at agentgenius.com.
Date Archives October 2007
Welcome new readers
This week starts the first of what may be extended targeted advertising in the Charlottesville online space.The Charlottesville real estate market is changing every day; this site provides unbiased opinions and market analysis as well as coverage of local politics that affect real estate, emerging technology trends, market trends and more. The coverage here is decidedly focused on Charlottesville and Central Virginia – as all real estate is local; frequently national trends will be referenced, but typically within the context of how it impacts the local market.Questions from readers are welcomed and always answered, frequently in the form of a post (my thanks in advance for the story ideas!).To sign up for email alerts, click here, and please note that it’s a two-step process. Check your email for the verification link, click it and you’ll receive updates whenever a new story is posted…. If you ever have any questions or comments, please feel free to contact me.Here is a review of this site from the C-Ville Weekly.
Blog Action Day 2007 – My 2 cents
This post by Seth Godin helped clarify the argument for me with his “times a million” post.If we figure that the average driver in the US does 20,000 miles a year, I’m going to use about 400 gallons of gas…. A year.He’s not necessarily making an argument for change, but for considering one’s actions, and the context of one’s actions.There are many simple, little things that you can do to make an impact…. Read: how much will I save if I do this?1 – Mark your calendar for the next Green Matters workshop on 14 November where the focus will be on “explor(ing) green building materials, home furnishings, and cleaning supplies you can use to make your home and environment healthier.”2 – Read Dave’s blog3 – Move to places where you can “get to stuff” without getting into your car every single time you need to get a gallon of milk or go to soccer practice. Or, work to “get stuff” closer to where you are.4 – Put your preconceptions aside; read (for your feed reader – here’s some of the “green” blogs I read)5 – Consider your actions, think differently, do the little things like using reusable bags (they hold more groceries, stand up like paper bags and have handles!)
3rd Quarter Market report for Charlottesville area real estate market
Prices are falling in many markets, which complicates the delinquency equation as many mortgages continue to reset at higher rates and higher monthly payments.The new Charlottesville report seems to have less spin than many of the previous ones, which is beneficial to everybody – buyers and seller, the public, the media and the Realtors (and their credibility).One aspect of the report that needs clarification is this – when looking at non-locality-specific numbers, the numbers they use are for the entire MLS, not just our market area, which I have noted several times before skews the numbers.In the City of Charlottesville, Albemarle, Fluvanna, Greene, Louisa and Nelson Counties, as of 14 October, 2007:There are 2,492 properties actively on the market right now.2,444 properties have sold since the first of the year…. There are 367 homes under $200k on the market (and I don’t have the ability to do the average DOM for that many properties) and there are 170 homes over one million dollars on the market.A few choice quotes from the report, decidedly un-spun:In the early part of the decade, we saw extremely low inventory levels of around 4 or 5 months of supply…. Prices will continue to rise slowly and inventory will continue to be the big story in the market.Take note: the lenders do not consider the Charlottesville area a “declining market,” which is declared after a market has witnessed several consecutive quarterly declines. From an email from one of the lenders with whom I work : Northern Virginia is getting hammered; these counties are listed as being “declining markets” – Fairfax, Arlington, Clarke, Spotsylvania, Stafford, Warren, Fauquier, Prince William, Loudoun, Including the following cities: Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas, Manassas Park – sharing the page with Florida and California.
Hindsight is 20/20
This story from the Washington City paper probably rings true for far, far too many people.Even more than subprime, it highlights the perils of working with a lender who is owned by the builder, and often times there is no Realtor involved, nor attorney representation for the buyer, as part of the “package” is that the buyer uses the builder’s/seller’s/lender’s title company for Closing…. And they didn’t have the papers reviewed by a lawyer or real estate expert, a common but tragic mistake made by many home buyers, advocates say.Such a review would have turned up a number of red flags. The Washington City Paper asked two experts to review the Rioses’ home purchase: …”This is a predatory lending case. This is probably one of the most classic cases that I’ve seen,” says Sherman.If you either don’t have an agent or have a “dual agent” you likely don’t have full representation, or worse – the perception that you do.Too few recognized these dangers while in the midst of the storm.
Open Houses in Charlottesville – 13/14 October 2007
All the Open Houses in the Charlottesville/Central Virginia region for 13-14 October 2007. Our MLS would do well to have a mapping function that would plot them out on a Google Maps style map. And on the public search, be able to specify dates of Open Houses.Big PDF here.
We do not need studies. We need action. We need a plan.
Says Bryan McKenzie today.There are some serious concerns our community needs to address and not just with another study and another consultant but with real, shirt-sleeves up, kick butt and take down names attitude…