W.G. Bunch's Blog

Can Realty Companies Advertise Homes When The Homeowner Has Already Accepted An Offer?

W.G. Bunch (Prudential Bunch Co. REALTORS) — Fri, 26 Jun 2009 21:39:25 -0700

Don’t you get frustrated when you see your potential dream home in a homefinding guide or online but when you contact the agent, they inform you “Unfortunately, that house is already under contract…but I know another house I could show you that may be what you’re looking for”? Some homebuyers see that as a “bait and switch” method and I wholeheartedly agree. FYI: The REALTORS Code of Ethics states (in article 12): “REALTORS® shall present a true picture in their advertising, marketing, and other representations.” I question an agent who continues to advertise a property as “active” even though the seller has entered into a binding agreement with a buyer. Over the years, those agents have attempted to justify their decision by stating that state law mandates they are obligated to do anything within the law that a seller requests in order to procure a buyer. However, West Virginia state law states a real estate license can be revoked if the licensee “Uses misleading or false advertising´.

The Huntington West Virginia housing market

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 27 May 2009 20:21:13 -0700

It would be a challenge to find a recent national television newscast that doesn’t have a segment that focuses on or references the current housing market. As the President of the Huntington Board of REALTORS®, I answer questions about our real estate market on a regular basis. I get questions about staging a home to sell. I get asked how the new tax credit works for homebuyers (FYI: this can save you thousands of dollars. Ask your REALTOR® for details)! However, the most popular question I receive is simply “How’s the real estate market?” My answer to any real estate question is based upon local data and experience. After all, it would not make sense to advise a potential home seller in Barboursville to spend $15,000 remodeling their basement because it worked on a TV reality show for a home seller in New York. Likewise, fluctuating home prices in Scottsdale, Arizona do not directly affect someone looking for a four-bedroom home with a two-car garage in Chesapeake. What is happening today in real estate on a national level does not reflect trends we are experiencing in the River Cities. There are thousands of real estate markets and ours continues to defy most trends you read and hear about from national media outlets. In fact, statistics indicate good news for the Tri-State area! According to the Huntington Board of REALTORS® Multiple Listing Service, the local median home sale price in April 2009 increased eight percent when compared to April 2008. Those numbers are a welcome contrast to national home prices which were approximately 15 percent below where they were a year ago. The National Association of REALTORS® recently reported the number of existing home sales across the country in April 2009 increased almost three percent from March 2009..The Huntington Board of REALTORS® is pleased to announce sales in our MLS rose approximately 20 percent from March to April 2009. NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said conditions are optimal for buyers with good jobs and long-term plans. “We have record low mortgage interest rates, a wide selection of homes and affordable prices in most areas,” he said. “When you add the $8,000 first-time buyer tax credit, it’s hard to imagine a better time to make an investment in your future through homeownership.” That same outlook is certainly true in the Tri-State. The biggest enemy of today’s housing market and the economy in general is uncertainty. There are homesellers and homebuyers who want to “weather the storm”. But, ask yourself if it’s raining in Florida, do you grab an umbrella, too? There are ample signs suggesting a sizable, pent-up demand in the real estate marketplace. One indicator is that real estate websites such as realtor.com are reporting record numbers of visitors each month. Yet, home sales have remained soft. I compare it to a busy mall but only a few people have shopping bags in their hands. There is no doubt a lack of buyer confidence exists in the U.S. Yet, our local market data gives an optimistic prediction of the summer housing market. Is this the right time for you to buy or sell a home? Contact a REALTOR® for a consultation.

Video Examples

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 23 Jul 2008 22:46:03 -0700

I received great responses from agents about adding video to their marketing. Does it work? The last month we had our Advanced Access site (8/2007) we got about 60,000 hits. Our new site is video driven and we average 600,000 hits monthly! Check it out at www.prudentialbunch.com.

