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December 19, 2007 at 3:31 PM #120820December 19, 2007 at 3:51 PM #121009SD RealtorParticipant
Cyphire –
The local analysis is a good idea. As you indicated, getting information on credits for repairs, closing costs, etc is hard to do. However you can fudge a number in and keep it uniform for all of the properties you look at. Given the part of town you are in, MLS stuff would give you a pretty good swag as the number of non MLS sold homes tends to go down in higher median areas. You can ask any local realtor to dig for you and start sending you individual solds in your target area and you can start to compile ppsf numbers along with other statistics. You can even go to sdlookup and other sites to gather the information. I think other stats like market time, and whether each listing had previously been listed may be useful as well to get a measure of how motivated was the seller to price the home to sell.
SD Realtor
December 19, 2007 at 3:51 PM #120841SD RealtorParticipantCyphire –
The local analysis is a good idea. As you indicated, getting information on credits for repairs, closing costs, etc is hard to do. However you can fudge a number in and keep it uniform for all of the properties you look at. Given the part of town you are in, MLS stuff would give you a pretty good swag as the number of non MLS sold homes tends to go down in higher median areas. You can ask any local realtor to dig for you and start sending you individual solds in your target area and you can start to compile ppsf numbers along with other statistics. You can even go to sdlookup and other sites to gather the information. I think other stats like market time, and whether each listing had previously been listed may be useful as well to get a measure of how motivated was the seller to price the home to sell.
SD Realtor
December 19, 2007 at 3:51 PM #121058SD RealtorParticipantCyphire –
The local analysis is a good idea. As you indicated, getting information on credits for repairs, closing costs, etc is hard to do. However you can fudge a number in and keep it uniform for all of the properties you look at. Given the part of town you are in, MLS stuff would give you a pretty good swag as the number of non MLS sold homes tends to go down in higher median areas. You can ask any local realtor to dig for you and start sending you individual solds in your target area and you can start to compile ppsf numbers along with other statistics. You can even go to sdlookup and other sites to gather the information. I think other stats like market time, and whether each listing had previously been listed may be useful as well to get a measure of how motivated was the seller to price the home to sell.
SD Realtor
December 19, 2007 at 3:51 PM #121081SD RealtorParticipantCyphire –
The local analysis is a good idea. As you indicated, getting information on credits for repairs, closing costs, etc is hard to do. However you can fudge a number in and keep it uniform for all of the properties you look at. Given the part of town you are in, MLS stuff would give you a pretty good swag as the number of non MLS sold homes tends to go down in higher median areas. You can ask any local realtor to dig for you and start sending you individual solds in your target area and you can start to compile ppsf numbers along with other statistics. You can even go to sdlookup and other sites to gather the information. I think other stats like market time, and whether each listing had previously been listed may be useful as well to get a measure of how motivated was the seller to price the home to sell.
SD Realtor
December 19, 2007 at 3:51 PM #120977SD RealtorParticipantCyphire –
The local analysis is a good idea. As you indicated, getting information on credits for repairs, closing costs, etc is hard to do. However you can fudge a number in and keep it uniform for all of the properties you look at. Given the part of town you are in, MLS stuff would give you a pretty good swag as the number of non MLS sold homes tends to go down in higher median areas. You can ask any local realtor to dig for you and start sending you individual solds in your target area and you can start to compile ppsf numbers along with other statistics. You can even go to sdlookup and other sites to gather the information. I think other stats like market time, and whether each listing had previously been listed may be useful as well to get a measure of how motivated was the seller to price the home to sell.
SD Realtor
December 22, 2007 at 10:25 PM #123019cyphireParticipantThanks for the comment SD Realtor… But what I was really driving at was the lack of proper data currently in the marketplace. Literally nothing the newspapers print has any real basis in fundamentals or reality. The statistics they quote are given by Realtors, or economists, none of who are really doing a full analysis. Median prices, ignoring all the other factors, and a manipulated system of days on market, comps and appraisals. It takes sites like this one (which have a limited audience) to even get close to the truth.
The public has no reasonable way of monitoring the housing market, it is not an efficient market as the transaction costs (realtors, and other closing costs) are so high as to create a market which is unlike almost any other. It’s happening too slowly, but the transaction costs need to be dramatically lowered, which will then put real pressure to only have quality real estate professionals in the business as there will be much less pie to slop around.
