PAM DENT

Jump into Greener Pastures


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2nd Quarter Update – Virginia Housing Market

Where is the Housing Market Cooling in Virginia?

Virginia Association of Realtors’ Chief Economist, Lisa Sturtevant, has released the following details about the overall market activity of real estate in the state.

Over the past 12 months, the housing market in Virginia—and really around the country—could only be described as hot. Or maybe frenzied. Perhaps on fire.

And while conditions are still very positive, there are signs that the housing market is cooling a bit in some places across the commonwealth. As conditions change, it is more important than ever to pay attention to local markets and factors that impact local demand and supply.

Why Might the Housing Market Be Cooling?

After a year of the housing market running on all cylinders, it is not surprising to see a downshift in market conditions. There are several reasons why the hyper competitive housing market will ease:

  • Extremely low inventory and rising home prices have frustrated some would-be homebuyers who have decided to take a pause on their home search.
  • More homeowners may be listing their homes to try to capitalize on the record home prices in most markets.
  • With the opening up of the economy, individuals and families may be looking to spend their money on other things—including travel and celebrations—instead of a home purchase.

As housing market conditions ease, we would expect slightly slower sales activity, a bit more inventory, and a lengthening of average days on market. Home prices will continue to rise, though the pace of price growth should moderate slightly.

Where are Markets Cooling?

Markets with lower pending sales activity

Statewide, the number of pending sales dropped 5.5% between May and June. Pending sales are listings that have gone under contract in the month and is a leading indicator of where the closed sales numbers will be a month or two out. In a typical year, there tends to be a slowdown in pending sales between May and June; however, in some local markets, the drop off in new contract activity has been much more pronounced than it has been in the past.

Pending sales have slowed in markets across the state, including in most of Northern Virginia and Central Virginia. For example, in Rappahannock County, there were just eight pending sales in June 2021, down from 20 in May. In Caroline County, the number of pending sales in June 2021 was down by nearly 60% compared to a month earlier.

When the number of new contracts on homes slows, that is an indication of a slowdown in buyer activity, and it means that the number of closed sales will post lower in the months to come.

Markets with rising inventory

At the end of June, there was a total of 19,346 active listings statewide. Inventory is about 18% lower compared to the same time a year ago. However, the pace of inventory being drawn down has slowed and inventory levels have expanded month-to-month for four consecutive months. At the end of June, the number of active listings was up 7.5% compared to the end of May.

Inventory expanded in June in nearly all markets across the commonwealth. The main exceptions are the Northern Neck and Upper Peninsula, where inventory continues to decline month-to-month.

But inventory is up in most places in Virginia. In the City of Lexington, for example, there were 100 active listings on the market at the end of June, which is up 56% compared to May. In Warren County, the number of active listings increased by 52% between May and June.

Outlook

Housing market conditions across Virginia are still strong, though there are signs of an easing of the housing market for many local markets. A cooling housing market is good for buyers, who will have more options and more time to make decisions. Even with a shifting market, inventory will remain relatively low and prices will continue to grow, albeit a bit more slowly. Over the next few months, pay close attention to local market conditions and trends, rather than national figures. All housing markets are local, and this is particularly true during a period of market transition.


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

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. ***

Filed Under: Blog, Information for buyers, Information for sellers, Market Reports Tagged With: Charlottesville real estate market, Virginia real estate market

Living Green – How Do I Measure My Carbon Footprint?

Everyday in the course of our normal lives each of us is adding to the emission of greenhouse gases.  One of the main factors changing the earth's climate is greenhouse gases.  The choices that each of us makes in how we live our lives has a direct impact on how much carbon dioxide and other greenhouse gases are created each year.  Choices in home construction, the foods we eat, energy consumption, what we buy and what we throw away have a direct impact on the environment.

The Nature Conservancy has an online carbon footprint calculator designed to measure how your personal lifestyle contributes to the global climate.  Click here to use the calculator.

We are seeing an increase in awareness of how our home choices affect the environment.  As a result we are seeing the construction of more "green" homes.  If you would like information on energy efficient or "green" homes on the Charlottesville, Virginia real estate market, contact me.  I would love to help you in your search for the perfect green home.

Click here to search all of the homes on the market in the Charlottesville area.

Filed Under: Blog, Green building, Information for buyers, Information for sellers, Real Estate Tagged With: Charlottesville, green homes, greenhouse gases, Nature Conservancy, Virginia real estate market

Features of Green Building

It has become quite popular to speak about "green" building, but what exactly do we mean.  I was reading an article in Realty Times this morning wich gave a good overview of the factors which make up green building design.

According to the article a green home should have the following features:

  • Natural Light – in order to reduce energy used for lighting
  • Shading – screens, awnings and trees on the southern and western exposures to block the summer sun
  • Dual-glaze windows – keep heat in  during winter and heat outside in the summer
  • Roof reflectivity or a landscaped roof to lessen heat absorption
  • Green building materials
      1. Non-toxic materials (low-VOC paint and finishes)
      2. Sub-flooring made of strawboard
      3. Renewable wood products
      4. Materials made  from recycled content
      5. Non-toxic insulation with a high R factor
      6. Energy Star rated HVAC systems and appliances
      7. Drought tolerant landscaping and native plants

While many of these systems and supplies may be more expensive initially they will often pay for themselves over time.

Click here to read the entire article.

