Posts tagged 22911 real estate

5 Points on School Redistricting and Uncertainty when Buying a Home in Albemarle

in Albemarle Education General Real Estate Politics on

Albemarle County

Albemarle County is HUGE (PDF)

One of the first posts written here was about redistricting schools in Albemarle County; sadly I hadn’t yet mastered the art of proper out-linking, so the stories to which I pointed are mostly dead. Today’s story by Aaron Richardson in the Daily Progress * succinctly describes the current state of some Albemarle County schools: “School redistricting is a headache for everyone, yet Albemarle County is at it again, considering a shuffle for a second time in as many years.”

High-quality schools are one of the more-cited reasons my buyer clients use when choosing to move to the Charlottesville – Albemarle area. I hope this acclaim is justified and continues to be the case.

In talking to a potential incoming client last week, we naturally discussed Albemarle County schools as part of a wider ranging conversation about whether this is the right place for his family. He’s looking for a rural property preferably, but also wants his kids to go to elementary school … and prefers to have a reasonable-length bus ride. How does one define “reasonable-length” in this context?

There really is not much to add to the Albemarle County Schools redistricting conversation than this:

– Read this from last year – Albemarle County Schools’ Populations Are Growing. Unexpectedly. ?!

– If you want 100% certainty that your kids will go to X school, that school better be private.

– Get involved in the process and the conversation. Schools matter, to our kids’ lives, our lives, our property values …

– The next meeting of the redistricting subcommittee is 27 November at Murray Elementary School.

– Always, always, always check your school district before you buy a home in Albemarle (or anywhere, really)

Some stories reflecting the ongoing uncertainty regarding some schools in Albemarle County:

Parents and neighbors in southern Albemarle County are getting more information about a plan to possibly shut down Yancey Elementary School in Esmont. NBC 29 – August 1 2012
– Scottsville tells its supervisor it feels like ‘the redheaded stepchild‘ – Daily Progress – July 26 2012

One thing is true, the Meriwether Lewis parents are perhaps the best organized and mobilized parents in the community. For those in the Crozet district, I’d love to hear what the School Board representative, Barbara Massie Mouly, thinks about this; I haven’t seen word one from her in the press or any kind of outreach to the public.

* I’m glad to consistency in reporting from the Daily Progress; Aaron Richardson also wrote about redistricting last year. Having consistent knowledge is crucial when knowing about and reporting on local issues.

PS – I’m working on a story about growth areas in Albemarle County and their impact on livability and certainly of lifestyle.

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The First Seven Months of 2012 – Charlottesville Real Estate Market Update

in Albemarle Charlottesville Market statistics on

The Questions:

– Can I sell my house in Charlottesville (area) right now?

– Should I buy a house in Charlottesville (area) right now?

Answer to both: It depends.

Buyers: If you need to live somewhere and know you’re going to be somewhere for at least 5-7 years, now might be a great time to buy … ** interest rates remain extremely low. But … there is a dearth of quality inventory on the market right now. I’m finding that buyers are searching for (much) longer timeframes, so that when the right house does come on the market, they are prepared. Start early; do your research and be prepared to move quickly when the right house comes on the market.

Sellers: If you need/want to sell, understand that buyers are still looking for quality and value … and that selling a home is work. (It’s hard work; I task my seller clients with loads of prep work) , but know this: unless your home is one that is priced and conditioned to sell in two weeks, be prepared to be patient. And to defend your price with data and facts, not emotions and expectations — neither buyers nor appraisers care about what you need/want to make or how much the house is worth to you.

Year over year:

(Inventory level = # of homes on the market)

Charlottesville – Inventory level is down nearly 20%, median price is up slightly to $255k – up about 7% (but still way below 2010)

Albemarle – Inventory level is down a bit, median price is up about 5%

Fluvanna – Inventory is down about 8%, as is the median price.

Greene – Inventory is down a little and the median price is up significantly – about 30% … keep in mind that this increase was based on 11 closed sales this July versus 19 the previous July.

Louisa – Inventory down about 23% while the median price down nearly 20%

Nelson – Always an inconsistent market due to the variety of product mix there … Inventory is down about 12% while median price is down 24%.

The takeaways from this month’s look at “what’s happening in the Charlottesville real estate market”:

1 – In some segments of the Charlottesville – Albemarle MSA (Metropolitan Statistical Area), the buyers’ market looks like it’s over. Good houses that are priced well are moving … sometimes in a matter of days and occasionally with multiple offers. Inventory is down, some prices are up. (Low Inventory isn’t necessarily a sign of recovery though)

2 – Foreclosures and short sales are still out there, and are seemingly comprising a smaller portion of the market than we’ve seen over the past few years. But there are anecdotes everywhere – I almost showed a short sale in Albemarle in which the asking price is $450k … down from the initial asking price was $1.19 million … in 2008.

