dothanhomesearch.com

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

From everyone at CENTURY 21 Key Realty in Dothan, have a happy and prosperous new year! We look forward to serving the real estate needs of Dothan and the surrounding Wiregrass area in 2008!

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Of course this is the time when we talk about things we want to accomplish as we move forward into a new year. Making resolutions is a tradition, and far be it from me to break from tradition.

For our local Dothan area readers, here are three resolutions that all of the REALTORS at CENTURY 21 Key Realty will be making for the new year. For those real estate agents reading, this may be more of a speech from a soap box than a simple list of things you should do. Take it how you will.

1. Put the client before the commission. Every time. Without exception. Every action we take, every phone call made, every email sent, everything. We need to ask ourselves; does this serve the best interest of my client? What more can be said on this one?

2. Tell the truth. Don’t sugar coat it because you don’t want to lose the listing. Don’t bend it because your tired of showing houses to this buyer. The truth is many sellers shouldn?t to be in the market right now, and that ALL buyers need to be pre-approved BEFORE you start showing property. It is also true that right now IS a great time to buy a home, if you are looking for a primary residence where you will live for a few years. There are too many real estate agents out there that don’t tell the whole story because they are afraid of how it will effect their potential for business. They tell the seller or buyer what they think they want to hear even though it is not in the best interest of the client to do so (see #1 above).

Here are two that I like.

From Sandi Bauman

?I feel they (clients) deserve to understand the full scope of the situation. I of course respect my clients opinion, and ultimately their course of action, even if the client makes decisions contrary to what I am suggesting. My only concern is that they are properly informed prior to doing so.”

From Terry McDonald

?Their goals become my goals. Often, to reach those goals, I need to speak the truth to my buyers or sellers. Sometimes this is easy, other times, less so. Occasionally the truth is unpalatable, or worse. While difficult, my fiduciary relationship to my client requires it.?

In my opinion, this is what every real estate professional should strive for.

3. Figure out which type of real estate blogger you are going to be. (stepping onto soap box) How do you measure success in your blogging efforts? Is it traffic to your site and search engine ranking, or is it visitors converted to clients? No, the two aren?t mutually exclusive. We can achieve both. But when you sit down to write a post, if your main focus is optimizing your words for search engines, then I think you are missing the real point of this thing we call blogging.

From Jonathan Dalton

??that?s really the key the success in this thing we call real estate blogging - providing quality information while being real enough to engage someone you may never meet face to face.?

If you are a real estate blogger reading this post, I highly recommend Jonathan?s entire post. He and other real estate bloggers that have seen success from their blogging efforts (the turning visitors to clients kind), don?t use their blog as an extension of their other advertising, or their static website. It is something different; something unique; something your readers can?t get by looking at a real estate magazine or a newcomers package from the local Chamber of Commerce.

You won’t find Teresa Boardman, Jim Duncan, or Maureen Francis trying to use a keyword in every other sentence, or worrying about creating inbound links to their respective blogs. They carry on conversations with their readers, and in the process have had great search engine results and lead generation. These are the bloggers I want to emulate in 2008, and you should too. (off soap box)

What’s your resolution for 2008? Let me hear something besides losing weight, getting more exercise, or quitting a vice or two!

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

This is the time of year for resolutions and predictions. The resolutions will come in the next day or two, so today we will discuss what 2008 holds for the real estate market in and around the Dothan, Alabama area.

I am not really going out on a limb with any bold predictions, and I refuse to beat the ‘everything is wonderful’ drum, as the Noah Rosenblatt points out the National Association of REALTORS tends to do. What you see below is my best guess only. Keep in mind that all statistics come from the Dothan Multiple Listing Service, and are deemed reliable but not guaranteed. These numbers do not include sales not included in MLS statistics, such as homes sold by the owner and some new construction. Your results may vary.

Home sales - down in 2008

The final numbers for 2007 are a week or so away, but we will end 2007 with around 1260 homes sold, down about 12% from last years record number and the lowest level in three years . My prediction for 2008 is sales will fall another 10%, down to near 2003 and 2004 levels.

Homes on the market - steady

The number of homes for sale in Dothan, currently near an all-time high, will likely rise a little more in the short term as sellers waiting for the holidays to be over or for spring time enter the market. Expect this number to stay between 850 - 950 most of the year. A buyer’s market remains in effect as a result.

Mortgage rates - steady

This one is fairly easy to predict. All the signs point to mortgage rates staying around 6% for the foreseeable future. I think there will be less than .5% difference in rates from the first of 2008 until the end of the year.

Foreclosures - upward trend

We have yet to see any measurable rise in foreclosures here in the Dothan real estate market. There will likely be an increase in 2008, simply because there is a significant increase nationwide and it is unrealistic to think Dothan won’t be effected. How significant an increase is yet to be seen, but it is my opinion that we won?t see the drastic rise some other areas of the country are seeing.

