PAM DENT

Jump into Greener Pastures


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Autumn 2020 Real Estate Forecast

It continues to be an interesting year, and today’s real estate market is no different.   In Central Virginia, we are seeing the spring market in the fall, with strong sales continuing due to pent up demand.   At the current purchase rate, there is about a 3 month’s supply of inventory in the Charlottesville area.   A 6 months supply is considered a Balanced market and below that number is a Seller’s market.   As you can see, we are in a strong seller’s market.

LOCAL HOUSING TRENDS

The move to the suburbs is real and in our Charlottesville area the counties of Nelson, Louisa and Buckingham saw an increased number of sales in July of 2020 as compared to July 2019.   As a result of the pandemic, we saw a shift of more people moving out of cities across the country.   Many people are working from home and even as we recover, many will continue to work from home. This shift also has changed how we live in our homes.  New home sizes had been falling for the past 4-5 years, but we are now seeing an increase in home size.

NATIONAL HOUSING TRENDS

I had the opportunity to listen to Dr Robert Dietz, economist for The National Association of Home Builders, speak last week.   According to Dr Dietz, the latest prediction is calling for a 2-year period for economic recovery, and housing is leading this recovery with 16% of GDP.

FINANCING AND PRICING

We are also seeing gains for mortgage purchase applications.   However, increased Refinance activity due to the low interest rates helps keep inventory low as more people are staying in their homes and remodeling instead of selling.   Due to the low inventory and high demand, we are seeing prices up by about 3%.

NEW CONSTRUCTION IMPACT

Since there is a shortage of resale homes coming onto the market, it will be necessary to have a strong new construction industry.   However, there are several headwinds for new construction.   Until there is a vaccine or treatment, there is the risk of renewed lockdowns.   There continues to be a shortage of skilled construction workers, and although we are seeing an increase in trade schools, training takes time.   There has been a 170% increase in lumber prices since April.   This adds about $16,000-$20,000 to a new build.

GLOBAL IMPACT ON NEW CONSTRUCTION

New home prices and the cost of remodeling will gradually go up as builders go through the current stock of lumber.   Since we get about 1/3 of our lumber from Canada, we will want to watch what happens with the tariff.   Another impact on new construction, is the fact that the global supply chain has been disrupted because of Covid and the natural disasters.   For new construction, you can expect higher prices and delays.

As you can see, there is cause for optimism, but one thing that we have learned this year is that things can change quickly.


 

Filed Under: Blog, Central Virginia Homes, Charlottesville VA Homes, Market Reports Tagged With: Central Virginia homes, Central Virginia Real Estate, Central Virginia real estate market, Charlottesville homes, Charlottesville real estate

Central Virginia Real Estate Market Reports Yearend 2010

This post examines how each of the Central Virginia real estate markets performed in 2010.

Albemarle County VA Real Estate Market Report – 2010 Yearend

Charlottesville VA Real Estate Market Report – 2010 Yearend

Fluvanna County VA Real Estate Market Report – 2010 Yearend

Greene County VA Real Estate Market Report – 2010 Yearend

Louisa County VA Real Estate Market Report – 2010 Yearend

Charlottesville VA Real Estate Market Report Condominiums – 2010 Yearend

Charlottesville VA Real Estate Market Report Attached Homes – 2010 Yearend

Filed Under: Blog, Market Reports Tagged With: Central Virginia, Central Virginia real estate market

Central Virginia September 2008 Market Reports

The beginning of the month is the perfect time to reflect on what has been happening in the area real estate markets.  Listed below are links to reports on the various Central Virginia real estate markets.

If you have any questions on the reports and what they may mean regarding your sale or purchase of a Central Virginia home, I would be happy to talk with you.

Albemarle Country September 2008 Market Report

Charlottesville, Virginia September 2008 Market Report

Fluvanna County, Virginia September 2008 Market Report

Louisa County, Virginia September 2008 Market Report

Lake Monticello September 2008 Market Report

Greene County, Virginia September 2008 Market Report

Charlottesville Area Condos September 2008 Market Report

Charlottesville-Albemarle Year To Date Market Report

Central Virginia Homes Year To Date Market Report

Filed Under: Blog, Information for buyers, Information for sellers, Market Reports, Real Estate Tagged With: Albemarle County market report, Central Virginia market report, Central Virginia real estate market, Charlottesville Virginia market report, Fluvanna County market report, Louisa County market report

Relocating to a Charlottesville Virginia Horse Farm – Feed Stores

If you are relocating to a Charlottesville Virginia horse farm or one in the surrounding area of Central Virginia, it is important to know where to go for horse feed and farm supplies.  Listed below are a selection of feed and farm supply stores.

Augusta Cooperative Farm Bureau Inc., Scottsville  434 286-2650

Southern States Charlottesville Cooperative,  810 Harris St., Charlottesville  434 296-6191
                                                                    Proffit Rd., Charlottesville  434 974-6147

Tractor Supply, 921 River Rd., Charlottesville  984-2190

Spangler S G Farm Supply, 16103 S Constitution RTE, Scottsville  434 286-3200

Pet Food Discounters, 607 Woodbrook Dr, Charlottesville 434 974-6060

Southern State Co-op, Orange   540 672-2977

If you are buying or selling an Albemarle County horse farm or a farm in the Central Virginia area, I would love to help you.  My years as a professional in the horse business give me the specialized knowledge necessary to understand what is important to the equestrian buyer.  Couple this with my knowledge of the Charlottesville Virginia real estate market, energy and attention to detail and it is obvious that I am the perfect choice to market and sell your existing farm or find the perfect Central Virginia horse propertiy to suit your particular needs.  I would love to work with you.

Search all of the Central Virginia horse properties currently on the market.

Filed Under: Blog, Farms and Estates, Information for buyers, Information for sellers, Real Estate Tagged With: Albemarle County horse farm, Central Virginia horse property, Central Virginia real estate market, Charlottesville Virginia horse farms, horse feed

Comparison of Real Estate Taxes for Central Virginia

When you are considering a purchase of a home, one of the necessary things to know is the real estate tax rate for that particular area.  In the Central Virginia real estate market there are considerable differences in tax rates among the various counties that make up the region.  For some purchasers these rates are still very low compared to the section of the country that they are relocating from.  However, many purchasers will need to carefully consider the tax rate, because it may impact whether they can afford a particular home.

The following are the real estate tax rates for the Central Virginia area:

City of Charlottesville – $.95/$100 of assessed value

Albemarle County – $.71/$100 of assessed value

Louisa County – $.62/$100 of assessed value

Fluvanna County – $.48/$100 of assessed value

Greene County – $.72/$100 of assessed value

Orange County – $.47/$100 of assessed value

If you are considering a move to Central Virginia, I would be happy to talk with you about the different neighborhoods that make up the Central Virginia real estate market.

Click here if you would like to search the homes for sale in Central Virginia.

Filed Under: Blog, Information for buyers, Real Estate, Virginia Tagged With: Albemarle County, Central Virginia Real Estate, Central Virginia real estate market, Charlottesville, Fluvanna County, Greene County, Louisa County, Orange County, real estate taxes

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Contact Pam

Pam Dent
Phone: (434) 960-0161
Email: [email protected]
Gayle Harvey Real Estate Inc.
198 Spotnap Rd, #C-5,
Charlottesville, VA 22911


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