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parcel mullet

A hair stylist says we’re not in a bubble…

November 6, 2018 By Ryan Lundquist 22 Comments

Everywhere I go people are talking about housing. So it wasn’t a surprise to have a market conversation with a hair stylist while flying to Texas last week. We talked about real estate bubbles and mullets. Anyway, here’s a few quick takeaways and some thoughts after attending an amazing conference called AppraiserFest. 

Of course I shared this conversation on Twitter:

TAKEAWAYS:

1) Opinions: Everyone has an opinion about what the market is doing or will do in the future. These days when I meet people I tend to ask them what they think is happening, and I’m always grateful and fascinated to hear responses. The truth is I like to hear opinions, but the bigger issue is an opinion without influence from local data isn’t that meaningful, whether it’s from a hair stylist, economist, or real estate professional.

2) Local data: The only thing that really matters right now is local data. What do the stats say the market is doing? What is the word on the street? What are we hearing from sellers and buyers? What is normal and not normal for a slower fall season? More than ever we need to pay attention and sometimes sift through the hype of doom & gloom real estate headlines too. This market presents us an opportunity to be objective, honest about not knowing the future exactly, and creative to find ways to describe what the market is doing. On a side note I’ll have my big monthly market update posted next week.

3) Mullets: Speaking of mullets, six years ago I helped coin the term “parcel mullet” to explain the phenomenon of having a short lawn in the front and a long lawn in the back. Either you think that’s hilarious or now you know I’m immature.

REAL ESTATE “ISLANDS”

I just got back from a conference called AppraiserFest. It was incredible to hang with nearly 300 other appraisers for a few days in San Antonio. I was honored to speak too. Anyway, here’s a couple of things on my mind that I wanted to share as an encouragement to real estate professionals.

1) Islands: It’s easy in real estate to go about things alone or be an “island” so to speak. But growing professionally and learning often involves intentionally being around people who will help us grow. I know this seems basic, but often appraisers are solo artists and completely isolated. That’s not a good thing, and it’s one reason why it was so powerful to see appraisers come together.

2) Finding people: With so much talk about the market changing, it’s critical to be surrounded by people who are accurately interpreting the market and helping us think through issues. My encouragement is to find others to help you think out of the box when it comes to real estate trends (and being successful in any market). I realize that’s a bit vague, but it’s something that needs to happen. As a side note I read Jonathan Miller’s Housing Notes every Friday without fail, and that’s one practical thing I do to help keep my mind sharp. For me Jonathan is one of those people who speaks into my life from afar and I’m better for it. That’s one reason why it was a real pleasure to meet him in person this past week.

I hope that was interesting or helpful.

Market update video: Here’s a video I did with Realtor Doug Reynolds a couple weeks ago to talk through the fall market. Check it out if you’d like. If you want to do something like this too, let me know.

NOTE about this video: Someone asked me how much I charge to share a video with an agent like the one above. In short, I will NEVER do that. I shared this because I was in the video and the content is worth digesting. I did this video for free with Doug and that’s what I do with everyone. I have a couple more video shoots on the docket and I may share those eventually too, but only if they actually fit with what I’m saying. If a video doesn’t add value or fit within what I’m trying to say, then it won’t get shared. Make sense? Hopefully so.

Questions: In what places are you having real estate conversations lately? What voices are you listening to right now that are helping you grow and think through the market?

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Filed Under: Random Stuff Tagged With: appraisals, appraisers, ApprasierFest, Doug Reynolds, hair stylist real estate, Jonathan Miller, local data, Mullets, parcel mullet, real estate bubble, real estate hype, sacramento regional appraisal blog

Real estate, water and the guy without a front lawn

March 24, 2014 By Ryan Lundquist Leave a Comment

Are you ready to pay a higher water bill in coming months? I shudder to think about more money leaving my wallet yet again, but it seems inevitable for water companies to raise rates and create mandatory restrictions because of the severe drought we’re having in California. That’s why this home owner without a front lawn is starting to look pretty smart. This guy is hands-down going to save money, but most of all he may be ahead of the curve in case severe lawn watering restrictions come into play. Yes, it’s still not as common to see xeriscaped front yards, but wouldn’t you say it’s growing in popularity? Might the drought spur on more yards like this?

front yard during a drought - by sacramento appraiser blog

The Drought & Real Estate: The truth is the drought in California can definitely impact real estate. Over time buyers are simply going to have to think about water usage during their real estate decisions. How much is it going to cost to fill and operate a built-in pool? How much is that expansive front yard going to cost to keep green? Will buyers pay more if the front yard has been dialed in already to save water? Will buyers pay a premium for water-saving appliances, instant tankless water heaters, or water efficient toilets or faucets? Will a golf course view be worth less if the “greens” are brown? Will builders struggle to get new construction off the ground because of water shortages? These are relevant questions.

