Many of my clients who are lookning at Charlottesville homes for sale are curious about short sale properties and foreclosures.
A foreclosure is a banked owned home, but a short sale is still owned by the homeowner who in this case owes the bank more than the market value of the house. The homeowner will have missed at least one mortgage payment and is hoping to sell the home before the bank forcloses. Because the homeowner is selling the house short, ie for less than is owed to the bank, the sale is contingent upon bank approval. And herein lies the problem.
You write an offer on a shortsale home and it is presented to the seller, the seller accepts the offer, but you aren't done yet. The offer now goes to the bank for approval. Most banks are very slow to decide on these short sale offers. It can take three, four, five even six months before the bank makes a decision. All this time they are also still taking offers; so it is possible that an offer that is better than yours could come in while you are waiting. In addition another branch of the bank is still proceeding toward foreclosure. It is possible that the home could be foreclosed on before the other part responds to your offer.
A short sale can be an opportunity to get a great deal. In addition to the good price, short sale homes are usually in better condition than a lot of foreclosures since the homeowner is still living in the home.
However, if you are a first time homebuyer searching Charlottesville homes for sale you should omit short sale properties from your search. With the long delays that usually accompany these transactions, you risk not being able to meet the deadline for the $8,000 First Time Homebuyers Tax Credit. With all of the homes for sale on the Charlottesville real estate market, your real estate agent will be able to find you a selection of well priced homes without having to resort to looking at short sales.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.Email Pam Dent.
Some of the most popular Charlottesville VA homes for sale are in the Dunlora community.
Dunlora is conveniently located off of Rio Road which connects Park Street and Route 29. The Dunlora neighborhood is a short drive from shopping on 29 north and downtown Charlottesville. The community boasts such amenities as a pool, tennis courts, walking trails and soccer fields.
There are currently 8 resale homes for sale in Dunlora priced from $385,000 to $525,000. These homes were built between 1992 and 2005. There is one to be built home on the market priced at $799,000. There is also one attached Dunlora home for sale priced at $419,900.
One of the things that I particularly like about the Dunlora community is the fact that number of mature trees that there are throughout the neighborhood. Many of the homes are two story, although you will find some homes with one level living as well.
The interactive search below will show some of the Dunlora homes currently on the market.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
This Charlottesville VA real estate market report examines the sale of condominiums in Charlottesville and Albemarle County during October 2009.
15 Charlottesville condos sold during October for an average price of $160,377. They were on the market for an average of 118 days and sold for an average of 91.01% of the list price.
During September 13 condos sold in Charlottesville-Albemarle. They sold for an average price of $273,727 and had been on the market for an average of 72 days. They sold for an average of 86.95% of the list price.
17 Charlottesville condominiums had contracts that closed during August. Their average sale price was $196,941 with an average DOM of 115. The condos sold for an average of 94.30% of the list price.
Today 11/12/2009 there are 208 Charlottesville VA condos for sale for an average price of $238,401 and a median of $189,000. They have been on the market for an average of 221 daysso far.
From 1/1/2009-11/1/2009, 129 condominiums sold on the Charlottesville VA real estate market. This represents a -34.5% decline in sales as compared with the same time period in 2008.
The Charlottesville condominium market continues to remain the most depressed sector of the Central Virginia real estate market. One of the factors that impacts this is the difficulty in obtaining financing for purchasing a condo in many of the condo projects. Many of the condos in Charlottesville and Albemarle County are student occupied and many of these are also investor owned. A purchase in one of these projects is very difficult to obtaining financing for. I do know of a mortgage company that will write investor loans for many of these hard to finance condos.
The above figures are from the mls and while they are deemed correct are not guaranteed.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
The First-Time Homebuyer Tax Credit has been extended and expanded.
The $8000 tax credit for first-time homebuyers has been expanded to April 30, 2010. These homebuyers have until April 30 to get a ratified contract and until June 30,2010 for that contract to close. A first time homebuyer is an individual who has not owned a home during the past 3 years. For a married couple both spouses must meet this criteria.
