Nifty .
Date Archives October 2010
Real Estate Market in 2011 Charlottesville VA
What’s the Charlottesville real estate market going to look like in 2011? I’ll be making projections and contemplations in a few weeks, but in the meantime, have a look at the Google:
Web search interest in real estate in Virginia : Do your own search to see projections … Web search interest in real estate in the USA: The search for real estate agencies has shown a more marked and consistent decline: Looks like buying a home is seasonal.
Who Touches Your Loan?
Lesson learned – work with someone who knows the people involved, who can make things happen (ethically and legally) and who can foresee issues. Knowing the people – one of the main reasons I strongly advise working with local lenders . As a buyer, there is quite a lot that happens behind the scenes of your loan. “Meet” a few of those people: – The Processor. – The Appraiser. – The Underwriter. – The Loan Officer. – The Closing Department. (in Charlottesville, that’s the attorney or closing company )
The Future of Real Estate (Search and More)
Will this be the future of how people will search for homes? I rarely share “industry-type” stories here, but this post speaks to how I anticipate my clients will be searching for homes in the next one, three, five years. … My goal as a Realtor is to maintain my edge, my understanding of the market and my value proposition for my clients through representation. And where does the Google fit into all of this?
FHA Increases – Buying a Home Is Now More Expensive
Effective for FHA loans for which the case number is assigned on or after October 4, 2010, FHA upfront and annual MIP will change as follows: – Upfront MIP – 1.00% on ALL mortgage terms (from 2.25%)
… – Annual MIP – 0.85% for LTVs less than or equal to 95% and terms of more than 15yrs (from .50%) * No Change in Annual MIP for <=15yr Terms (No Annual MI) In general, monthly payments are going to INCREASE due to the higher annual MI payment. ** LTV = Loan to Value (the above was sent along by Jason Crigler with Crown Mortgage ) Keep in mind that the FHA loan limits for the Charlottesville MSA are: Single Family/Attached – $437,000 Two family – $559,450 Three Family – $676,200 Four Family – $840,400 For an example of what these increases mean you homebuyers in Charlottesville, I’m going to borrow Rhonda Porter’s math : Using an interest rate of 4.25% and a based loan amount of $400,000; it looks like this: FHA Case Number BEFORE September 7 October 10, 2010:
… $400,000 plus $4,000 = $404,000 amortized for 30 years at 4.25% = principal and interest of $1,987.44 plus the annual mortgage insurance of $300 = $2,287.44.
Reviewed by Lender411
The folks at Lender411 were kind of enough to review RealCentralVA.com, and I think they pretty much nailed what I’m trying to accomplish. 🙂 What sets Jim’s blog apart from others is his ability to…
Friday Chart – Is this the New Normal for the Charlottesville Real Estate Market?
Looking at the number of transactions so far this year* in the Charlottesville MSA – Charlottesville, Albemarle, Fluvanna, Greene, Nelson – for all kinds of property – condo, attached, single family, farms … in this dataset there are going to be outliers and anomalies, but with a set this large, we’re really looking for trending analysis. … Maybe we are witnessing the “new normal” for the Charlottesville real estate market, and it’s something that we’re just going to have to get used to.
…While dramatic increases in productivity could theoretically take up the slack, that may be too much to ask of a generation whose education, for the first time in American history, ranked in the bottom third of developed nations. … “The trend is most visible,†they write, “in the transition from a G-7 to a Group of 20 model of international decision making which includes influential and deep-pocketed developing countries like Brazil, China, India, Saudi Arabia and the United Arab Emirates.