George Stockes Realtor®'s Blog

Cape Cod In Search Of New Owner!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Mon, 28 Sep 2009 09:55:12 -0500

Rent Your Own Piece Of The Country!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Mon, 28 Sep 2009 09:49:41 -0500

Last Weeks Sales, Sort Of!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Mon, 20 Apr 2009 10:12:42 -0500

Last week week in Culpeper County it looks like we had 13 homes that closed. I will only report 3 of those at this time as I need to learn a little more about the other ten. Why you ask? They may have been part of a paper sale from one holding company to another. It looks as if the seller of the property sold all 10 of them on the same day through the same agency representing the buyer. Nothing wrong with that but for our purposes each week we would like numbers that impact the general market. Of the three homes that closed they were all traditional home sales. NO FORECLOSED OR SHORT SALE PROPERTIES this week. Take a look at the 3 homes that closed in Culpper County for the period of April 13 -April 19, 2009 according to the Metropolitan Regional Information Service, the local MLS. The average sold price of these homes was $159,667 Average time on market was 127 days. The average list to sold price was 97.77% which means these homes were priced right in line with what the market was willing to pay. This is in stark contrast to the 1st quarter average this year of 83.65%.

If you are looking for more information on the local real estate market check out CulpeperHomeSales.com.

Rolling A Seven!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Tue, 14 Apr 2009 04:05:13 -0500

The first full week of April in Culpeper County started with 7 homes closing. One of these homes was traditional home sales and the remaining 6 were foreclosure properties. Take a look at the 7 homes closed in Culpper County for the period of April 6 -April 12, 2009 according to the Metropolitan Regional Information Service, the local MLS. The average sold price of these homes was $222,486. Average time on market was 155 days. The average list to sold price was 98.28% which means these homes were priced right in line with what the market was willing to pay. This is in stark contrast to the 1st quarter average this year of 83.65%.

If you are looking for more information on the local real estate market check out CulpeperHomeSales.com.

Madison In Under The Wire!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Thu, 09 Apr 2009 11:20:51 -0500

Whoa, it was close! As the days of March ticked off it looked like we would not record any sales for the month in Madison County. I checked the local mls again today and the update was a relief for all home owners in the county. At the last minute a foreclosure made it through settlement on the 30th with a closing price of $140,600. A traditional resale closed on the 31st with a sold price of $107,000. In Madison, clearing out the inventory is always a good thing for those with a home to sell now or in the near future.

If you have a question about buying or selling a home visit CulpeperHomeSales for tips, stats, and more!

Under 400!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Wed, 08 Apr 2009 07:59:38 -0500

When I was reviewing the number of active homes for sale in Culpeper County on Monday the 6th of April, I saw something I had not seen in quite sometime. The number of active listings had dipped below 400. There were 398 to be exact. Over the past few years we have ranged from the high 500's to mid to upper 700's in daily active listings. But as the market softened and the foreclosures rose that number begin to fall. For the past 6-8 months we have been in the 400-500 range of daily active listings.

What does dipping below 400 mean? Well, it could be just a one day blip but it might be more significant to anyone looking to buy or sale a home. The number of actual foreclosed homes on the market maybe finally slowing down. There is evidence of this as the number of short sales (pre-foreclosures) has increased. This may be the first signs of some price stabilization in the market which is good news on the home value front for everyone.

The final March home sale numbers for Culpeper County should be out in the next week. With that information and following trends over the next few weeks we might be able to get a preview of where the market is headed. Any reduction in the distressed property totals in Culpeper County will be welcome news to anyone looking to sale their home. For those looking to buy, pay close attention to market conditions so that you can continue to get maximum value in your new home purchase.

If you are looking for more information on the local real estate market check out CulpeperHomeSales.com.

