Sunday, December 12, 2010

2010 - The Year in Review


What a year its been for me during 2010 in my travels as a Realtor with Zip Realty...

So 2010 started off with a bang with a luxury sale on a new construction home in Bon Air and my having achieved Zip's President's Club award for the 1st time after a strong Q4 2009 where I had 12 closings. As the year progresses, I've been able to not only keep the President's club status for the entire year, but after 15 closings in Q2, I achieved the Gold status and maintained it going forward.

Then, I headed out to Los Angeles in May for REO University's annual conference and just missed getting a chance to watch Kobe and the Lakers play at Staples the night after we left. At this conference, I made the connection with Titanium Solutions and later become a Home Retention Consultant. The family took our annual June trip to Myrtle Beach along with my in-laws, after my wife and I had snuck away to Puerto Rico for a quick trip in April. Then, in September, for the first time, I went to the Five Star REO conference in Dallas and while there also visited Jerry's World (aka. Dallas Cowboys Stadium) for the game and heartbreaking loss to the Chicago Bears. Somewhere around this time, I got certified with the Default School for their RDCPro designation/certification.

Right before going to Five Star, I was fortunate enough to become approved as a new REO agent for Bank of America, after having just earned my 1st REO property for another firm. The roller coaster continued as I got a contract on that home and then lost the listing as it sold to another REO company. A stroke of luck though as that caused me to keep the listing with the new firm and am now approved with them as well (although as of writing this the home in question still hasn't closed due to seller-side title issues as a result of the sale).

Then a major change was announced in late October/early November with the Zip Realty changing their nationwide agent sales force from W2 employees to 1099 contractors. That change allowed me to start my new team, The Wright Choice (www.thewrightchoicerichmondrealty.com), and right now I have 2 other agents having joined the team and the future looks very bright for our group going forward, including the search for a marketing agent to augment our efforts and several listing agents. Along the way, I closed 45 transactions in a whirlwind year that went by really fast in a lot of ways.

I'd really like to thank my wife Aimee for putting up with all of the hours and helping to manage our household during this time. Additionally, I'd like to thank my District Director Ralph Maggiore for supporting my growth and my broker Vivian Stevenson for helping me save several transactions and watching my back-side. I really miss my old team, The Producers, that won several awards during the summer of 2010 and as a prize attended several Richmond Flying Squirrels together in the Bank of America box.

That being said, 2011 promises to hold many changes and realty stories-to-be, as well as hopefully a lot of production. While my goal for 2010 was to get my first REO and I achieved that, my goal for 2011 will be to achieve the following two things: 1) to conquer short sales on the listing side with at least 10 short sales closes & 2) to end 2011 with at least 4 agents on The Wright Choice and having closed as a team at least 50 transactions.

P.S. - I would be remiss in this analysis of 2010 if I didn't include my son, Brandon's rise to the rank of Wolf in Cub Scouts and his team's undefeated I-9 Flag Football Championship.

All in all, it was quite a memorable year and obviously I have a lot to be thankful for from this year, and to be hopeful for as we progress into the next (2011).

Friday, September 24, 2010

ZipRealty.com Introduces Transit Scores in Conjunction With New Green Survey


Press Release
Homebuyers' Interest in Green Home Features Increases With Energy Efficiency Cited as Top Priority
ZipRealty.com Introduces Transit Scores in Conjunction With New Green Survey

EMERYVILLE, CA, Aug 17, 2010 (MARKETWIRE via COMTEX) -- More than half of all home shoppers report that green home features, from energy efficient appliances to solar panels, are an important part of their purchasing decision, though only one percent of home listings market these features to buyers, according to results of a national survey announced today by real estate brokerage ZipRealty (www.ziprealty.com) (ZIPR 2.70, +0.17, +6.72%) .

The brokerage also announced that it is the first real estate company to integrate green-friendly Transit Score ratings into current home listings on its popular home-buying site, based on the popularity of the existing Walk Score feature, which scores the walkability of each listing.

