Market Insights Blog

In some ways, you could read this report http://caar.com/files/market/00_2010/2010%201st%20Qtr%20CAAR%20Market%20Report.pdf and see some signs that the market is improving.  Yes the 1st quarter of 2010 was better than the 1st quarter of 2009 in number of homes sold and we have now seen two quarters of improvement.  The bad news remains that prices still face downward pressure due to the amount of homes currently for sale. Until the inventory gets reduced by at least 33%, there are just too many homes for sale vs the number of buyers in the market place.  Nothing on the economic horizon gives us reason to think the housing market will rebound over the course of this year.  Expect things to stabilize and for the 2nd quarter to once again be better compared to last year.  Year over year improvement over The 2nd half of the year remains in question because the 3rd and 4th quarters of 2009 were better than the smae quarters in 2008.

There are laws and tips that will help make sure you know what is right or wrong with the home your buying.  check out this abode article to find out more. http://www.c-ville.com/index.php?cat=11801401090601933&ShowArticle_ID=11800204104137476

There is a wonderful Charlottesville Albemarle initiative called LEAP which is encouraging homeowners to make their homes more energy efficient resulting in significant savings.  You can find out more about this effort by visiting their website at http://www.leap-va.org

LEAP's proactive programs has resulted in Dominion Power making Charlottesville its 1st partner with their Smart Grid Technology.  One graph was particlularly interesting.  It showed that the money a home owner invests vs the money saved long term is better than most other investment opportunities.

Check out the link to learn more about you can get an Energy Audit for your home.

The Charlottesville community needs to address important issues as it relates to services provided by the city and the county.  Schools, Water, and community amenities along with many others need to be placed on the table.  Del. Toscano has started a blog so interested parties can keep up with what is happening and post their own comments as well.  the blog is http://city-county.blogspot.com 

If you or anyone you know is in a home with negative equity, FHA has announced a new loan modification program for those who qualify using TARP funds.  Click on this link to hear FHA Commissioner explain how this program will work.http://www.cnbc.com/id/15840232?video=1451971342&play=1

A simple tip:  If you need to sell in a short sale or possible foreclosure situation, consult a real estate attorney at your earliest convenience and use a Realtor who is knowlegeable about who this sale needs to be handled

Check out these two links http://www.kcmblog.com/2010/03/24/5-good-reasons-to-sell-your-house-now and http://www.kcmblog.com/2010/03/22/5-reasons-to-buy-that-home-now

Steve Harney publishes informative and timely real estate info on "Keeping Current Matters".  His 5 reasons to consider selling are right on as it relates to the Charlottesville/Central Virginia Market.  I also like his points as to why to buy a home especially #5 that says buy a home first and consider the investment second.  Although the number of pending sales are increasing, the prices continue to decrease although at much smaller increments.  Our housing inventory remains too high which means a buyer has alot of choices and the opportunity to work with realistic sellers.  the market is right for some and not for others.  Reading Steve Harney's 5 reasons will help you know which side of that question you sit. 

If you are thinking about buying a 2nd/vacation/retirement home, you owe it to yourself to look at The Wintergreen Resort in Virginia.  Read what The Washington Times had to say about this wonderful community. 

Here's a nice piece about Wintergreen. http://www.washingtontimes.com/news/2010/mar/19/resort-living-wintergreen/

When you visit, you will be surprised to find that it is not just about skiing but offers a four season resort including golf, tennis, fishing, hiking, etc. 

55 and older?  Check out http://www.rosewoodvillage.com/wintergreen/wintergreen.html

luxury living with fabulous views?  Check out http://www.theseasonsatwintergreen.com/

Real Estate sales activity seems to have increased now that the snow has melted.  This weekend is supposed to be spectacular so we anticipate lots of realtor showings and consumer traffic through open houses.  The interesting aspect to all of this is that this positive bump in the market might be short lived.  The $8,000/$6,500 Tax Credit will end on April 30th and there is increased upward pressure on interest rates.  Recently, FHA announced tightening of their guidelines.  This link http://www.cnbc.com/id/15840232?video=1444384172&play=1 is a concise explanation by FHA Commissioner David Stevens.  Although the reasons for these changes make sense, it will certainly make it more difficult for 1st time buyers to find a mortgage that will allow them to purchase.  the inventory of homes remains high and with fewer buyers, home sellers will need to continue to be aggressive with their price meaning a continued but smaller reduction in median prices for the next few months.

Hopefully, this is another sign that the real estate market is improving in Virginia.  A Richmond Times Dispatch www.richmondtimesdispatch.com article says foreclosures decreased almost 16% from January-February and over 8% from February of 2009.  Click on the following link to read more.

http://tinyurl.com/yzw5zgp