3 – I don’t feel like a complete fool saying that the recovery is near. I don’t know when “near” is, but I do know that “normal” is a moving and shifting target. “New normal” is an absurd term; today is normal. So is tomorrow. So is yesterday.

4 – Product mix shift – anecdotally, we’ve seen this coming, but we’re seeing more and more buyers are opting for single family detached homes as opposed to attached homes. Condo volume seems to be stabilizing … the condo buyer of today is more interested in the condo lifestyle (location, no maintenance or yard work) than we saw in the previous market*. What we’re also seeing is a demand for the condo lifestyle in single family homes; that solution doesn’t really exist yet, but there’s a market for it!

5 – Real estate market Data is but part of the conversation and analysis – experience and conversations with other experienced real estate agents matters tremendously. It might sound silly to in-lookers, but being able to tell that a property is great and will sell soon is crucial. Example: I showed a house on Saturday and told my buyer clients that I expected it to sell in the “next couple days” … then I heard Monday that the sellers got three offers. That insight comes from experience, not just looking at data. … and educating my buyers so that they are able to discern a well-priced, well-marketed home is one of my favorite things.

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A New Theory on Buyers in Today’s Real Estate Market

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Put simply – buyers want to buy. And a lot of them are tired of waiting.

Categorizing the Charlottesville real estate market:

– 20% distressed
– 20-30% is overpriced
– 20-25% is stuff that no one wants to buy
– 20% is in great condition, priced really well and is selling in under 60 days. *

Right now* there are 2122 homes on the market. 410 are currently under contract; 177 (43%!) have continuous days on market of under 30 days and 219 (53%) have CDOM of under 60 days.

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Albemarle County Real Estate Update – The first Ten Months of 2011

in Albemarle Market statistics on

One big notation: I’m no longer comparing today’s real estate market; what happened in 2005 – 2007 and before is interesting, curious, anomalous and ultimately irrelevant to today’s real estate market. EVERYTHING is different now – interest rates, economic outlook, international economic events, gas prices, employment trends – making comparisons between this market and that market is a distraction.

First, the bullet points:

– New Listings – Fewer than the past two years and trending down; this is a very good thing. As fewer houses come on the market, more houses will sell and we’l be able to find our way through the current spate of houses on the market. *

– New Pendings (Better reflecting current market activity) –

– Median Sales Price (for all properties) – Lower than last year, trending up.

* I’m not totally convinced that the houses that are coming on the market in the Charlottesville and Albemarle real estate market are the ones that buyers want to buy – whether size or energy efficiencies, I think that the inventory we’ve seen over the past 18 months has not quite matched to what buyers want, and this is a reason that we’ve seen the new construction market in the Charlottesville area do so well.

iMPORTANCE OF HOME’S ENviRONMENTALLy FRiENDLy FEATuRES

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Talking about the Charlottesville Real Estate Market – WNRN Radio 9 January 2011

in General Real Estate Shameless Self Promotion on

If you are interested in – whether from a buyer, seller, voyeur, moving to Charlottesville perspective, I highly encourage you to listen to this hour of radio Matt Hodges and me as we discuss the Charlottesville real estate market, national trends affecting all of us, and what the conversation may mean to you, the real estate consumer. … Some of the stories to come: One of the best parts of doing radio shows is that I always generate new ideas to write about. – Top 10 most popular neighborhoods in the area; I’m finalizing the methodology for how this will be determined, so I won’t promise the publication date. – An expansion on the nomadic class. – The internet’s/telecommuting’s impact on attracting people to the Charlottesville area. … Title issues, conveyance of title, property ownership – I think this is going to be a huge story in 2011. – Mobility – many of today’s potential homeowners are choosing to not buy because they want to have options. – QE2 – DIA and NGIC – their impact on the Charlottesville real estate market; in short, they they provided a stabilizing force. – Loan Level Pricing Adjustments – what does this mean to homebuyers?

…Charlottesville Foreclosure Rate and Foreclosure Activity Information | thanks to RealtyTrac – Foreclosure rate for the Charlottesville MSA – Majority of Virginians oppose gas-tax increase – Town hall to discuss Hollymead development area expansion – Realtors’ response to Mortgage Interest Deduction – Commentary: Mortgage Interest and Real Estate Tax Deduction Facts – Facing Scrutiny, Banks Slow Pace of Foreclosures – Homeownership is not a must .

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