The Lion Roared!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Mon, 06 Apr 2009 10:30:58 -0500

March went out like a lion last week in Culpeper County with 9 homes closing. Four of these homes were traditional home sales, 4 were foreclosure properties, and one was a short sale. Take a look at the 9 homes closed in Culpper County for the period of March 30 -April 5, 2009 according to the Metropolitan Regional Information Service, the local MLS. The average sold price of these homes was $221,459. Average time on market was 224 days. An unofficial look at March unit sales indicates 56 homes sold for the month in Culpeper. Check back in a week or so when we should have the official results.

If you are looking for more information on the local real estate market check out CulpeperHomeSales.com.

Just One Resale!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Mon, 30 Mar 2009 08:18:36 -0500

Just one home resale last week in Culpeper County. The other six homes sales were of the distressed variety with 3 foreclosures and 3 short sales. In all last week, 7 homes closed in Culpper Count y for the period of March 23 -29, 2009. This of course according to the Metropolitan Regional Information Service, the local MLS. The average list price of these homes was $186,184. The average close price was $180,710 or about 97% of list price. As you might guess these homes on average were priced to sell without a lot seller price concessions. Average time on market was 156 days.

If you are looking for more information on the local real estate market check out CulpeperHomeSales.com.

A Double Digit Sales Week!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Wed, 25 Mar 2009 08:09:36 -0500

Double digit homes sales last week with 10 homes closing in Culpper County the week of March 16 -22 , 2009. This of course according to the Metropolitan Regional Information Service, the local MLS. Seven of the 10 homes or 70%, were foreclosed properties which continue to drive both volume and price. The average close price on these 10 homes was $173,804. Average time on market was 138 days. As I keep saying week after week, if you are in a position to buy a home the time to act is now! With all the fantastic prices and the $8,000 first-time buyer incentive there is no need to wait. If you are looking to purchase a new home and would like to learn more about the Culpeper area market conditions give me a call at 540.672.8019. If selling your home is in your future you might want to get a Free market evaluation before you make any plans. In either case feel free to contact me and learn more about your options and opportunities in today's real estate market. Until next time have a great day!

Country Retreat or Primary Abode!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Sat, 21 Mar 2009 13:25:59 -0500

A Slow Patch!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Wed, 18 Mar 2009 09:38:00 -0500

Looks like we hit a slow patch last week with only 4 homes closed in Culpper County the week of March 9 -15 , 2009. This of course according to the Metropolitan Regional Information Service, the local MLS.

All 4 of the homes were foreclosed properties which continue to drive both volume and price. The average close price on these 4 homes was $188,225 or 93.1% of the average list price of $198,925. Average time on market was 164 days. As I keep saying week after week, if you are in a position to buy a home the time to act is now! With all the fantastic prices and the $8,000 first-time buyer incentive there is no need to wait.

If you are looking to purchase a new home and would like to learn more about the Culpeper area market conditions give me a call at 540.672.8019. If selling your home is in your future you might want to get a Free market evaluation before you make any plans. In either case feel free to contact me and learn more about your options and opportunities in today's real estate market.

Until next time have a great day!

The Sales Continue!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Mon, 09 Mar 2009 16:12:58 -0500

Another week in March and 9 homes closed in Culpper County the week of March 2 -8 , 2009. This of course according to the Metropolitan Regional Information Service, the local MLS.

Of the 9 homes that sold, 6 of them were foreclosed properties which continue to drive both volume and price. The average close price on these 8 homes was $204,267, with an average time on market of 136 days. The number of homes sold, the average sold price, and days on market is almost exactly like the week before. As I keep saying week after week, if you are in a position to buy a home the time to act is now! With all the fantastic prices and the $8,000 first-time buyer incentive there is no need to wait.

Until next time have a great day!

Back In Action - Last Weeks Home Sales

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Mon, 02 Mar 2009 07:00:03 -0600

After a week of zero activity it was nice to see that 8 homes closed in Culpper County the week of February 23-March 1, 2009. This of course according to the Metropolitan Regional Information Service, the local MLS.

