Huge thank you to Barry Merchant with VHDA for speaking and CAAR for inviting him again to speak. This is an update to his presentation in March of this year, and it was informative, enlightening,…
From my position as a Buyer-Broker , my advice to my buyers would be – be well qualified and prepared to buy and consider targeting these neighborhoods; they are all very well located with great respective proximities to the University of Virginia Grounds and/or the Downtown Mall – the two major economic hubs of Charlottesville.
…Extent of Crisis, Virginia: The Center for Responsible Lending predicted that 62,174 homes will be foreclosed upon in 2008 and 2009 in the state of Virginia.38 In June 2008, according to the Mortgage Bankers Association, for the foreclosures in the state of Virginia, 54% of them are on subprime and Alt-A loansÃ¢Â€Â”Ã¢Â€Âœnon-traditionalÃ¢Â€Â loans while 26% of the foreclosures are on prime and government ARMs and the remaining 20% are on government and prime fixed rate loans.39 In other words, approximately 80% of the foreclosures in Virginia are by higher risk borrowersÃ¢Â€Â”subprime lenders and/or ARMs.
Agent Update – Only for Charlottesville, Albemarle, Fluvanna, Greene and Nelson:
Not having the membership numbers for the past several years, I omitted the “zero” column …
The number of Realtors in the Charlottesville area who have managed to do between one to five sides per year has remained fairly consistent over the past three years, with a surge at the height of the boom.
The productive Realtors seem to be suffering the most.
* To answer questions I get frequently – yes, I do make a living as a Realtor. As of this writing I am the 32nd most productive Realtor in the Charlottesville area. I hate writing that, but it’s a fact. (and our office is the 8th most productive office – not bad for a very small – ~7 agents – office)
Buyers and Sellers – when interviewing Realtors, do your due diligence and ask your prospective representation how productive they have been in the past 12 months – more on this in a later post.
Thank you sincerely for reading. Please let me know if you have any questions/comments/corrections.