Category Archives: Fluvanna
1 – Inventory is low – (good for sellers, not so good for buyers)
2 – Interest rates remain low
3 – Prices (in many market segments) have stopped dropping, and are largely increasing.
4 – Sales volume is up across the board
5 – As always, do your own, supporting due diligence; your market will vary.
Click through to read the full Nest Report. Continue reading
Fluvanna have all sorts of budget issues, from property tax income declining to “the high school engineer underestimated heating oil consumption by 200 percent and the heating bill will be $208,000, instead of the original $68,000.”
- Days on Market (an inherently flawed data point) are down in Charlottesville, Albemarle and Fluvanna.
- Average Sales prices are down (not surprising)
- Total sales across the MSA are down (not surprising)
- More buyers are looking to be closer in/closer to stuff
- Good properties are selling and selling quickly
- Interest rates remain low – a good thing for buyers.
- I think we may have pulled the spring market forward a bit; the early spring may have pulled transactions into the earlier months of the year.
Dead simple Takeaways:
- Buyers: do your due diligence, don’t let emotion enter the equation and make sound, rationale decisions with the intent of holding the property for at least five to seven years
- Sellers: do your due diligence and realize that buyers most often don’t have to buy, but want to buy – it’s your job to make them want to buy your house. This means: price, presentation, perfection … and a great location and setting.
The Fluvanna County Board of Supervisors met Wednesday evening to discuss budget. After over an hour of public testimony, the supervisors voted 3-2 to approve a major increase to the advertised property tax increase.
The increase moves the current rate from 57 to 68 cents per $100 of assessed property value.
Case Shiller doesn’t track the Charlottesville real estate market. Nor Albemarle, Greene, Fluvanna, Nelson, Waynesboro, Augusta … Case Schiller doesn’t track Charlottesville.
I wrote in early 2008 that The Charlottesville/Central Virginia/Shenandoah Valley markets are not covered by the Case-Shiller index. Real estate is local; while trends may be drawn from this type of research, and while the proverbial turned-corner may still be just over the horizon, it’s important to put his study in the appropriate context.
Crap. That “horizon” to which I referred is still a ways off. But … what I said remains true. Case Schiller doesn’t track our market.
“Politicians are like diapers; they need to be changed often and for the same reason.” ― Mark Twain
We vote on Tuesday in what’s termed an “off-off election” meaning … fewer people vote, so your vote will matter more. Please vote.
Here are a few resources:
- Unfortunately, Charlottesville Tomorrow doesn’t cover the other important races, but luckily The HooK offers snapshots of the various races, including Albemarle County School Board (I’m endorsing Ned Gallaway for this race), Soil and Conservation District (I like Lonnie Murray)
- cvillenews gives a succinct rundown of which races are on the ballots. I’d clip a bit of Waldo’s post, but really, just read the whole thing.
Pending Contracts in the Charlottesville MSA are UP, year over year. But if you’re looking to buy a home in the Charlottesville area or if you’re trying to or thinking about selling, this number doesn’t matter to you one bit. What matters is – what is the market doing on my street? In my neighborhood? In my elementary school district? What happens at the top level – national, state, MSA, locality – is darn near irrelevant other than from a psychological point of view.
Here is why the top numbers don’t matter … there are extremes and outliers everywhere; today’s example:
A house just went under contract in the Bentivar neighborhood. A first look says that the house came on the market at $595k and went under contract in 6 days. If that house sells for $595k, the MLS data will show that it sold for 100% of its asking price. Which isn’t accurate.
- The house first came on the market in February 2010 for $1,100,000.
- Reduced to $835,000
- Came back on the market at $833,000
- Reduced to $735,000
- Came on the market for $595,000
- Went under contract quickly.
Look beyond the numbers presented to you. Here and everywhere. Good real estate professionals don’t try to hide the information, but it takes work to discover what’s actually happening.
Arguably, local governments have an equal and in many cases more significant impact on homeowners’ lives and property values – schools, fire and rescue, transportation infrastructure, snow removal … what happens if the tax rate rise so dramatically, and the budget becomes unmanageable? … Currently the real estate tax rate in Fluvanna County is $0.54 per $100 of assessed value ; the County is proposing a four cent increase in the tax rate in 2012 … and calling for a $1.22 per $100 rate in 2016 .
…With the pending reassessment, the audit calls for a fiscal year 2016 real estate tax rate of $1.22 per $100 to meet all expenditures and capital improvements.
…The tax options were part of a larger FY 2012 budget proposal that currently calls for a four-cent increase in the real estate tax rate, to $.58 per $100 of assessed value. Continue reading