I don’t like being first for this search term
And they spend nearly eight minutes on my site. 
attorneys that sue Real estate agents in va
If you're new here, you may want to subscribe to my RSS feed or sign up for Email Alerts. This blog tracks the real estate market in the Charlottesville, Virginia region, local politics, technology and other matters impacting the local real estate market. Thanks for visiting!
The Wall Street Journal gets it right on commissions
I wonder if anyone else will notice? From today’s Real Estate Journal:
But like everyone else, buyer agents don’t work for free. At first glance, it seems like the seller pays them, since most are paid at closing from the commission costs that the seller pays, just as in the past. In reality, buyers pay for everything, since sellers routinely factor these costs into the asking price for the home. (ed. note: and the buyers are the ones getting the loan) The typical real-estate commission ranges between 5% and 6%, split between the buyer and seller agents. Since the median price of an existing home is currently $208,400, that means a buyer is effectively paying between $5,210 and $6,252 for representation in a typical transaction.
The buyer’s agents who advertise their services as “free” seem to be attempting to fool someone - themselves, their clients or both.
Who can blame them, though? That’s the way it’s always been, so why change?
From the NAR Code of Ethics:
Standard of Practice 12-2
REALTORS®may represent their services as “free” or without cost even if they expect to receive compensation from a source other than their client provided that the potential for the REALTOR® to obtain a benefit from a third party is clearly disclosed at the same time. (Amended 1/97)
To learn more about divorcing the commissions start here and here.
Technorati Tags: NAR, real-estate, realtor
Sorry, you can’t use that fireplace
Is this the type of thing sellers would have to disclose?
§ 15.2-922.2. Regulating wood burning fireplaces in certain localities.
In any locality with a population density of greater than 1,000 persons per square mile, the locality may by ordinance regulate the use of wood burning fireplaces in any portion of the locality where such use may constitute a nuisance to adjacent residences. Such ordinance shall not apply to any dwelling that does not have an adequate source of heat without burning wood.
See the bill at Richmond Sunlight.
The “hot spots” represent areas that appear to be subject to the proposed legislation. Consider also that the data is from the 2000 Census and Virginia’s population has increased by more than 630,000 citizens since then.
“Virginia is increasingly becoming an urban state. The combined population living in Northern Virginia, Richmond and Tidewater is now at 5.3 million, or roughly seven out of 10 Virginians,” Spar said.
There is a reason they say that no one is safe when the General Assembly is in session.
Link to the map at GeoCommons.
Huge thanks to Bill at GeoCommons for helping me with this.
Technorati Tags: politics, virginia
Three biggest stories in the past 7 days
Buyer’s Agent sued by Buyer - if the agent really didn’t provide comps to the buyer, my opinion changes entirely. There’s absolutely more to the story, but come on.
Real estate blogger sued for $25 million.
FBI is investigating lenders - The government investigating for fraud just seems ironic to me; something about a pot, a kettle and the color black.
All three stories likely represent tips of their respective icebergs.
“A” is a pretty good grade, no?
1% of homes in the US are in foreclosure … and that means 99% are not. Not to diminish the very real problems that exist, but 99% is not terrible. Virginia is ranked #24 in the country. It’s easy to see the “sky is falling” headline (and the sky is falling for many). It’s harder to see the less-dramatic positive news.
Technorati Tags: foreclosures
The market is working it out
As we knew it would.
Wow. Hat tip to the Big Picture.
They’re in in for the long-haul, though:
Registrar: GODADDY.COM, INC.
Whois Server: whois.godaddy.com
Referral URL: http://registrar.godaddy.com
Name Server: NS1.SERFZUPONLINE.COM
Name Server: NS2.SERFZUPONLINE.COM
Status: clientRenewProhibited
Status: clientTransferProhibited
Status: clientUpdateProhibited
Status: clientDeleteProhibited
Updated Date: 26-dec-2007
Creation Date: 06-dec-2007
Expiration Date: 06-dec-2008
Technorati Tags: foreclosures
Albemarle County property assessments are out
I guess the claim that they didn’t want to release them until the homeowners got them wasn’t entirely genuine. Everything’s politics; everything has spin. Witness today’s Daily Progress article; getting ahead of the curve is valuable.
The average reassessment increases or decreases, by magisterial district, are:
- Rio: .81 percent
- Jack Jouett: .43 percent
- Rivanna: .57 percent
- Samuel Miller: minus 1.18 percent
- Scottsville: 1.4 percent
- White Hall: minus .79 percent
- Town of Scottsville: minus .46 percent.
The County’s website has not yet been updated, but hopefully will be shortly.
Contrast the above numbers with last year’s assessments -
The average annual increases for specific magisterial districts are as follows (biennial increases are in parenthesis):
- Rio 13.57 % (27.14 %)
- Jack Jouett 11.27 % (22.54 %)
- Rivanna 14.98 % (29.96 %)
- Samuel Miller 15.64 % (31.28 %)
- Scottsville 15.54 % (31.08 %)
- White Hall 16.72 % (33.44 %)
- Town of Scottsville 15.93 % (31.87 %)
Get caught up on assessments with this story from last week, this one from two weeks ago (with my offer to homeowners for help contesting assessments). Albemarle’s real estate taxes page has basic information.
Property taxes pay for many, many things, notably schools. Visit Brian’s excellent school board blog for the context of this quote:
So, depending on how you look at it, the school system is 45%, 47%, or 61% (adding debt, capital, self-sustaining) of the County budget and property taxes contribute either 62% or 45%.
I’d argue that we’re all adjusting to the new economy - meaning working with less money. Citizens make decisions, often harsh ones, on whether to spend discretionary and sometimes not-so-discretionary money. Government is neither immune, nor should they be.
We are not alone in dealing with lowered assessments and the accompanying fallout.
Please post your reassessment experience here. Was it up? Down? Flat?
Update 29 January 2008: Lee Catlin emailed me the letter sent from the Assessor’s office and the news release. Notably:
What can I do if I don’t agree with my reassessment? There is a structured process in place that allows residents to appeal their reassessment. As a first step, property owners are encouraged to contact the appraiser responsible for the appraisal, and owners have until the last business day of February to appeal their reassessment to the Assessor’s Office. If satisfaction is not achieved, a second option is available to owners through an appeal to the Board of Equalization, which is comprised of Albemarle citizens who have completed instructional training from the Department of Taxation. Board of Equalization appeals can be done until March 17th. Further appeal can also be made to the Circuit Court at any time. I strongly recommend that you start your appeal with the Assessor’s Office, since issues can frequently be resolved at that point. Please contact the Assessor’s Office at (434)296-5856 for assistance.
Update #2 - 29 January 2008: My assessment is down 10% - land value stayed the same; the house depreciated. How long until this data is reflected on Zillow?
Technorati Tags: albemarle, assessments, charlalbemarle, politics, zillow
What happens if Charlottesville becomes a “declining market”?
In short, thanks to Carl -
“It is possible that if a buyer was approved for a specific loan product say with a 95% loan to value and the after the investor looks at the appraisal report and determines the comps are old or the property is in a “declining market” they could turn around and only approve the loan up to a 90% loan to value.”
We’re not (yet) in a “declining market,” but I’ve been given indications from several sources that we might be on that track.
Start your education here.
- Advice for buyers - do your due diligence, be patient, save your money in the meantime.
- For Sellers - as I said last year - do not attempt to chase the market down. Beat it down. (ask me for advice)
Subscribe!
-
This work by Jim Duncan is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License. -