"A growing number of home shoppers are seeking out homes that offer strong public transit options, high walkabilty scores and green features," said ZipRealty's Chief Home Hunter Leslie Tyler. "Showing Transit Score ratings for all home listings on our website gives our clients additional information about alternative transportation that they need before making an offer on a home."

New Survey Indicates Green Features as a Priority A recent survey of homebuyers registered on ZipRealty.com revealed that 55 percent of survey respondents rated a home's green features a "somewhat important" or "very important" part of their home hunt.

Other highlights from the survey include:


-- Homebuyers who view green features as a priority ranked them important
because they helped save money (49 percent), as well as allowed them
to do their part to help the environment (40 percent).
-- Other reasons homebuyers valued green features included
occupant/family health (37 percent), tax credit availability (12
percent) and the home's resale value (15 percent).
-- Although homebuyers overwhelmingly rated energy efficiency the most
important green feature in a home (89 percent), an additional survey
conducted by the brokerage of MLS-listed homes across the 35 markets
nationwide ZipRealty serves found that less than one percent of homes
on the market included the term in their description of the home.




See below for a list of the top five green features for homebuyers.

"Sellers are missing an opportunity to market their home effectively to a wide net of home shoppers," said Tyler. "Appealing to buyers can be as simple as highlighting appliances as energy-efficient, which many homeowners choose today to save money themselves. Our survey suggests that sellers of older homes could make inexpensive changes, like switching to energy efficient light bulbs or appliances, to help their home stand out from others."


-----------------------------------------------------------------
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Top Five Green Features for Homebuyers
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Green Feature Percent of Buyers rating
"top" priority
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Energy efficiency 89%
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Water-saving devices 60
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Solar power 33
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Use of sustainable or environmentally-friendly 27
materials in home construction
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Ease of recycling and/or composting 20
----------------------------------------------------------------------------




New Transit Score Ratings on ZipRealty.com In response to increasing buyer demand, ZipRealty also introduced the Transit Score feature as part of an updated website and logo revamp. Transit Score ratings rank a home on a 100-point scale based on its proximity to multiple public transportation options, allowing homebuyers to consider the amount of time and money they will spend commuting every day as part of their purchase decision.

ZipRealty is the first brokerage to feature the new Transit Score, an application developed by Seattle-based civic software company Front Seat. Homebuyers in most of the 35 markets ZipRealty serves will be able to locate Transit Scores along with Walk Scores (introduced in 2008), the relative "walkability" score for a home, under each listing's "Neighborhood Info" tab. Transit Score is calculated on the frequency, type of route (rail, bus, etc.), and the distance to the nearest stop on the route.

Tuesday, September 7, 2010

GREEN Siding Options


Reprinted from Houselogic.com, John Riha 9/2/09

Selecting green siding is a matter of weighing trade-offs in longevity, insulation, biodegradability, maintenance, and, in some cases, cost.

f you think you’ll pay a premium for selecting green siding for your home, think again. Many of the best sustainable choices are familiar materials that have been on the market for years. Some products are made with recycled materials and others have improved insulating qualities that add only a moderate increase in price. When choosing replacement siding, weigh the pros and cons of sustainability, thermal performance, and the cost of eco-friendly products.

Evaluate sustainability
When choosing siding, consider its sustainability. Sustainability is an estimate of how long a material will last; if the material can be recycled; if it contributes to health concerns; and if it’ll readily biodegrade in a landfill. Maintenance, too, is a key consideration. High-maintenance materials that require regular upkeep, such as repainting, and use additional resources and energy over their lifecycle, are less sustainable.

Improve energy performance
A siding replacement project offers an excellent opportunity to boost your home’s energy performance and make your house healthier. Adding a house wrap (which prevents water infiltration and air leaks) and rigid-foam insulation is one of the best ways to reduce energy consumption and protect your home from moisture condensation inside walls—a major source of mold problems—no matter what type of siding you choose.
Adding insulation increases R-value—a measure of insulation performance. A house with 3-1/2-inch stud walls filled with fiberglass insulation has an R-value of about R-12. Adding rigid foam and house wrap can boost insulating performance to between R-16 to R-20, reducing your annual energy costs 5% or more.