The tax credit has been expanded to include a $6,500 tax credit for existing homeowners. These homeowners must have lived in their current home for 5 consecutive years out of the last 8.
There are income guidelines which apply to both groups. Individuals my earn up to $125,000 and married couples may have a joint income of $225,000.
The Charlottesville VA real estate market has a large inventory of homes on the market for the first-time homebuyer to choose from. I would be happy to talk to you about current deal homes as well as opportunity homes on the market.
Now is a great time to buy and Charlottesville is a wonderful area in which to live.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
This Louisa County real estate market report examines the sales of single family detached homes in Louisa County Virginia during the month of October 2009 and compares them with the sales so far this year.
20 homes sold in Louisa County in October for an average sale price of $251,616. They were on the market for an average of 149 days and sold for an average of 97.65% of the list price.
18 Louisa County homes sold in September. Their average sale price was $191,864 and they had been on the market for an average of 196 days. They sold for an average of 90.93% of the list price.
During August 17 homes had contracts that closed in Louisa County. The homes had an average sale price of $272,530 and an average DOM of 148. They sold for an average of 96.67% of the list price.
Today 11/09/2009, there are 193 Louisa County homes for sale at an average sale price of $415,616, and a median of $244,000. The homes have been on the market for an average of 162 days so far.
During the time period from 1/1/2009-11/1/2009, 235 homes sold on the Louisa County real estate market. This represents a decline in sales of -21.9% as compared with the same period in 2008.
If you have been following the posts on the other Central Virginia counties, you will see that Louisa County homes are taking longer to sell on average than those in other counties. We can also see that there is still way too much inventory on the market. It is encouraging to see that the price point of sales in October and August were up from previous months. It will be interesting to see how the extension of the tax credit affects the winter Louisa County real estate market. Hopefully we not see our usual winter dead period.
The above figures are from the mls and while they are deemed correct they are not guaranteed.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
This Fluvanna County VA real estate market report follows the sale of single family detached homes during the month of October 2009 ompares them with sales from the previous months.
22 homes sold in Fluvanna County duiring October 2009. The average sale price was $222,957, with an average of 74 days on the market. The homes sold for an average of 99.81% of the list price.
In September 2009, 23 Fluvanna County homes had contracts that closed for an average price of $260,041 being on the market for an average of 102 days. They sold for an average of 96.85% of the list price.
26 Fluvanna County VA homes sold in August. The average sale price was $232,328 an average DOM of 103 they sold for an average of 98.77 the list price.
Today 11/8/2009 there are 262 Fluvanna County VA homes for sale. The average list price is $311,984 with a median of $244,950. They have been on the market for an average of 154 days so far.
During the year so far from 1/1/2009-11/1/2009, 205 homes have sold on the Fluvanna County real estate market. This represents a drop in sales of -26.3% from the same period in 2008.
As you can see Fluvanna County home sales remain very sluggish with a lot of inventory on the market. I would have expected to see higher numbers in September and October as First Time Homebuyers took advantage of the $8,000 Tax Credit. Also if you look at the average price of the homes that are selling as compared with the median and average prices of the homes on the market today, you will see that the homes that are selling are largely below the average and median price of the homes listed.
The above figures are from the mls and while they are deemed correct are not guaranteed.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
The Greene County VA real estate market report will focus on the sales of single family detached homes in Greene County during the month of October as compared with the previous months sales.
22 Greene County homes had contracts that closed during October. This was the second highest sales motn for the year so far; the most sales being 27 in June. the average sale price in October was $245,844 after being on the market for an average of 128 days. The homes sold for an average of 96.63% of the list price.
In September 19 Greene county homes sold for an average of $226,296, with an average DOM of 110. They sold for an average of 99.38% of the list price.
18 homes sold in Greene county during the month of August. They had an average sale price of $272,053 and had been on the market for an average of 70 days. The homes sold foran average of 97.96% of the list price.