layers of the market that create value - cake by Joy Yip

Cake, Water & our Wallets: I talk constantly about how the real estate market is like a multi-layered cake since there are many layers of the market that impact or create value. We know it’s obvious that things like inventory, interest rates and cash investors can strongly influence the direction of values, but we should add the cost of water as a layer of value since it is bound to be something buyers more readily consider in coming time. Granted, I doubt the cost of water will sway the market like interest rates can, but it is nonetheless a consideration and something to keep on our radar. Most of all, until there are severe restrictions in place and the cost of water dramatically increases, we may not see too much sensitivity in the market. Whenever our wallets are hit though, that’s when change can come.

parcel mullet word - sacramento appraisal blogParcel Mullet: By the way, since we’re on the subject of lawns, it seems natural to ask if you’ve incorporated the word “parcel mullet” into your real estate vocabulary yet. Heather Ostrom and I coined this term during a Twitter conversation two years ago, and the word was recently mentioned in Inman News, The Chicago Tribune and on Word Spy. Enjoy.

Questions: In what ways do you think the drought can impact real estate? How have you seen buyers respond to front yards without lawn? Any tips for water conservation?

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Filed Under: Appraisal Stuff, Market Trends Tagged With: Appraised Value, Appraiser, drought in california, Heather Ostrom, home appraisals, layers of the market, parcel mullet, photo of no front lawn, Realtor Joy Yip's cake, Roseville Realtor Heather Ostrom, Sacramento appraisals, the cost of water, water and real estate, water conservation, what impacts value, xeriscaping

Parcel Mullet: real estate word of the day

April 10, 2012 By Ryan Lundquist 25 Comments

Kyle_Plante_mullet_5th_grade (Wikipedia Source: Definition of Mullet)Definition: A “parcel mullet” refers to the phenomenon of having a well manicured short lawn in the front yard, but a wild long yard in the back. Or in laymen’s terms, business lawn in front, party lawn in the back. If you didn’t know, the mullet is a hairstyle that is short at the front and sides, and long in the back (Wikipedia).

Examples: 1) “Nobody would’ve ever known Tammy had a parcel mullet since her house looked so cute from the front.”  2) “Jim, your house is looking great. All you need to do before we list it on the market is a bit of touch-up paint in the hallway and well, chop the parcel mullet.” 3) “Randy’s parcel mullet didn’t impress his in-laws, but neighbors love him for keeping the street looking nice.”

parcel mullet evolution on TwitterOrigin of Word: This word came about during a conversation on Twitter with Heather Ostrom (@RosevilleRockLn). I had mentioned the way my front yard was neat and tidy, but my back yard was a jungle. Heather then alluded to the mullet concept (genius), which led me to think of the term “parcel mullet”. I don’t know about you, but while I keep the front yard constantly short throughout the year, I tend to let my backyard grow wild from December to March until most of the rainy season is finished. Or in other words, I grow a parcel mullet in the Winter each year (as seen in the image below). I actually enjoy mowing my lawn too, so no matter how busy I’ve been throughout the years, I have never hired a gardener. I guess I’m old school like that. Check out the Twitter feed to the right to see a portion of how this new real estate word emerged.

My parcel mullet being mowed yesterdayNeat & Tidy Lawn: In all seriousness, having a well-manicured lawn does make a difference with how buyers, passersby and community members might perceive a household or even a neighborhood if front lawns are perpetually overgrown. As I wrote about in Thou shalt mow thy lawn to decrease blight, “Unkempt front yards are actually a very big deal because people will judge a community based on what it looks like. Is this a place where residents invest in their neighborhood or have they stopped believing in the future of their community?” In short, mowing the lawn in the front is a free way to help boost neighborhood pride and show the community that neighbors care about the image of the community. Regarding the backyard, if you’re not selling, feel free to grow out a parcel mullet. But if you are selling, it’s time for a haircut.  🙂

Lundquist mullet - image by Heather OstromDisclaimer: This post is in no way meant to offend anyone who has had a mullet, currently has one or will have one. It’s simply a fun way to describe a realistic yard scenario (even on my parcel).

Lastly, thank you Heather for the funny mullet photoshop job. This was a great laugh after a long day!! Click the image to the right if you wish. I hope you enjoyed the post.

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Filed Under: Random Stuff Tagged With: appraiser in Sacramento, definition of parcel mullet, humor, importance of mowing lawn, neat and tidy lawn, neighborhood pride, parcel mullet, real estate terminology, real estate word, Ryan Lundquist, twitter conversations, unmowed lawn

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