Maybe. As with almost all questions in real estate, the answer to the question begins with “it depends“ – Why are you contemplating relocating to Charlottesville? – What does “Charlottesville” mean to you? The…
Date Archives October 2011
Charlottesville Area Association of Realtors’ 3rd Quarter Market Report (2011)
More to come. In the meantime, have a look at the market report.
CAAR 3rd Quarter Real Estate Market Report – 2011
This post will be updated throughout the day as I get opportunities to look at the data. …
Notes:
– The above report is for the entire Charlottesville MLS area, not Charlottesvill and Albemarle or even the Charlottesville MSA (Charlottesville, Albemarle, Fluvanna, Greene, Nelson) or even the Charlottesville MSA + Louisa. So take it for what it’s worth – a very broad overview of the entire Central Virginia region. Example: in Amherst, Augusta, Buckingham, Goochland, Rockbridge and Lexington, there are 156 closed transactions in our MLS … which isn’t particularly relevant to real estate consumers in the Charlottesville area.
– Days on Market is not statistically accurate, as it does not reflect relistings of properties.
– The Charlottesville market is still declining.
– Detailed market report from Nest coming soon, as is county by county break down.
– Townhouse/Attached median sold price is down in the Charlottesville/Albemarle area, in no small part due to Ryan Homes’ driving prices through the floor market-wide.
– Median sales prices are down, but inventory is down as well; the latter qualifying as a good data point.
– What questions do you have about the market data?
Interactive Charts are after the jump; I choose to use the static charts rather than the interactive reports as I don’t like to be locked into a service; I pay $30 a month for access to the deeper data and if I choose to not pay for the service, the interactive charts go away … not a good option.
Difference Between Clients and Customers
Question: What’s the difference between a real estate client and a real estate customer?
Answer: Quite a bit.
I was with a a customer a few weeks ago and and we had an interesting conversation about the differences between a customer and a client.
Some basic definitions from the Code of Virginia:
“Customer” means a person who has not entered into a brokerage relationship with a licensee but for whom a licensee performs ministerial acts in a real estate transaction. Unless a licensee enters into a brokerage relationship with such person, it shall be presumed that such person is a customer of the licensee rather than a client.
“Client” means a person who has entered into a brokerage relationship with a licensee.
“Licensee” means real estate brokers and salespersons as defined in Article 1 (§ 54.1-2100 et seq.) of Chapter 21 of this title.
“Ministerial acts” means those routine acts which a licensee can perform for a person which do not involve discretion or the exercise of the licensee’s own judgment. (bolding mine)
If I meet you at one of my listings, I will explain to you that I don’t do single agent dual agency. (Guess who benefits from single agent dual agency?)
Search for Homes in Charlottesville Made Easier
If you haven’t noticed, the search for homes tool here has just been upgraded. Check it out.
My three favorite additions:
– A new “Full Screen†mode (button is above the map/details tab on the top-right
– Print favorites/noted listings
– Re-added save-search editing
Lockboxes and Buyer Activity in Charlottesville
Lockbox openings = buyer activity.
Fewer showings will lead to fewer contracts will lead to fewer sales. But … one component that cannot be factored in is that often, when a buyer sees a home for the “first” time in person, it’s actually the second time they’re seeing the home. (insert shameless example of a home in Charlottesville that I’m marketing now)
My house is Getting an Energy Makeover
Thanks to LEAP, my house will be getting an energy makeover. I’ve written about green homes and energy efficiency for years, and now I’ll be benefitting from it first hand.
And I’m a bit excited.
I expect I’ll be writing about this quite a bit over the next few weeks and months, but here’s one thing I’ll note now:
I don’t think I’ll publicly disclose the builder of my home. It’s easy to find out, and I’ll tell you in person, and if you’re a client, I’ll give you the full run-down.
The reason we bought where we did was not for the house; it was for the location. We walk and ride bikes to the park, the pool, the soccer field, coffee shop(s), the library, and ride bikes to all of the above including my daughter’s elementary school.
Now, if we can save money through energy efficiency and I will learn more to help my clients, that’s a win all the way around.
Press release is after the jump.
A few Foreclosure Links
Foreclosures in the Charlottesville/Albemarle market are going to be with for a while. I’m thinking for the next three to five years. Minimum.
The Vicious Cycle of Foreclosures
– a useful infographic
– It’s more than finances. “A paper released last month by the National Bureau of Economic Research found that people living in high-foreclosure areas in New Jersey, Arizona, California and Florida were significantly more likely than those in less hard-hit neighborhoods to be hospitalized for conditions like diabetes, high blood pressure and heart failure.”
Secret Docs Show Foreclosure Watchdog Doesn’t Bark or Bite (if you’re going to read one story, make it this one)
– This is exceptionally troubling. Excellent comments as well on this ProPublica story.