Of the 8 homes that sold, 5 of them were foreclosed properties which continue to drive both volume and price. The average close price on these 8 homes was $203,090, with an average time on market of 134 days. As I keep saying week after week if you are in a position to buy a home the time to act is now! With all the fantastic prices and the $8,000 first-time buyer incentive there is no need to wait.

Until next time have a great day!

THE BIG ZERO Last Week

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Mon, 23 Feb 2009 05:42:43 -0600

THE BIG ZERO! As much activity as we have had here in Culpeper the period of February 16 - February 23, 2009 saw no homes close. I am sure the we will have a flurry of activity this last week of February which will keep lenders, settlement companies, and agents jumping.

So far for the month of February 16 homes have sold in Culpeper County. The average sold price is $203,677. With 115 properties in escrow we should see a number of those changing to sold soon.

On the active front the good news is that 168 homes in Culpeper County are priced below $250,000. That's a nice inventory for first-time buyers to choose from. Don't forget, many of these are foreclosures that represent an excellent opportunity maximize your buying power.

Until next time have a great day!

If The GM Can't Why Should You!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Fri, 20 Feb 2009 08:36:10 -0600

I love baseball! Playing, watching, talking, you name it. When free agency starts, trading deadlines near, the excitement builds. Who will go where, what will my team do? As a Reds fan I always wonder what the general manager is up to and what moves he will make. The one thing I know for sure is that he will do everything in his power to help the Reds get better!

What would happen if the general manager of the Reds was also the general manager of the Cubs? How would he make sure that the Reds were getting the best deal in a trade with the Cubs or vice-versa? Why would the owners of the teams even allow that to happen? Sounds silly doesn’t it. Well in many ways it takes place everyday in real estate. You are probably saying right now; “What the heck is George talking about?”

In Virginia and other states real estate agents are allowed to practice what is called Dual Agency. So what actually is dual agency besides being an outdated practice many agents still utilize? In its simplest form one real estate agent represents both the buyer and seller in the purchase of the seller’s property. Why should this matter to you? Well, if your real estate agent is supposed to help you buy or sell a home at the best price and under the best terms, how can he do this for both the buyer and seller at the same time? Could a baseball general manager represent two teams at the same time in trade talks and get both teams the best deal possible? I don’t think so.

So the next time you are looking to buy a home remember that the agent must disclose if they or their company has a relationship with the seller. Learn what that relationship is and make the decision that best protects your needs. Don't hesitate to contact me or visit me on the web to get more valuable information about buying or selling a home.

Have a great day!

What Goes Up Must Come Down!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Thu, 19 Feb 2009 10:13:24 -0600

The old saying "What goes up must come down" is as true in real estate as it is in any thing else. The unfortunate thing is that in our society today either no one believes it or if they do, they feel it should not apply to them. Economic cycles are not based on our individual needs or desires. If you have paid any attention to history you have learned that government intervention only prolongs the correction to an economic condition that is on its way back down to normal or slow growth levels. Our government over time has convinced a large majority of our population that they can defy the laws of economics and stop or reverse any downward slid of our economy. In reality, they delay the process and we feel the drag on our economy for a longer period despite any short term appearance of success. In addition, the cost of this government intervention is passed on to all of us later in higher taxes, lower wages, and to future generations to absorb the costs and pain of paying for the actions of today.

As I read my local paper The Star-Exponent this past Sunday, they ran an article titled "Trampled By Foreclosure". In the article they indicated that my little county of 45,000 +/- is now the foreclosure capital of Virginia. Being a bedroom community of Northern Virginia and Washington DC the rapid build-out of new homes during the early to mid 2000's created a massive migration of home buyers from outside the county along with a huge jump in the median price of homes. Why wouldn't it? We were close enough for many to commute and home prices were cheap compared to other communities inside and outside the Beltway. The chart below illustrates the impact the housing bubble had on our community both going up and now coming down.

