Lynchburg, VA

So apparently we're going to get some snow this weekend... on top of the 20+ inches we've already received. Needless to say, all this inclement weather doesn't do much for the local housing market. However, as one of my former brokers used to say... "I LOVE showing houses in the snow... because you know those buyers REALLY want to buy a house!"

So if you are one of those buyers who's ready to brave the elements to see the home of your dreams... or if you're one of those sellers hoping for a showing to one of those buyers... let's see how things look one month into 2010.

This past month (January 2010) we closed on 87 residential sales (compared to 84 in January 2009). Of those 87 sales, the average home sold had 3 bedrooms and 2 baths (no surprise there), had ah average list price of around $186,000 and an average sales price of roughly $174,000. The average number of days these homes were on the market was 128 days.

Now let's take a closer look... of these 87 homes that sold, 11 were in Forest (12.6%), 11 in the town of Bedford (12.6%) an 38 in Lynchburg City (43.6%). The breakdown by price range is as follows: 22 homes sold under $100k (25.25%), 22 sold between $100k and $150k (25.25%), 24 sold between $150k and $200k (27.5%) and 19 sold over $200k (21.8%).

Finally, out of the 87 homes that sold, only 24 of them had been on the market 45 days or less (27.5%). Nearly half of those homes were in Lynchburg City and exactly half were priced between $100,000 and $200,000. Fifteen of these homes had 3 bedrooms and on average had right around 1800 square feet.

Now why is any of this important? As a buyer, you should know that if you're looking at 3 bedroom homes in Lynchburg City (particularly zip code 24502) priced between $100,000 and $150,000 you aren't alone! That's the hot spot in the market right now. Understand that roughly 1 in 4 buyers last month bought a home very similar to what you've been looking at. As a seller, you need to understand that if you fit these criteria and you aren't getting any showings - you're priced too high. The buyers are looking and if they aren't looking at you, they have rejected your price in favor of more reasonable sellers.

RE/MAX BRAVO
10401 Courthouse Rd
Spotsylvania, VA 22553
540-891-8884 (Phone)
540-891-8884 (Fax)
http://www.fredva.com/
Licensed In The State Of VA

Are you confused by all of the talk about the $8,000 first time home buyer tax credit? Not sure if you qualify? This short video from RE/MAX highlights the points of the $8,000 First Time Tax Credit Extension and Expansion:

-Extends the $8,000 first time Home Buyers Tax Credit if you're under contract by April 30, 2010 and close by June 30, 2010 -Up to $6,500 tax credit for current homeowners who have lived in their homes (as principal residence) for 5 consecutive years of the last 8 years and close on their new home by June 30, 2010 -Income level of $125,000 for single buyers, $225,000 for joint buyers - Military members and those who've been deployed overseas for at least 90 days in 2008-2009 can claim the credit if they're under contract by April 30, 2011 and close by June 30, 2011.

Now IS a great time to buy a home!

Greater love hath no man than this, that a man lay down his life for his friends. John 15:13

 

 

History of Veterans Day

The main hostilities of World War I were finished at 11th hour of 11th Day of 11th Month of 1918 with Germany signing the Armistice. President Woodrow Wilson proclaimed an Armistice Day for 12th November, 1919. Veterans Day is celebrated on November 11th, the anniversary of the signing that finished World War I. It is commemorated as Remembrance Day or Armistice Day in other part of the world.

 

 

 

It is easy to take liberty for granted, when you have never had it taken from you.  ~Author unknown

Remember to thank a Veteran and active duty service men and women for their service to our country!

Red Shirt Friday is one way ordinary Americans can show unity and support for the military personnel who have served or are currently serving our country. Soldiers have sacrificed their personal freedom, safety, comfort, time with their families and many have given their lives so we might enjoy ours.

Take the opportunity at the mall, the grocery store or at the airport and say thank you to a soldier.

 

The Soldier: - By Charles M. Province

It is the soldier, not the reporter, who has given us freedom of the press.
It is the soldier, not the poet, who has given us freedom of speech.
If you can read this message thank a teacher,
If you are reading it in English of your own free will THANK A SOLDIER!
It is the soldier, not the campus organizer, who has given us the freedom to demonstrate.
It is the soldier, not the lawyer, who has given us the right to a fair trial.
It is the soldier, who salutes the flag, who serves under the flag, and whose coffin is draped by the flag, who allows the protester to burn the flag.
To all the brave men and women who have dedicated or given their lives
to protect this country and its freedoms:
Thank you.

 

 

Wear Red on Friday and show your Support for our Troops locally at Monument Terrace every Friday at noon with Red Shirt Friday