July 2016: Real Estate Roundup

Top real estate questions and answers

Lance Evans

Lance Evans

I recently spoke to the Watertown Rotary Club about a number of real estate issues, including housing statistics and took questions from those assembled.

Is cash is king?

There is an expression that “cash is king.” However, is that true in real estate? During my talk I noted that cash transactions normally make up about 25 percent of residential sale transactions nationally. For 2016 so far, 35.7 percent are cash. Locally, this year Jefferson County cash sales have accounted for 33.3 percent of residential sales (22 percent in 2015), 35 percent in Lewis County (26 percent in 2015), and 25.8 percent in St. Lawrence (22.6 percent in 2015). While St. Lawrence County as not followed the national trend, why have Jefferson and Lewis counties? Looking at the median price — the price where half the prices are lower and half higher — the cash sale median is $50,000 while the median for non-cash properties is $140,000. Many of the cash sales were due to foreclosure. In fact, about 55 percent of the residential listings that sold for $50,000 or less were foreclosure sales. [Read more…]

June 2016: Real Estate Roundup

Realtors meet members of Congress

Lance Evans

Lance Evans

From May 9 to 14, the National Association of Realtors held its Realtor Legislative Meetings and Trade Expo in Washington, D.C. Approximately 8,500 attendees from across the country and around the world attended the annual conference. The week included about 200 meetings and events that covered many real estate topics and allowed NAR members to take an active role in advancing the real estate industry, public policy, and the association. [Read more…]

March 2016: Real Estate Roundup

Understanding residential transactions

Lance Evans

Lance Evans

In the coming months, I will discuss some common forms a buyer or seller encounters during a real estate transaction starting with the Agency Disclosure Form. This is the one form you should see in any transaction involving real estate agents and sales of property ranging from single-family residences to four-family homes. Remember that all parties should always be given a copy of any contract or form that is signed. [Read more…]

January 2016: Real Estate Roundup

Realtors honor service, change officers

Evans_LanceWEach December, the Jefferson-Lewis Board of Realtors and the St. Lawrence County Board of Realtors thank their volunteers, install new officers and directors, award special honors, and raise money for local charities. [Read more…]