Special Interest Articles:

• Appraisers say.. p. 2

• Realtor Food Drive, p. 6

Individual Highlights:

Sales Volume 1

Top $$ Sales 3

AUCTIONS 3

Affiliates 4

Photos 5

New Members 6

Feb. Birthdays 6

The Year in Review...and a little history, too

On Location

In EVERY AD!

Historical Sales Data 2007-2011, All Categories (residential, farm, land, commercial)

History of ALL CATEGORIES-Units-Hundreds

233

328

234

277

323

0

50

100

150

200

250

300

350

2007 Units Sold 2008 Units Sold 2009 Units Sold 2010 Units Sold 2011 Units Sold

History of ALL CATEGORIES-$$-Millions

28708

37153

28529

35401

39729

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

2007 $$ Sold 2008 $$ Sold 2009 $$ Sold 2010 $$ Sold 2011 $$ Sold

Continued, ...a little history, page 2

HAPPY VALENTINE’S DAY!

On Location Page 2 of 6

...a little historyContinued from page 1

ALL CATEGORIES

2010 2011 % CHG.

UNITS 277 323 + 17%

$$$ 35.4M 39.7M + 12%

RESIDENTIAL ONLY

UNITS 208 228 + 10%

$$$ 29.5M 33.3M + 13%

YAY!

Historical Sales Data 2007-2011, Residential Only

History of RESIDENTIAL Units Sold-Hundreds

156

217

168

208

228

0

50

100

150

200

250

2007 Units Sold 2008 Units Sold 2009 Units Sold 2010 Units Sold 2011 Units Sold

History of RESIDENTIAL Units Sold-Hundreds

0

50

100

150

200

250

2007 Units Sold 2008 Units Sold 2009 Units Sold 2010 Units Sold 2011 Units Sold

History of RESIDENTIAL Dollars Sold-Millions

20827

28357

22686

29564

33342

0

5000

10000

15000

20000

25000

30000

35000

40000

2007 $$ Sold 2008 $$ Sold 2009 $$ Sold 2010 $$ Sold 2011 $$ Sold

Appraisers say "Don't Blame the Messenger" for Low Home PricesBy Jann Swanson, MortgageNewsDaily.com

The Appraisal Institute has apparently had enough and has decided to fight back against what it perceives as unwarranted blame for depressed home prices.  In a press release the Institute says, " Don't blame the real estate appraiser if it turns out that house you're trying to sell or buy isn't worth what you thought it was."

See Appraisers, page 4

On LocationPage 3 of 6

March 15th Membership Meeting @ 12:00 PMBoard of Directors meets in February.

506 Merritt St.,South Boston, VA

List Price: $274,900

Sell Price: $272,000

SF: 2700

Year Built: 1999

DOM: 303

Listing Agent: Scotty Felton,The Davis Co.

Selling Agent: Gail Burton,United Country Virginia

202 Eanes St., South Boston, VA

List Price: $249,900

Sell Price: $245,000

SF: 3600

Year Built: 2006

DOM: 202

Listing Agent: Wanda Jeffress, Palmer Properties

Selling Agent: Doug Loftis, Palmer Properties

TOP $$ Homes Sold in January (between 12/26 and Press Time, 1/24)

1088 Liberty Rd.,Nathalie, VA

List Price: $149,500

Sell Price: $120,000

SF: 1990

Year Built: 1988

DOM: 116

Listing Agent: Doug Loftis, Palmer Properties

Selling Agent: Scotty Felton, The Davis Co.

AUCTIONS ADDED TO NAVICA

In January, a new category of Listings will be added to Navica: AUCTIONS.

This new Navica enhancement will include auctions for residential, farm, land and commercial.

Your Board of Directors will be adding new NAR-sanctioned MLS Rules to govern auction listings, including such considerations as listing price, buyer/broker registration, how commissions are paid, etc.

WATCH FOR UPDATES

You will receive an

Evite before the date.

Association News...

The next Membership Meeting will be

Thursday, March 15,Clarksville @ 12:00 PM.

Location and SpeakerTBD.

March '12Su M Tu W Th F Sa

        1 2 34 5 6 7 8 9 10

11 12 13 14 15 16 1718 19 20 21 22 23 24

25 26 27 28 29 30 31             

Board of DirectorsMeeting

Thursday, Feb. 16@

8:00 AMClarksville

Lamplighter Restaurant

On Location Page 4 of 6

Our Affiliates deserve our support, since they join our association not out of need for MLS subscription, but as a show of support for our Realtor® community. Please support these fine professionals!

Walter Beales, Beales Law Offices, Clarksville & Boydton Tom Lipscomb, Thomson Lipscomb Law Office, Boydton Ann Zimmermann, Law Offices of John Greenbacker, Halifax Amy Powell, Benchmark Bank, South Boston Jeff Walker, Farm Credit of the Virginias, Halifax Detrick Easley, All Pro Carpet Cleaners, Halifax Jerry Ramsey, Home Dynamics Home Inspections, Clarksville Brandon Scearce, Nationwide Insurance, South Boston Eric Arthur, Nationwide Insurance, South Boston Bruce Elliott, Southern Land & Properties, Scottsburg Brad Palmer, Palmer Painting & Services, South Boston Lee Brown, The Bug Company South, South Boston

Contact information and a description of each member’s services can be found on our web site: http://www.usamls.net

/southernvirginia/

Thank You, Affiliates!