Costs of green
Siding replacement has proven value. A siding replacement project using foam-backed vinyl siding returns more than 80% of its initial cost at resale, according to Remodeling magazine’s Cost vs. Value Report—one of the highest values in the annual survey.
Because many types of siding are extremely long-lasting, they can be considered green options, but without a premium price. However, improving thermal performance—and, therefore, boosting the siding’s greenness—with house wrap and rigid-foam insulation adds cost—about $1,800 for an average house, according to Fine Homebuilding magazine. Many green consumers feel that contributing to a healthier, sustainable environment is more important than higher initial costs.

House wrap
House wrap is a thin, tough, semi-permeable membrane that’s applied over the outside of wall sheathing and under the siding. It’s designed to block water and reduce air infiltration while allowing moisture vapor to pass through.
Sustainability: Extremely durable and long-lasting, this flexible, plastic material is recyclable.
Energy efficiency: Using house wrap, along with properly sealed joints at windows and doors, can reduce air infiltration and save on annual energy bills. Some varieties, such as DuPont’s Tyvek ThermaWrap and Low-E Housewrap from Environmentally Safe Products include heat-reflective layers that increase insulation performance by a factor of R-2.
Cost: 25 cents to 50 cents per sq. ft., installed
Rigid-foam sheathing
Rigid-foam sheathing is lightweight, easy to apply, and comes in a variety of thicknesses. Unlike fiberglass insulation, which fits between studs, sheathing blankets the entire exterior wall. It can be applied directly over existing wall materials, such as hardboard, stucco, and wood, providing a smooth substrate for new siding.

Sustainability: The manufacture of extruded polystyrene (XPS) sheathing is associated with the production of chlorofluorocarbons (CFCs), which damage the ozone layer, although some manufacturers are researching CFC-free production methods. Expanded polystyrene (EPS) foam sheathing doesn’t produce CFCs and is considered environmentally friendly. EPS can be recycled but doesn’t degrade readily in landfills.

Energy efficiency: Insulating values of R-3 to R-7 per inch thickness.
Cost: 20 cents-$1 per sq. ft., depending on thickness and thermal performance.
Insulated vinyl siding
Insulated vinyl is similar to regular vinyl siding, except it includes a layer of EPS foam insulation. Its thickness makes it more rigid and easier to work with than regular vinyl.

Sustainability: Vinyl requires little maintenance and will last 30 to 50 years, but it’s made from polyvinyl chloride (PVC), a chemical compound that doesn’t degrade in landfills. During manufacturing, PVC produces byproducts that include dioxin. Vinyl siding can be recycled.
Energy efficiency: Adds approximately R-3 to walls
Cost: $3-$8 per sq. ft., installed; 15-30% more expensive than regular vinyl

Fiber-cement siding
Fiber-cement siding is a low-maintenance product made from sand, Portland cement, clay, and wood pulp fibers. It’s termite-proof, fire-resistant, and doesn’t rot.
Sustainability: Extremely durable and long-lasting, it’s available with low-maintenance finishes that last for decades. But fiber-cement carries high embedded energy—the energy necessary to fire the kilns that heat its raw materials. Any energy expended toward a material ads to its carbon footprint. The newest varieties are lighter and include more recycled material.
Energy efficiency: Negligible R-value, but its superior stability helps keep the building envelope free of cracks and caulk failures.
Cost: $5-$9 per sq. ft., installed

Wood
Unmatched beauty makes wood a premier choice for siding.
Sustainability: Although a precious natural resource, wood is a renewable product that can be recycled and readily degrades in landfills. To ensure the wood products you buy are harvested from sustainable, managed forests, look for certification stamps from the FSC (Forest Stewardship Council) and the SFI (Sustainable Forest Initiative). Wood siding is a high-maintenance siding that requires refinishing every two to five years.
Energy performance: Wood is a natural insulator, but as a siding it offers a minimal R-value of about R-1.
Cost: $6-$9 per sq. ft., installed

