There were only 40 residential home transactions in February in the twelve Lakes Region communities covered by this report. The average sales price was $252,320 and the median price point was $197,500. Last February there were 54 sales at an average price of $332,685. That's quite a bit of a drop in total sales for one month, but I have to guess that the horrible weather we have had has something to do with that!
I bought a new smart phone. Even though my older smart phone was smarter than me, it wasn't as smart as it needed to be to function properly anymore. It was a Motorola Droid and the guy at the Verizon store said that it was no wonder I was having trouble with it because it was so outdated. Really, after only three years? I wish houses would be outdated that quick. Think of how that would spur on the housing market.
Anyway, I bought a new Samsung Galaxy Edge which is the size of a small computer. I like living on the edge so it seemed fitting. It actually does what it is supposed to do when I touch something on the screen. It has got a lot of bells and whistles which will probably take me two years to figure out and then it will time to trade it in for something else you have to learn all over again. It is also kind of funny that many people want bigger phones but smaller houses.
Real estate apps for smart phones are really very useful, not only for agents, but for buyers looking for their new home. Practically every major real estate company has an app that will help their mobile phone shoppers find their new home. For obvious reasons, I am partial to the Sotheby's International Realty app. You can search for a property just like you are on your laptop, but most apps also utilize the phone's GPS system to locate homes in the immediate area. This comes in really handy when you are out driving around in your car but we're gonna need a hands free app for that pretty soon...
There are lots of mortgage calculator apps, apps to find commercial properties, foreclosures or rentals, apps to study for the real estate test, and real estate news apps. I like to use compass apps at showings and there are even apps that show you where the sun is going to rise and set for that all important view property. There are even apps that identify distant mountains and peaks. It is amazing what your smart phone can do to help you find your next home.
I found a Real Estate Glossary app that will probably make even the smartest agent feel a little less intelligent. There are a lot of obscure terms that don't get used a lot and I vaguely remember most of them from the pre-licensing course. The glossary certainly could be of use to a buyer that is a little befuddled by some of the real estate jargon. Here's just a sampling of some rather obscure or amusing real estate terms that you may not immediately recognize:
Novation, Lis pendens (no, that's not a pending listing), Laches (not latches), Indenture (nothing to do with an old guys teeth), fixity of location (if it ain't broke, don't fixity it?), et ux, estate at sufferance (is that where the a wife nags you to mow the lawn?), escheat (nothing to do with poker), corporeal rights (less that sergeants rights?), color of title (not green or red and not a cloud), avulsion (versus propulsion?), seisin (how big is it?), usuary (or maybe you won't use it?), allodial tenure, chattels (not chalets), and imperative necessity (which has nothing to having to go to the rest room.)
I was amazed that the term "median" was not in there. It seems like many people have problems understating what "median price"actually means. The median price point, simply put, is the price of the house at midway point of all the houses that sold over a set period of time. So, if there were 101 houses sold in a month, the median price point would be the sales price of the house in the middle. It has 50 houses priced above it and 50 house priced below it. This also applies for the homes currently on the market. It's the house in the middle, Willie...
So go download the Real Estate Glossary app and be smarter than your smart phone.
Pease feel free to visit www.lakesregionhome.com to learn more about the Lakes Region real estate market and comment on this article and others.
Data compiled using the NNEREN MLS system as of 3/19/15. Roy Sanborn is a sales associate at Four Seasons Sotheby's International Realty and can be reached at 603-677-7012.