25 Charlottesville homes sold during August. The average sale price was $341,322 with an average list price of $349,517. The homes had been on the market for an average of 96 days and sold for an average of 97.66% of the list price.
July saw 51 Charlottesville homes with contracts that closed for an average price of $296,652. The homes had been listed for an average price of $311,820 after being on the market for an average of 81 days. They sold for an average of 95.14% of the list price.
In June 47 homes sold in Charlottesville with an average sale price of $296,735 and an average list price of $308,735. They had an average DOM of 98 and sold for an average of 96.16% of the list price.
Today, September 3 there are 188 Charlottesville VA homes for sale actively listed on the real estate market. The average list price is $377,264, with a median of $307,450. The homes have been on the market for an average of 157 days so far.
To further see what has been happening in the Charlottesville VA real estate market we can look at the figures for the year to date as compared with last years data. During the time frame from 1/1/2008-9/1/2008, 271 Charlottesville homes sold, however during the same time frame this year only 208 sold. This translates to a decline in sales of -23.2% from last year.
As we can see the strongest sales months that the city of Charlottesville real estate market has experienced this year have been during June and July. August is back even with the May sales figures. Although we would have loved to see our sales figures continue to rise, August is historically a slower sales month so this is not a cause to panic. Hopefully we will see a strong September with first time homebuyers who need to get a home under contract by the end of the month in order to have ample time to close before the $8,000 First Time Homebuyers Tax Credit runs out.
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Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161, pam@JumpintoGreenerPastures.com, to list your property for sale or to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.
To view all of the Charlottesville, Virginia and Central Virginia Homes for Sale click here and click on the mls search button.
Visit my website Jump into Greener Pastures or read my other blog Charlottesville Horse Farms and Country Homes for information on Charlottesville area homes and the Central Virginia real estate market.
Copyright © 2009 by Pam Dent, all rights reserved, "Charlottesville VA Real Estate Market Report - August 2009".
In the current mortgage situation many homebuyers are not able to meet the downpayment requirement. Whether it is a conventional loan requiring 20% down or a FHA loan requiring 3.5%, they just don't have access to the cash. In that case many homebuyers think that rent to own or a lease purchase is a great option. The allure is that while paying rent they will be on their way to homeownership.
In a typical lease purchase situation, a portion of the rent will go toward the downpayment. There is a contract of sale for an agreed upon price; however the contract will not close until a date in the future. This date could be in 6 months or 3 years, it depends on what the parties agree to. During the rental period a predetermined amount of the rent will be held by the seller to apply toward the downpayment or to buy down the purchase price if the buyer has money for the downpayment.
This situation sounds like "just what the doctor ordered", right? Not necessarily. FNMA will only allow the part of the rent that is above the value of the fair market rent for that type of home in that particular area to be applied toward the down payment. For example a buyer could be paying $1000 a month in rent for 10 months with the seller applying $500 each month toward the down payment and $500 for the rent. The buyer is counting on having $5000 toward the down payment by the end of this time. However, when it is time to close, the real estate appraiser decides that the rent for this particular type of home in this area is $750/month not $500/month. All of a sudden the buyer only has $2500 toward down payment and is not able to close.
Another point to remember before you commit to a lease purchase contract is that in a year, or however long it is before the contract will close, home prices may not be where they were when the contract for purchase was origionally ratified. If prices have fallen, the homebuyer will be paying more than they would be for a comparable home if they were just submitting an offer. Of course the opposite could happen as well. If prices rise during the lease period, the buyer will get more home for his money and the seller will lose out.
A final pitfall for the seller is the possibility that the buyer will not qualify for a loan in a year and will be unable to purchase when the lease period runs out. It is important as a seller in a rent to own situation to have a clear picture of how many areas in which the buyer has to improve in order to qualify for a loan and whether there is a good chance that the homebuyer will be able to purchase in a year.
For the informed homebuyer or seller this can be one more way to sell or purchase a home, but it is important to have examined all of the possibilities. Don't be scared of the lease purchase but rather perform your due diligence and make sure that you have avoided all of the pitfalls. It is a good idea to engage the services of an attorney who has experience with this type of contract as well as using the services of a Real Estate professional.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
View all of the Charlottesville Virginia homes for sale.
View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.
Copyright © 2009 by Pam Dent, all rights reserved, "Buying A Charlottesville VA Home - Lease Purchase Pitfalls".
65 homes sold in Albemarle County during August. The average sale price was $420,206 with an average list price of $444,129. The homes sold for an average of 94.61% of the list price after being on the market for an average of 96 days.
July was the big month so far this year. 107 homes on the Albemarle County VA real estate market had contracts that closed in July. The homes sold for an average price of $493,980 and had been listed for an average price of $542,954. They were on the market for an average of 114 days and sold for an average of 90.89% of the list price.
66 Albemarle homes sold in June for an average price of $458,922 after being listed for an average of $485,915 aith an average DOM of 97. The homes sold for an average of 94.44% of the list price.
Today September 1, 2009 there are 639 Albemarle County VA homes for sale. They are listed for an average of $933,725, with a median of $445,000. They have been on the market for an average of 173 days so far.
