Posts tagged 22932

Video: Previewing the 2017 Crozet Real Estate Market

Beer and real estate. or Real estate and beer. Any way you look at it, it’s fun.

David and I met at PRN last week and talked about the 2016 Crozet real estate market, and speculated a bit about the 2017 market. New construction, land sales, residential resales, coming developments … so much covered in under 6 minutes.

While I work heavily in the City of Charlottesville and urban ring, and throughout the rest of Central Virginia, I live in Crozet.

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C’Ville Pie Fest 2014 – 28 September

I love this about Charlottesville.

C’Ville Pie Fest is Back! It’s this Sunday at the Crozet Mudhouse, supports the Crozet Volunteer Fire Department, and pie entries are needed (there are some hungry judges!)

mmmmm … Pie.

It all started on Twitter and was, as I said at the time, ridiculously good fun at the Charlottesville Downtown Mudhouse.

And we had pie later in 2009 at Crozet Mudhouse, and it benefited PACEM.

And Pie was had in 2010.

And more pie in 2011, benefiting the Haven.

And the judges:

– Head Judge Brian Geiger
– Wendy Novicoff
– Sean McCord
– Rebecca Cooper
– Josh Harvey (Albemarle Baking Company baker)
– Nathan Moore of WTJU
– Gary Dillon of the Crozet Firefighters
– Jim Duncan (that’s me!)

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A Few Homeowners Insurance Questions Answered

I like experts. My clients come to me seeking solutions and part of the solution is helping them assemble the right team to help throughout the process. Everyone needs homeowners’ insurance and I tend to recommend Gary – I’ve found him to be helpful, knowledgeable and willing to share knowledge. I asked him to answer a few questions that most (new) homebuyers have.

By Gary Albert with State Farm.

Q: What is the purpose of home insurance?

A: For many, your home is the most important investment you make. So it makes sense that you would

want to protect that investment through homeowners insurance. The fundamental basis of insurance is the transfer of risk from one person or entity to another. We make decisions daily about risk in our personal lives, and each of us have a different tolerance for retaining risk compared to our neighbors. As it relates to homeowner’s insurance, the premium we pay speaks to how much of this risk we are retaining versus how much we are transferring to the insurance company.

Q: Tell me more about deductibles.

A: When you file a claim, the homeowner is responsible for a predetermined part of the costs. This is called a deductible. As a general rule, a low deductible will result in higher premiums, and a higher deductible will result in lower premiums. There is no template rule of what deductible to carry. There are some that advocate for the lowest deductible available and some that lean toward the other end of the spectrum, looking for the higher deductible options. It’s best that you figure out what works best for your particular situation.

To help make this decision, consider your financial situation and personal emergency savings in the event of a large loss to your home.

Q: How are rates set? Do weather disasters in other parts of the country impact the rates we pay here in Virginia?

A: At State Farm, we use claims experience from the past several years to project the cost of future claims. The ratemaking process also factors in trends such as the costs for construction, medical payments and other variables.

Rates are based on each state’s claims experience. This means premium dollars stay within the state and do not compensate for losses in other states. So a wildfire in California will not have an impact on our rates here in Virginia.

Q: What about homes that need some work? Is there anything from an insurance point of view you should know when buying a fixer-upper?

A: First, make sure you work with reputable contractors. Get quotes from a few licensed contractors to find the best deal. You also want to make sure the contractor has liability and workman’s compensation insurance to protect you if someone is injured on the job.

Once you are done fixing up the house, make sure you check in with your insurance agent to see if you need to change your coverage. The upgraded kitchen you added could increase the cost to rebuild if something were to happen, and you want to make sure you’re adequately covered.

What’s a CLUE Report? How is it used in the home buying process?

Comprehensive Loss Underwriting Exchange, 7 year database of claim information. Only the owner or the insurer, or lender can access the information. This service is maintained by Lexis Nexis.

When considering making a purchase of a home, involve an insurance company early in the process to run this report. Some carriers may not do this upfront, so be sure to ask if this report is being run at the time of the quote. If there are prior losses on the property, the insurer (and prospective home buyer) will want to research the repairs and get ahead of any potential loss/insurability concerns. I recommend doing this before the home inspection.

Q: Anything else to add?

A: Insurance can be very personal. Meet with your insurance professional on a regular basis to make adjustments to your coverage as needed for updates, improvements, additions, and endorsement review. Our community has many local, reputable insurance agents. If you’re unsure of whom to speak with, ask your neighbor, good neighbors are usually good sources of information.

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July’s Monthly Note – Bicycling, The Market and Other Exclusive Insight

Plank Road

Once a month, I publish some of the best stuff I write. I talk about the market, the area, and provide insight that I don’t provide anywhere else – and I don’t publish the notes’ archives either – so this is a unique audience and note.

I’ll be publishing the July note tomorrow and some of the subjects I’ll probably be writing about are:

– The state of the Charlottesville real estate market
– Recapping June on RealCentralVA (and maybe RealCrozetVA) – I know that many don’t want to read ~15 posts a month, but one note a month is just right. 🙂
– How a Facebook post almost got out of hand (and how I couldn’t and haven’t figured out how to close comments on a Facebook post)
– Shifting to bicycling – reasons and consequences
– A buyer’s recounting of the process
– Hoodies followup

There are a few other things I’m debating including, and I strive to keep these notes efficient – no more and 5 topics and less than 1,000 or so words.

If you’re interested, I’d greatly appreciate your registering.

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