I’m just showing you the crazy stuff we see every day. If the sight of dead animals bothers you, then do not watch this:
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Steven Patrick Morrissey (born 22 May 1959), commonly known by his last name, Morrissey, is an English singer and lyricist. He rose to prominence in the 1980s as the lyricist and vocalist of the band the Smiths. The band was highly successful in the United Kingdom but broke up in 1987, and Morrissey began a solo career, making the top ten of the UK Singles Chart on ten occasions. His first solo album, 1988’s Viva Hate, entered the UK albums chart at number one.
He is widely regarded as an important innovator in the indie music scene; music magazine NME considers Morrissey to be “one of the most influential artists ever”, while The Independent says, “Most pop stars have to be dead before they reach the iconic status he has reached in his lifetime.” In 2004, Pitchfork Media called him “one of the most singular figures in Western popular culture from the last 20 years.”
Morrissey’s lyrics have been described as “dramatic, bleak, funny vignettes about doomed relationships, lonely nightclubs, the burden of the past and the prison of the home”. He is also noted for his unusual baritone vocal style (though he sometimes uses falsetto), his quiff haircut and his dynamic live performances. Media controversies have been caused by his forthright and often contrarian opinions, and he has also attracted media attention for his advocacy of vegetarianism and animal rights. He describes himself in his autobiography as an animal protectionist.
He’s playing at the SD Observatory on August 20th – click HERE.
The President of the Federal Reserve Bank of Kansas City thinks “it’s time” for the U.S. central bank to raise short-term interest rates to reflect solid improvements in the economy.
The current level of near zero short-term rates, set at emergency levels to deal with deep economic problems, “do not seem needed anymore,” Ms. George said. “We should now be beginning to think about a rise in interest rates,” the official told a gathering on agricultural matters held at her bank. “You have to have some dose of courage” in your forecast and be willing to act, even when the future is uncertain, Ms. George said.
Austan isn’t so sure:
Doug’s thoughts on today’s market, interrupted occasionally by me:
Spence over at the Z Group listed an investment property with an agent in Seattle, who put the home on Zillow – no surprise there:
The agent also included a 3D tour by Matterport – which has received the usual ballyhoo as the next big thing in real estate promotion. How do you like this manually-driven 3D tour, compared to video tours?
Do you get the feeling that I spend a lot of time in the car?
The comps haven’t mattered much during our frenzied market. But with things settling down a bit, we might see comps matter more.
In March, we discussed who pays more than they should, and why:
Today, let’s point out which comps are the most suspicious. Both sellers and buyers should proceed with caution when using these comps:
1. Sales prices above list prices. Bidding wars have been the norm, but the eventual sales price was thrown out there by somebody who was trying to win the contest, not pay market value. They probably waived the appraisal contingency too, so there aren’t any checks and balances in place. Just because one crazy nut was willing to pay that price doesn’t mean there will be others willing to do the same.
2. ‘Sold before processing’. How can it be considered market value if the market never had a say? Rarely do they have a full description or ample photos so you don’t even know what was sold, or why. Sometimes these are high-priced, where you wonder if the seller and listing agent thought they’d never get the same price on the open market. But usually they are lower-priced.
3. Dual agency. When the seller’s agent represents the buyers too, how do you know what happened at the moment of impact? Be wary of those that closed for a deep discount under list.
4. Long-timers. Have you seen those properties that have been on the market for months without lowering their price, then all of a sudden they sell for full price, or close? Sure, the market can come up to meet them, but it just smells fishy to me that buyers wouldn’t demand to pay less for a property nobody else wanted for months.
5. Comps that went pending when hottest (Jan-April 2015). Today’s market is still good, but for the rest of 2015 it won’t be sizzling like it was when rates were 3.67 – 3.77% earlier this year. Buyers are going to want to pay a little less than before to compensate.
6. Weak buyer’s agent on the sale. Inexperienced or desperate agents don’t stop their buyer from over-paying. The inexperienced agents are usually unaware themselves. The tricky ones are the big teams who just use the leader’s name on every sale – but you suspect it was an assistant who handled the sale.
Tip of the Day: Examine the photos from the buyer’s perspective.
Buyers have never relied less on their agent – they have all the comps at their disposal, and they will interpret as they see fit. Your accuracy about the comps is only half the battle – understanding the buyers’ position and how to add value to their interpretation is essential too.
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