Greater Charlottesville Real Estate Market Second Quarter 2012

Lets look at some highlights of the Charlottesville Association of Realtors mid year market report:

Sales in the greater Charlottesville real estate market were up 8.6% for the second quarter of 2012 as compared with Q2 2011.

The city of Charlottesville experienced the greatest second quarter sales increase, with sales up 29.7% over last year.

Albemarle County has experienced a Q2 median sales price increase of 5% over Q2 2011 and the city of Charlottesville experienced an increase of 3.3%.

Fluvanna, Louisa and Nelson all experienced year over year declines in the median sale price for the second quarter.

Only 9.4% of the total sales in Q2 2012 were foreclosures as compared with 13.3% in Q2 of 2011.

For a more detailed analysis read the complete CAAR Mid-Year Market Report

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Charlottesville Real Estate Update – Its Time To Change Our Perception

For the last few years we have had a lot of inventory and homes have been taking a long time to sell.  Buyers have had the mindset that homes stay on the market for a long time.  They are used to thinking that there is no need to make a decision, because that home is not going anywhere.  There has been the feeling that if they wait long enough the price will be reduced again or a better home at a better price may come on the market.  There has been no sense of urgency to buy.

Well, its time for a new way of thinking.  The “times they are a changing”.  Starting in January the Charlottesville real estate market has seen a major increase in activity.  We have seen a big increase both in people out looking at homes and in contracts being written.  The last five contracts that I have written have all either had multiple offers, or another offer that came in within hours of the first being accepted.  This is especially true for Albemarle County.  No longer can a purchaser drag their feet and expect that well priced home in good condition to stick around. 

Its a great time to look at Charlottesville homes for sale, there is still a lot of inventory to choose from, prices are down and interest rates are still low.  But more homes are selling and there is competition for the best ones.  When you find the one you like, it is important to move quickly or you may lose it.

Copyright 2011 by Pam Dent all rights reserved “Charlottesville Real Estate Update – Its Time To Change Our Perception“.

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1939 Browns Gap TPKE Charlottesville VA – Investor Opportunity

1939 Browns Gap Turnpike, Charlottesville VA home for sale.  $120,000.00

 1 bedroom, 1 bath, 1080 sq ft, living room, kitchen, greatroom, den, home office, screened porch.

This home on a landscaped lot is located in Albemarle County close to Crozet and Charlottesville.  At this affrodable price the darling bungalow is perfect for investors or first time homeowners.

Cpoyright all rights reserved by Pam Dent “1939 Browns Gap TPKE Charlottesville VA – Investor Opportunity“.

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We have read in the news that President Obama signed H.R.4853 into law extending Bush-era tax rates. It also extended many other expiring provisions some of which affect real estate:
*Keeping Bush-era tax brackets for 2011 and 2012
*Retention of the 15% Capital Gains Tax Rate for assets sold or disposed during 2011 and 2012
*Extending many credits for energy efficiency through 2011 such as the Energy Efficient New Homes, Energy Efficient Existing Homes, and Energy Efficient Buildings credits.

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After many weeks of sunny days, Charlottesville finally had a rainy day. This made the perfect time to look at Charlottesville homes for sale.

I went out with a client this evening for a second look at a foreclosure that had some previous water damage.  On examination the attic was dry, but there was dampness in the basement.  This may not keep thes clients from making an offer on the home, but it could impact how much they will offer.  At least they will have an ideal of what they are getting into. 

A sunny day may be the best time to fall in love with a home, but a rainly day could be the better day to check for problems.

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