Lets see how this year so far compares with last year. Last year during the time frame from 1/1/2008 - 9/1/2008, 510 homes sold on the Albemarle County real estate market. Curing the same period this year only 437 Albemarle homes have sold. This is a drop of -14.3% in sales for the year to date.
With time running out on the $8,000 First Time Homebuyers Tax Credit, i had hoped that we would continue to see strong sales figures in August comparable to the July figures. However this August has behaved more like our real estate market traditionally does at the end of the summer. For many people August is time for a last week at the beach and is also filled with getting ready to go back to school rather that buying homes. Hopefully we will see a bit of a pick up in the fall.
If you are planning on taking advantage of the First Time Homebuyers Tax Credit it is important to remember that November 30 is the deadline. This means that your home must have closed by November 30; there are no exceptions. In order to allow ample time to obtain loan approval and for closing, you need to get your home under contract by September 30.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
View all of the Charlottesville Virginia homes for sale.
View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.
Copyright © 2009 by Pam Dent, all rights reserved, "Albemarle County VA Real Estate Market Report - August 2009".
When we hear talk about urban communities and green building a phrase that is often used is sustainable urbanism. One of Charlottesville's newest urban communities is Belvedere, which is being developed around the model of sustainable urbanism. Today Real Estate III had a meeting at Belvedere to view the homes and listen to the developer, Robert Hauser, speak about the neighborhood. One of his statements that caught my attention was when he said that "sustainable urbanism is about people".
A neighborhood that is built with the sustainable urbanism concept in mind is of course "urban" in nature. It is built around the town model, with a mixed use neighborhood. You will see a mixture of retail, office space and residential. Under the residential umbrella you may find a range of prices, sizes, and home styles all on small lots as in a little town.
Ok. That makes sense but how do the people fit in? When you talk about sustainable urbanism it is important to remember what kind of person this sort of developement would appeal to. This type of neighborhood appeals to a resident who is very concerned about the environment. Energy saving in their homes and in their lifestyle is very important to them. They want to be able to bike or walk to work and restaurants. Consequently you cannot build this type of development just anywhere. It needs to be close to work and shopping. The homes should be energy efficient; in addition the urban feel is important. We are talking about homes that are close together, with front porches to sit on and talk with the neighbors, and sidewalks which take you to a destination such as a park, shop or restaurant.
A sustainable urban neighborhood appeals to people who like the neighborhood lifestyle. They want to get to know their neighbors and value the feel of community. They will appreciate a neighborhood coffee shop or cafe rather than a chain. In addition, they prefer a diverse and vibrant community.
The Belvedere neighborhood is based on these concepts. Belvedere has homes listed ranging from the high two hundred thousands to the high five hundred thousands. There are both attached and detached homes in a variety of architectural styles.
If green building and sustainablility are important to you, there is a variety of Charlottesville VA homes for sale that could meet your needs from a home in an urban neighborhood to a green built country getaway.
Remeber that as Charlottesville VA goes green - sustainable urbanism is about people, not just architecture.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
View all of the Charlottesville Virginia homes for sale.
View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.
Copyright © 2009 by Pam Dent, all rights reserved, "Charlottesville Goes Green - Sustainable Urbanism is About People".
There are currently 157 single family detached Charlottesville VA homes for sale priced up to $250,000. These are homes that are located in Charlottesville and the surrounding Albemarle County. Of these homes 5 are priced under $100,000 and may be an option for a skilled carpenter to renovate or restore. With this large inventory there is a home style for every taste ranging from ranch style homes to colonials and traditional to more open floor plans.
The First Time Home Buyers $8,000 Tax Credit ends on November 30. This means that your home will have to close by that date. Going back along the timeline, you will need to have a home under contract by September 30 in order to allow sufficient time to get loan approval and for closing to take place by this deadline. As a Charlottesville VA first time homebuyer you will find it helpful to enlist the help of a knowledgeable Realtor to help you search through the huge number of homes on the market so that you can find your perfect choice and also to guide you through the many details necessary to get the home under contract and through to closing.
Charlottesville VA is located in Central Virginia nestled in the foothills of the Blue Ridge Mountains. The city is approximately 2 hours south of Washington DC and 1 hour east of Richmond VA. The University of Virginia is located in Charlottesville and is the area's largest employer providing a stable economy. The University contributes many cultural, musiclal and artistic activities to the community as well as the opportunity to follow ACC sporting events. In addition to hosting a large variety of restaurants and wineries there are many outdoor activities such as hiking, horseback riding, canoeing, golf, tennis and many more.
Below is an interactive widget from which you can perform your own search of Charlottesville VA homes for sale fot first time homebuyers.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville. Email Pam Dent.
View all of the Charlottesville Virginia homes for sale.
View my website Charlottesville Horse Farms or visit my other blog Charlottesville Horse Farms and Country Homes for more information on Charlottesville Virginia horse farms, homes, events and real estate.
Copyright © 2009 by Pam Dent, all rights reserved, "Charlottesville VA First Time Homebuyers Have A Lot To Choose From".
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