Charlottesville's Real Estate Blog. Buyer &/or Seller Representation, Real Estate News
Curiosity stole an hour of my morning … I intended to update only the Crozet “When do homes come on the market†spreadsheet, got lost there for a bit and decided to look at the Charlottesville MSA numbers.
2012’s Charlottesville MSA sales trends – looking at when homes came on the market, when they went under contract and when they closed.
And 2013
Well, this is interesting.
And the differential between 2013 and 2012.
Data is fun. Big data is more fun.
I know this – I was surprised both at the most “super†zip in the Charlottesville area as well as the purported median income in the City of Charlottesville.
What do you think?
Part 2 of 2. Part 1 is here.
Continuing the “what is usual and customary†question and answer series …
What’s “normal†in the Charlottesville real estate market? It’s a question that’s asked of me by buyers coming from other markets (agents, too) and sellers who haven’t sold a house before (or for many years). Note: what you see on HGTV is not what is “usual and customary†in the Charlottesville market. (or any market on Planet Earth).
“Usual and customary†is always changing. Radon inspections weren’t usual and customary a couple years ago; now they are. Heck, buyer agency wasn’t usual and customary 15 years ago.
Q: — Who attends the home inspection? Appraisal? Termite/Radon inspections?
A: A buyer’s agent attends all of these, with the home inspection being far more important for them to be onsite than for the termite or radon inspections. Meeting the appraiser can be tricky – sometimes if the appraiser has a lockbox key and MLS access, we never get the call to schedule. I try to meet all appraisers onsite, as I like to pick their brains about what they’re seeing in the market as they see the market through a different lens than I do.
Q: Recording and possession. Is recording done the same day as closing? Are keys transferred when closing docs are signed or when transaction is recorded?
A: Usually recording and possession happens on the same day, although I advise my buyers to not have a moving truck on the front lawn the afternoon of closing … I’ve had this happen, something went wrong and many tears were shed, curse words flew, phone calls made and a few nights in a hotel for the buyer highlighted why I advise what I do. Frequently the keys are given to the buyer at closing, with strict instructions to not enter the property until recordation has occurred.
Part 1 of 2.
What’s “normal” in your market may not be (and probably isn’t) normal in the Charlottesville real estate market.
So what’s “normal†in the Charlottesville real estate market? It’s a question that’s asked of me by buyers coming from other markets (agents, too) and sellers who haven’t sold a house before (or for many years). Note: what you see on HGTV is not what is “usual and customary†in the Charlottesville market. (or any market on Planet Earth).
“Usual and customary†is always changing. Radon inspections weren’t “usual and customary” a couple years ago; now they are. Heck, buyer agency wasn’t usual and customary 15 years ago.
Tina, a colleague in the Nest Blacksburg office, asked a few questions and naturally I felt the answers would be well-served to be posted here, particularly for buyers moving to the Charlottesville area and for sellers who may be moving to other market and not have relevant experience selling a home in our market. Answers are mine.
Q: Do agents use a standard contract? If so, is it the VAR (Virginia Association of Realtors) contract, one provided by your Realtor Association, or a combination of both?
A: Most Realtors in the Charlottesville area use the VAR contract for almost all of our forms, including home inspection, radon etc. We tend to craft specific addenda as needed.
This is the type of place that makes Charlottesville a cool and great place to live – local food and people, beautiful space and wonderful service.
A friend alerted me to the new butchers on West Main the other day – JM Stock Provisions + Supply. Today I stopped in for some bacon, and had a great conversation with Matt and Alex, the proprietors. Genuine, nice guys who know what they’re doing. As Chip on Yelp said, “JM Stock is what a store should be.”
I’ll be back – for more bacon and more conversation to learn about what these guys do.
Should I try to sell now or wait until spring?
Therein lies the question as we enter the autumn and winter seasons in Charlottesville. This is the time of year when sellers planning to put their homes on the market in the spring start the process of getting their homes ready for the spring market.
Jonathan Miller pointed out a great article in a New York publication that neatly aggregates some very good responses to this question – “should I sell now or wait?†– all of which are summarized essentially by my default answer of “It Depends.â€
Whether you sell now or wait depends on your goals, your flexibility, your timelines, your lives …
A few things to consider:
– The market is seasonally slowing right now – fewer homes are coming on the market and fewer homes are going under contract. As a buyer this means less selection, as a seller this means less competition.
– If you decorate your home for the holidays, be prepared to re-take photos after the holidays … few things date a home’s time on market like Christmas photos.
– What’s the market like for your home right now? What’s it likely to be in January-March? What is your competition likely to be? Existing homes? New construction?
– Will the market for your home be stronger in the spring?
A few questions to ask yourself when debating whether to put your home on the market now or in the spring:
– If you sell now, where will you go?
– Where do you want to live?
– What happens if you can’t sell but find a place you want to purchase?
– What do you have to do to get your home ready for the market? Is it a short list or a long one?
– The holidays are by definition disruptive; are you willing to add “trying to sell a home†to the disruptions?
– Are you already looking for homes? Here’s a few tips to search smarter for homes in Charlottesville.
My thoughts –
– Talk to a lender now, if you need one.
– Talk to a good real estate broker now to help you get a firm understanding of what your marketing strategy and price should look like
Above all, do what’s going to be most advantageous to you, while still maintaining a semblance of sanity. After all, we’re taking about your home; marketing and selling a home is by definition disruptive. Do what you can to minimize the stress and disruption.
Questions? Ask me . I’m doing quite a bit of consulting right now with sellers who are looking to put their homes on the market in Spring 2014.
A lot of money was raised and spent in these elections.
The Albemarle County elections last night brought about a resounding change on the Albemarle County Supervisors. Gone are Rodney Thomas and Duane Snow; in are Brad Sheffield and Liz Palmer. For what it’s worth, the Democrats won and the Republicans lost.
Looking at the races through the lens of VPAP data, I saw this in a Facebook conversation:
So which Supervisors are beholden to real estate development groups? Here are some of the top donations by industry… Notice a pattern?
Duane Snow, $17,800 Real Estate/Construction
Liz Palmer, $26,043 Miscellaneous
Rodney Thomas, $12,300 Real Estate/Construction
Brad Sheffield, $17,386 Miscellaneous
It’s hard to argue with money. Seemingly more than the ballot box, money matters.
Local elections matter. The localities vote on growth management strategies, property tax rates, the ways in which the emergency services operate and cooperate (or not) and notably transportation and infrastructure improvements. And yesterday, about 13,000 people in Albemarle County helped decide the near (and long) term future of Albemarle County.
J. Reynolds Hutchins at the DP says:
Palmer, Sheffield and McKeel ran campaigns hinged on the county’s growing transportation problems and angst over the Western Bypass of U.S. 29.
Whether the Western Bypass gets built will be an interesting (continued) debate. Will they build it? Will they shut it down? Will they study it more? Will they extend it so it’s a more logical and functional road?
The County needs infrastructure improvements … let’s see how the new Board chooses to take up that task.