December 22, 2007 at 10:25 PM #123164cyphireParticipantThanks for the comment SD Realtor… But what I was really driving at was the lack of proper data currently in the marketplace. Literally nothing the newspapers print has any real basis in fundamentals or reality. The statistics they quote are given by Realtors, or economists, none of who are really doing a full analysis. Median prices, ignoring all the other factors, and a manipulated system of days on market, comps and appraisals. It takes sites like this one (which have a limited audience) to even get close to the truth.
The public has no reasonable way of monitoring the housing market, it is not an efficient market as the transaction costs (realtors, and other closing costs) are so high as to create a market which is unlike almost any other. It’s happening too slowly, but the transaction costs need to be dramatically lowered, which will then put real pressure to only have quality real estate professionals in the business as there will be much less pie to slop around.
December 22, 2007 at 10:25 PM #123190cyphireParticipantThanks for the comment SD Realtor… But what I was really driving at was the lack of proper data currently in the marketplace. Literally nothing the newspapers print has any real basis in fundamentals or reality. The statistics they quote are given by Realtors, or economists, none of who are really doing a full analysis. Median prices, ignoring all the other factors, and a manipulated system of days on market, comps and appraisals. It takes sites like this one (which have a limited audience) to even get close to the truth.
The public has no reasonable way of monitoring the housing market, it is not an efficient market as the transaction costs (realtors, and other closing costs) are so high as to create a market which is unlike almost any other. It’s happening too slowly, but the transaction costs need to be dramatically lowered, which will then put real pressure to only have quality real estate professionals in the business as there will be much less pie to slop around.
December 22, 2007 at 10:25 PM #123265cyphireParticipantThanks for the comment SD Realtor… But what I was really driving at was the lack of proper data currently in the marketplace. Literally nothing the newspapers print has any real basis in fundamentals or reality. The statistics they quote are given by Realtors, or economists, none of who are really doing a full analysis. Median prices, ignoring all the other factors, and a manipulated system of days on market, comps and appraisals. It takes sites like this one (which have a limited audience) to even get close to the truth.
The public has no reasonable way of monitoring the housing market, it is not an efficient market as the transaction costs (realtors, and other closing costs) are so high as to create a market which is unlike almost any other. It’s happening too slowly, but the transaction costs need to be dramatically lowered, which will then put real pressure to only have quality real estate professionals in the business as there will be much less pie to slop around.
December 22, 2007 at 10:25 PM #123244cyphireParticipantThanks for the comment SD Realtor… But what I was really driving at was the lack of proper data currently in the marketplace. Literally nothing the newspapers print has any real basis in fundamentals or reality. The statistics they quote are given by Realtors, or economists, none of who are really doing a full analysis. Median prices, ignoring all the other factors, and a manipulated system of days on market, comps and appraisals. It takes sites like this one (which have a limited audience) to even get close to the truth.
The public has no reasonable way of monitoring the housing market, it is not an efficient market as the transaction costs (realtors, and other closing costs) are so high as to create a market which is unlike almost any other. It’s happening too slowly, but the transaction costs need to be dramatically lowered, which will then put real pressure to only have quality real estate professionals in the business as there will be much less pie to slop around.
December 22, 2007 at 11:03 PM #123308SD RealtorParticipantI see what you are getting at. I do not see any of that changing much. Transaction costs are your choice to participate in or not. You don’t need to be represented as a buyer and if you are a seller you can FSBO a home. Nobody is twisting your arm. Closing costs for the buyers side are dominated by financing.
Actually I disagree with the statement about transaction costs will lead to only quality realtors staying in the profession. I think quite the opposite will happen. I consider myself top notch, yet even at the steeped discount I give buyers and low commissions for sellers, if I didn’t have an engineering profession it would be highly speculative whether I would stay in this one.
It just is not worth it.
I am not saying there is alot of slop in the industry because that is a true statment. However alot of the fat has been trimmed and will continue to do so. Similarly friends and families of realtors will continue to work with those same realtors because that is the way it was, the way it is, and how it will always be.
Actually any John Q public can get county records on any home they want, including how many mortgages have been on that home, etc… There is plenty out there but it is a royal pain to get at it. Also what is not made public is credits made for repairs or any other sellers concessions.
Note that all of these shortcomings also apply to new housing bought.
I take a blind eye to all stats in any newspaper and mag. I keep it contained to the nieghborhood I am interested in and focus on that area. I sincerely doubt that any dramatic changes in the way transaction costs are levied will change pricing of real estate in any substantial manner. Yes I will be the first one to agree the model stinks right now but you are empowered to not have to participate in it while finding yourself a home or selling a home.