We areALL

Connected!

AppraisersContinued from page 2

Speaking for the Institute, its president, Sara W. Stephens, MAI, said that real estate agents, homebuilders and others have placed blame for the market's distressed condition on appraisers who produce opinions of value that don't match a home's listing, contract or sales price, delaying a recovery in the housing market and called that accusation "nonsense."

"The fact is that appraisers are undertaking the same thorough research and thoughtful analysis that they always have in order to continue producing reliable, credible opinions of value," Stephens said. "Don't shoot the messenger."

It is unclear why the Institute decided to refute the claims about appraisers at this time.  We did a search and found a number of articles with the blame appraisers theme, but none that were more recent than last summer except for charges from the National Association of Realtors that low appraisals are among the reasons for recent high levels of sales contract cancellations.  NAR, however, has been complaining about low appraisals since at least the spring of 2009.  Noting that buyers and sellers often have emotional value attached to a home or are unaware of the market, Stephens pointed out that appraisals completed for mortgage transactions are used to assist lenders, who are the clients, not buyers or sellers, in making lending decisions - and are not intended to confirm a listing, contract or sales price. There's no reason to assume the contract price is the "correct" price simply because it's higher than the appraisal, she said.

As to the claim that appraisers are using distressed sales as comps for market rate properties, Stevens said that qualified appraisers know how to handle adjustments for distressed properties and added that in some markets, distressed sales are so prevalent that it would be improper not to use them as comparables.

The Institute also released two handouts.  The first explains the process of conducting an appraisal in a declining market and includes a discussion of how an appraiser discounts a distressed comp. The second handout attempts to explain what an appraisers job really is, making the points that:

Appraisals aren't intended to confirm a home's sales price. Appraisers don't set the real estate market; they reflect what's happening in the market. Appraisers work not for buyers or sellers, but for lenders. Appraisers are independent, third-party experts with no motive to be biased. Appraisals sometimes are assigned to the least qualified, least competent appraisers, but especially in a distressed market,

competent and qualified appraisers - such as designated members of the Appraisal Institute - should be hired for difficult assignments.

Appraisers know how to use distressed sales as comparables.

On LocationPage 5 of 6Officer and Director Installation at Berry Hill

Plantation

Swearing In by Mary Dykstra (far R), Pres.-Elect, VAR. L to R: Carole Blair, Karin Kuhn, Jim Davis, Kathy Diamond

2012 Officers: C. Blair, Treasurer, K. Kuhn, Sec., K. Diamond, Pres.,

J. Davis, VP

Jim & Honey Davis were presented the PRESIDENT’S AWARD for their many

contributions to the association

J.C. Eldreth was honored for his 2 years of service as President; Cynthia

Lowdermilk on left

Let’s EAT! The Berry Hill venue was wonderful

The Palmer Properties contingent: Lucky Palmer, Debbie Palmer, Rhonda Buckley

United Country in full force: Janice Pitts (back of head!), Sarah Hall, Chris

Crouse, Gail Burton, Mitzi DeJarnette

Chatting Up the Group: David Williams, Lora DuBois, Marty Mobile, Tom

LipscombA line up of Presidents: Sharon Wilborn,

Kathy Diamond, J.C. Eldreth; Mary DykstraKathy D.’s back, Leasa Oakley (almost

obscured), Lisa Phillips, Radford Trent, Walter Beales, Nellie Newton

Karin Kuhn, Franklin Dover, Carole Blair, Fred Gaston’s back,

Nancy Eldreth’s back (J.C.’s wife)

On Location Page 6 of 6

February

20th- William Coalson

♪ ♫ ♪ Happy Birthday to You! ♫ ♪ ♫

NEW REALTOR®/APPRAISER MEMBERS:Wayne Stevens, Wayne Stevens Inc., new to MLS

MEMBER CHANGES:Brook Hatcher, Resigned, United Country VirginiaLinda Crutchfield, Resigned, Wayne Stevens Inc.Christi Hudson, Resigned, Wayne Stevens Inc.Charles Purcell, Resigned, Wayne Stevens Inc.Toby Hunt, Resigned, Wayne Stevens Inc.

New Members and Member ChangesSouthern Piedmont Land & Lake BOR

P.O. Box 1072South Boston, VA 24592

PHONE:434-222-9924

E-MAIL:spllbr@yahoo.com

Cynthia LowdermilkAssociation Executive

&Jack of All Trades

We’re on the Web!See us at:

http://www.usamls.net/southernvirginia/

Birthdays, Weddings, Births, Awards…we want to know it ALL.

Realtor FOOD DRIVE for the holidays...

Betty Compton (far right), a volunteer for The Good Samaritan in South Boston, receives Realtor-donated food from J.C. Eldreth, President, and Honey Davis, Chairwoman, Community Services Committee, to help stock the food pantry during the holidays.

THANK YOU, REALTORS, FOR YOUR SUPPORT

ANDGENEROUS

CONTRIBUTIONS!