I’ll be posting my analysis of the first quarter real estate market in the Charlottesville, Virginia region. … I haven’t decided yet on a theme, other than spelling and grammar count (we’re supposed to be pretending to be professionals here, right?)
you searched for msa
I guess I’ve got the traffic, and now I’ve got the convenience
The title quote from Hugh Underwood in today’s Daily Progress accurately sums up the approval of the Avon Center.The segmentation of our region continues …One of the greatest negatives about living on the east side or south side of Charlottesville is the lack of shopping; now that problem will be no more. The Fifth Street-Avon Center development will bring a grocery, home improvement store and large discount retailer, along with a promenade of smaller shops and restaurants. It will be located just south of Charlottesville between Fifth Street and Avon Street Extended.View Larger MapEven better – The entire project will be LEED certified, a nationally recognized standard of green building, said the project’s lawyer, Steven Blaine.
FHA Loan limits’ increase potential impact on the Charlottesville market
Then, Housing and Urban Development (HUD) will have 30 days to provide the official loan limits for lenders to use.Will it help?Using very rough calculations from sources at HUD, CAAR and lenders I work with, the increases could range from the current limit in the Charlottesville MSA of $323,000 up to $387,500 in Charlottesville and Nelson. More likely, it seems, the overall MSA, including the City, Albemarle, Greene, Fluvanna and Nelson will see an increase to something less than $340,000, unless lenders specifically apply for increases above the MSA limit…. Maybe.How could this help?With tighter credit standards from both Freddie and Fannie and the lenders’ own portfolio products, borrowers may need the credit standards that FHA allows…. Over Supply: the situation where there is more inventory than there are available buyers when considering prevailing prices and market conditions.Note that this definition addresses the prices within the market.
Charlottesville real estate market update for January
Surprise.There is significant, almost palpable fear in the market right now – from Realtors to home inspectors to builders and subcontractors to buyers and sellers (and not all will survive)…. Fear is not a fundamental.In a nutshell -If you are considering buying in the Charlottesville area and living in the house for four to five years (and perhaps a shorter timeframe, depending on various factors) – interest rates are historically low and sellers are negotiating more than they ever have before…. What the house across the street sold for is likely as irrelevant to determining market value as your new assessment.For both buyers and sellers – look beyond the headlines…. (for some, not all)”Residential homes that went under contract in January in the Charlottesville region*:2008 – 1522007 – 2302006 – 2372005 – 2182004 – 2692003 – 262Under Contract and Sold in Charlottesville/Albemarle:2008 – 105/662007 – 158/1022006 – 160/1262005 – 146/1282004 – 168/97Or, by a graphical measure to show the amount of inventory:*Albemarle, Charlottesville, Fluvanna, Greene, Nelson – including single family, attached homes and condos.
UVA Match Day is March 20 2008
If you don’t match, then you have two days to “scramble†into a program, ANY program that wishes to take you.UVA has a Guide to Match Day.I wrote about Match Day last year, and developed a page specifically for UVA medical residents, and a search specific to UVA residents’ general needs.What’s a Resident generally looking for?- At least three bedrooms- At least two bathrooms- Under $275k (some go higher, depending on their background, family support, etc)- No more than twenty minutes from the UVA Medical Center.What’s it like to be a buyer in the Charlottesville market?Get started on learning the market here…. Every year, new Residents match in Charlottesville; every year some rotate out to the next phase of the lives after completing their Residency. To get acclimated, look at this map; once you eliminate at least two of the areas, your search will be much more efficient. You may find yourself going outside the confines of Charlottesville and Albemarle.View Larger MapThere is significant uncertainty in the Charlottesville market now; but – for those who are ready, willing and able to buy, there are significant opportunities in the market.
Recap of Sunday’s show on Charlottesville real estate and economy
An hour flies by surprisingly fast, and seems to go quicker every time.Topics we ended up covering – – The Charlottesville/Central Virginia real estate market and what about Waynesboro and Augusta growing impact?… (I’m not an economist, but I took my best shot)- UVA’s sustaining impact on the local area and economy, as well as NGIC, State Farm, etc. – The impact the service industry has on the Charlottesville economy.- Vacant houses, REO properties, foreclosures and sellers’ expectations and pricing strategies- Tightening lending standards – Matt referred to Dan’s video that I posted earlier last week.- The agent/lender “bubbles” – as Matt so eloquently stated – “get good, or get out” of the industry.I have no idea how many people listen to the show, as WNRN doesn’t participate in Arbitron ratings, but it’s surprising how many people listen to the show live or on the podcast. This was the third time that Matt and I have done this show together, and I think that we could do this type of show once a quarter. We didn’t talk about everything we wanted to, but my hope is that I sounded honest, somewhat intelligent and competent.I’d love to spend time talking about the benefits of working with an experienced Realtor, why to use a Buyer’s Agent, pricing strategies (don’t overprice it!)
This is why I tell my clients that everything can change
Purchasers should exercise whatever due diligence they deem necessary with respect to adjacent parcels in accordance with the terms and conditions of the purchase contract, but in any event prior to settlement on the subject property. In short, sellers are generally responsible for disclosing anything within the four corners of their property, and the buyer (and buyer’s agent) should do all the due diligence they can to learn about what is outside those four corners.And then read this story at Charlottesville Tomorrow referencing the Mosby Mountain development on 5th Street Extended/Old Lynchburg Road – Bill Edgerton (Jack Jouett) also expressed sympathy for the neighbors, but he could not support making an exception, in part because of the history of neighborhoods changing their minds on sidewalks, particularly when faced with the prospect of a new neighborhood being connected to an existing development…. Mitchell was, however, quite surprised to learn that, at least in the view of some of the Planning Commissioners and staff, his cul-de-sac was seen as accommodating a road interconnection to future development adjacent to his property…. Mitchell said that if the County ever tried to connect Hatcher Court he would both be opposed to it and try to buy the land behind him.In my view, unless you own the land around you, it is more likely than not to become, at some point, either a through road (not the cul-de-sac you’re used to) or some form of development.In this case, it sounds like the neighbors don’t want the sidewalks; but what happens in ten years when the cul-de-sacs become through roads?