Today 11/6/2009 there are 162 Greene County VA homes for sale. They are listed for an average price of $356,417 and a median of $274,950. The homes have been on the market foran average of 149 days so far.
If we compare the sales of homes on the Greene County real estate market from 1/1/2009-1/11/2009 with the sale period in 2008, we will see that 156 homes each of the two years. This is the only county in the Central Virginia area that has not seen a decline in the sales of detached homes for the year to date. I am wondering if the stronger Greene County real estate market can be attributed to new employees for NGIC and DIA who are moving to the area.
Figures are from the mls and while they are presumed correct are not guaranteed.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
Continuing our examination of the Central Virginia real estate market this Charlottesville VA real estate market report will focus on the sale of single family detached homes in Charlottesville during the month of October.
21 Charlottesville homes had contracts that closed during October 2009. The homes sold for an average price of $382,526, had been on the market for an average of 111 days and sold for an average of 95.19% of the list price.
September sales were very close to the October totals with 22 homes sold in Charlottesville. The average slae price was $303,418. They had an average DOM of 77 days and they sold for an average of 97.20% of the list price.
August saw the most sales of the 3 month period with 25 Charlottesville homes selling for an average price of $340,642 after spending an average of 101 days on the market. The homes sold for an average of 97.61% of the list price.
Today 11/4/2009 there are 191 Charlottesville VA homes for sale. They are listed for an average price of $345,560 and a median of $279,500. The homes have been on the market for an average of 174 days so far.
If we compare this years home sales from 1/1/2009-11/1/2009 with the same period in 2008, we find that 250 homes have sold so far this year in the Charlottesville VA real estate market. This represents a decline in sales of -21.1%.
As you can see from the sale prices the first time homebuyers are driving the Charlottesville real estate market. However I would have expected to see a rise in sales from those buyers during September and early October as the time to take advantage of the $8,000 Tax Credit wound down. Most lenders are advising 45-60 days from loan application to closing; however I did receive an email today from one lender who can still get clients to closing by November 30 even with an FHA loan, so it may not be to late.
The above figures are from the mls and while they are assumed to be correct, they are not guaranteed.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
Albemarle County VA real estate market report for October 2009. Its the beginning of a new month and the perfect time to reflect on the activity in the local real estate market during the past month. This report will focus on the sales of single family detached homes in Albemarle County.
In October 32 Albemarle County homes sold for an average sale price of $473,967 which was 89.25% of the list price. The homes were on the market for an average of 120 days.
In September on 2009, 51 homes had contracts that closed in Albemarle County, with an average sale price of $402,281. They sold for an average of 94.31% of the list price and had been on the market for an average of 116 days.
August saw the highest number of sales during the past three months with 74 Albemarle County homes having contracts that closed. They sold for an average of $476,397 which was an average of 93.06% of the list price and were on the market for an average of 101 days.
Today there are 602 Albemarle County homes for sale. They are listed for an average price of $603,404 and a median of $459,900. They have been on the market for an average of 191 days so far.
If we compare this years sales to date with the same period in 2008, we will see that from 1/1/2009-11/1/2009 532 homes sold on the Albemarle County real estate market. This represents a -12.1% decline in home sales from last year.
Historically we would not be surprised that the October Albemarle home sales were down from August and September as home sales moving into the holiday season and winter months usually slow down. However this year I would have expected September and the first half of October to be particularly strong as the first time homebuyers took advantage of the rapidly expiring First Time Homebuyers Tax Credit. There has been some talk about the possibility of an extension of the tax credit, but that still has a long way to go to get through Congress. It is much too early to count on passage.
These figures are from the mls and while they are presumed correct are not guaranteed.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
Tomorrow October 24 is the International Day of Climate Action.
Do you realize that scientists say that 350 parts per million CO2 in the earth's atmosphere is the safe limit for humanity. Our planet is in trouble. We are at 387ppm.
The map outlines the world wide events occuring on October 24.
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