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Making Sense of it All – Where Is the Charlottesville Real Estate Market Going?

in Market statistics on

At the very least, I would venture to say that with housing starts and homebuilders’ stocks failing to reach new lows after hitting bottom well over a year ago, one can say with some degree of confidence that we have seen the worst of the housing recession.

…This trend — increased “outflow” and slightly reduced “inflow” foreclosure activity — means that lenders and loan servicers are 1) giving up on modifying mortgages when the borrower can’t pay, and instead repossessing homes and auctioning them off, but also 2) trying to manage the foreclosure pipeline to minimize the downward pressure on home prices. … For starters, a multiyear tidal wave of foreclosure sales has been inevitable ever since the housing bubble burst: Too many people had mortgages they couldn’t afford to pay, mortgages with a face value higher than the home’s new market price. … And then I’m hearing that: – There are 7 million foreclosures in the pipeline – what might those do to housing prices? – Some banks are seeking to vacate the lending business altogether. (from a conversation, no link) – Banks are delaying short sales in anticipation of Here’s the problem with politics – while I appreciate the necessity to achieve a “balancing act” it’s time to make a decision.

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A (Congressionally Mandated) Faster Short Sale Decision on the Horizon?

in General Real Estate Politics on

For context, in the Charlottesville MSA – Charlottesville, Albemarle, Fluvanna, Greene and Nelson, right now, there are 2513 active residential listings. 72 are marked as Short Sales.

…‘(4) SHORT SALE- The term ‘short sale’ means the sale of the dwelling or residential real property that is subject to the mortgage, deed or trust, or other security interest that secures a residential mortgage loan that–
… ‘(B) requires authorization by the securitization vehicle or other investment vehicle or holder of the mortgage loan, or the servicer acting on behalf of such a vehicle or holder.’.

…(b) Applicability- The amendment made by subsection (a) of this section shall apply to any written request for a short sale made after the date of the enactment of this Act.

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Interest Rates and Home Prices – What’s the Correlation?

in General Real Estate on

But if rates are low, a rational buyer will expect mortgages rates to rise when they sell the property, and under the theory that mortgage rates impact price, the price will then fall in the future. That makes the property less attractive, and the buyer in the low interest rate environment will not want to overpay for the house.

So the buyer needs to consider both current interest rates and future interest rates, and by the time they are done doing all the calculations, you get the graph that Leonhardt shows. And that is exactly what I’d expect – there is little relationship between house prices and mortgage rates.

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Moving to Charlottesville for NGIC or DIA?

in General Real Estate on

I’ve written before about finding rentals in the Charlottesville area … to give you a taste of what the rental market is like, keeping in mind that the Charlottesville MLS tends not to have the majority of rentals as it does homes for sale … … Of these 116 rentals that meet the above criteria, 31 are vacant – meaning, most likely, less than a third of the available rental inventory is available for immediate occupancy. So, if you’re staying in a hotel looking for a place to live, you are going to face a challenge. Further, of those 31, one indicates they will do either a short-term or month-to-month lease . 12 of the 116 indicate they will accept such terms.

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National Housing Numbers Mean What for the Charlottesville Real Estate Market?

in Market statistics on

I was saving this post and data for Friday, but the release of the national housing data spurred me to publish today. … * Charlottesville and Albemarle Attached home sales – June and July for the past decade : Charlottesville & Albemarle Attached Home Sales - June & July Charlottesville and Albemarle Single Family home sales – June and July for the past decade : Charlottesville & Albemarle Single Family Home Sales - June & July Charlottesville MSA Attached Home Sales – July for the past decade :   Charlottesville MSA Attached Home Sales - June & July Charlottesville MSA – Single Family Home Sales – June and July for the past decade : Charlottesville MSA Single Family Home Sales - June & July So … what are home prices doing in the Charlottesville MLS**? – The moving median price for the past 200 days shows stability . – The moving median price for the past 90 days shows what may be a coming decline. – The moving median price for the past 200 days shows stability . – The moving median price for the past 7 days shows that the Charlottesville real estate market has transactional volume sufficient to be swayed by even a few transactions. Moving Median Average for Charlottesville MLS - 30 Days Looking at the moving median home price for the Charlottesville MLS for the past year,we see the spike attributable to the housing tax credit and either what could be the bottom or the first dip. Moving Median Average for Charlottesville MLS - One year And now for the past five years: Moving Median Average for Charlottesville MLS - Five years And really, if you’re surprised by this drop, you haven’t been paying attention ; we’ve been seeing these trends in the Charlottesville housing data for quite some time . ” But no matter when one thinks summer ends, it’s already way past obvious that the Obama administration’s “Recovery Summer” has been and will end up being a big, fat, embarrassing failure. … Related News: Housing: No Longer A Sure-Fire Wealth Builder – The Big Picture The Impact Housing Inventory Has on Prices – Keeping Matters Current Housing Market Insight – Week of August 23rd – Bigger Pockets Blog Housing: Still Widely Misunderstood – The Big Picture Existing Home Sales Plummet 27& – The Big Picture Existing Home Inventory decreases 1.9% Year-over-Year – Calculated Risk Existing Home Sales lowest since 1996, 12.5 months of supply – Calculated Risk * You won’t find this data anywhere else.:) ** Charlottesville MLS = Charlottesville, Albemarle, Fluvanna, Greene, Nelson, Louisa …

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Can Crozet have Three Centers?

in Albemarle Growth Politics on

Downtown Crozet needs to do something to combat the challenges put forth by: – The 250 West Corridor – Anytime Fitness, Harris Teeter, medical and dental offices, restaurants, office space … residential housing … – Old Trail Village – ACAC Fitness, Trailside Coffee, restaurants, Augusta Medical facility, Advanced Center for Physical Therapy (awesome place – they helped me rehab my ankle after a soccer injury) … residential housing in Old Trail Village .

…A group that oversees planning in Crozet has endorsed a new concept to redevelop a lumber yard on the Square into a walkable and livable community similar to Charlottesville’s Downtown Mall. 


…“This is a very small scale, a version of that, but what it does create is the ability to have a gathering space and some place where people love to go [in] Crozet.” 
… “From [research and development] business to office space, restaurants, retail [and] some housing,” Roell said, “it will provide a variety of opportunities for people to locate their businesses, live, work, play and entertain each other.”

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