The Real Estate world, as we have come to know it here in our geographic area, will undergo a seismic shift by the end of this very month.
“Bright” MLS is here.
As most consumers know, Multiple Listing Services, commonly referred to as MLS, are the organized “pool” of residential listings which Brokers make available for reciprocal privileges among other Brokers and Agents. Transactions in which the listing broker’s listing is sold by a broker or salesperson from another real estate company are called “Co-Brokered Transactions”.
One of the most noticeable changes in the Real Estate Industry has been the proliferation of forms and standard agreements and addenda over the years. When I entered the real estate business, back in 1982, we could have listed your house with a one sided, 8 ½” x 11” document and sold it using a two sided, 8 ½” x 11” document. My clients frequently laugh when I share this story.
It is commonly acknowledged that buying or selling a home is, for most people, the largest financial transaction that they will likely encounter in their lifetime. As such, it is only reasonable to expect that you will experience a wide range of emotions when going through the transaction process itself.
Many people interchange the terms “Appraised” and “Assessed”. While there are similarities to these valuations, there are also very distinct differences.
“Appraisal” is a “valuation of property by the estimate of an authorized person”. Real estate appraisals are conducted by licensed and certified real estate appraisers. Real estate appraisers are either Certified Residential or Certified General Appraisers. Federal guidelines outline appraisal process and technique. The overriding guideline is known as USPAP – Uniform Standards of Professional Appraisal Practice.
Much has been written about Millennials – – the group of young adults born between 1981 and 1997 who have now surpassed Baby Boomers as the nation’s largest living generation. Millennials are affecting the national economy in a big way.
When it comes to real estate, Millennials have been slow to use their numbers to influence the housing market. In fact, Millennials have not, until recently, been entering the housing market in any significant way. I have attributed this in the past to four specific reasons.
Each year, dozens and dozens of individuals and families relocate into the Greater Carlisle Area. Although many of these families are affiliated with the United States Army War College, just as many others are transferees who are newly employed due to the nice diversification of businesses, industries and institutions that support our strong local economy.
There is an old adage that says “All politics are local.” Well, in many ways, the same holds true for Real Estate. All Real Estate is local.
Each month, I hope to bring you some insight into local trends within the Real Estate market. In addition, I hope to have the opportunity to provide some explanation and dispel some misconceptions about Real Estate related items and issues. I frequently refer to the “local market” as the “micro-market”. The market to which I refer is that of the Greater Carlisle Area – – much the same footprint as The Cumberland Valley Business Journal itself. In many subtle and even not too subtle ways, the Carlisle market differs from the East Shore and West Shore markets as well as those of our nearby friends in York, Adams and Perry counties.
Before we take a look at our 2016 business year, please allow me to extend my best wishes for a Happy New Year! I truly wish all of our clients, customers and associates a 2017 blessed with much health and happiness.
Calendar year 2016 was another successful and profitable year for Wolfe & Company Realtors. We celebrated our 30th Anniversary and opened our new appraisal division. Our settled transactions were on a par with 2015 – – which was the best year we had enjoyed since back in 2006.