On Location The Year in Review...and a little history, too
Historical Sales Data 2007-2011, All Categories (residential, farm, land, commercial)
HAPPY VALENTINE’S DAY!
History of ALL CATEGORIES-Units-Hundreds 350 328
Special Interest Articles:
323
300 277
• Appraisers say.. p. 2
250
234
233
200
• Realtor Food Drive, p. 6
150
100
50
Individual Highlights:
0 2007 Units Sold
Sales Volume
1
Top $$ Sales
3
AUCTIONS
3
Affiliates
4
Photos
5
2008 Units Sold
2009 Units Sold
2010 Units Sold
2011 Units Sold
History of ALL CATEGORIES-$$-Millions 45000 39729
40000
New Members 6 Feb. Birthdays 6
37153 35401 35000
30000
28708
28529
25000
20000
15000
10000
5000
0
In EVERY AD!
2007 $$ Sold
2008 $$ Sold
2009 $$ Sold
2010 $$ Sold
2011 $$ Sold
Continued, ...a little history, page 2
On Location
Page 2 of 6
...a little history Continued from page 1
Historical Sales Data 2007-2011, Residential Only
History of RESIDENTIAL Units Sold-Hundreds
ALL CATEGORIES 250
2010
2011
% CHG.
228 217
UNITS
277
323
+ 17%
$$$
35.4M
39.7M + 12%
208 200
168 156 150
RESIDENTIAL ONLY 100
UNITS
208
228
$$$
29.5M 33.3M
+ 10% + 13%
YAY!
50
0 2007 Units Sold
2008 Units Sold
2009 Units Sold
2010 Units Sold
2011 Units Sold
History of RESIDENTIAL Units Sold-Hundreds 250 228 217
History of RESIDENTIAL Dollars Sold-Millions 208
200
40000 168
35000
156
33342
150
30000
29564
28357
100
25000
22686 20827
20000 50
15000
0
10000
2007 Units Sold
2008 Units Sold
2009 Units Sold
2010 Units Sold
2011 Units Sold
5000
0 2007 $$ Sold
2008 $$ Sold
2009 $$ Sold
2010 $$ Sold
2011 $$ Sold
Appraisers say "Don't Blame the Messenger" for Low Home Prices By Jann Swanson, MortgageNewsDaily.com
The Appraisal Institute has apparently had enough and has decided to fight back against what it perceives as unwarranted blame for depressed home prices. In a press release the Institute says, " Don't blame the real estate appraiser if it turns out that house you're trying to sell or buy isn't worth what you thought it was." See Appraisers, page 4
On Location
Page 3 of 6 TOP $$ Homes Sold in January
(between 12/26 and Press Time, 1/24)
506 Merritt St., South Boston, VA
202 Eanes St., South Boston, VA
1088 Liberty Rd., Nathalie, VA
List Price: $274,900
List Price: $249,900
List Price: $149,500
Sell Price: $272,000
Sell Price: $245,000
Sell Price: $120,000
SF: 2700
SF: 3600
SF: 1990
Year Built: 1999
Year Built: 2006
Year Built: 1988
DOM: 303
DOM: 202
DOM: 116
Listing Agent: Scotty Felton, The Davis Co.
Listing Agent: Wanda Jeffress, Palmer Properties
Listing Agent: Doug Loftis, Palmer Properties
Selling Agent: Gail Burton, United Country Virginia
Selling Agent: Doug Loftis, Palmer Properties
Selling Agent: Scotty Felton, The Davis Co.
March 15th Membership Meeting @ 12:00 PM Board of Directors meets in February.
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The next Membership Meeting will be Thursday, March 15, Clarksville @ 12:00 PM. Location and Speaker TBD.
ďƒą
Board of Directors Meeting Thursday, Feb. 16 @ 8:00 AM Clarksville Lamplighter Restaurant
You will receive an
Evite before the date.
