Selling Charlottesville real estate in Central Virginia since 1927
Market Insights Blog
Albemarle County is facing significant budget shortfalls due to the downturn in real estate
One of the biggest fallouts of Albemarle County's economic woes could be the school system. Many albemarle residents showed up Wednesday night to express their concerns to the Board of Supervisors. Although noone wants to see education be short changed, many are wondering if the county could make other cuts instead of going after the schools. I ran across a radio show the other day that was interviewing members of Albemarle's Truth in Tax Alliance www.albemarletruthintaxation.org. I found the men very reasonable in their views and gave the county credit where credit was due while shining lights on areas where the county could cutback without having to raise taxes. If you are interested in listening to the podcast, click on this link www.wina.com/The-Schilling-Show/3063561 and then look for the 3-2 podcast with Tom Strassburg and Peter Wurzer. You will have to fast forward through the 1st couple of minutes of the podcast to get to the actual interview.
Rising up to succeed after facing adversity
"Everyone falls, the key to success is who gets up fastest" the end of a great message shared by UVa AD, Craig Littlepage @ the CAAR Realtor Recognition Lunch on 2/25. http://www.youtube.com/watch?v=EW7IYHuoD rU
Have you always wondered how to simply organize things you want to get to later?
How many times have you gone to seminars, conferences, listened to podcasts or webinars, taken great notes, and then couldn’t remember where they were when you got ready to implement them? Many instructors will tell you to write down 1, 2, or 3 things that you will do as soon as you get home. Leroy Houser calls these “My Einsteins”.
It works but what about all the other ideas that come your way via blogs, emails, discussions with your peers, etc?
Here is an idea I had while pondering an innovative thought a colleague was asking my opinion on this morning. Create a Word Document that is titled Great Ideas or Ideas to make my business or the way I live my life more successful. Once you have it in place, you now have a very easy way to keep all of these “ah ha” moments in one place. Adding to it becomes very easy. You just cut and paste from emails, blogs, web sites, etc. That way those hundreds of emails don’t have to be saved and the agony of trying to remember what email had that one great idea you need goes away. If you have gone to a conference and taken notes, transcribe what you learned onto the Great Idea document. That will remind you about what needs to get done right away while safely storing these nuggets of info for later reflection all in one place. Before the document grows too much, make a decision to alphabetize or add them in a topical manner so you can get to them without too much searching.
It seems like an easy way to organize and keep things in one place. In a month or two, I guess I will know if it works.
Are you waiting to see if price come down before you buy
Pat Zaby provided this interesting chart to show what just a 1/2% interest increase can do to a home buyer's purchasing power
Get Buyers Off the Fence
It might be time for buyers to get off the fence? Consider this from Pat Zaby of Seminars & Systems by Pat Zaby.
"Did you know that a 1⁄2% change in interest is approximately equal to a 5%
change in sales price?"
This is a powerful statement which makes it clear that Buyers and sellers need to realize the importance of the relationship of interest rates to the monthly payments.
When you take this into consideration and add the $8,000 tax credit that will end on April 30th, one has to think about whether waiting much longer makes good financial sense.
"Did you know that a 1⁄2% change in interest is approximately equal to a 5%
change in sales price?"
This is a powerful statement which makes it clear that Buyers and sellers need to realize the importance of the relationship of interest rates to the monthly payments.
When you take this into consideration and add the $8,000 tax credit that will end on April 30th, one has to think about whether waiting much longer makes good financial sense.
Change in Interest vs. Reduced Sales Price
Purchase Price $200,000
Interest Rate 5%
Term 30
Payment $1,073.64
1⁄2% Increase in Rate $1,135.58
5% Increase in Price $1,127.33
A 1⁄2% change in interest rates is approximately equal to 5% change in price
1% Increase in Rate $1,199.10
10% Increase in Price $1,181.01
A 1% change in interest rates is approximately equal to 10% change in price
Copyright 2010, Pat Zaby
The Charlottesville Police has produced a great new resource for getting crime info
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City of Charlottesville Police Department 606 East Market Street · Charlottesville, VA 22902 Telephone 434-970-3280 |
TO: Local Media FOR IMMEDIATE RELEASE
Contact: Crime Analyst Kristin O’Connell
.(JavaScript must be enabled to view this email address)
(434) 970-3274
CrimeView Community
CHARLOTTESVILLE, VIRGINIA – The Charlottesville Police Department recently launched CrimeView Community; a web based application designed by The Omega Group that allows citizens to view reported incidents and crime activity in their local community. All residents can now easily access and map out incidents occurring anywhere in the City of Charlottesville through a web browser located on the Charlottesville Police Department webpage. Using the many options and features of this website, users can search for incidents and crimes that may have occurred near a specific address, a well-known landmark or location, or within a certain geographic boundary. CrimeView Community also offers the ability to view reports about incidents and crime and to print a copy of the map.
This tool provides an important public service by giving citizens access to information that they may ordinarily request directly from the Charlottesville Police Department staff. Creating self reliance among community members and alleviating some of the Department’s staff work load can be of great benefit to a department and its community outreach, as well as staff productivity.
Please visit www.charlottesville.org/police to access the Charlottesville Police Department CrimeView Community site hosted by The Omega Group.