SD Realtor
December 22, 2007 at 11:03 PM #123287SD RealtorParticipantI see what you are getting at. I do not see any of that changing much. Transaction costs are your choice to participate in or not. You don’t need to be represented as a buyer and if you are a seller you can FSBO a home. Nobody is twisting your arm. Closing costs for the buyers side are dominated by financing.
Actually I disagree with the statement about transaction costs will lead to only quality realtors staying in the profession. I think quite the opposite will happen. I consider myself top notch, yet even at the steeped discount I give buyers and low commissions for sellers, if I didn’t have an engineering profession it would be highly speculative whether I would stay in this one.
It just is not worth it.
I am not saying there is alot of slop in the industry because that is a true statment. However alot of the fat has been trimmed and will continue to do so. Similarly friends and families of realtors will continue to work with those same realtors because that is the way it was, the way it is, and how it will always be.
Actually any John Q public can get county records on any home they want, including how many mortgages have been on that home, etc… There is plenty out there but it is a royal pain to get at it. Also what is not made public is credits made for repairs or any other sellers concessions.
Note that all of these shortcomings also apply to new housing bought.
I take a blind eye to all stats in any newspaper and mag. I keep it contained to the nieghborhood I am interested in and focus on that area. I sincerely doubt that any dramatic changes in the way transaction costs are levied will change pricing of real estate in any substantial manner. Yes I will be the first one to agree the model stinks right now but you are empowered to not have to participate in it while finding yourself a home or selling a home.
SD Realtor
December 22, 2007 at 11:03 PM #123232SD RealtorParticipantI see what you are getting at. I do not see any of that changing much. Transaction costs are your choice to participate in or not. You don’t need to be represented as a buyer and if you are a seller you can FSBO a home. Nobody is twisting your arm. Closing costs for the buyers side are dominated by financing.
Actually I disagree with the statement about transaction costs will lead to only quality realtors staying in the profession. I think quite the opposite will happen. I consider myself top notch, yet even at the steeped discount I give buyers and low commissions for sellers, if I didn’t have an engineering profession it would be highly speculative whether I would stay in this one.
It just is not worth it.
I am not saying there is alot of slop in the industry because that is a true statment. However alot of the fat has been trimmed and will continue to do so. Similarly friends and families of realtors will continue to work with those same realtors because that is the way it was, the way it is, and how it will always be.
Actually any John Q public can get county records on any home they want, including how many mortgages have been on that home, etc… There is plenty out there but it is a royal pain to get at it. Also what is not made public is credits made for repairs or any other sellers concessions.
Note that all of these shortcomings also apply to new housing bought.
I take a blind eye to all stats in any newspaper and mag. I keep it contained to the nieghborhood I am interested in and focus on that area. I sincerely doubt that any dramatic changes in the way transaction costs are levied will change pricing of real estate in any substantial manner. Yes I will be the first one to agree the model stinks right now but you are empowered to not have to participate in it while finding yourself a home or selling a home.
SD Realtor
December 22, 2007 at 11:03 PM #123206SD RealtorParticipantI see what you are getting at. I do not see any of that changing much. Transaction costs are your choice to participate in or not. You don’t need to be represented as a buyer and if you are a seller you can FSBO a home. Nobody is twisting your arm. Closing costs for the buyers side are dominated by financing.
Actually I disagree with the statement about transaction costs will lead to only quality realtors staying in the profession. I think quite the opposite will happen. I consider myself top notch, yet even at the steeped discount I give buyers and low commissions for sellers, if I didn’t have an engineering profession it would be highly speculative whether I would stay in this one.
It just is not worth it.
I am not saying there is alot of slop in the industry because that is a true statment. However alot of the fat has been trimmed and will continue to do so. Similarly friends and families of realtors will continue to work with those same realtors because that is the way it was, the way it is, and how it will always be.
Actually any John Q public can get county records on any home they want, including how many mortgages have been on that home, etc… There is plenty out there but it is a royal pain to get at it. Also what is not made public is credits made for repairs or any other sellers concessions.
Note that all of these shortcomings also apply to new housing bought.
I take a blind eye to all stats in any newspaper and mag. I keep it contained to the nieghborhood I am interested in and focus on that area. I sincerely doubt that any dramatic changes in the way transaction costs are levied will change pricing of real estate in any substantial manner. Yes I will be the first one to agree the model stinks right now but you are empowered to not have to participate in it while finding yourself a home or selling a home.
SD Realtor
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