Sunday, February 28, 2010

GOOD NEWS!!! Positive Price Trend observed... finally!

The graph above shows the annualized mean sales price by quarter for detached housing in the City of Naperville, IL.  It shows a downward trend after the market peaked in January 2008. 

According to current apprasials I am working on, in the 12 month period between 3/1/2009 and 2/28/2010, the average sales price in all of Naperville is $442,081. 

As you can see, at the end of the year, for the period between 1/1/2009 and 12/31/2009, the mean sales price was $438,523.

This is the first evidence that our market may actually see positive appreciation taking place.  It is an approximately 1% increase after the first two months.  Most definitely good news that we have been waiting a long time to hear.

I will continue to monitor other communities throughout the Chicago marketplace to see if similar trends exist in any other areas.

Chip Shots: First Blog

Chip Shots: First Blog

First Blog

I'm brand new to the world of blogging, but an intermediate social media expert. 

I am a 42-year old real estate appraiser who signed my first appraisal when I was 16 under the tutledge of my father.  My father retired in 1999 and I have been running the business he founded in 1970 ever since. 

I first jumped onto the Internet in 1993 with a Prodigy account to connect with Jimmy Buffett fans (called Parrot Head Madness), then in 1994 picked up a Compuserve account because that was how businesses communicated.  By 1995, I was working on my first company web page and in 1996 I taught 350 real estate appraisers how to get on the internet and do everything from research to creating your own web page.  I was teaching them how to use AltaVista, Excite, Lycos, and my favorite at the time Yahoo.  Who can remember the days before Google?

I also had my first webpage in 1996 - it was something like  Yes, I was teaching people what a tilde was (tilde is the ~ character) - it was easier to describe "that squiggly thing next to the 1-key.  The address was kind of a pain and ddn't fit on a business card.  By 1997, it was time to get my own domain name - and had friends helping me put it together.  My original web pages won a lot of awards because of the thorough content and it was somewhat revolutionary to the real estate appraisal profession.

I began publishing market reports in 1993 based on Local Real Estate Inventory Levels on selected communities throughout Chicagoland.  I did this to enhance the appraisal service I provided to my clients by being more analytical in the market I was appraising in.  A side-effect was an opportunity to market my business, and it has evolved through the years into a much bigger project.  It has gained attention in the press, with fellow real estate professionals, as well as some natoinal users.  I usually try to include an eNewsletter everytime I send out a new release.  Today, I have a distribution list of users that is over 1,500.

Fast forward a few years, and a few billion new users to the Internet.  It is now a way of life at almost every level.  I joined LinkedIn three or four years ago, but only started working on my image and the people I'm linked to in the past year or so.  I joined Facebook in Fall 2008 at the prodding of my brother, honestly just to see what some of my friends from high school looked like.  Now I'm a FB junkie, connected to old friends and new, keeping up to day with family and friends.

I have a small group of friends that are Social Media maestros, and they have encouraged me to leverage my professional knowledge, as well as my social and business networks into a Blog.  (Thanks John D' and Bob P.)  It only seems logical as I have made it this far, and very shortly I hope to have things in place as I learn more how to enhance my on-line persona, with my professoinal expertise as a "real estate analyst in property economics."  (translation: real estate appraiser).