THE Movie Experience Is Still New To the Area

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 23 Jul 2008 21:57:45 -0700

In 2002, the only choice for movie theaters were the same ones that existed from my childhood in the 1970's & 1980's. When they started the rollout of Pullman Square and the new Marquee Cinema complex, I couldn't believe how many people made negative comments that it didn't make sense to build the theaters because they couldn't fill the old ones, that no one would pay an extra buck for stadium seating, digital sound, blah, blah, blah. Well, the Marquee was built at Pullman Square and the movie fans have continued to show their approval by keeping the theaters full as they enjoy the digital movie experience. Almost two years ago, the dated Carmike theaters at the Huntington Mall were shut down. The good news is a 12-screen Cinemark theater will open next spring in the same location. I think it's great. With the movie technology today, I still love going to the movies for a blockbuster and I love the idea we will have another Huntington area location to soak in the true movie experience. More to come...

Huntington Police Promotions

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 23 Jul 2008 21:55:56 -0700

Lieutenants Hank Dial and Mike Albers were promoted to captains within the Huntington Police Department. I've known Hank and Mike for years. Hank and I used to work together at Stewart's Original Hot Dogs in the '80's. Mike and I have known each other since we went to Meadows Elementary waaay back in the 70's. Both of these outstanding public servants will be excellent leaders to the police force and I feel they will help continue the momentum against crime within the Huntington area. More to come...

Increase The Chances for Selling Your Home (And For More Money!)

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 23 Jul 2008 21:54:00 -0700

I just read an article that 11.5 BILLION videos were viewed on the internet in March 2008 alone. Nationally, more and more stories are covering the effect of video in real estate. It's definitely the next wave in real estate. If you check http://www.youtube.com/watch?v=pOqx_sEJtGc you can see that one of our community spotlights (for Applewood, WV) has been watched almost 4,000 times in just 6 months! We recently sold a Southside home that had over 8,000 views in the four months it was on the market. Since September 2007, homes above $200,000 in the Huntington MLS have a sold rate of 53% (the other 47% have either expired or are still waiting on a buyer). Homes with videos on the web sell at a rate of over 80%. Anyone selling their home can post a video on the internet using a digital movie camera. Where can you see some great examples? http://www.prudentialbunch.com/prudential_bunch/featuredhomes.php?m1=1&m2=0 More to come...

The Power of Home Rule

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 23 Jul 2008 21:50:55 -0700

Huntington has received the power to request to levy a one percent "occupation tax" on income. I've talked to more than one person who has commented it's just another way to drive people out of the city. Hopefully, I can clarify the situation. Huntington would repeal the much-hated "user fee" and reduce the business and occupation (B&O) tax currently in place and would start the occupation tax so the city doesn't see a loss in revenue. Huntington officials are trying to emphasize this isn't an additional tax punch but that it's just a fairer way to raise revenue. They also say the amount taxed would be roughly the same the city gets now. This occupation tax has to be approved by Huntington's city council before it's implemented. Mayor Felinton hopes to have it in place by January 2009. The occupation tax would be offset by getting rid of the current $2 weekly "service fee" the city charges today. The occupation tax is a tax on how much you earn from your profession. Before the tax can start, the city has research to do. What percentage should be charged? Will people in certain income ranges be exempt? How and when will it be collected? What it all means is the current B&O tax would be reduced, the occupation tax would kick in, it may work, it may not. We all will have to wait and see. More to come...

Huntington Home Sales Finally Decrease

W.G. Bunch (Prudential Bunch Co. REALTORS) — Mon, 21 Apr 2008 19:19:54 -0700

I've commented previously about the western West Virginia, southern Ohio and eastern Kentucky region covered by the Huntington MLS weathering the housing market storm very well with a 7% increase in number of residential sales in 2007 as compared in 2006. Well, we finally hit a speed bump as the number of sales in the first quarter of 2008 were down 20% from the same period in 2007. The two areas who felt the most impact were the Proctorville, Ohio area (down over 50%) and the Ona & Milton district (30% fewer home sales).

