In case you were wondering, the Charlottesville area is still considered – technically as well as psychologically – a Buyer’s Market Charlottesville and Albemarle real estate market update – attached homes – 18 May 2010 (pdf) Charlottesville and Albemarle single family homes – real estate market update – 18 May 2010. (pdf) If you want to receive these updates regularly, spam-free , sign up here.
April 2010 has felt like more listings have been coming on the market and more have been staying on the market than in previous years. But, feelings don’t necessarily matter so I’d rather look at the data. Looking purely at the data , a greater percentage of active listings in the Charlottesville MLS have gone under contract this year versus 2009. … Should you rush out and buy a home today because the tax credit is ending?
A brief update on the Charlottesville, Albemarle and Charlottesville MSA real estate markets … for single family homes. For much more real estate data and charts, click through to sign up for spam-free updates. As…
This is going to be a developing post as I read through Barry Merchant’s presentation from this morning. Barry Merchant’s VHDA presentation at Charlottesville Area Association of Realtors (PDF) Additionally,
Here is an advance copy of the Nest Report, what we believe to be the best, most “comprehensive and transparent analysis of the residential real estate market in Charlottesville, Albemarle and surrounding counties, prepared quarterly by Nest Realty Group.” Nest Report – Year End 2009, Predictions for 2010 (PDF) Comments, feedback and input welcomed.
As of this writing, short sales and foreclosures are not yet considered “the market” when appraisers are doing their analyses, but I as a Realtor representing buyers and sellers am absolutely considering short sales and foreclosures when advising my clients. … When advising sellers who may be considering short sales, we will have a long and in-depth conversation (or two or three) about the considerations, ramifications and things that they and I need to do in order to effectively conclude a short sale transaction.
… â€¢ Death â€“of a borrower â€¢ Dying-Sickness of a borrower affecting their ability to earn and pay their debt â€¢ Destitute-an involuntary loss of income Divorce- in this case, when one of the occupants leave and it affects the income of the house it can be deemed an acceptable hardship.
… Foreclosures in Charlottesville: Two properties with $100k price reductions A quick look at some of the foreclosures in the Charlottesville/Albemarle area shows that there are foreclosures ranging from $25,913 to $1,010,000. (more trustee sales notices get posted every day) These are some of the foreclosures in Charlottesville and Albemarle that are listed in the Charlottesville MLS: — Part 1- Quick Update on the Charlottesville Real Estate Market Part 2 – Short sales and Foreclosures in Charlottesville Part 3 – Homebuyer tax credit in 2010 – Who’s Eligible?
Firm Walks Away From 5 Properties Short Sales: 11 Short Sale Frequently Asked Questions Short Sale Help – HAFA Foreclosures in Charlottesville: Two properties with $100k price reductions A quick look at some of the foreclosures in the Charlottesville/Albemarle area shows that there are foreclosures ranging from $25,913 to $1,010,000 Biscuit Run may become a park: – Charlottesville Tomorrow – cvillenews – The HooK Tax Credit: Who qualifies for the homebuyer tax credit? … From NAR Tax Credit information on RealCentralVA HR 3458 – For our purposes, known as the “homebuyer tax credit act ” More on Home Sales – nationally Why U.S. Home Sales Are Both Up and Down New-Home Sales Drop 11.3% As Impact of Stimulus Fades Home Sales up as Buyers Respond to Tax Credit – National Association of Realtors (read with the biased grain of salt) More on Home Sales – Charlottesville/Albemarle Predictions and Prognostications: Prepped but Didn’t Get to: U.S. Lifts Limit On Aid To Fannie, Freddie Shadow Inventory The nationalization of Americaâ€™s mortgage problem Resources for Accidental Landlords As Slump Hits Home, Cities Downsize Their Ambitions Fannie, Freddie and the Struggles of HAMP OFHEO – Rankings by *Metropolitan Statistical Areas and Divisions Percent Change in House Prices with MSA Rankings** Period Ended September 30, 2009 OFHEO says Charlottesville real estate has appreciated over 5 years
What do you do?A few things come to mind that I am wondering whether builders will consider:1) Put a contingency in the offer that the offer is contingent on an appraisal two weeks prior to closing of at least the contract price.2) A contingency that should the developer drop the price on other homes between contract and closing, the purchaser’s contract price will be reduced the same amount.3) From the Washington Post story: “The buyer should ensure that the deposit is put into an interest-earning escrow account, perhaps with a settlement company, and is not being used by the developer as working capital, Antonoplos said….Â That will make it easier to recoup the money if the project hits a snag.”4) Put down a smaller earnest money deposit.5) Make sure that you have done your due diligence and that you love your soon-to-be new home.One aspect of this new environment that I have been wrestling with is how to ensure the soundness of developers….Â How does one effectively represent buyers in the face of an unknown – that unknown being the fiscal ability of the developer/builder?Calculated Risk covered this story as well as Phil’s excellent analysis of a related story (h/t: Dustin)From Inman (behind a subscriber wall) in response to a question of what to do should the price go down on other, competing homes between your contract and closing:One common thread that runs through real estate law is that real estate values are unpredictable and that no one can guarantee escalation of prices….Â Similarly, if values go down, why should the developer be required to pay you any money?The builders’ and the buyers’ choices may be reduced to renegotiate or lose the deal – both sides lose if they don’t negotiate.