Smart remodeling will allow you to recoup the cost when you sell your home
Rick DeLuca wrote this article describing cost vs value of particular remodeling projects. He uses an analysis from the National Association of Realtors and his own experience from selling homes and listening to Top Realtors Nationwide. whether you are buying a home that you plan on renovating, getting ready to sell your home, or just want to improve your home in a way that will increase the value, this list is one to keep on hand.
Rick DeLuca's Marketing Tip for Week of February 15, 2010
Understanding how much people will recoup their improvement costs is critical in
pricing a home today. A report is available at the National Association of Realtors
web site will give you valuable information. Here is a portion of that report. For
more information:
http://www.realtor.org/rmohome_and_design/articles/2008/0812_costvsvalue_2008
" NATIONAL ASSOCIATION OF REALTORS® statistics show that home
prices have fallen by an average of 7 percent nationally in the past year. But the value
of home owners' investment in remodeling projects has declined only 3.86 percent
on average between 2007 and 2008, according to Remodeling's 2008-2009 Cost vs.
Value Report.
Remodeling produces the Cost vs. Value Report each year in cooperation with
REALTOR® magazine. REALTORS® responding to a survey in midsummer said
home owners could expect to recoup a national average of 67.3 percent of their
investment in 30 different home improvement projects. At the height of the housing
boom in 2005, home owners could expect to recoup a national average of 86.7
percent on projects.
Top 10 Project Paybacks
Once again, exterior remodeling projects lead the way for recovery on dollars spent
in this year's Cost vs. Value survey. When you compare the national averages,
replacement projects that boost curb appeal-siding, windows, and decks
-give you the greatest chance of recouping your money. Inside, only kitchen
remodels can compare, at least on a national level.
1. Upscale fiber cement siding (86.7%)
2. Midrange wood deck (81.8%)
3. Midrange vinyl siding (80.7%)
4. Upscale foam-backed vinyl (80.4%)
5. Midrange minor kitchen remodel (79.5%)
6. Upscale vinyl window replacement (79.2%)
7. Midrange wood window replacement (77.7%)
8. Midrange vinyl window replacement (77.2%)
9. Upscale wood window replacement (76.5%
10. Midrange major kitchen remodel (76.0%)
Taking an inventory of your home for safe keeping is a great idea
Thanks to Deborah DeChambeau of the Insurance Information Network of California for this concise but very helpful reminder to home owners.
| The Importance of a Home Inventory | |
| Published 12/29/2006 | Home | |
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Try this game. Sit in the kitchen with a pen and paper. Without looking, try to write down the entire contents of your living room. Now, check to see how many items were missed. Did you remember the drapes…the carpet…the rugs? Now try it again with every other room in the house. It may be surprising to see how many items you have overlooked.
Imagine trying to come up with this list after a devastating fire, in the aftermath of an earthquake or after a home burglary. An up-to-date household inventory makes it easy to identify everything that must be replaced. It can also help to settle insurance claims quickly and accurately. A home inventory is also a good tool in determining the value of your belongings and, with that, your exact insurance needs. A household inventory can be created on paper, in a computer database, by photos or on video. Some insurers even have on-line data banks for storing their customers’ household inventories. Begin by listing major items in each room and be sure to note information such as serial numbers, purchase prices, present value and dates of purchase. It is also a good idea to attach any available receipts and appraisals. Items that are not used every day are particularly easy to overlook, but so are many common household items. For example, everyone sleeps on a mattress, but surprisingly, this is an item that is often forgotten. When creating a home inventory, be sure to include items such as luggage, clothing, appliances and sporting goods. A home inventory should be kept in a safe place, away from home, such as a safe deposit box or a friend or relative’s home. It is also a good idea to update the inventory every year or after the purchase of an expensive item.
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A great 3 minute clip on why buynig a flip video makes sense
http://www.loremagazine.com/should-you-buy-a-flip-camera
Click on this link and hear Steven Sweickert give a concise but very helpful synopsis on the pluses and minues of Flip Videos
Barry Merchant, VHDA Senior Analyst, gave an economic update to Charlottesville Realtors on 2/4/2010
Click on this link to see what he has to share about jobs, foreclosures, and housing inventory as it relates to bringing our country out of this elongated Recesssion.
http://share.caar.com/Market%20Reports/Barry%20Merchant%2004Feb10%20Presentation.ppt
If you would like to listen to his presentation, click on this CAAR Podcast entry
http://share.caar.com/podcast/GMM_02_04_10.mp3
Here are some highlight of his hour long presentation at the Charlottesville Association of Realtors' Membership Meeting:
Unemployment will become the main reason for foreclosure over toxic loans which has been the main culprit for the last 3 years. Charlottesville is fortunate however that our joblessness is less than in other parts of the state which should mean that distressed properties will not negatively impact the housing market as much as other parts of the state. Economic recovery will take longer than the 2001 recession due to the length of this current downturn.
Although Mr. Merchant thinks we are near the bottom of this housing crisis, he does not see an improvement in home prices any time soon. This is due to tightened credit, the housing inflation that incurred from the last uptick, the before mentioned distressed properties coming on the market, and the $8,000/$6,500 tax credit stimulus ending at the end of April.
He went on to say that the government has to find a balance in these four areas: 1) continued market stimulus while curtailing credit risk, 2) modifying loans so that foreclosures won't occur while dealing with how to do this due to the decrease in the home value, 3)containing strategic defaults (folks who can make their payments but just choose to walk away), 4) enabling private capital markets to buy government back securities without interest rates going up which would allow the feds to get out of subsidizing them.
