Posts tagged 22901

FHA Increases – Buying a Home Is Now More Expensive

in Albemarle Charlottesville General Real Estate on

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.

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Friday Chart – Is this the New Normal for the Charlottesville Real Estate Market?

in Market statistics on

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.

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Showed Houses in Charlottesville Last Week -or- Why AVMs Suck

in Albemarle Charlottesville General Real Estate Technology on

Zillow hasn’t been in the three townhomes in another neighborhood in Charlottesville , one of which needs to be gutted, one with a moist basement and mold coming on a piece of ceiling hanging from the bathroom and another one that absolutely needs to be taken to the studs.

…The product of an automated valuation technology analysis, public record data, and computer decision logic combined to provide a logical calculated estimate of a probable selling price of a residential property. … An AVM typically includes:   â–ª An indicative market value for many residential properties nationwide.   â–ª The Tax assessor’s indication of value, if available.   â–ª Information on a subject property and recent sales history.   â–ª Comparable Sales analysis of like properties.

…Cyberhomes puts it at $184,842 , the price range is $166,357 – $212,568: Realtor.com – You have to agree to have a Realtor contact you to provide the report.

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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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Riding a Bike in Charlottesville – Mountain Biking and More

in Albemarle Charlottesville Transportation on

If you’re curious about mountain biking in the Charlottesville area, road racing, and/or connecting with fellow bikers in the Charlottesville area, you will probably find this interview useful and interesting.

…When survey participants were asked to identify the three most important areas the cycling community should champion in the next few years, the largest percentage of votes, 82 percent, went to pushing for more bike lanes.

…I would ask about what the members are like, are they crazy riders or trail riders, where are the good trails, what types of events do they have, is there a weekly ride?

… Lastly: Bike Polo & Segway Polo Resources : Charlottesville Albemarle Mountain Biking Club (CAMBC) & their Facebook page Charlottesville Racing Club Bike Charlottesville Charlottesville Bike Club What is Single Track (mountain biking) Observatory Hill trails Mountain Biking Trails – Trails.com Rivervew Park in Charlottesville Rivanna Trails in Charlottesville Mint Springs Park in Crozet & Trails.com Preddy Creek (29 North area) Mountain Biking in George Washington and Jefferson National Forests Planners propose commuter bike trail from Rivanna Station military base to downtown Charlottesville

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Charlottesville is “Super Brainy”

in Charlottesville on

With all the lists that Charlottesville* gets put on, I think I like this one the most. … We’re #9 , in fact. Charlottesville is Super Brainy The Atlantic notes : Last Friday, my list of America’s Brainiest Cities ran over at The Daily Beast. Boulder topped the list, which comprised a mix of larger knowledge-intensive metros like Washington, D.C., Boston, Silicon Valley, San Francisco, Austin, and Seattle, and college towns like Ithaca, Charlottesville, Madison, Iowa City, and Durham, North Carolina, among others. * “Charlottesville” may mean “Charlottesville, Albemarle, Fluvanna, Greene” but in this case may in fact mean “The City of Charlottesville.”

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What’s That Fuzzy-Looking Thing? Addition to Nest’s Signs – Trying Something New

in Marketing on

It’s been a while since we’ve played with the design, other than refinements here and there.

…Real estate signs matter . Real-estate-signs-matter-2.jpg If you have an iPhone, these are some QR Code readers ; for you Android users, these are a few . … I’ve had questions over the years asking what I do besides write a kick-butt Charlottesville real estate blog. I’m a Charlottesville Realtor with a writing problem , and a pretty good one at that.

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