Second issue, (The builder) missed his 11-month walk through of our home and it was encroaching upon our 12- month (final inspection of the home), so my husband and I agreed to have an official home inspector come into our home (as we know nothing about home construction). … Upon hearing the findings and what they meant we conducted research for remediation and also contacted (The builder) and set up an appointment to go over the findings of the inspection (the inspector also disclosed he had conducted the radon tests in (The Neighborhood) and stated that (The builder) knew he had a radon issue because one of his home sales almost did not go through until (The builder) remediated the issue). … We immediately contacted a mediator to address the issue (when the location of the home was made known to the remediator (Radon Company), the owner stated he remediated the other homes in (The Neighborhood) and this could have been prevented/mediated during the building process or prior to sale of the home if already constructed). … (The builder) returned an email that stipulated he would accept no responsibility for the radon issue but agreed to put 250 dollars towards the remediation, â€œbecause we were good people and had contributed to the neighborhoodâ€. The total cost of inspection and remediation is 1175 dollars.
Take your lede : – Home sales up 14% in Charlottesville and Albemarle year over year. – Home sales up 19% in Charlottesville MSA year over year. – Foreclosures continue to climb in Charlottesville and Albemarle. – Questions abound regarding second half of 2010; where will we find the bottom of the market? – If you have questions about or would like more detailed analysis, please contact me.
…Simple (though notsoumuch in reality) What I’m reading: – Harvard’s State of the Nation’s Housing Market (PDF) and listening to an excellent podcast with Nicholas Retsinas , Director, Harvard Universityâ€™s Joint Center for Housing Studies . (did you know that there was an exhibit at the Smithsonian on McMansions ?) – Core Logic’s Home Price Index Report for April 2010 – Virginia’s Housing Price Index, for single family homes year-over-year, is up 6.5%; for single family homes excluding distressed properties, is up 3.6%. Virginia is one of the five best states for year-over-year price appreciation excluding distressed sales .. but mostly that’s irrelevant in my opinion as the bulk of those sales are most likely comprised of Northern Virginia sales. – The Federal Housing Finance Agency’s House Price Index for First Quarter 2010 The FHFA (formerly OFHEO) say that in the Charlottesville MSA house prices have dropped 6.98% year over year, 1.86& in the 1st Quarter 2010, and have appreciated 12.68% over the past 5 years .
… Home Sales are Up 19% year over year in the Charlottesville MSA: Homes sales are UP 14% in Charlottesville and Albemarle : One point: Charlottesville’s Unemployment is lower than the national average. Prime example of the irrelevance of national, aggregate housing data, which is good only for political talking points and respective agendas: Foreclosure starts for the nation and Charlottesville and Albemarle: National foreclosure data, courtesy of the HUD Scorecard, using RealtyTrac data: For Charlottesville, using RealtyTrac : For Albemarle County, using RealtyTrac: What have median home prices done in Charlottesville over the past five years?
Here is the report produced by the Charlottesville Area Association of Realtors. More analysis to come … <!–more–> Charlottesville Area Association of Realtors 1st Quarter 2010 Real Estate Market Report
I know this – independent of me, a new client came to me last week and said, (paraphrasing here) – “I think that right now in Charlottesville/Albemarle, there is a unique and perhaps once-in-a-lifetime opportunity to buy a home for my family.”
…We know this: Charlottesville and Albemarle home sales in February: 64 homes sold in 2010 79 homes sold in 2009 72 homes sold in 2008 105 homes sold in 2007 141 homes sold in 2006 124 homes sold in 2005 108 homes sold in 2004 Homes under contract – first 23 days of March … …
…I know this – independent of me, a new client came to me last week and said, (paraphrasing here) – “I think that right now in Charlottesville/Albemarle, there is a unique and perhaps once-in-a-lifetime opportunity to buy a home for my family.” … From today’s Wall Street Journal : For those trying to figure out how much further U.S. house prices could fall, it would help to know how many more foreclosed homes banks need to sell.
In Charlottesville, we are still a small town and in my opinion, if something does come up at the closing table, which does happen occasionally, it’s better for the buyer to have an attorney who can provide legal representation and advice. … They do the paperwork and there are some in town that are very very good and I’ve used frequently, but I think that when a buyer is going to closing, they’re also buying the relationship that that attorney has with the other attorneys around town. … The arguments are (and I’ll link to this if you find this on RealCentralVA.com it will be linked at the bottom of the post) – one of my partners wrote a story about specifically whether the attorneys are in fact more expensive than the closing companies. … Here is the last thing I’ll say: I look for worst case scenarios in almost everything I do and try to find a happy medium and the worst case scenario is this and this happened last year: go to closing, at the closing table something goes wrong and you, the buyer, have a closing company, they can’t give legal advice .