Wednesday, August 15, 2018

Make Inventory A Positive

I know I keep harping on this, but it is so important to not have negatives when marketing real estate. Here is another example in the (below link) story about home sales in York County.

It's not about whether you live in that area. This is the situation in many other areas of the country. The most recent local home sales report shows that homes are selling faster and that prices are rising.

What this shows is that the area is desirable, and that means that prices are likely to continue to rise, however slightly. What this tells a potential buyer is that he/she/they have a better profit potential a few years down the road. Thus, buying for the situation (schools, job nearby, transportation, family involvement, etc.) is ideal for now, but a profitable investment is possible down the road with reasonable maintenance and upkeep.

The ability to demonstrate that homes in these areas are selling "more quickly" is also a plus. However, this is a plus for a potential buyer, and NOT for a potential seller.

Yet, with this article and many others I see, the real estate community continues to complain about "lack of inventory". 

If numerous homes are for sale within the same community, this, quite frankly, is often seen as a sign of neighborhood distress by potential buyers. "Why are so many people looking to move out?" is a question I have been asked, and I am not a licensed agent. 

On the other hand, if only a couple of homes are for sale, it shows as being a steady area with the occasional "opening" that someone needs to pounce on.

This talk of "lack of inventory" makes people think that something is wrong if people aren't looking to move out. 

All they needed to do was to release the information about homes selling faster and for higher prices. Make the area look good. Keep the negative out.

Monday, August 6, 2018

They Ames To Please

Exemptions from a rental cap in Ames IA normally wouldn't be a big concern for real estate professionals and investors around the country. But this is not your typical debate.

This past Friday (8/3) the city council voted one way and then changed its mind following another vote within the same session. As this story details, now that exemptions are in place, some local politicians and area attorneys are still reportedly seeking further clarification.

If the lawmakers aren't clear, how are landlords supposed to be?

What makes this more noteworthy for those of us around the country is that much of the controversy about this comes from rentals surrounding the college campus.

It is easy to see where all sides are coming from and why everyone has a valid point toward what they want.

How this plays out could be significant for other college towns....


Friday, August 3, 2018

Will Other Communities Follow Oak Park?

Oak Park (a west suburb of Chicago) is now allowing coach houses, per the article link below. This community already has some unique features which enable Oak Park to stand out beyond neighboring suburbs as well as the Chicago communities nearby.

It will be interesting to keep watch over this for the next few months. The question is whether this will be another "Oak Park thing", or if coach houses will take hold and be allowed in surrounding areas in order to attract residents to those communities.

My hunch is that it won't go beyond Oak Park in the near future.......