New construction - down

Until some pent up inventory is sold, especially in the upper end market (over $300,000), new home starts will continue to be low. Unfortunately, I don”t think there will be much relief for builders in 2008 in any price range.

Median price - down

There is really no way to avoid this one. Sales have slowed while the number of homes on the market has risen. The most basic rule of economics is supply and demand. When supply goes up and demand falls, so do prices. After a rise of almost 20% in the past three record years, a leveling off of median price is certainly due.

What do you see happening in the Dothan real estate market in 2008? Chime in by commenting below!

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

We at CENTURY 21 Key Realty would like to wish all of our clients and customers, past, present, and future, a very Merry Christmas and a most prosperous New Year.

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Some great links from around the Tomato Vine this week.

Janis down at in Port Orange, Florida has some keen advice for home buyers, and she discusses it in her post about the precautions buyer need to take regarding their credit while waiting on to close on their new home.

Wachovia Bank, a relative newcomer to the banking scene here in the Dothan area, recently released their 2008 Outlook for the Economy. Brad at Maxsell gives us the highlights and some excellent commentary on the subject. On that note, I will be posting next week about the Dothan real estate market in 2008 and how we see things shaping up in the coming year.

With all the continued news coverage about foreclosures, those facing this dilema tend to look for help anywhere they think they can get it. I posted earlier this week about a legitimate source of help, but Paula at Indy Real Estate Talk has some insight on how to avoid those that are out to con, not help.

With Fort Rucker being a major contributor to the economic well being of the Dothan area, we are well aware of how BRAC can effect a community. Scott is following how BRAC is effecting the Howard County, Maryland area. They are expecting an additional 22,000 jobs!

John out in Ventura County, California, has an excellent breakdown of how your credit score is calculated. Good information John, and welcome to the Tomato Vine!

Another John, this time at Homeward Real Estate, has the three most important things to know about short sales and pre-foreclosures. Timely information indeed.

Over $60,000 per acre for raw, undeveloped land? Sara tells us that is the going rate in the Kuna, Idaho area. Sure, we have lots is upscale subdivisions that cost that much, but thankfully land here in the Dothan hasn?t reached those prices yet. Contact us if you have an interest in land for sale in this area.

Bob up in Raleigh is talking about land too. Specifically, why almost all new homes are on such small lots. Good analysis Bob!

And finally, Rob, who covers Salt Lake City, Utah real estate, has some valuable information on recent changes to FHA loans. FHA financing is the choice of a majority of Dothan home buyers.

Another week of great writing Tomatoes! The Best of the Vine will resume on January 4, after the holidays. Merry Christmas and Happy New Year!

P.S. For you Tomatoes that are reading this post, let me know if you would be interested in hosting ?The Best on the Vine? on your blog! You’ll find some details on the Tomato Forum.

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

One of the most interesting parks in the Dothan area is Landmark Park, just north of town on US Hwy 431. Not only does Landmark offer a wide variety of activities for residents of Dothan and the Wiregrass, they also serve as ?Alabama?s Official Museum of Agriculture?.

Landmark Park is open weekdays and Saturdays from 9 am ? 5 pm, and on Sundays from Noon to 6 pm. The Planetarium programs are on Saturdays at 11 am, 1 pm, and 3 pm, and Sundays at 1 pm and 3 pm. Here you’ll receive a detailed description of what you can see in the south Alabama night sky throughout the year. Admission to Landmark Park is $4 for adults and $3 for children from 4?15 years old.

There is lots to do at the park throughout the year, especially during the holidays. Visit the Landmark Park website for more details and other upcoming events. Don’t forget to check out our Dothan Parks and Recreation facilities page to find other Dothan area parks!

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

If you are having trouble making the mortgage payment on your Dothan area home, there may be some free help available to you. The Homeownership Preservation Foundation is a non-profit organization that offers free counseling to homeowners to help them avoid foreclosure. Call 1–888–995–HOPE, or visit their website at www.995hope.org. The sooner your call, the more options there will be for you.

Thanks to Teresa Boardman, one of my favorite real estate bloggers, for posting this on her St. Paul real estate blog.

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

There were 94 homes sold in Dothan in November, according to the Dothan Multiple Listing Service. Looking at the statistics, each spent an average of 128 days on the market. Out of those 94 homes however, 25 sold in less than 60 days. Why?

The median price for these quick sellers was around $133,000. No significant difference from the overall market median for the month of just over $134,000. 16 of the 25, or 64%, were inside the city limits of Dothan. So far this year, 62% of all sales have been inside the Dothan city limits. Again, no significant difference.

