Market Insights Blog

This morning right on time at 8am thousands of women (young, older, and oldest) left http://foxfieldraces.com for the 18th annual 4 mile trek down and back up Garth Road.  These women have spent the last 12 weeks training http://www.w4mtp.com/index.htm under the enthusiastic tutelage of http://www.roywheeler.com 's Joan Esposito.  It was a perfect morning for a race and from start to finish it epitomizes what makes Charlottesville such a special place to live.  This race takes Hours, Days, Months to pull off and happens because of the illustrious Pink Ladies who take this cause on with a passion.  The generosity of the people who make up the Charlottesville area is shown not only in the hopefully $400,000 raised but also in the volunteer hours of the Pink Ladies and hundreds of other volunteers like the runners' spouses or significant others, area high school track and cross country teams, the Charlottesville Track Club, and the misc others who don't fit into one of those groups.  The comraderie that is established while training is shown as folks finish a race that 12 weeks earlier was a goal they weren't sure they could achieve.  My favorite picture taken away from my time cheering these women on as they sprinted, walked, skipped, held hands, linked arms toward the finish line was the Moms and daughters that were participating together and the women that were clearly doing it for someone battling cancer or who had lost someone from this dreadful disease.  Whether you were a participant, volunteer, or like me showed up to cheer those I knew toward the finish line, you left encouraged, motivated, fulfilled, and happy that you call Charlottesville home.

 Buyers have been sitting on the fence as to whether to buy now or wait.  Although home prices have stabilized, there are still certain parts of Charlottesville and the surrounding counties where prices are still dropping.  That, along with interest rates remaining at a 50 year low, keep purchasers thinking that it is better to wait and see what happens.  Here is one reason buyers using FHA financing should consider a purchase this month. http://rismedia.com/lowes/8355/9957

Click on this link http://realestate.yahoo.com/promo/5-great-cities-for-retirees.html to read about why Charlottesville is such a great place for retirees.  Home prices have come down and interest rates are at a 50 year low.  For those of us over 62 (which many retirees are), there is also a a reverse mortgage product that is not for everyone but for those who meet the requirements, it is definitley something to look at when buying or even refinancing a home.

Roy Wheeler Realty Company Came across this Q&A I did back in March on 2009. Although the bottom is still yet to be found, it is always interesting to see how what you think 18 months ago, looks in the present. http://therealestatebeat.com/2009/3/10/successfully-engaging-in-social-media-key-to-success

Check out  http://foursales.com when you get a chance.  This company is located right here in Madison County and provides on-site estate sales anywhere in Central Virginai as well as public auctions at the Madison County, VA location.  The website provides lots of good information will be given both for Realtors and those of us that know we have way too much stuff that we won't want to take when we move.  You can also go to http://facebook.com/realestatematters early next week to hear a podcast of the WINA radio show that will feature a conversation with FourSales owner, Daniel Sanders.

http://www.oldtrailvillage.com/ Click on this link and read Old Trail Village's 2009 Annual Report.  With the pool and Village Center now open, Old Trial is becoming the community that was envsioned years ago.  There are several quality builders who buyers can choose from as well as lots that a buyer can purchase and choose their own builder.  Should you not want to wait for a home to be built, there are many resales currently on the market there as well.

This Inman article http://www.inman.com/buyers-sellers/columnists/dianhymer/buy-less-house-you-can-afford by Dian Hymer confirms what we have been saying to Charlottesville, VA area buyers for the last 18 months or so.  Here are some other interesting points to consider:

1)      You keep your payments where you are comfortable

2)      You buy at a price less than the highest value in a neighborhood

3)      Hopefully, it will allow you to have a payment that should you decide to rent it at some future point, the rent payment will be equal to your mortgage payment.  That way should it not be the time to sell, you have the option of renting it until you are ready to put it on the market for sale.

This Inman article http://www.inman.com/buyers-sellers/columnists/dianhymer/buy-less-house-you-can-afford by Dian Hymer confirms what we have been saying to Charlottesville, VA area buyers for the last 18 months or so.  Here are some other interesting points to consider:

1)      You keep your payments where you are comfortable

2)      You buy at a price less than the highest value in a neighborhood

3)      Hopefully, it will allow you to have a payment that should you decide to rent it at some future point, the rent payment will be equal to your mortgage payment.  That way should it not be the time to sell, you have the option of renting it until you are ready to put it on the market for sale.

For many homeowners, thinking about selling their existing home so they can buy another is a daunting task.  The real estate market over these past few years has been in such a downturn that folks can't sell their homes for what they could have 5 years ago.  Because of this, the prevailing feeling is that there is no chance to get a home sold at a price where one can buy the next home of their choice.  Although, that is certainly true for those who have recently bought a home, those who purchased theirs before 2004 there may be a way to have their cake and eat it too.  It all comes down to a simple mathmatical equation assuming a certain % of depreciation.  Take a seller who has a home that has a fair market value of $350000.  Given today's market conditions, let's assume it could sell quickly w a 10% reduction ($35,000) and then figure another 8% ($28,000) in closing costs meaning a cost of sale of $63,000.  If this same seller then bought at home listed at $550,000 for $495,000 (same 10% reduction=$55,000) and got the seller to pay their closing costs (3%= $14,850) the seller (now buyer) would have a net gain from selling to buying of $63,000-$69,850= $6,850.  This net gain does not even take into account the lowest interest rates in the last 50 years.

If you think this makes sense for your particular situation, have a Realtor put your home on the market with it being subject to you finding your home of choice.  That way, you can accept a much lower price and then go out and see if you can negotiate a price on the home you want to buy that will offset the reduction you took on your current home.  That way, should you not be able to buy a home at the right price, you haven't sold your existing home out from under you.  This scenario obviously won't work for everyone but is definitely worth considering.

 A great article that comes from McClung Companies--

If you’re a business owner, marketing director, sales person, or project manager, chances are good that the previous phrases have you mystified, befuddled, or just plain confused. Social Media, or “Social Sharing,” has been the fastest growing public phenomena over the past five years and it will undoubtedly continue to grow and be an important marketing component in the coming years.

 Have you recognized the significant business advantages that engaging in the Social Media space can offer?

 Where to start
First, carefully determine where and how your Social Media efforts will fit into your overall marketing plan. After this, identify which Social Media tools you plan to use. The following five steps are one example of how you might begin a long-term, sustainable Social Media Marketing program for your business.

Five steps for Social Media engagement

Register a new account for your business on FaceBook or Twitter.

1. Find and follow 10–15 businesses similar to your own.
2. Spend the next three weeks reading and studying exactly what kind of information the businesses you’re following are publishing
3. Begin sourcing your own information
4. Decide what frequency you’ll publish and then begin publishing your own updates (It’s called “joining the conversation”).

Following these steps can get you and your business effectively engaged in the Social Media space where you can take advantage of hundreds and potentially thousands of new opportunities to engage with your current and future customers.

Still sound like too much for you? No problem! Talk to your McClung sales representative today, and take advantage of our new Social Media Services. Full or half-day training sessions, as well as complete set-up packages, are available. Call your sales representative today or just call us at 1-800-942-1066. We’re glad to help!