Stucco
Traditional stucco is made from sand and Portland cement mixed with water to make a workable plaster. Modern stucco often includes epoxies to harden the material. It’s tough, durable, and resistant to insects and fire. Well-maintained stucco will last for the life of the house.
Sustainability: Eco-friendly varieties of stucco are made with an earth-and-lime mixture instead of Portland cement and epoxy, reducing the embedded energy and CO2 emissions associated with cement production. Painted stucco requires periodic touch-ups and repainting every 5-7 years.
Energy performance: Negligible thermal performance, but effective at reducing air infiltration while remaining permeable to moisture vapor.
Cost: $6-$9 per sq. ft., installed

Engineered wood
Engineered wood products are made from wood fibers, resins, and wax. They’re pressed in molds to create panels resembling real wood lap siding and shingles.
Sustainability: The high wood waste content of engineered siding boosts its sustainability factor. Engineered siding comes with baked-on factory finishes that reduce maintenance, but warranties of about 20 years are less than for other types. It easily biodegrades in landfills.
Energy performance: Negligible
Cost: About $2-$4 per sq. ft., installed

John Riha has written six books on home improvement and hundreds of articles on home-related topics. Heís been a residential builder, the editorial director of the Black & Decker Home Improvement Library, and the executive editor of Better Homes and Gardens magazine. His standard 1968 suburban house has been an ongoing source of maintenance experiment.


Read more: http://www.houselogic.com/articles/green-siding-options/#ixzz0yttrmcw2

Wednesday, July 21, 2010

"Mars vs. Venus" Differences Hold True for Home Hunters, According to ZipRealty Survey


Taken from 6/10/10 Press Release from Zip Realty as shown on Yahoo Finance:

EMERYVILLE, CA--(Marketwire - 06/10/10) - Forget that "man cave" or home theater room: what men crave more than women in a new house is a luxurious bathroom, a guest bedroom, a dining room and views. On the other hand, female house hunters value a home office more than a kids' playroom, dining room or luxurious bathroom. These are just a few of the more surprising findings of a recent survey of 1,000 house hunters released today by real estate brokerage ZipRealty (NASDAQ:ZIPR - News) (www.ziprealty.com).

Other survey highlights:


Both men and women home hunters rated green features higher this year compared to 2008, with 27 percent of this year's respondents ranking a green home high priority.


The percentage of home shoppers ranking a home office as a high priority is up from 35 percent in 2008 to 39 percent in 2010.


The three biggest turn-offs when viewing a home in person are structural damage, bad odors, a busy street and an awkward floor plan. While searching online, lack of parking and few or no photos and low square footage are the biggest deal-breakers.


Male versus Female House-Hunting: Must-Haves and Deal Breakers Differ

"Overall, the same things you would always expect to top the list of 'must-haves' and 'deal breakers' for house hunters still show up, but it is interesting to see men place a higher priority than women on things often characterized as stereotypically female priorities, such as a luxurious bathroom and a dining room," said ZipRealty Vice President of Marketing Leslie Tyler. "Also, women's growing desire for a home office may speak to the fact that more women are working from home these days."


A higher percentage of women reported ample storage and a large yard as a high priority compared to men, and reported that when viewing a home in person they would be turned off by small bedrooms and a lack of common space more often than male respondents. In fact, 60 percent of women compared to 49 percent of men reported they wouldn't consider a home with small bedrooms.


Forty-four percent of men rated a home with a view as a high priority, compared to only 33 percent of women, while 28 percent of men reported a luxurious bathroom as a high priority, compared to only 23 percent of women, and more than 70 percent of men indicated a guest bedroom as a must-have, compared to only 63 percent of women.


A higher percentage of men reported when searching for homes online disdain for outdated furniture or paint and unkempt landscaping compared to women -- and men reported more often than women in person, they're more likely to be turned off by a lack of curb appeal than women are.