Search all of the homes currently on the Charlottesville, Virginia real estate market or contact me if you would like information on green homes available in the Central Virginia area.

   

Filed Under: Blog, Information for buyers, Information for sellers, Real Estate, Virginia Tagged With: Central Virginia, Charlottesville, Green building, green homes, Virginia real estate market

Fluvanna County country homes market report July 2008

The following is the report of sales of country homes in the Fluvanna County, Virginia real estate market in July 2008.  For the purpose of this report a country home ranges in size from 3 to 10 acres.

In July there was 1 country home under a contingent contract in Fluvanna County.  It was listed at $499,999 and had been on the market for 432 days.

One country home was under a pending contract.  It had a list price of $499,999 and had been on the market for 428 days.

In the Fluvanna County real estate market in the month of July two country homes sold.  The average list price was $442,500 and the average sold price was $392,500.  They had been on the market an average of 364 days and sold for an average of 88.70% of the list price..

There are currently 51 country homes actively listed in Fluvanna County.  The average list price is $372,783 and the median is $310,000.  The homes have been on the market for an average of 146 days.

Compare these numbers with the June sale of country homes in Fluvanna County.  In the month of June 3
Fluvanna country homes sold for an average of 104.06% of the list price.  They had been on the market for an average of 52 days.

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

Click here to search all of the homes currently listed on the market in Fluvanna County, Virginia.

Filed Under: Blog, Information for buyers, Information for sellers, Real Estate, Virginia Tagged With: country homes, Fluvanna County, Fluvanna County real estate, Virginia real estate market

Mortgage shopping Guidelines

If you are a first time homebuyer, shopping for a mortgage can be an intimidating and overwhelming process.  It helps if you know in advance what to expect and what you will need to do.

  • Obtain your credit report and take action to make any necessary repairs to your credit.
  • Shop for a mortgage.  Don’t just go to one lender.  Different lenders have different programs.  You need to find the program that best suits your particular financial needs.  Check with mortgage brokers, mortgage lenders, credit unions as well as banks.  Also check and see what mortgage or downpayment assistance programs exist in your locality and if you qualify for any of them.
  • Find out the total costs involved in each loan: monthly payment, annual percentage rate (APR), the number and cost of points, broker, origination and underwriting fees, administrative costs, mortgage insurance, and commissions, escrow and closing costs.
  • Check the terms for different kinds of loans; the amount of down payment, the term of the loan, and whether the loan is a fixed or an adjustable mortgage and what are the terms of each.
  • Negotiate.  Ask the lender if they can offer better terms.
  • Once you have decided on the loan you want, you may want to obtain a rate lock.
  • Obtain a written loan comittment.

Read the article Beginner’s Guide To Mortgage Shopping in Realty Times.

I would be happy to talk with you about any questions that you might have about the Charlottesville, Virginia real estate market.

Click here to search all homes for sale in Charlottesville, Virginia, Albemarle County and Central Virginia.

Filed Under: Blog, Information for buyers, Information for sellers, Real Estate Tagged With: Albemarle County, Central Virginia, Charlottesville, first time homebuyer, homes for sale in Charlottesville, mortgage, Virginia, Virginia real estate market

Foreclosures – Not Your Typical Real Estate Transaction – Part II

In the first part of this series, I talked about the preforeclosure process which ended with the issuing of a notice of default by the bank.  In this post the next step of offering the home at auction will be discussed.

After issuing the NOD (notice of default), the lender will offer the property for sale at auction.  The auction may take the form of a sheriff's sale or through a private party.  Usually the auction will start with a minimum bid which will cover the balance of the mortgage, interest and any costs associated with the foreclosure.  However, most foreclosure auctions don't even get one bid, because the amount owed on the home is usually greater than the market value of the property.  As a result the lender will end up the highest bidder thus becoming the owner of the property.

If you do decide to bid on a home at a foreclosure auction, there are some points to be aware of.  Often the homeowners are still occupying the home, and will be unwilling to let you in to see the interrior of the home.  This results in your bidding on a property that you have only seen from the exterrior.  In addition you will not be able to bring in any inspectors.  The home will be sold "as is" without any warranties.  It is crucial to do your homework and research the title before bidding on the home to determine if there are any back taxes or leins on the property.

You will need to obtain all of your financing in advance, because public auctions usually demand cash payment at the time of the sale.

If you do end up being the highest bidder and buying the home, you may be faced with evicting the homeowner.  Also be aware that the former owner may try to vandalize the home before leaving.

If the bank does end up as the owner of the home, it is now referred to as a real estate owned (REO) or bank owned property.  I will talk about the special aspects of buying bank owned properties in the next post in the series.

Click here to see all homes for sale including foreclosures in the Charlottesville, Virginia  real estate market.

Charlottesville, Virginia and the Albemarle County area is a beautiful place in which to live.  Now is the perfect time to buy a home is this area and there are some great deals in the local market right now.  We are also seeing more Charlottesville foreclosures as well.

Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, Virginia
Charlottesville Real Estate Talk
Jump into Greener Pastures

Filed Under: Blog, Foreclosures, Information for buyers, Information for sellers, Real Estate, Virginia Tagged With: Albemarle County, Charlottesville, Charlottesville foreclosures, foreclosure, foreclosure auction, sheriff's sale, Virginia, Virginia real estate market

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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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