Perhaps. From Blacksburg Alert today:
The Town of Christiansburg in conjunction with Blacksburg Transit, the Town of Blacksburg, Virginia Tech, and Montgomery County* are working together to increase public transportation and commuting options within the Town of Christiansburg. The first step in this process is the completion of a survey that will be mailed to Christiansburg residents to determine the use/need of expanded bus service in the Christiansburg area.
The bus survey offers a unique opportunity for each citizen to contribute and help design the future of bus service in Christiansburg. The results of this survey, which will be sent to every household in the Christiansburg area, will serve as the foundation for the new service; hence every response is critical. Christiansburg Town Manager Lance Terpenny, commented "The great thing about this survey is that it allows our citizens to contribute to the planning process; ultimately building their own service."
The survey will be mailed early October 2008, with the estimated implementation of the routes set for late 2009.
For further information regarding the survey contact Erik Olsen, Transportation Planner at (540) 961-1185 or email eolsen@blacksburg.gov.
* Survey funded by the Blacksburg-Christiansburg-Montgomery Area Metropolitan Planning Organization (MPO)
Christiansburg residents ... be on the lookout for these surveys. Better public transportation options are likely going to be more and more important to our communities in the coming years.
Zach Crizer of The Collegiate Times called me early last week and asked "why do people decide to invest in college towns?" We talked for a few minutes, and later in the week he posted "Blacksburg Real Estate Weathers Financial Storm".
Thanks, Zach, for the chance to talk with you, and to be quoted in the same article as someone as well known in his field as Dr. Koebel was an honor. He certainly described it in much more intelligent terms, but at least I didn't stutter.
I appreciated the chat, Zach, call anytime.
Wow.
Later today, I'm showing a few homes to a nice couple from out of town. Like most folks who live elsewhere and are considering a move to the New River Valley, I've been emailing them listings for quite some time. I've previewed many of the homes beforehand, and all told we've seen a few dozen homes, at least, in the time we've been working together. I really like these folks, and always look forward to working with them. The right house hasn't come available yet, but we've got such a good rapport now that I think all three of us will know the instant we find it.
One question that they ask on a VERY regular basis is "what's the Days On Market?" (DOM for short). My clients want to know whether a home has been on the market for 30 days or 300 days; it's a very important statistic for them. In their minds, the DOM is an indicator of whether the home has a flaw - seen or unseen - that should be accounted for. One of the houses we'll see today has been on the market for 7 days, while another, nearly $80000 more, has been on the market for over 400 days, and the average for all of them is 143 days. In the New River Valley, the average DOM is 127 days right now ... just over four months, while last year at this time it was 78 days. The question I have for you is, "Does the DOM really show what a house is worth?"
In my mind, it has no bearing on whether a home is "worth" what the listing price is. What do you think?
My thought is this (I know, you didn't ask for my thought but I'll share anyhow) ... there are times when a house will sit on the market because it has something functionally wrong with it, and there are times when it'll take a long time to sell because it's priced too high from the outset. Maybe the basement might have evidence of leaks or buckling, the roof needs replacing or there are high-tension power lines running through the backyard. These things are all fairly obvious, and it seems to me that whether it's a price issue or a "function" issue the house will eventually adjust to the market by either fixing the "function" problem, or by moving the price to a point that's inline with market conditions.
So many buyers - and agents too - seem to use Days On Market as a barometer for the value of a home. Chances are good that if I listed the same house twice, in identical markets, I'd get a stronger offer after 7 days then I would after 170 days. Has the market value falling during that time? No, probably not. It could be that my seller isn't willing to entertain anything other than the list price (and I've got some expectation management to do).
What do you think? When you bought your home, or when you buy your home (need an agent?), did/will Days On Market have any bearing as to the home's value? Add your ideas and thoughts below if you'd like. As time on the market rises, my guess is that more and more will make it an increasingly important statistic.
Bailout is what everyone's been talking about lately, and I wanted to find out what lenders were thinking would be happening in the short term, particularly as it relates to Fannie Mae and Freddie Mac products. According to Mark Weddle, and Dennis Duncan, both of Suntrust Bank, there are some positive sounds coming out of the purchase market.
Mark Weddle:
"Two main changes in the purchase market. The first is that on cash-out refinances, Fannie and Freddie are both requiring at least six one-time payments on their existing mortgage since the time of purchase. The second is that if a purchaser has their current house under contract, but it doesn't close before the purchase of their new house, the current mortgage will not apply if two certifications are made (in writing)."
Dennis Duncan:
"Not many significant changes in the investment arena. Investment loans are still available, but there WILL be changes to the rates and points paid. The easiest way to look at this is to consider a $100000 investment scenario:
If you want to pay a better rate, then put more money down. It's been that way for a long time, but will be even more important now."
No significant changes at this point, according to these guys. Remember - put money down, and solidify your credit. Those are the two best ways to buy a home in today's market.
I've been sitting on this post for a few days. Last week, the Bailout Bill was all anyone could seem to talk about, and I was one of millions watching and waiting to see what the government was going to do.
And they threw me a curve. I didn't expect them to vote it down. I fully expected that they'd get together, vote, then slap each other on the back and head out to vacation. They took some more time, voted for it and THEN headed out for vacation. You can read the latest iteration here.
We shouldn't be in this mess to begin with.
I'm hesitant to play armchair economist here, because truth be told I can't seem to comprehend the scope of a $700 billion bill that deals with a situation that's not been seen during my lifetime. How did we get here? I understand the real estate portion of this mess - banks invested in bad mortgage loans, and now they don't know when they're getting their money back. That's why it's called a bailout.
There's lots of blame to go around, and a thousand thoughts on what it all means. (Updated 10/6 11:50am - The Wall Street Journal says Washington's to blame) I'm certainly not qualified to know who's got it right, and who's just blowing smoke, and the cynic in me thinks that most just like to hear themselves talk. I'm not going to stare at the heavens, drop to my knees and scream, nor am I going to post anything other than this post. What I'm going to do is focus on what I can control - providing the absolute best service I can to my real estate clients. It's what I have, it's what I can do best, and I'll keep moving towards Go to collect my $200.
(Updated 10/6 11:50am - Just started through my feed reader from the weekend and read this post by Jim Duncan. I like the end ... "Figuring out how we will all be impacted - in as calm, rational and non-panicing manner - is crucial."
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