It just feels more honest and transparent.The selection of incentives from the builders are below the fold, as the list is so long. Needless to say, with all of the negotiating going on right now, it really and truly is a very good time to buy – so long as you buy smart.From K Hovnavian, who are building a “55 or better” development north of Charlottesville, sent this email out this week:You’re Invited!Khov4Realtors Open House DayAlmost 30 Realtors have already earned $3,000 and are on their way to more trips and prizes!Join them today!August 14, 2007 • 11:30 am – 2:30pmYou’re invited to an exclusive Realtor Open House Day at any of the over 80 K. Hovnanian Homes communities in the Greater Metropolitan area.•Learn all about our Realtor Rewards Program•Find out how you can earn 2 trips, $13,000 and be entered to win a one-year lease on a Mercedes Benz!•Make your job easier and more profitable•Enjoy light fare and refreshments•Visit 3 of our communities and earn 300 points towards rewards!*Barry Meade is offering rate buy-downs (in my opinion, perhaps one of the best offerings out there):4.75% First Year5.75% Second Year6.75% Third-Thirtieth YearsBarry Meade Homes and Union Mortgage have extended their exceptional finance package through the month of August!… These rates allow your client to qualify for more house up front!This promotion applies to contracts received by August 31, with closing to take place on or before September 30, 2007.Ryan Homes are offering (from June);Save Up To $100,000 – One Day Only!*Saturday, June 9 11am-5pmIncentives & Promotions Will Be Announced At 11am On The 9th!Quantities Are VERY Limited!Immediate Deliveries Are Available!Brokers Warmly Welcomed!>Ryan Homes is Offering These Once-In-A-Lifetime Incentives at theFollowing Greater Charlottesville Area Communities: …Hauser is offering:Enjoy $5,000 Broker Bonus PLUS your 3% Co-op on Fontana’s Last Available Homesite. Now Through August 31, 2007!Gaffney Homes:Gaffney Homes is offering a Grand Opening Special of 10% off our Glenwood Station condominiums for contracts written by August 15, 2007 and closed by September 30, 2007.Current list prices range from $322k to $473k, which means a savings of up to $47,000!!!.
Browsing Category Market statistics
July’s housing numbers for the Charlottesville region
I think that this tactic provides better perspective on the real estate market; this traditionally illiquid market needs to be considered on at least an annual basis, rather than a month-to-month or weekly basis.Sales are fairly consistent this year, and average list and sales prices are up over the three year period…. Inventory levels and absorption rates remain very high, but properties are selling.2004 Sold – Charlottesville & Albemarle – Single Family homes, attached homes and condos2007 Sold – Charlottesville & Albemarle – Single Family homes, attached homes and condosSales are down in Charlottesville/Albemarle when comparing 2004 to 2007 – 28%.One of the prevailing arguments has been that condos skew the numbers; depending on which argument you’re making, they prop the market up by providing affordable housing (which they do) or they skew the numbers and make it appear that sales are artificially high (which they do in certain price ranges) Removing the condos from the equation:2004 Sold – Charlottesville & Albemarle – Single Family homes and attached homes2007 Sold – Charlottesville & Albemarle – Single Family homes and attached homesJune and July have significant differences between 2004 and 2007…. I have been involved in several multiple offer situations over the past few months (few of which have been at the listing price) but still, there is quantifiable demand in our market.Why do I look at the housing data so often and from so many angles? (I don’t publish everything I study) For at least two reasons – it helps me to understand the market better and thusly helps me represent my clients – both buyers and sellers – much more effectively.Disclaimer: New construction numbers are notoriously unreliable, as many sales are put into the MLS after the contract has been signed, if ever at all.
Quick market update for Charlottesville/Albemarle
Currently there are:1192 non-condo properties on the market.370 non-condo residential properties are under contract. 107 (nearly 10% of the current inventory) have gone under contract since the first of the month.224 condos are actively on the market.133 condos are under contract18 condos (8% of the current active inventory, or 5% if you include the under contract properties in the “active” category) have gone under contract since the first of the month.Running the sold data early next month (it’s nearly August already!) should be interesting.
The perils of being quoted in the media in Charlottesville
Transparency hurt nobody.Take today’s story in the C-Ville Weekly on the area’s home sales -Mid-year sales in Charlottesville, Albemarle and surrounding counties decreased to 1,882 from 2,267 homes sold at this time last year. That means we’re still in a buyer’s market, but according to CAAR, the real estate pendulum is ever so gently swinging back towards the center.Yet realtor and real estate blogger Jim Duncan isn’t ready to buy into CAAR’s assessment…. See this story for clarification of my assessment of the local market, and this one expanding on why hindsight will give us the opportunity to better assess today’s market.So what will a little under $300,000 get you in downtown Charlottesville?… I’m not sure that I used the word “hammered” – it’s not one that I would typically use when describing the market, so as to avoid contributing to the culture of fear being propagated by the media.Seeing a few choice quotes selected to give a story more of a “gotcha” quality is frustrating, particularly when my words are used.
Charlottesville first-half market update to be released today
One note referencing this report:Currently we have just over 3,400 homes on the market and the median price of these homes is $330,000…. In our market area (Charlottesville, Albemarle, Fluvanna, Greene Louisa and Nelson) there are about 2,500 homes on the market.And, referencing this – There were 1,882 homes sold in the first six months of 2007, which was down 385 (- 17%) from last year.True…. In our immediate market area, 1,547 homes were sold in the first six months of this year, versus 1,971 in the same time period last year. Down 21%, Year over Year.I mentioned this clarification in a detailed analysis in January and again last month.
When writing about the Charlottesville real estate market
Is contribute to the culture of fear being propagated by the media, with respect to the housing market. The “doom and gloom” stories sell as well as, if not better than, the “market is booming” stories. What I do intend to do is provide candid, un-spun analysis of the Charlottesville area real estate market. If I should ever stray from this goal, please let me know.Read about all the postings on the Charlottesville market here.But I also don’t want to get the track record and loss of credibility that the National Association of Realtors have.
Market Perspective for the Charlottesville region
Here’s some perspective, 2004 versus 2007:Days on Market is about the same, but look at the inventory levels…. Believe it or not, things are most assuredly selling, albeit at a slower pace than we have seen in some time. Properties that are priced well, and often well-below sellers’ expectations, are in fact selling. What I am trying to avoid is perpetuating what I have termed a “climate of fear perpetuated by the media.”