real estate market Archives

What’s On Your Realtor’s Mind

You all know that these days nearly everybody works hard. The increasing responsibilities of life are well documented. So it came as a surprise to a realtor colleague of ours when he was asked by a prospective customer… what exactly is it that you do all day? To be more precise, the way it was asked was “what exactly is it that you Doooo all day?

A bit of questioning allowed our colleague to realize that this customer believed that being a realtor would be so much fun because you’re able to tour all those pretty houses and drive around.

Being a realtor is a great job. Being able to tour those homes has little to do with it. So we thought we’d give you a glimpse at the job description of the duties in One Week In A Realtor’s Life. Our version is condensed in hopes of keeping you from nodding off by the second sentence. This is what’s on your realtor’s mind:

Call seller to verify completion of repairs. Explain what a neighborhood amenity is and verify current HOA fees. Get the disclosure sections signed and delivered on time. Negotiate an offer. Confirm that the loan has been funded. Keep blogging to keep the site active. Answer the phone. Coordinate the timing with the attorney for an upcoming closing. Deliver the HUD form and review for errors. Schedule listing appointments for buyer who’s arriving from out of state. Answer the phone. Maintain yearly continuing education classes. Attend a property inspection with a buyer. Update website county tax information. Prepare comps. Research title information at the courthouse. Answer the phone. Assist with staging and photography of a new listing. Order home warranty. Document and deliver escrow money to broker. Meet the appraiser. Answer the phone. Return missed phone calls. Prepare neighborhood flyer. Place lockbox at new listing. Attend meeting at Board of Realtors. Collect local advertising for relocation package. Recommend hotels. Attend re-zoning meeting.

We don’t need to do these things backwards and in high heels. We just need to do it while we compete with thousands of other realtors, none of whom earn a fee until after a closing happens. And oh yeah… did we mention, answer the phone? (Touring those beautiful homes is icing on the cake).

Central Virginia Real Estate Market Report March 2011

This Central Virginia Real Estate Market Report focuses on the sale of farms during March 2011.

March 2010 average list price $625,118.
March 2011 average list price $707,433.

March 2010 average sale price $571,909.
March 2011 average sale price $684,637.

March 2010 median sold price $425,000.
March 2011 median sold price $485,000.

March 2010 %sold/list 91.48%.
March 2011 %sold/list 96.77%.

Central Virginia farm sales

1/1/2010 – 3/31/2010 Central Virginia farms sold – 26.
1/1/2011 – 3/31/2011 Central Virginia farms sold – 20.

Central Virginia farm sales and inventory

The above figures are from the mls and while they are presumed correct they are not guaranteed.

A Buyer’s Market is the Perfect Time to Trade Up

Many people who are in the position of having to sell their current home in order to buy a bigger home or one with more amenities, are focusing on the fact that their current home will not sell for as much in the present market. What they don't realize is that the money that they will save on their new home when buying up will actually more than offset the loss on their current home.

The graphics shown below illustrate this point.

As you can see when you sell and buy up, you are saving more on the purchase of the new home than you have lost on the sale of your old home. In addition when the market does improve, and it will improve since the real estate market is cyclical, the larger home will experience greater appreciation. For example if home values were to rise 10% in future years the new larger home's value would appreciate by $38,000 as opposed to the $19,000 increase of the smaller home.

If you are in the position to sell and buy up, the current market offers an opportunity that will not be available when the maket begins to shift back to a seller's market.

The above graphics and figures are courtesy of Shift and Gary Keller.

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 other blog Charlottesville Real Estate Talk for more information on Charlottesville and Central Virginia homes, events, and real estate.

Timing The Drop Of The Market

Many people are confused right now about the best time to jump back into the real estate market. Everyone wants to buy at the bottom of the market. Are we there yet? Will prices drop more?' The answer is that no one will be able to know when the market has hit bottom until it starts back up again. Of course once we can see the upturn it is too late. You have missed the bottom.

The important factor is to focus on finding the home that you want at the price you would like to pay. When that happens it is time to buy, because that property may not stay around at that good price. Do you want to take the chance of losing it.

There was a very good article published in Inman News written by Gustavo Blachman that speaks about the question of whether to buy now or to wait. They are talking about waterfront properties in Florida, but the discussion applies equally well to Charlottesville horse farms or any other Central Virginia properties.

Read the article.

Contact

Pam Dent

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

Visit my other blog Charlottesville Real Estate Talk for more information on Charlottesville and Central Virginia events, homes and real estate.

July Market Report for Farms in Albemarle, Louisa, Fluvanna

The following is the July 2008 market report for farm sales in the Louisa, Fluvanna and Albemarle County real estate markets.

In July of 2008 in Fluvanna County there were not any farms contingent, pending or sold. At this time there are currently 3 active farm listings priced at an average price of $538,300 and a median price of $525,000 with an average days on market of 150.

There were not any farms contingent, pending or sold in Louisa County in July as well. At this time there are 2 farm listings that are actively on the market with an average list price of $1,839,000 and an average days on market of 347.

In Albemarle County in the month of July there were not any farms contingent or pending but one farm sold. The farm was listed at $13,900,000 and sold for $14,600,000 after 39 days on the market.

Currently there are 23 farms actively listed in Albemarle County with an average list price of $2,662,413 and a median of $1,495,000. They have been on the market for an average of 197 days.

In June 2 farms sold in Albemarle for an average list price of $8,225,000 and an average sold price of $6,300,000. They had been on the market for an average of 252 days and they sold for an average of 76.60% of the sale price.

This information was obtained from the CAAR MLS and is considered accurate but not guaranteed.

Click here to search all of the farms for sale in Central Virginia.

