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1803 Walnut Ridge Ct./ Bentivar UNDER CONTRACT
Posted by admin on January 25th, 2012 filed in ListingsComment now »
Fantastic Custom Home Loaded with Upgrages!
Is your home worth the asking price?
Posted by admin on January 19th, 2012 filed in Buyers and SellersComment now »
Is your home worth your asking price? The best way to answer that question is to separate what’s relevant to home buyers from what’s not relevant.
Starting with the bare basics, home buyers choose homes based on:
Price – their lenders tell them what they can afford
Location – they know where they want to live and why
Condition – they want homes that are well-maintained and move-in ready
They look at the available inventory – your home and its competition. The greater the inventory, the more room they have to negotiate terms.
They narrow their choices to a short list, based on what they perceive to be the best value.
They buy according to what’s most important to them – price, neighborhood, and/or condition. For example, a buyer who wants a certain neighborhood may choose a home in less than perfect condition, but only if the price is right.
What you should consider before you price your home
Your market
When home sales volumes increase, prices go up, and inventories of homes for sale fall below about six months on hand, (meaning it would take six months or less to sell all the homes for sale on the market to zero on hand) the market is said to be a “seller’s market,” because the market’s conditions favor sellers.
When sales volumes decrease, prices decline, and inventories of homes rise above about six months on hand, conditions favor the buyer, making it a “buyer’s market.”
To sell your home in the current market, you have to consider the market’s conditions.
You may adjust your price and terms accordingly.
Your competition
Your competition is not only other similar homes in your area, but what buyers can get if they buy brand-new. Your buyer is comparing size, number of bedrooms and baths, amenities, updates, views, landscaping, and décor. You can’t put a price on many features, but some qualities, such as fine workmanship, room flow, and convenient storage are simply worth more money to buyers.
Your urgency
If you’re relocating or have another reason to be in a hurry, you don’t have time to test the market. You have to price your home to get immediate and serious offers to buy.
What’s not relevant to home buyers
Your emotions
If you’re sentimental about your home, remember your buyer hasn’t formed the same attachments. Your buyer may appreciate your home, but will still compare it to other available homes in terms of price, location, and condition before weighing emotion.
What you paid for the house
Many area home prices have receded as much as five to ten years. Sellers who paid high prices for their homes, purchased too recently to build equity, or took out second liens or equity loans may find that what they paid is not what the home is worth in today’s market. Buyers are only concerned with what they can afford.
What you paid for improvements beyond ordinary maintenance
Your swimming pool may be beautiful and add some value to your home, but some buyers may not want the upkeep or the insurance liability, so they’ll tend to offer less for the home than a buyer who really wants a pool.
What buyers expect is for homes to be properly maintained. Even if a home is in the most desirable of neighborhoods, it will never sell for as much as similar homes if it is in poor condition or lacking updates comparable to newer homes in the area.
Charlottesville Real Estate 2011 Market Report
Posted by admin on January 17th, 2012 filed in Market ReportsComment now »
Median sales price for the region is down 0.4% over last quarter and 3.6% from the Q4‐2010 to $ 240,000
New listings were down 20.3% from the same period last year.
Homes took an average 9 days longer to sell compared to Q4‐2010 with average Days on Market of 161
Pending sales rose 19.3% over same time 2010 from 456 in Q4 2010 to 544 in Q4 2011.
The median sales price for 4th Quarter sales year‐over‐year declined 3.75% from $249,000 to $240,000.
The most affordable areas in our market were Greene, Louisa, and Fluvanna counties.
Overall sales were down a nominal 1.5% from 2010, though up slightly from 2009 levels.
Active inventory to close 2011 is down 7% from year end 2010.
Days on Market stable since 2010, half of homes sold in 86 days or less in 2011 and average DOM was149 in 2011.
Median Sales price for 2011 of $245,000 was down 3.9% from year end 2010.
Top three areas for sales in 2011 were Albemarle, Charlottesville, and Fluvanna counties.
Local Charlottesville Neighborhood makes top 20 List
Posted by admin on January 9th, 2012 filed in Local InterestComment now »
Photo: Will May
Belmont, Charlottesville, VA
Then: One of the nation’s earliest planned neighborhoods—born in the 1890’s and raised around the local woolen mills—it declined precipitously when the industry shut down in the 1960’s.
Now: Converted riverside mills, restored Victorian bungalows, and a central location primed this historic district to be the city’s hottest new hood. Más restaurant’s open-air deck and Spanish tapas like creamy croquetas de jamón first lured crowds from nearby downtown in 2001.
Don’t Miss: Organic dinners, live bluegrass, or your pick of 130 microbrews at Beer Run.
Americas Best Secret Neighborhoods- Slide 9 – Slideshows | Travel + Leisure.
Charlottesville Turns 250!
Posted by admin on January 3rd, 2012 filed in Local InterestComment now »
The 250 anniversary of the founding of our city has arrived. Throughout the year there are special events planned to celebrate. Charlottesville has launched a website: www.celebrate250.com to keep us up to date on all of the happenings, announcements, and events of the year long celebration. The site has special photos and stories and how we have evolved since we were founded in 1762. It should be a fantastic year ahead!
The Charlottesville Real Estate market has opportunities for you, NOW is the time to buy real estate in the greater Charlottesville or Albemarle County area. Whether you are buying or selling a home, interest rates remain low, home prices are favorable, and the selection of Real Estate is great, affording both Buyers and Sellers unique opportunities.
As a lifetime Charlottesville Resident, my love for Charlottesville and all that it has to offer has grown into a passion for Charlottesville Real Estate. My comprehensive market knowledge of Charlottesville Real Estate is KEY to successful and smooth transactions for my clients. If you’re in the market to buy or sell a home or you have questions about our Real Estate market , contact me CONFIDENTIALLY, your privacy will be respected.
With BuyCharlottesvilleHome.com finding a home that meets YOUR family’s needs is simple. Don’t miss my FEATURED CHARLOTTESVILLE REAL ESTATE. NEWLISTINGS have just been added! Have access to ALL Charlottesville Real Estate using the SEARCH THE MLS tab. Property details and interior photos for EVERY home, condominium, and townhome in the greater Charlottesville region are just a click away.
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