I just got through reading a blog on Broker/Agent Social by James Crumbaugh III about what he sees as the future of real estate.

http://www.brokeragentsocial.com/article/774/our-industry-may-cease-to-exist He doesn’t sound like a normally doom and gloom kind of guy, but his view of the real estate company of the future is…. there will be not real estate companies. We will be replaced by virtual home shopping. In 3D.

He thinks sellers will pay $200 to have their home listed on a “real estate for sale” channel. Buyers will then surf the channel. Pick out a house, apply for a mortgage and close the sale with out a live person.

His proof for this is what has happened to the Hummer. And travel agents.

Although it is possible to buy a home now in the manner he describes, it still can’t be done without a Realtor. A Realtor has to send listings and pictures, fill out the paperwork, negotiate, attend the inspection, etc. Almost every day I hear people complaining about robo-calls and their frustration with automated systems when they call a help line. Can you imagine trying to conduct a transaction that way? And how many people would buy a home without going to see it in person? Almost no one.

Oh, but wait. Buyers would be given a lockbox code to go see the house. After a criminal background check. Yeah right. I just don’t see that happening. How many sellers would be willing to let a code to their front door be given out like that. None.

And a person brought up a good point in the comments to this blog. Who is going to market the homes. Put it on the “Real estate for sale” channel and that’s it? Not a good marketing plan.

Real estate has changed. Just 15 years ago, there was no computerized mls. Agents in my board of realtors went once a week to pick up a book of active listings, which was outdated before you picked it up. You had to go back to your office to make a phone call. The pace was slower, but we still managed.

Although I agree we will have to change and adapt, I don’t think we will ever go the way of the dinosaur.

Let’s get right to it. In April 2010 there were 208 residential properties sold in Waco and Mclennan County. They had an average list price of $131,543 and an average sold price of $126,973 with an average 159 days on the market. As of May 3^rd there were 1395 homes for sale and 391 under contract.

In April 2009 there were 176 residential properties sold in Waco and McLennan County. They had an average list price of $131,389 and an average sold price of $124,590 and an average 160 days on the market. So, unlike other areas of the country, Waco has remained steady, with a nice gain in units sold and a small gain in sales price.

Here is a breakdown by price:

0 to $50,000 = 28

$50 to $75,000 = 32

$75 to $100,000 = 35

$100 to $125,000 = 39

$125 to $150,000 = 27

$150 to $175,000 = 20

$175 to $200,000 = 7

$200 to $250,000 = 16

$250 to $300,000 = 8

$300 to $400,000 = 5

$400,000 and up = 2

In other activity there were 12 pieces of land sold with an average list price of $29,058 and an average sales price of $26,495 and an average of 192 days on the market. Lots are selling well because builders are preparing to build again. They seem to feel that in about 2 years the current inventory of new homes will be depleted and there will be strong demand for new construction.

There were 6 multifamily properties sold with an average list price of $313,816 dollars and an average sold price of $273,816 with an average 62 days on the market.

There were also 6 Farm and Ranch properties sold with an average list price of $174,160 and an average sold price of $154,100 and an average of 522 days on the market.

April 30^th was the deadline to have a home under contract if you wanted to qualify for the federal tax credit. Analysts believe although the tax credit did help boost home sales only about a third of buyers were motivated by the tax credit. Most buyers said they were planning to buy anyway. The tax credit was just icing on the cake.