Year	Homes Sold	Median Price
2008	595	228,447
2007	446	300,000
2006	656	341,712
2005	997	324,900
2004	843	269,500
2003	601	235,000
2002	588	183,725
2001	630	154,900
2000	546	139,658
1999	519	137,000
1998	459	122,000
1997	403	132,000
1996	333	130,000

Avg.	586	207,603

In 2006 the air started leaking out of the bubble. By 2007 the leak turned into a large hole! In 2008 the bargain hunters and investors begin taking advantage of the falling prices that were a direct result of the bubble bursting. As painful as it is the cycle is working! First-time buyers who missed out during the run up through the first half of 2006 are now finding great deals on homes and getting loans. Investors and property managers are adding homes to their rental inventories that will house those displaced as a result of foreclosure. This is how it is supposed to work!

Government intervention to force lenders to modify loans by lowering interests rates or adjusting the principal on homes to reflect the new market conditions sounds great. Unfortunately, the government yesterday announced that 58% of the loan modifications that have already been made are now in foreclosure again. This tells us one thing. The government should not be using taxpayer’s money to decide who should get to stay in their homes. As painful as all this is the numbers do not lie. Let the normal economic cycles play out. It will be shorter, less expensive, and not give people false hope that the government is capable of preventing the laws of economics from taking their natural course.

We all know someone who has suffered the lose of their home in the last 36-months and may know someone who is on the verge of losing their home in the near future. It is painful and sad. Sadder yet is our governments desire to make the rest of us pay to keep folks in their home that The White House and Congress have decided merit the privilege of home ownership. They do not have that right unless they are willing to extend that to all citizens of America not just the ones they have chosen!

*Home sales data was obtained form the Metropolitain Regional Information Systems, Inc.

Trampled By Washington!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Wed, 18 Feb 2009 08:49:02 -0600

My local newspaper ran an article titled “Trampled by foreclosure” on Sunday, February 15, 2009. It provided a synopsis of the plight of one unfortunate home owner and his family who lost 2 homes in the last 2-years through a series of events that we all hope never happens to us. In the article he states, “Half of it is my fault and half of it is because the government is a sellout.” “These banks, these companies, all these big shots, they don’t care about me or the working people. All they want is money, and they don’t care who they step on.”

In many ways he is right. Financial institutions loan money to make money for their institutions and stake holders. Each individual borrower is a number, a transaction. In a perfect world a vast majority of borrowers pay their loans back over time. The institutions make money be either holding the loan or bundling and selling them. Unfortunately, when these bundled loan packages contain a large level of subprime and high risk loans the chance of default is dramatically increased. And guess what, your note holder does not care why you can’t pay! They want their money or the assets that secures the loan.

Despite the public perception, a large majority of individual loan officers and lenders conducted business properly and helped qualified borrowers get into homes. But as we all know there are always some folks out there who conduct business differently and made a lot of quick money in the process. With the availability of no-interest loan packages, teaser interest rates, and no doc loans, you could get even the most unqualified person into a home. Some borrowers were naive but others knew they were taking a risk that they could refinance later when the clock struck midnight on their “let’s get you in the house rate.” Even the individual in the article stated; “I think it was one of those things where they qualify you even though you don’t qualify. To be honest with you, I didn’t understand it that well,” Does not understanding absolve him of responsibility? No. He is paying the ultimate price by losing both of his homes and having to start over. Unfortunately, we will never know if the individual that sold him the loan conducted business properly or not. We would all like to assume he did.

The individual in the story is like many across the country who have suffered a great deal over the last few years. While they own some of the responsibility, much of it must be placed on the lending practices written into law by our own government and executed flawlessly by our financial systems and institutions. The housing and financial collapse that has beset our nation and the world is the biggest economic correction many of us will ever witness. If you are fortunate enough to escape the loss of your home or employment as a result of this mess you still will not remain unscathed. The elected officials in Washington who enabled this fiasco, will make sure you and many generations after you pay for this time and time again under the illusion that they are fixing the problem.

If only we could get all of our elected officials in Washington to stand in front of a mirror at the same time they could see the problem!

