One of the things happening in the real estate market across the county is the proliferation of market data being presented on the internet about individual properties. The idea is that the provider that has the “richest” site that is easiest to navigate will capture the buyers. There are a number of players in this market: Zip, Zillow, Trulia, RPR/Realtors and Cross Realty. Yes, we are in the internet fight to capture business! The MLS system serving Hampton Roads does an excellent job of projecting listings to multiple sites and our content keeps growing, but it will be tough to compete with the major internet players in the short run. No telling where all this is going, maybe a national MLS. Buyers and Sellers still need local experts to really understand their opportunities and challenges. Knowledge and experience is still the key to getting properties sold and finding that right property at the best price.
As to our local market, we are still fighting the Repo problem. They are 25% of our listings and getting close to 40% of our sales. This tends to lower the average sales price.
Have a great Thanksgiving and lets all be thankful for our blessings.