Posted by Jonathan J. Miller -Monday, July 17, 2006, 9:55 AM
Its been a slow real estate news month other than the exploding townhouse in New York – or perhaps, better yet, the scope of the exploding townhouse coverage actually confirms that its a slow real estate news cycle right now. Incidentally, the property owner just died [NYT] this weekend.
However, our readers had a few other tidbits for us to digest which is not a bunch of hot air.
As a homeowner trying to sell my home with a registered sex offender right next door, I can say this is financially devastating. I live in an area with excellent schools and my home is geared for beginning families, 3 bedrooms, expensive play system in yard, etc. Already we have lost 3 sales in 3 months in an area where most homes sell within 2 weeks. Unfortunately,we purchased a new home and moved in anticipation of selling our old home quickly only to find that our neighborâ€™s son is a registered offender. He is 27 and has always lived at home and isnâ€™t going anywhere. We even asked them to have him move temporarily and they refused. We are now faced with a 250,000 home that is essentially worthless which is financially devastating to us. I understand the idea behind the register for sex offenders but at what cost to innocent neighbors? We are honest, law abiding citizens who are being unfairly punished for another personâ€™s crime.
My other problem with NAR is that they typically donâ€™t provide more than one year worth of stats. The result is youâ€™re stuck with their analysis without the benefit of having access to the data from prior time periods (i.e. 3 years, 5 years, and 10 years). Like you, our local MLS posts their market reports with data from prior years. NAR has a lot to learn from you and your market reports. If NAR thinks it has a corner on the market in terms of market data, sooner or later they will find someone out there providing better data. Openness and unbiased analysis is what gains credibility with the public.
Is this data dated from the closing date or contract date? If so, there could be a significant time lag from contract to closing date. Is there any data on the lag between contract and closing date? Could it be as much as 3 months? It took me more than 1 month to close from contract signed in early may â€˜06â€¦ but iâ€™m just one data point.