So why did these 25 homes sell in half the average market time? What makes them so special? What sets them apart from the rest if it isn’t location or price range? Read some of these remarks taken directly from the MLS listing:

• “Ready to move in”
• “Totally remodeled”
• “new appliances, countertops, flooring”
• “Best price in subdivision”
• “lots of extras and upgrades”
• “easy to show”
• “mint condition”

Only two of the 25 were listed to sell as-is, and both of those were foreclosures. The rest had three things in common. First, they were priced at or slightly below their competition. Second, they were in excellent condition. Third, they were easy to show buyers. Not a single one was listed as having an allowance for new carpet. None were listed as needing updating. Only one asked for a 24 hour notice for showings.

The most interesting statistic however is that the list-to-sell price ratio of these 25 homes was 98.24%, nearly 3% better than the market average. In other words, these sellers pocketed an extra $3,000 to $4,000 by having their home priced right, in market ready condition, and available to show AT THE TIME OF LISTING.

Time is indeed money. How does your home stack up against these quick sellers?

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

I picked this up on Jay Thompson’s blog a couple of days ago.

Shelly Banjo has an article posted on Wall Street Journal Online titled “Online Sleuthing for Home Buyers”. In the article, Banjo discusses the ever increasing amount of information available on various websites to Internet users searching for real estate. In particular, she talks about Zillow.com and Trulia.com, arguably the two hottest names in real estate portals on the web.

While both Trulia and Zillow are building their following by providing supplemental information related to real estate (which the public is demanding more and more), they are not there in regards to having a full listing of homes for sale in a particular area. Banjo writes regarding these two sites;

“For starters, users can enter a city, town or ZIP Code and see a listing of every home for sale, sortable by price, address, number of bedrooms or bathrooms, broker or type of home (single-family or multi-family).” (emphasis added)

That is just not the case Shelly. Let’s look at the numbers for this area by doing a search for homes in Dothan, AL at each of these sites.

Dothan Listings on the Internet

What’s the difference? Trulia relies on syndication agreements from various entities, including some franchises and larger brokerages, while Zillow mostly relies on user input for its listings. In other words, the listing agent has to post it on Zillow. As you can see by the number of Dothan homes for sale listed on Zillow, precious few Dothan real estate agents are going to take the time to do that.

A local site that has MLS access and allows searching of those MLS listings through IDX will ALWAYS have every listing and be the most accurate. I say always with one caveat. Sometimes brokers choose not to allow other brokerages to display their listings. Backwards thinking for sure, and thankfully there are currently no such restrictions in Dothan.

The bottom line is this. If you want to really search the market in your area, searching on a local REALTOR or brokerage site is your best option. Of course, we want you to search to your heart’s content on our site. We made it easy for you!

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By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

Ah, the holidays are here. Nothing like 80 degree temps with muggy, foggy mornings to really get you in the Christmas mood. By the time you read this though, the weather here in L.A. (Lower Alabama) will be changing, just in time for those of us recovering from the last cold snap. But as we like to say in these parts, if you don?t like the weather here, just wait a day or two.

Unlike the weather here in south Alabama, the bloggers highlighted below are always consistent. It gets more difficult each week for me to narrow down this list to a manageable size. Keep’em coming folks! So, without further delay, here is the best on the vine this week.

Black and white or sugar-coated? Sandi Bauman from Chico Home Search has a great post this week about the choices we as real estate professionals make when communicating with our customers and clients. By the way Dothan home buyers and sellers, we are black and white here at Dothan Home Search.

More coverage of the mortgage rate freeze, announced last week by President Bush. Roberta Murphy at Luxury Home Digest has it spelled out in terms I can understand, who wins and who loses. Excellent recap on this piece of news.

Margaret Woda is Focusing on Crofton again, and has some tips on competing with desperate home sellers. This current market is not for the timid home seller, and Margaret lets us know how you can set yourself apart from the sellers that are in a desperate situation to unload their home, and are willing to do just about anything to do it.

In a post about his Alpharetta real estate market, Kevin Warmath over at Live in Alpharetta provides this absolute gem; ??…a good realtor?s value is not in providing you with information, but rather in interpreting that data in a meaningful way.? I haven?t heard a better job description of a REALTOR in a long time. Take a minute to read his entire post.

It is almost New Year?s resolution time, and Jennifer Steck from Central Denver blog has a plan; start with the end of in mind. Great advice for all of us that sometimes have trouble keeping our resolutions!

All real estate is local, a topic I have harped on several times on this site. John Coley from just up the road in the Lake Martin area says, ?Basically they point out that while all markets are influenced by things like the mortgage market, most pricing and activity in the real estate industry is due to local factors. I couldn’t have said it better myself.

Finally, Jennifer Cowan, just a little further up the road than John in Marietta, Georgia, tells us about something I have never heard of, but I think it would be a great idea here in Dothan. Sweat Mountain Dog Park is just that, a park for dogs. What a concept!

Another week of great writing Tomatoes!

P.S. For you Tomatoes that are reading this post, let me know if you would be interested in hosting ?The Best on the Vine? on your blog! You’ll find some details on the Tomato Forum.

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