Saturday, May 15, 2010

Planes, Trains, and Automobiles - Trip to L.A for Distressed Sales Conference


Wow - yesterday was quite a day of traveling, as I made my trek across this great nation of ours! I started in Richmond, drove to Northern Virginia, then took the Metro into L'Enfant Plaza (across from HUD's headquarter's by the way). Next, I took a Metrobus to the Dulles airport, all in time to get on the plane with 15 minutes to spare. Despite leaving home at 9am for 2:55pm flight, I never even had enough time to eat lunch and was forced to buy a $10 Turkey sandwich. Then, once I got to L.A. I took a $16 Supershuttle to my downtown JW Marriott hotel for Craig Proctor's Distressed Sales (Bank Foreclosures and Short Sales) Superconference.

I got to my room about 7pm Pacific time and was ready to settle down enjoy all that L.A. has to offer, especially since my room is in sight of the Staples Center and the Grammy Awards. Yeah right, I was totally exhaused and got room service dinner, made a few quick real estate calls and went to bed.

What this experience did for me was to make me think about public transit and the relative lack of it in the Richmond metro area. Yes, we have the GRTC buses and 2 train stations at Staples Mill and Downtown, but in the suburbs of Chesterfield, Henrico, Hanover and beyond you basically must have a car for each working adult. If I can get from a Mall in Northern Virginia to my hotel in Los Angeles, California without a car we have to find a better way to preserve our Earth's natural resources in the Richmond Metro area.

I'll follow up this blog with other's about the architecture here in L.A., as well as the conference. Thanks and enjoy your weekend!

Tuesday, March 2, 2010

Short sales are becoming even more prevalent!


I have started to notice a shift in our Greater Richmond Metro market. The shift of what I've been noticing in my showings in the last several weeks is that the short sales have overtaken the volume of foreclosures for the largest volume of types of ownership.

This is noteworthy and somewhat surprising given the talk of the foreclosure shadow inventory. I still think that a lot of regular sales transactions are being held up by homeowners/would-be sellers that are either skittish about prices or their own economic situation (a.k.a. job) OR are under water (meaning the value of their home is less than their current mortgage balance). So, much of what's then available for sale are foreclosures and increasingly more short sales. Many of these short sales are still Unapproved by the bank at time of listing and while more of them are closing than in previous years, its still a bit of a gamble on whether it will ever close (only about 30% do).

If you are a tax credit buyer, then steer clear of all unapproved short sales, as they are unlikely to close by June 30th with any certainty. And, no matter what, if you do put a contract on one of these homes, then make sure you build some protective clauses that can get you out of the contract if it starts to drag on.

While these short sales present value on the sales price, they're often not the best value when factoring in deferred maintenance and less favorable terms on the seller-paid closing costs.

Sunday, February 28, 2010

Lock those doors when showing homes


Quite the ironic thing happened to me yesterday while showing foreclosures and short sales in Chesterfield and Bon Air. I was remarking to my 1st time home-buyer clients, a happy young couple engaged to be married soon, how I always lock the door behind us, because people tend to show up to foreclosures and just walk in on you. Like many of my clients, they were surprised to hear of a strange story like this. Well, wouldn't you know it that at our next house which had a 2nd home for sale right next door, we came out of the showing and a car pulls up and a thug-like creature wants to know about both homes and know if I'm the owner or my clients or the Realtor and etc.. Truth be told, I was ready to get out of there, because this gentleman (and I'm using that term loosely here) was scary looking indeed. So, I told him that he should call the listing agent from the sign and that we had to get to our next home on our list. He didn't seem to understand the concept and we just left him standing there in the front yard to his thoughts. I was thinking he might follow us to our cars, but he did not.

This is by far, not the worst encounter I've had in my years in real estate, but simply a reality of the world we live in. He could've been harmless or he could've been danger incarnate, but I wasn't about to find out. Just know this, do everything you can to protect yourself as a real estate client or agent and lock those doors when showing homes, because then at least you'll not be surprised by anyone in a closed non-public environment.