Charlottesville real estate market Archives

Virginia Real Estate Predictions 2021

In a normal year as part of local real estate association leadership, I would be attending the Virginia Association of Realtors Legislative Conference in Richmond. This year, due to the pandemic, that event has been held via zoom. Although the value of face to face interaction has been missing, there has been the interchange of timely information.

One of the meetings that I most appreciated was the opportunity to listen to the VAR economist Lisa Sturtevant speak about the state of real estate in Virginia.

One easy way to look at what is going on is to consider what is ‘IN’ and what is ‘OUT’.

OUT Total work from home.		IN Expect to see a shift to a hybrid model. Some days a week at home and some in the office.
OUT Open floor plan.		IN Flexible floor plan with separate spaces for different activities.
OUT Home renovations.		IN Second home purchases (beach, mountain, lake) If there is good internet you can work from home anywhere. The increase in sales has not been consistent across different localities. The shift to the country is real. By the numbers sales have increased unevenly in the following areas: Urban by 3.7%; Suburban by 11.7%; and Rural by 17.9%.
OUT Zooming with family members.		IN Living with multigenerational and extended family
OUT Extremely low inventory.		IN Very low inventory. In December listings were down 38.3% from the same time a year ago. Statewide there are 30,000 fewer listings than a year ago. The demand for housing remains strong with low inventory continuing to be the primary constraint.

Virginia is currently at 95% of Pre-Recession job totals which is better than many states. But full recovery could take years.

New construction has gained. If we see the tariffs on Canadian lumber reduced or removed, it will be good for East coast new home prices. The West coast has decreased lumber supply as a result of the fires.

The savings rate spiked in 2020 as a result of people staying home with fewer opportunities to spend money. The increased savings have allowed many new buyers to enter the market.

Job losses have been mainly concentrated among renters and as such do not impact housing sales. Mortgage rates are historically low. Pre-Covid housing demand was strong and this demand will continue. Improvement will be related to vaccine availability.

Low inventory + low mortgage rates + high demand = rising prices.

CLICK HERE FOR MORE DETAILS OF THE 2021 VAR ECONOMIC AND HOUSING PREDICTIONS

*** These are statewide numbers and may not reflect the specific Central VA information given in our local market updates. ***

Charlottesville First Quarter Market Report

The Charlottesville Area Association of Realtors First Quarter Real Estate Market Report is hot off the presses. This report will give you a brief overview of what has been happening in Central Virginia real estate so far this year. As you will see it is a mixture of good and bad news. The good news is that there has been an increase in sales by 9.2% over the first quarter of 2011. The bad news is that the median sales price has fallen by 2.9% as compared with the same period last year. We have seen some highlights for the month of March with an increase in sales, median sales price and also an increase in homes that are under contract. I know that I have been experiencing an increase in business and have a positive feeling for the year overall.

According to the report, inventory is trending down into a 12 month supply. While any reduction in inventory is a good sign, it is necessary to remember that we are still strongly in a buyers market and it is crucial to price your home properly in order to get it sold. A 6 month supply is considered a balanced market and it will have to fall to under 6 months before we will be in a seller’s market.

CAAR First Quarter Market Report

If you have any questions about the local real estate market or what this means for the sale of your particular home, don’t hesitate to call me at 434 960-0161 or email me at [email protected].

Virginia Horse Farms In The Spring Real Estate Market

Virginia horse farms are gearing up for the spring real
estate market. As I was driving back to my office from showing
property earlier in the week, I saw signs of spring all over the Central Virginia countryside.
Trees are budding, daffodils are blooming, forsythia is painting the
landscape yellow, cherry trees add a hint of pink, and the grass is
showing a hint of bloom. In a couple of weeks all of the Virginia horse farms are going to be bright green with new spring grass.

Spring is the busiest season in the Charlottesville Virginia real estate market. As the trees are beginning to bud, we are seeing an increase in inquiries about Virginia horse properties for sale. Buyers are making appointments to come and look at homes for sale. If you are considering selling your Virginia horse farm now is the time to list it to take advantage of the Charlottesville spring real estate market. When the leaves come out, the dogwoods are blooming and the fields turn green Charlottesville horse farms will be dressed in all of their Easter finery and ready to present the best picture to the public.

Buying A Charlottesville Virginia Horse Farm

Harbingers of Spring in the Albemarle County Real Estate Market

Selling a Charlottesville Virginia Horse Farm

Contact

Pam Dent

, e-PRO, SRES, NHD, REALTOR®, Real Estate
III, Charlottesville, Virginia at 434
960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore,
Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County,
Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek,
Orange County, Gordonsville, Orange, Barboursville, Greene County,
Ruckersville.

