Culpeper, VA

After a week of zero activity it was nice to see that 8 homes closed in Culpper County the week of February 23-March 1, 2009. This of course according to the Metropolitan Regional Information Service, the local MLS.

Of the 8 homes that sold, 5 of them were foreclosed properties which continue to drive both volume and price. The average close price on these 8 homes was $203,090, with an average time on market of 134 days. As I keep saying week after week if you are in a position to buy a home the time to act is now! With all the fantastic prices and the $8,000 first-time buyer incentive there is no need to wait.

If you are looking to purchase a new home and would like to learn more about the Culpeper area market conditions give me a call at 540.672.8019. If selling your home is in your future you might want to get a Free market evaluation before you make any plans. In either case feel free to contact me and learn more about your options and opportunities in today's real estate market.

Until next time have a great day!

Well, it is a new year but things do not look like they are changing to much in Culpeper, Virginia real estate. Homes in escrow the week of January 12 - 18, 2009 are a reflection of the current market. Of the 18 homes listed, 10 are bank owned and 5 are in some form of short sale. Check them out here: Homes in escrow,

If selling your home is in the plans anytime soon, please be aware of the impact the continued sell-off of bank owned properties will have on your bottom line. If you would like more information please give me a call at 540.672.1019 and I will be happy to share my thoughts and ideas with you.

The Culpeper Star Exponent reports that two condominium projects slated for Culpeper have been pulled due to current economic conditions as well as the state of the local real estate market. It's not that Culpeper wouldn't be better off with more condominiums in the housing mix, but it's definitely the wrong time. For weary sellers, less competition is good news!

And, that's only a small piece of the good news in the real estate market.

Fannie Mae and Freddie Mac have dropped their "declining markets" indicator. Since just about every local jurisdiction had been labeled a declining market that's big! This indicator meant buyers had to come up with more cash to buy homes in this area. In a market already starved for buyers, this was not helping! Don't expect a flood of new buyers as a result of this, but it should help out a few buyers who were short that extra cash.

And, let me leave you with one more piece of good news. No housing market is completely depressed or completely robust. There are always pockets that are thriving even in the toughest markets. One of those areas here is the rental market. Rentals that are well-priced and in good condition are moving, sometimes pretty quickly. The summer season should be a good one for the rental business. And some sellers might be well-advised to consider renting out their properties that aren't selling.

I am so pleased to have had the opportunity to represent these first time homebuyers. After looking at nearly three dozen homes, THEY FOUND IT!

The kitchen of their dreams did also come attached to a house, with four HUGE bedrooms, family room (with fireplace), dining room, living room, loft, sunroom, den, a GIGANTIC unfinished basement, and a deck with a screened in gazebo.

This family got a great deal! They got the hous, located in the new community of Highpoint in Culpeper, below appraisal and had the seller pay 3% of the sale price toward their closing costs. Final sales price for this home built in 2006 was $261,500!

If you've been thinking of buying your first home, give me a call. There are plenty of homes to choose from and the interest rates are great.

Hello and happy holidays. I don't know about you but I can't remember being so glad to see a year end. I have high hopes for 2008 and I anticipate an improved mood swing this year. That being said, we are not out of the woods yet. Foreclosures have hit Culpeper county harder than Orange and Madison. There are homes selling for much less now than 18-24 months ago. Here are the number:

There were 127 new listings in Culpeper in November 07

There were 40 homes that went under contract in November 07

There were 38 homes that sold in November 07, 38 also in Nov 06

The average days on the market is 176, as opposed to just 114 in Nov 06.

There are 796 homes for sale as of November 30, 2007. That is an extremely high number. Selling 38 a month isn't going to reduce that number very quickly. I'm curious to see December's numbers, I should have them soon and will get them out to you.