I Can’t Wait For My $1.85

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Tue, 17 Feb 2009 18:50:51 -0600

The President today signed into law the $787 Billion Dollar Stimulus Plan that is designed to get or country turned around by putting 2.5 - 3.5 million people back to work and getting us all pumping money back into the economy. WELL I CAN’T WAIT!

I’m sure that extra $1.85 per day in the pockets of each American will get them running out to buy a new house, car, or truck. By the end of the year when that $1.85 turns into $1.14 per day will anyone really care while applying for their 3.5% - 4% government subsidized home loans? Of course not!

I’m glad to see that our elected officials in Washington put so much time and effort into developing this plan. They were relentless in pouring over the details and making sure every dime was going to be well spent. When that bill was signed into law today 12 people called me and said they were now ready to buy. Who knew that the power of the pen could have such a positive impact on the economy in such a short amount of time?

Seriously though, I don’t know about the rest of you but I’ll be using my $1.85 a day to dine at the Golden Arches. The dollar menu has a lot of options and I’ll only have to scrap up 20 cents extra each day to get a hot meal. Come January, I guess I’ll have to eat every other day to make up for the loss in my government stimulus funding. But the President did say we would all have to make sacrifices!

What Sold?

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Mon, 16 Feb 2009 08:53:01 -0600

Based on a number of requests I am changing things up this week. Our weekly update will now show you the number of homes that sold (completed settlement) in Culpeper County for the previous week. This way you can see the final price a home garnered along with any seller subsidy's that the buyer received.

For the period of February 9th - February 15th in Culpeper County two homes completed the sales cycle and closed. The average close price was $137,650 with a $4,750 seller subsidy. One home was a foreclosure and the other was a traditional sale. That brings the total number of homes sold for the month of February in Culpeper County to 13.

Until next time have a great day!

Culpeper Contracts This Week

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Mon, 09 Feb 2009 07:31:34 -0600

The more things change the more things stay the same! For the week of February 2 - February 8, 2009 11 homes in Culpeper were in some form of escrow according to the Metropolitan Regional Information System which provides MLS coverage for Culpeper, Virginia. Eight of the homes or 73% were in some form of short sales or foreclosure process. This means great opportunities for home buyers and potential challenges for sellers.

Until next time have a great day!

Under Contract, Lower Prices!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Wed, 04 Feb 2009 12:38:16 -0600

I just took a quick look at the homes in Culpeper County that went under contract for the week of January 26 - February 1, 2009 according to the Metropolitan Regional Information System. There was a large number, 22. More importantly though, was the average list price of $217,327 per home. Foreclosures and short sales are really knocking down seller asking prices.

As you look through the comments in the listings you see; "motivated seller", "huge price reduction", and "bring offers'. Agents and their clients are trying any phrase they can to at least get you to take a look at their property. Next to location, price is the number one reason buyers look at a home! With bank owned properties being offered at huge savings the home owner has a lot of competition from aggressive sellers.

As someone once told me, "every home has a buyer, sometimes you just have to look harder!" Boy does that ring true today.

If selling your home is in the plans anytime soon, please be aware of the impact the continued sell-off of bank owned properties will have on your bottom line. If you would like more information please give me a call at 540.672.1019 and let's talk about your options.

Homes Under Contract Have One Thing in Common!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Mon, 19 Jan 2009 13:08:24 -0600

Well, it is a new year but things do not look like they are changing to much in Culpeper, Virginia real estate. Homes in escrow the week of January 12 - 18, 2009 are a reflection of the current market. Of the 18 homes listed, 10 are bank owned and 5 are in some form of short sale. Check them out here: Homes in escrow,

Unbeatable Home, Unbeatable Price!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Wed, 14 Jan 2009 06:01:43 -0600

Flip This House!

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Thu, 08 Jan 2009 07:46:04 -0600

Great Home in Historic Town of Orange

George Stockes Realtor® Culpeper Home Sales (Coldwell Banker ELITE) — Tue, 30 Dec 2008 20:02:05 -0600