The Huntington Area Cost of Living and Crime Rate

W.G. Bunch (Prudential Bunch Co. REALTORS) — Mon, 21 Apr 2008 19:15:13 -0700

It seems the public gets an earful when it comes to some of our area's challenges (i.e. the crime rate, lack of cultural activities and road conditions). While it's true, we don't have an NBA team or a drug-free city, our conditions need to be compared to other markets for a clearer picture. Forbes.com ranked 200 metropolitan areas in the U.S. in their annual "Best Places for Careers and Business" list. Overall, we were ranked right in the middle at #100. Here are some very interesting ratings: for the cost of living, we were #1. That's right, numero uno! We ranked 35th for job and income growth. I feel that's also pretty darn good. Our crime rate was 65th. A note about the crime rate is that the number of arrests made by the Huntington Police Department has significantly increased in the past year. Last year, Skip Holbrook was elected as the new police chief and Skip's proactive strategies have resulted in more arrests. It's too bad some only see the rise in police arrests as a signal of more crime. But shouldn't the increase in that number also reflect the "We're not gonna take it anymore" by the police department?

Kinetic Park Building NRG

W.G. Bunch (Prudential Bunch Co. REALTORS) — Mon, 21 Apr 2008 19:06:49 -0700

Within the next 4-8 weeks, construction should begin on a new Towneplace Suites by Marriott hotel here in Huntington, WV. It's the latest addition to the city's Kinetic Park area. Many insiders were expecting the H&W Hotel Brokerage to build a Fairfield Inn in the location off of the Hal Greer Blvd. exit of Interstate-64, but the firm felt an extended stay facility such as Towneplace Suites was a better fit partly due to Marshall University, St. Mary's Medical Center and Cabell Huntington Hospital. Currently, the area doesn't have a hotel which markets to guests who schedule a prolonged visit. If you haven't been a guest at a Towneplace Suites (I stayed at one in Knoxville), they are very nice with a kitchen in each room. Plus, the room's are larger than the average hotel room and have FREE high-speed internet. In my opinion, hotels that still require you to visit their "business center" for internet access should be demolished. At the Museum Ball a few weeks ago, I spoke with Dr. Allan Chamberlain. He and the Huntington Municipal Development Authority should close a deal soon for Dr. Chamberlain to start on a new office building on the upper level of Kinetic Park. Currently, his offices are in the St. Mary's Medical Center. On the upper level on Kinetic Park, you'll find the offices for Sullivan-Webb (accounting) and Huntington Dermatology Inc.

Move That Bus!!

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 13 Feb 2008 18:47:32 -0800

Allow me to sound like a girlie-man for a minute. A few things that get me teary-eyed: the end of E.T., "Silent Lucidity" by Queensryche (now that I have kids), and that silly show "Extreme Makeover: Home Edition". About five years ago I met Ty Pennington when he was on "Trading Spaces". He seemed like a good guy. A couple years ago at 5:00 a.m. in Columbus, Tracy and I met Ed Sanders (the bald guy from London) who also was quite a nice chap. Well, anyway, watch their home makeover show "Extreme Makeover: Home Edition" on March 9th for a new episode filmed in nearby Fairmont, West Virginia. It was actually taped last November and the new house, as always, is pretty awesome. O.K., now I need some Kleenex.

Huntington Home Sales Numbers Revealed

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 13 Feb 2008 18:44:41 -0800

See the story here!

Front page - USA Today - Money section - "Home Sales Plummeted 13% in '07". According to data from the Huntington Board of REALTORS MLS, the number of 2007 residential sales in our area increased by 7%. The average sold price is a 7% increase compared to the selling price in 2006.
More good news for the area market are the statistics which indicate area homebuyers are investing more in their home. The number of homes sold at or above $200,000 increased by a whopping 41%.

Schools Out...Forever

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 13 Feb 2008 18:38:38 -0800

First, my beloved Huntington High School was taken away when HHS and Huntington East consolidated over a decade ago and they became the "new" Huntington High. Sure, I was sad but I was a presenter at last year's Huntington High program for graduating seniors and after a tour of the campus, was thoroughly impressed. Now, my middle school (back in my day it was called Junior High), Cammack is no more. It will be Huntington Middle School and open for class in 2009. Huntington Middle is also a consolidation of Cammack and West Middle.

