Charlottesville's Real Estate Blog. Buyer &/or Seller Representation, Real Estate News
Have a look at this: These Are The 15 Housing Markets That Will Get Crushed The Hardest By 2012 .
Note that the traditional hotspots are there, and nowhere in Virginia is. And then there’s this – Charlottesville MSA home prices are predicted to rise in 2011. 
I’ll let you know in 2013 if they’re right.
It was an excellent presentation throughout, perhaps the best one I’ve seen him do. Presentation by Barry Merchant, VHDA Economist, to the Charlottesville Area Association of Realtors Presentation by Barry Merchant, VHDA Economist, to the Charlottesville Area Association of Realtors
October 2010 marked the 4th straight month that our sales in the Charlottesville MSA were  down.  The 9 straight months of month-over-month sales increases is in danger of being completely wiped out.  And sales in Oct 10 weren’t a little off as compared to Oct 09, they were WAY off.  … After 2 straight months of being just a few sales short, October proved to be the second worst month in the last year (July sales were off a whopping 36%).
Albemarle, Augusta, Bath, Buena Vista City, Charlottesville City, Fluvanna, Greene, Harrisonburg City, Highland, Lexington City, Nelson, Rockbridge, Rockingham,Staunton City,Waynesboro City
This is the moving median average price for homes in the Charlottesville MLS for the past four years. 
– So for all intents and purposes, the report is somewhat irrelevant as it speaks to such a broad region. – Because Virginia is a non-judicial state, we most likely won’t be affected by the robo-signing issues. – Analysis of past two recessions compared to this one. This recessions’ recovery is stronger than 1991 and 2001, doesn’t feel like it due to in part to consumer confidence . – Three consecutive months of positive job growth in the state.
… Virginia Association of Realtors 3rd Quarter 2010 Home sales press release (PDF) and I’ll post the podcast when it’s up. Sales and Inventory for homes in Charlottesville MSA (PDF) — Check out the new graphs at the bottom .
Effective for FHA loans for which the case number is assigned on or after October 4, 2010, FHA upfront and annual MIP will change as follows: – Upfront MIP – 1.00% on ALL mortgage terms (from 2.25%)
… – Annual MIP – 0.85% for LTVs less than or equal to 95% and terms of more than 15yrs (from .50%) * No Change in Annual MIP for <=15yr Terms (No Annual MI) In general, monthly payments are going to INCREASE due to the higher annual MI payment. ** LTV = Loan to Value (the above was sent along by Jason Crigler with Crown Mortgage ) Keep in mind that the FHA loan limits for the Charlottesville MSA are: Single Family/Attached – $437,000 Two family – $559,450 Three Family – $676,200 Four Family – $840,400 For an example of what these increases mean you homebuyers in Charlottesville, I’m going to borrow Rhonda Porter’s math : Using an interest rate of 4.25% and a based loan amount of $400,000; it looks like this: FHA Case Number BEFORE September 7 October 10, 2010:
… $400,000 plus $4,000 = $404,000 amortized for 30 years at 4.25% = principal and interest of $1,987.44 plus the annual mortgage insurance of $300 = $2,287.44.
Looking at the number of transactions so far this year* in the Charlottesville MSA – Charlottesville, Albemarle, Fluvanna, Greene, Nelson – for all kinds of property – condo, attached, single family, farms … in this dataset there are going to be outliers and anomalies, but with a set this large, we’re really looking for trending analysis. … Maybe we are witnessing the “new normal” for the Charlottesville real estate market, and it’s something that we’re just going to have to get used to.
…While dramatic increases in productivity could theoretically take up the slack, that may be too much to ask of a generation whose education, for the first time in American history, ranked in the bottom third of developed nations. … “The trend is most visible,†they write, “in the transition from a G-7 to a Group of 20 model of international decision making which includes influential and deep-pocketed developing countries like Brazil, China, India, Saudi Arabia and the United Arab Emirates.