View all of the Charlottesville Virginia
homes for sale.

View my website Charlottesville Horse Farms
or visit my other blog Charlottesville
Real Estate Talk for more information on

Charlottesville

Virginia

horse farms, homes, events and real estate.

Charlottesville Goes Green – Learn About Alternative Energy Choices

Attend Wednesday’s free Green Matters Workshop and learn about what it learns to go green. This month’s workshop “Passive/Active Solar and Other Alternative Energy Sources” will be held on Wednesday October 8 at the Habitat Store at 1221 Harris St., Charlottesville. This will be the first part of a two part discussion of alternative energy options. Engineering, design, homeowner goals, technological trends and installation will be discussed.

A social hour will be from 5-6 pm.
The workshop will take place from 6-7:30
Networking from 7:30-8

Learn more about the Green Matters workshops.

Interest in “green built” homes is increasing. In the Charlottesville area real estate market we are seeing an increasing number of Energy Star and Green Homes on the market. I would love to show you the homes that are available for the buyer who is concerned with their home’s impact on the environment.

Contact

Pam Dent

, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161, [email protected], to list your property for sale or to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.

To view all of the Charlottesville, Virginia and Central Virginia Homes for Sale click here and click on the mls search button.

Visit my website Jump into Greener Pastures or read my blogs Charlottesville Real Estate Talk and Charlottesville Horse Farms and Country Homes.

First Time Home Buyer Tax Credit – What Is It?

The First Time Home Buyer Tax Credit offers a great incentive for first time home buyers to purchase a new home at this time. This tax credit is part of the Housing and Ecconomic Recovery Act of 2008.

The combination of the tax credit, the large inventory of homes currently on the Charlottesville real estate market, and low interest rates all make this the perfect opportunity for first time home buyers to get a great deal. A first time home buyer is defined as a homebuyer who has not owned a home in the past year.

This tax credit consists of the following points:

The tax credit is only for first time homebuyers.
The maximum credit available is $7,500.
The credit is only available for homes purchased on or after April 9, 2008 and before July 1, 2009.
To qualify for full credit you must be a single taxpayer with an income up to $75,000 or a married couple with an income up to $150,000.
The tax credit is like an interest-free loan and must be repaid over 15 years

The Charlottesville, Virginia home market has a large selection of homes for first time homebuyers to choose from. If you are a first time homebuyer, I would be happy to hel you with your search for the perfect home.

For more information on the First Time Home Buyer Tax Credit click here.

Perform your own search of Charlottesville and Albemarle homes.

Foreclosure – Not Your Typical Real Estate Transaction – Part 1

Due to this year's volatile mortgage market, we are seeing an increasing number of homes go into foreclosure. As adjustable rate mortgages continue to reset to higher rates with increased mortgage payments, we will see more foreclosures coming onto the Charlottesville real estate market. This can present a chance for the knowledgeable home buyer to purchase a home for a bargain price, but it is not without risk, and therefore it is necessary to understand the process.

Preforeclosure occurs when a homebuyer is in default on their mortgage. After three or more mortgage payments have been missed,and the homeowner has failed to work out a solution with their lender, the lender will issue a default notice to the homeowner and will also publish the notice in the local newspaper. The notice of default specifies a deadline for the homeowner to pay either the past-due amount or the balance of the loan. If the property is not reclaimed by the deadline, a notice of sale will be published, formally moving the home into foreclosure.

During the preforclosure phase may be a good time to purchase the home. This would be called a shortsale. Although the price may not be as deeply discounted as it could be after foreclosure, there are benefits to buying at this time. To begin with there may be fewer competing offers at this stage. We are seeing multiple offers on foreclosed properties in the Charlottesville and Central Virginia area. Also the purchaser is negotiating with the property owner instead of with the bank. You are helping the homeowner avoid foreclosure and the ensueing black mark on their credit, so they may be inclined to cooperate. The homeowner will present the contract to the bank. Hopefully the bank will be negotiable and approve the sale rather than having to go through the expense of the foreclosure process. We are seeing many banks that are extremely slow to respond to these short sale offers so any buyer should be prepared for long delays before an answer.

If the home is not sold at this stage and the homeowner has not been able to work out a loan payment plan with the lender, the next step in the foreclosure process will be a sheriff's sale or auction. The next post in this series will discuss that stage.

If you are interested in discussing foreclosures in the Charlottesville, Virginia area real estate market, I would be happy to talk with you.
To search all Charlottesville area homes for sale including foreclosures and bank owned properties click here.

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