A New Way To Earn An Ohio Real Estate License

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 13 Feb 2008 18:34:35 -0800

It just happened last week. A client of mine commented how she had been thinking about getting a real estate license. Today, getting your license in Ohio can be a pain in the...well, a pain. That's because the testing, required ongoing classes and the good seminars are a three hour drive away in Cincy or Columbus. Thankfully, the drive will soon be as short as a stop in Proctorville. Next month, Ohio University - Southern, located in Proctorville, will offer the classes needed to take the state exam.

The Marcum Terrace Playgound Project

W.G. Bunch (Prudential Bunch Co. REALTORS) — Tue, 04 Dec 2007 09:44:57 -0800

The newest addition to The Prudential Bunch team, Britney, has a great project going on and any help would be truly appreciated. From what I understand, it started when Britney and her husband went "Reverse Trick or Treating". I had never heard of that concept, but they went door to door and passed out candy to kids who, for various reasons, couldn't get a costume and go Trick or Treating themselves. I was already impressed! Anyway, while they were at the Marcum Terrace development, some residents commented how much their playground was in need of repairs and improvements. Britney and her husband went into action. Their Facebook site explains more. Any volunteering or funding would be helping a great cause. Britney rocks!! More to come...

#1 Chili Found In Our Area

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 24 Oct 2007 22:26:49 -0700

We have to say congratulations to Kim Mallory who recently won first place in the chili verde category in the International Chili Society's 41st Annual World Championship Chili Cook Off in Omaha, Nebraska. Kim, and her husband David, chose us to help them in the purchase of their current home in Ohio and during the process, we learned about their passion for chili. Kim is a registered nurse at St. Mary's Medical Center and David is a professor at Marshall University. The winning recipe is not something they make in large batches due to its "secret ingredients" but Tracy and I have been lucky enough to taste the winning chili and WOW!

New Huntington Construction Statistics

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 24 Oct 2007 22:23:27 -0700

Pick up the State Journal and you'll see the front page headline "Slower To Build". The news story discusses the effects in West Virginia from the changes in the national housing market. It's not exactly a panic article but it does use phrases such as "homebuilders scrambling to find buyers" and "For people (in WV) looking to sell or folks who make their living building and selling homes, times are a little scary." The article doesn't give any hard numbers concerning supply & demand and seems to reference the state's eastern panhandle for general market confidence. I am in no way an expert in the market condition in that area which has exploded over the past seven years. So, I wanted to look at the Huntington region and compare numbers for new construction. According to the Huntington MLS which stretches to the eastern tip of Kentucky, the southeastern region of Ohio and the western part of West Virginia, 76 newly built homes sold in the area during the first nine months of 2006. In the same period in 2007, 93 newly built homes have sold. In the first nine months of 2006, 90 residential lots were sold while 70 lots sold in the first nine months of 2007. What does it mean? With more new homes sold but fewer lots sold in 2007, we haven't seen the dip other markets are going through. People here are still investing in lots to build and also buying new homes from builders. Two developers I know are going to be marketing lots in a Lavalette subdivision (240 lots) and a Proctorville development (20 lots) so if you are looking to build your own home in 2008, you should have some nice choices.

FORE!!

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 24 Oct 2007 22:20:15 -0700

Any avid Huntington area golfer and most part-time golfing hacks like myself have played the course at Lavalette Golf Club. It's a challenging public course open 363 days a year. Pro Shop Manager Gil told me he closes the course on Christmas and Thanksgiving. Every other day they're open (weather permitting). Last year 340 acres around the course and the golf course itself was sold. Now, it's Twin Silos Golf Club; named for the dual landmarks between the 9th & 18th fairways. They are also developing Twin Silos Subdivision with phase one lots coming very soon. Surrounded by the hills of Wayne, a new man-made lake and the golf course itself, several pieces of property will have a scenic view. The subdivision is only ten minutes away from the interstate and will be one of the largest developments in the area when finished. A lifetime membership for golf is included with a real estate purchase. This will be Huntington's first true golf course community and I wish them all the success in the world!

