Charlottesville Real Estate Blog

The Avery Group is starting First Time Home Buyer Seminars TONIGHT!  The time will be 7:00 pm at the Charlottesville Settlement Office off of Rio Road.  We will also be doing seminars on December 6th, and 13th.  A Lender will be present to talk about loans and credit.  A closing specialist will also be present to talk about settlement and the HUD1 statement.  Check out the link below to view an article from the business journal on our First Time Home Buyer Seminars!!  Please call 434-975-9000 for more information or to reserve a space!

Real Estate Happenings.pdf

Is now the best time to buy? Are prices going to keep falling in Charlottesville? How does the Charlottesville Real Estate Market compare to the rest of the nation? Well, let’s see.

We all know by now that home prices are falling nationally. The NY Times reported today that the troubled housing sector reached a new low this summer.

Prices of single-family homes in the third quarter fell 4.5 percent nationwide compared to a year ago, according to the Standard & Poor’s/Case-Shiller National Home Price Index. It was the largest drop since the index began in 1988. But is that what is truly happening in our local market??? Let's take a look and see.

We will take a look at data from 01/01/2006 through 11/27/2006 and compare it to the data from 01/01/2007 through 11/27/2007. We will use three different areas: the City of Charlottesville, Albemarle County, and Fluvanna County.

City of Charlottesville

In 2006 there were 723 homes sold in the city. They sold for an average price of $274,869 with an average Days on Market (DOM) of 66 days.

In 2007, there have been 566 homes sold for an average price of $308,355 with an average DOM of 73 days.

Summary: There have been 157 less homes sold in the city in 2007 (down 27%), but the average sales prices has gone up 12% and the average DOM has gone up only 7 days.

Albemarle County

In 2006 there were 1573 homes sold in the city. They sold for an average price of $420,758 with an average DOM of 56 days.

In 2007, there have been 1272 homes sold for an average price of $403,880 with an average DOM of 92 days.

Summary: There have been 301 less homes sold in the city in 2007 (down 23%), and the average sales prices has gone down 4.1% and the average DOM has gone up 36 days.

Fluvanna County

In 2006 there were 484 homes sold in the city. They sold for an average price of $274,365 with an average DOM of 75 days.

In 2007, there have been 387 homes sold for an average price of $279,464 with an average DOM of 88 days.

Summary: There have been 97 less homes sold in Fluvanna in 2007 (down 25%), and the average sales prices has gone up 1.85% and the average DOM has gone up 13 days.

OVERALL SUMMARY AND ANALYSIS

In 2006 the average home sale price was $323,324 with an average DOM of 65.66 days. In 2007 the average home sale price was $330,566 with an average DOM of 84.33 days. This shows an average INCREASE in price by 2.2%!

So, why is our inventory not turning over rapidly?

Well, there are a couple of reasons:

1. A steady rise in foreclosures along with the struggling mortgage market has weighed down housing demand and boosted business inventories. Tightened lending standards have also made it more difficult for Americans to procure the loans needed to purchase homes.

2. The decline in the housing sector (nationally) and the upheaval in the credit markets have also dragged down consumer sentiment. An index of consumer confidence reached 87.3 in November, its lowest level since October 2005, the Conference Board said today.

3. Consumers have faced pressures from rising oil prices and the difficulties in the mortgage and lending markets, leading businesses to fear a steep drop-off in spending over the usually lucrative holiday season

The BOTTOM LINE

If you are looking to buy a house, and can afford to do so, it’s best you do it now. Charlottesville's prices are still rising while the nation is struggling; just imagine what is going to happen when the national home prices go up...will they skyrocket in Charlottesville?? They did in 2005. It's only a matter of time before it happens again.

November 1, 2007: The Charlottesville Area Association of Realtors stated in their recent Third Quarter Market Report that, “Many an opportunity is lost because a man is out looking for four-leaf clovers. Buyers seem to be looking for an incredible deal when great opportunity is right in front of them.” Hence, “Buyers do not need a four-leaf clover to have luck in purchasing a home right now”; there is tremendous opportunity throughout Central Virginia. This is not a Market to be afraid of but rather a Market in which to jump!

Whether someone is a First Time Home Buyer, has been away from the home buying process for a number of years or is even new to the area, the seminars being offered by The Avery Group will allay their fears about the current real estate market, getting a mortgage and give them an introduction to the home buying process in Central Virginia. The one-and-a-half hour class will offer an introduction to buying a home, working with a real estate agent, a mortgage professional, and how to get to Closing!

Additional classes will be available on: (1) the process of finding the right home, townhouse or condo and writing an offer; (2) financing, credit scores and credit issues; (3) the home inspection process; and (4) working with an attorney or title company. Participants will have an opportunity to sign up for these free classes at the Introductory Seminar. The additional classes are free and completely optional.

The first informational Seminar for First Time Home Buyers will be held on Thursday, November 8, 2007 from 6:00 to 7:30 PM. A Seminar will also be offered on Saturday, November 10, 2007 from 10:00 to 11:30 AM and Thursday, November 15, 2007 from 7:00 to 8:30 PM. Registration is required and light refreshments will be served; please call (434) 975-9000 to reserve your seat.

All of the seminars will take place at Charlottesville Settlement Company located in Glenwood Station next to Fashion Square Mall in Charlottesville, VA.

Rob Alley, REALTOR® and Cynthia Avery, REALTOR® have worked together this past year as members of The Avery Group which offers ten years of combined real estate experience in Central Virginia. Rob is also President of the Charlottesville Chapter of the Virginia Tech Alumni Association. Known for their abundant energy and service to others, Rob & Cynthia offer a dynamic combination of real estate and market knowledge, exemplary service, internet savvy, wisdom and good old fashion common sense. You can visit them on the web at www.TheAveryGroup.com.

The Roy Wheeler Realty Company was founded with the philosophy that "service is our most important product." That philosophy is as important today as it was in 1927. Today, over 100 agents work from historic Ednam Hall as well as their three other offices in Wintergreen, Greene County and Sperryville; all carry on the tradition of Roy Wheeler and his commitment to excellence. Their reputation for hard work, diligence and unsurpassed service to their clients has stood the test of time throughout the Piedmont. The associates and staff of Roy Wheeler Realty Co. take pride in the services they provide to the community and in their ability to make a positive contribution to the region and the people they work with daily.

You may register for the Home Buying Seminars by calling (434) 975-9000 or by emailing Info@TheAveryGroup.com. Please feel free to call for more information or if you have specific questions.