Pam Dent
Real Estate III
434 960-0161
Jump into Greener Pastures
Charlottesville Real Estate Talk
Licensed to sell real estate in Virginia

July Market Report – Albemarle County Country Homes

The following is the market report for sales of country homes in Albemarle County, Virginia for July 2008. For our purposes a country home has 3-10acres.

In July in Albemarle County there were 11 country homes with a contingent contract. The average list price was $592,323 and the median price was $660,000. They averaged 113 days on the market.

2 homes had a pending contract. The average list price and the median price was $315,950. The average days on market was 158.

In July 2008 12 country homes sold in Albemarle County. The average list price was $844,392 and the average sold price was $773,963. The median price was $599,500 and the average days on market was 69. The ratio of sold price to list price was 91.66%.

There are currently 133 active listings of country homes in Albemarle County with the average list price of $780,441 and a median price of $549,885. They have been on the market for an average of 170 days.

To see what is happening in the market in June 2008 there were 11 sales of country homes which had been on the market for an average of 92 days. They sold for an average of 97.25% of the list price.

Information obtained from CAAR MLS, and is deemed correct but not guaranteed.

Check back next month for the August market report to see what the trend is in the Albemarle County real estate market. If you would like to read market reports of the sales of detached homes, condos and townhomes in Charlottesville, Albemarle, Fluvanna and Louisa go to my other blog www.CharlottesvilleRealEstateTalk.com.

Click here to search all of the homes for sale in the Charlottesville and central Virginia real estate market.

Shopping For Real Estate in Central Virginia – Lock in Your Interest Rate

If you are shopping for a mortgage in today’s volatile mortgage market, it is a good idea to lock in the interest rate and loan costs. In the first half of 2008 interest rates ranged from 5.48% in January to 6.45% recently. The purpose of a rate lock is to protect a home buyer from rising interest rates by guaranteeing the interest rate that your mortgage will have. Otherwise, by the time your purchase has closed if rates have risen, a buyer could end up with a mortgage payment that they could not afford. since the lock is for a specific period of time, usually from 15 to 60 days, it is necessary to be sure that your home purchase can close within that time period.
For a more in depth article read Mortgage Rate Locks Become Crucial in Realty Times.

If you would like information on the Central Virginia real estate market, I would be glad to assist you.

June Market Report Country Homes Central Virginia Area

The beautiful rolling hills of Central Virginia are the perfect setting for a country home. In June the majority of the activity in country homes in the area was in Albemarle County. For the purposes of this real estate market report a counrty home is a detached home with 3-20 acres.

In Albemarle County in June 18 country homes had contingent contracts priced from $129,000-$1,500,000.
14 homes had contracts pending priced from $179,900-2,500,000.
13 homes sold with an average sold price of $466,514 and a median price of $417,500. They were on the market for an average of 80 days.
158 homes are active listing between $139,900-3,499,000.
At the June rate of sale there is approximately 12.15 worth of inventory on the market.

In Fluvanna County in the month of June 6 homes had contingent contract priced from $259,900-$674-500.
2 homes had pending contracts priced at $225,000 and $437,500.
3 homes sole priced at $199,825 with 38 days on market, $365,000 with 77 days on market, and $400,000 with 42 days on market.
There are currently 64 active listings priced from $110,000-$1,200,000.
At the June rate of sales there is approximately 21.33 months of inventory on the market.

In Louisa County in the month of June 8 homes had pending contracts priced from $135,000-288,595.
5 homes had contingent contracts with list prices from $95,000-329,000.
4 homes sold with the following prices $146,500 and 73 days on market, $239,900 and 198 days on market, $336,500 and 41 days on market, and $600,000 and 61 days on market.
There are 75 active listings of country homes priced from $99,900-995,000.
At the June rate of sale there is approximatkely 18.75 months of inventory on the market

As you can tell from these figures there is a lot of inventory on the market and buyers are very much in the driver’s seat. It is a very good time to buy a country home.

For more information on the area real estate market and properties for sale please contact me.

Pam Dent
Real Estate III
Charlottesville, VA
434 960-0161

Charlottesville Farms – June Market Data

If you are interested in buying or selling a farm in the Charlottesville, Virginia area it is important that you are up to date on what is happening in the local real estate market. There are often many opportunities to hear about what the activity is in the Charlottesville, Virginia residential market, but what is happening with farms for sale?

In the month of June in the total Charlottesville Area Association of Realtors market area one new farm came on the market. It is priced at $1,250,000.

There were not any farms with pending or contingent contracts.

Two farms sold with an average list price of $8,225,000 and an average sold price of $6,300,000. The average days on market was 252. They sold at an average of 76% of list price.

There are currently 22 farms actively on the market in the entire Charlottesville area as of today July 4, 2008. The average list price is $2,873,927 and the median sales price is $1,645,000. The average days on market is 187.

At the June rate of sales there is about an 11 month inventory of farms on the market in the Charlottesville, Virginia area.

Should You Remodel To Raise The Value Of Your Home

Updating and remodeling projects can make your home more desirable and therefore can have an impact on its time on the market. In today’s real estate market with such a large inventory, anything that can reduce the days that a home spends on the market can result in more money in the seller’s pocket. If a home sells quickly, it may mean several months less of mortgage payments. However, a remodeling project may not necessarily result in a proportunately higher sale price.

For the 5 remodeling projects that provide the best return on your investment click here.

To view the bottom 5 projects click here.

Pam Dent, e-PRO, SRES
Real Estate III
Charlottesville, Virginia
434 960-0161
www.JumpintoGreenerPastures.com
http://activerain.com/blogs/pamdent
www.Charlottesville.virginiablogpage.com