Downtown Revitalization Project

W.G. Bunch (Prudential Bunch Co. REALTORS) — Wed, 24 Oct 2007 22:14:58 -0700

A few days ago, the Herald Dispatch ran a front page article covering the progress of residential availability in downtown Huntington. Today, they published another report on another revitalization project. Between 10th Street and 13th Street, new features are being added to 3rd Avenue. Better parking options, new sidewalks, brighter street lighting and appealing landscaping are being used to help bridge the Marshall campus and downtown retailers.

Big Momma's House

W.G. Bunch (Prudential Bunch Co. REALTORS) — Fri, 31 Aug 2007 13:12:27 -0700

A couple months ago, Tracy and I began a home search for my mom. She still lives in the two-story, 3 BDR 2.5 BTH house on Wiltshire Blvd. I grew up in. My sister in Charlottesville, Virginia keeps her eyes open via the web too. "Downsizing" in our area can be a real challenge when you consider that most of the one story homes with a central location are usually older 1960's-1970's styled houses. The good news is that thanks to areas like Island Estates and the expansion in Ohio, the selection is growing. We are also trying to decide how much improvement to do to mom's house before we put it on the market. The location and potential are benefits but the lack of central AC and garage will hurt a bit. Wish me luck! More to come...

Have You Ever Thought About Selling Real Estate?

W.G. Bunch (Prudential Bunch Co. REALTORS) — Sun, 19 Aug 2007 15:27:03 -0700

In order to become a licensed real estate agent, you must have the necessary education and complete the course required by the state and pass a state examination. Your first step? Contact The Real Estate Career Center at 304-525-7765 or visit their website - Real Estate Career Center
More to come...

Area Market Still Climbing

W.G. Bunch (Prudential Bunch Co. REALTORS) — Mon, 13 Aug 2007 13:31:39 -0700

Now that we are a little over halfway into 2007, we can see how the first half of the year compared to the first half of 2006. The average sale price rose 5% to $136,115. The amount of houses sold increased by 9% with 732 residential properties sold. Lawrence County, Ohio had the biggest jump in number of sales with a 32% increase as our community continues to migrate across the Ohio River. More to come...

Roy G Biv

W.G. Bunch (Prudential Bunch Co. REALTORS) — Mon, 13 Aug 2007 13:28:06 -0700

Yours truly will be on the big screen soon. New York filmmaker Kim Spurlock is making a movie titled "Roy G Biv". I've known Kim for years and I was totally flattered when she asked if I would be interested in a role in the film. Go to http://www.roygbiv.com/ to read about it. I have a day's worth of shooting as an attorney. I need to start writing my Oscar acceptance speech. More to come...

Hoop Dreams

W.G. Bunch (Prudential Bunch Co. REALTORS) — Mon, 13 Aug 2007 13:26:31 -0700

It's pretty impressive to see what the West Virginia Thunder AAU Girl's Basketball team has accomplished. They're on their way to Louisiana to compete in the national championships! This 5th & 6th grade squad is one of the top teams in the U.S. and each has over a 3.5 GPA. I have to give extra love to one of their star players - my cousin "Grif" Dempsey (pictured above first row center). Keep track of their national trek at http://www.wvthunder.com/ More to come...

Don Ho Shall Live Forever

W.G. Bunch (Prudential Bunch Co. REALTORS) — Mon, 13 Aug 2007 13:24:47 -0700

During the year, there are several fundraisers to help those who need it. Some charities have formal galas which can be a bit stuffy. I did my best to inject some fun a few months ago at the Huntington Museum Ball. Tracy had the band pull me on stage to sing lead on a disco medley including "Play That Funky Music" and "We Are Family". Being in front of a crowded dancefloor gave me a flashback to my DJ days in Houston. I helped raise some quick money for the museum and had a blast doing it. Coming up on July 14th, American Red Cross is having a luau at Harris Riverfront Park. Tracy & I went last year and it was a lot of Hawaiian fun. This year, Prudential Bunch Co. Realtors bought a table so we'll be back again. Grab your flowered shirt and grass skirt and I hope to see you there! More to come...