Kudos to Martha Jefferson Hospital
Martha Jefferson Hospital is moving to the Pantops Mountain area of Charlottesville. The new hospital campus there will be pretty amazing but I am as impressed with their desire to make sure their current downtown location special as well. So often, folks who leave one place don’t care what happens after their departure. This is not the case with MJ Hospital. Please listen to the podcast from a recently held CAAR General Membership meeting. http://www.caarblog.com/?p=373
The sound quality is not great but you will enjoy what will be happening in both locations.
Charlottesville and Central Virginia Analysis of 1st quarter market results
check out cville’s most recent article on what is happening in real estate here in Charlottesville
http://www.c-ville.com/index.php?cat=141404064435450&ShowArticle_ID=11802004093607371
Charlottesville Area 1st Quarter Market Report
Follow the link to CAAR’s recently released report for real estate in Charlottesville and the surrounding counties
A different take on the Charlottesville/Albemarle Real Estate Market
As posted on the Cville Bubble Blog by Greg Slater of Real Estate III and the President-elect of the Charlottesville Area Association of Realtors.
I’ve had a hunch about what was going on in our market, so I’ve been watching the percentage of sales under $300k compared to the prior year. The numbers I have pulled are on the contracts as they are happening, not on closed sales. I like to be a little more current and take a “snapshot” of what is happening now. Check this out:
In Albemarle all categories:
1st QTR 2008 261 Contracts
(33% under $300k)
1st QTR 2009 249 Contracts
(74% under $300k)
In Cville all categories:
1st QTR 2008 145 Contracts
(54% under $300k)
1st QTR 2009 87 Contracts
(71% under $300k)
In ALB/CVILLE/FLU/GRN
1st QTR 2008 554 Contracts
(54% under $300k)
1st QTR 2009 452 Contracts
(71% under $300k)
I’m no rocket scientist but I think this means when we come back and look at the CAAR report again end of 2nd QTR, median prices are going to move some more.
I have no evidence to support the following but my interpretation of these stats is leaning towards:
1. Some of the increase in sales below $300k is reflective of price adjustments occurring now.
2. The first time home buyer is back and finding some value in our market. It probably has something to do with interest rates and tax credits, along with #1.
3. The urban ring (just outside city in albemarle county) is performing the best in comparison to 1st QTR 2008. Only down 5% year over year in # of transactions.
Time will tell. Regardless of your prediction of where this market is going, the first time home buyer finding value in this market and choosing to buy instead of rent is critical to finding stability.
To answer your question as to where the action is, the answer is under $300k. The data is available to get more price range specific, but I wanted to share the results of my latest anaylsis since it seems pertinent to the on going converstation here.
Low interest rates may be a thing of the past
If you are thinking about buying and want to get the best rate possible, your time may be running out. The government has been buying back mortgage backed securities.
As of today, the treasury has bought about $250 billion in mortgage backed securities under their program that is causing these low interest rates. They just started this about three weeks ago. There was a total of $750 billion allocated for this program, meaning that 1/3rd is already used up just a few weeks into it. Once it is gone rates will rise up again. This means that people have another 6 weeks at this pace before the short is over and rates could rise after that.
Sellers in Charlottesville and the Central Virginia area have become more realistic with their price in these last few weeks. For some, buying now to take advantage of lower prices and what may be the lowest interest rates for the foreseeable future makes a whole lot of sense.
Choosing a Realtor in Charlottesvlle or the Central Virginia area
Although this article (http://ping.fm/TN6co was written by a Texas Realtor Matt Stagliano on Trulia’s blog, what he says about choosing the right real estate agent pertains to this market place as well. Whether you are buying or selling a condo, townhome, detached home, farm, estate, or a resort property @ Wintergreen, make sure you do your home work and make the right choice. Obviously, we hope you will make a Realtor here At Roy Wheeler Realty Company one of those you interview.
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Ednam Hall, 1100 Dryden Lane
Charlottesville, VA 22903
434-951-5155 or 877-560-2858 ext 158