Association News... AUCTIONS ADDED TO NAVICA In January, a new category of Listings will be added to Navica: AUCTIONS. This new Navica enhancement will include auctions for residential, farm, land and commercial. Your Board of Directors will be adding new NARsanctioned MLS Rules to govern auction listings, including such considerations as listing price, buyer/broker registration, how commissions are paid, etc. WATCH FOR UPDATES
On Location
Page 4 of 6
Appraisers Continued from page 2
Speaking for the Institute, its president, Sara W. Stephens, MAI, said that real estate agents, homebuilders and others have placed blame for the market's distressed condition on appraisers who produce opinions of value that don't match a home's listing, contract or sales price, delaying a recovery in the housing market and called that accusation "nonsense." "The fact is that appraisers are undertaking the same thorough research and thoughtful analysis that they always have in order to continue producing reliable, credible opinions of value," Stephens said. "Don't shoot the messenger." It is unclear why the Institute decided to refute the claims about appraisers at this time. We did a search and found a number of articles with the blame appraisers theme, but none that were more recent than last summer except for charges from the National Association of Realtors that low appraisals are among the reasons for recent high levels of sales contract cancellations. NAR, however, has been complaining about low appraisals since at least the spring of 2009. Noting that buyers and sellers often have emotional value attached to a home or are unaware of the market, Stephens pointed out that appraisals completed for mortgage transactions are used to assist lenders, who are the clients, not buyers or sellers, in making lending decisions - and are not intended to confirm a listing, contract or sales price. There's no reason to assume the contract price is the "correct" price simply because it's higher than the appraisal, she said. As to the claim that appraisers are using distressed sales as comps for market rate properties, Stevens said that qualified appraisers know how to handle adjustments for distressed properties and added that in some markets, distressed sales are so prevalent that it would be improper not to use them as comparables. The Institute also released two handouts. The first explains the process of conducting an appraisal in a declining market and includes a discussion of how an appraiser discounts a distressed comp. The second handout attempts to explain what an appraisers job really is, making the points that: • • • • • •
Appraisals aren't intended to confirm a home's sales price. Appraisers don't set the real estate market; they reflect what's happening in the market. Appraisers work not for buyers or sellers, but for lenders. Appraisers are independent, third-party experts with no motive to be biased. Appraisals sometimes are assigned to the least qualified, least competent appraisers, but especially in a distressed market, competent and qualified appraisers - such as designated members of the Appraisal Institute - should be hired for difficult assignments. Appraisers know how to use distressed sales as comparables.
Thank You, Affiliates!
We are ALL Connected!
Our Affiliates deserve our support, since they join our association not out of need for MLS subscription, but as a show of support for our Realtor® community. Please support these fine professionals! • Walter Beales, Beales Law Offices, Clarksville & Boydton • Tom Lipscomb, Thomson Lipscomb Law Office, Boydton • Ann Zimmermann, Law Offices of John Greenbacker, Halifax • Amy Powell, Benchmark Bank, South Boston • Jeff Walker, Farm Credit of the Virginias, Halifax • Detrick Easley, All Pro Carpet Cleaners, Halifax • Jerry Ramsey, Home Dynamics Home Inspections, Clarksville • Brandon Scearce, Nationwide Insurance, South Boston • Eric Arthur, Nationwide Insurance, South Boston • Bruce Elliott, Southern Land & Properties, Scottsburg • Brad Palmer, Palmer Painting & Services, South Boston • Lee Brown, The Bug Company South, South Boston Contact information and a description of each member’s services can be found on our web site: http://www.usamls.net /southernvirginia/
On Location
Page 5 of 6
Officer and Director Installation at Berry Hill Plantation
Swearing In by Mary Dykstra (far R), Pres.Elect, VAR. L to R: Carole Blair, Karin Kuhn, Jim Davis, Kathy Diamond
2012 Officers: C. Blair, Treasurer, K. Kuhn, Sec., K. Diamond, Pres., J. Davis, VP
J.C. Eldreth was honored for his 2 years of service as President; Cynthia Lowdermilk on left
Let’s EAT! The Berry Hill venue was wonderful
United Country in full force: Janice Pitts (back of head!), Sarah Hall, Chris Crouse, Gail Burton, Mitzi DeJarnette
Jim & Honey Davis were presented the PRESIDENT’S AWARD for their many contributions to the association
The Palmer Properties contingent: Lucky Palmer, Debbie Palmer, Rhonda Buckley
Chatting Up the Group: David Williams, Lora DuBois, Marty Mobile, Tom Lipscomb
Kathy D.’s back, Leasa Oakley (almost obscured), Lisa Phillips, Radford Trent, Walter Beales, Nellie Newton
Karin Kuhn, Franklin Dover, Carole Blair, Fred Gaston’s back, Nancy Eldreth’s back (J.C.’s wife)
A line up of Presidents: Sharon Wilborn, Kathy Diamond, J.C. Eldreth; Mary Dykstra
On Location Southern Piedmont Land & Lake BOR P.O. Box 1072 South Boston, VA 24592 PHONE: 434-222-9924 E-MAIL: spllbr@yahoo.com
Page 6 of 6
New Members and Member Changes NEW REALTOR®/APPRAISER MEMBERS: Wayne Stevens, Wayne Stevens Inc., new to MLS MEMBER CHANGES: Brook Hatcher, Resigned, United Country Virginia Linda Crutchfield, Resigned, Wayne Stevens Inc. Christi Hudson, Resigned, Wayne Stevens Inc. Charles Purcell, Resigned, Wayne Stevens Inc. Toby Hunt, Resigned, Wayne Stevens Inc.
Cynthia Lowdermilk Association Executive & Jack of All Trades
♪ ♫ ♪ Happy Birthday to You! ♫ ♪ ♫ February 20th- William Coalson
Birthdays, Weddings, Births, Awards…we want to know it ALL.
We’re on the Web! See us at: http://www.usamls.net /southernvirginia/
Realtor FOOD DRIVE for the holidays...
Betty Compton (far right), a volunteer for The Good Samaritan in South Boston, receives Realtor-donated food from J.C. Eldreth, President, and Honey Davis, Chairwoman, Community Services Committee, to help stock the food pantry during the holidays. THANK YOU, REALTORS, FOR YOUR SUPPORT AND GENEROUS CONTRIBUTIONS!