a very long drive back home.....as I could not go back to the office.

I am writing a post about a closing and my and my client's neighbors are getting ready to bury their 5 year old child tomorrow. No jokes ever about this horrible flu as this may hit very close to you. This child was sick on Sunday, and the flu symptoms would not go away; so they took the child to the doctor. H1N1 confirmed and the child was to be taken to the hospital overnight. The child was suffering from nothing else. Just a flu....a very bad flu. A very sad and horrible ending. It's not fair.

Please make sure that everyone you know gets the H1N1 vaccine this coming month(s).
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