August 2018 Newsletter
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Housing Market in Charlottesville for the 2nd Half of 2018
There were few surprises in the Charlottesville Area Association of Realtors (CAAR) recently released 2nd quarter market report. (Click to Read full report https://www.caar.com )Compared to the same time period in 2017, there were more homes sold (1290 vs 1200) and the median home price once again increased to $314,500 from $309,500. Even though more listings were introduced to the market but because of the increased amount of sales, housing inventory is now down to just 4 months. Because of the demand, homes are selling faster than a year ago. The increased amount of homes that went under contract certainly signal that the market should continue to be positive.
As one looks deeper into the 2nd quarter report, the number and how quickly attached homes are selling was surprising. However, two factors bring sense to it. 1) There is a different type of attached home than what many of us think. Many of us see attached homes as vertical townhomes and side by side duplexes. Due to the cost of dirt, it is difficult to build horizontally while keeping the price of the home down. A solution to this has become a patio style which places two homes side by side w a garage separation. 2) interestingly, The older millenials AND the late stage baby boomers are now both looking for this type of “one level living, no maintenance” home which is what has created the demand for this type of product. We talked with CAAR leaders about this phenomenon. Here is the podcast of that conversation. http://wina.com/podcasts/a-look-at-the-housing-market/ Two other points of data in CAAR’s analysis is 1) that new construction sales which has increased over the last years looks as if they are leveling off. Over the last 6 months, new home sales made up over 20% of all area sales. Over the last three months, it was down below 20%. Secondly, the higher price ranges (especially from $500-750K) saw a significant increase in sales. This may be because builders now are into 2019 for delivery. For those needing a home sooner, they have to find an existing home rather than wait for a new one. This is certainly a trend that needs to be watched.
Finally, one can’t ignore what rising interest rates combined with higher home prices might do to dampen the market in the future. There are even some who feel it will lead to diminished sales and lowered sales prices. (https://www.dailyprogress.com/news/local/report-area-home-prices-rising-as-sales-ramp-up/article_af7fc6ba-856c-11e8-8dae-a3b5d4504057.html) The data suggests differently. The numbers of people needing housing is increasing and will remain strong over the next few years. That, along with the fact there aren’t enough homes for sale in certain price ranges, points to a moderate increase in the number of sales and home values moving forward.
Michael Guthrie, CEO Roy Wheeler Realty Company www.RoyWheeler.com 434-951-5155
MORE THAN A SPORTS PROGRAM FOR KIDS & TEENS
At The First Tee, kids and teens are learning to play golf along with life lessons and leadership skills. And it’s making a difference. Our programs are having a positive impact on participants, their families and their communities.
The First Tee is an international youth development organization introducing the game of golf and its inherent values to young people. Through after school and in school programs, we help shape the lives of young people from all walks of life by reinforcing values like integrity, respect and perseverance through the game of golf. And it’s making a difference.
Mission Statement: “To positively impact the lives of all young people by providing transformational, educational programs that build character, instill life-enhancing values and promote healthy choices through the game of golf.”
Selling Your Home? Consider These Five Landscaping Ideas
You’ve probably heard how important curb appeal is when you’re trying to sell your home. The first thing buyers look at when they pull up to your home is the big picture — the house, the yard, the trees, the flowers. It’s the impression that counts, and all it takes is one thing to ruin the effect — a cracked walkway, dead branches in the trees, leggy bushes.
As you look around at all the things you need to fix or update to sell your home, it can be overwhelming. Many sellers struggle with the costs, the decisions, and the time it takes to market their homes. Since most landscaping isn’t permanent, you may think it’s not as important as other projects that need to be done, but you should strongly consider putting it in the marketing budget. You can do some of the work yourself or you can get help. But here are five jobs you can do that help you make the most of your home’s drive-up appeal.
1. Get rid of anything dead. Dead leaves, flowers, and trees do nothing for your curb appeal. Snip it, rake it and bag it. As you finish, you’ll see blank areas. Fill these in with fresh flowers, small bushes, potted plants or yard art. No Gnomes or flamingoes need apply.
2. Cut and weed the grass. If you mow your own lawn, make sure it’s freshly mowed every week. Pull or spray weeds so the texture of the grass will be more pleasing.
3. Replace or hide leggy bushes. Nothing makes a front entry look more dated than bushes with longer legs than torsos. Pull them out and replace them, or if it’s more expedient, plant boxwoods or other small bushes in front. You can also cover a lot of blank areas with mulch, wood chips or gravel.
4. Improve both hardscapes and softscapes. Decorative stone, tile, brick, concrete or wood can add a lot of appeal to the softer elements such as flowers, plants, grasses and ground cover. Landscaping doesn’t have to end at the porch. Bring color and vitality to the entry with potted plants and flowers.
5. Light the way. Landscape lighting doesn’t have to be expensive. Lanterns to line the walk, or the occasional uplight for the trees can have a glamorous effect on the exterior of your home. Lighting provides security as well as spotlights what you want to call attention to — a beautiful tree, a flower bed or an architectural element of the house.
If you’re not sure where to begin, go to your local supply with a sketch or photo of your home and ask for ideas. Explain that you’re selling your home and you need help with curb appeal. You may get a lot of free advice that’s really helpful.
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