Charlottesville City Real Estate Market Update May 2010

Mr. and Mrs. Seller let me point something out:   The average Charlottesville home went under contract when it had a Price Per Square Foot of $188.54.  However the average Charlottesville home sold with a Price Per Square Foot of $164.89.  Homes sold for 12% less than the asking price of when it went under contract.  Keep in mind some homes have multiple price reductions. So it doesn’t necessarily mean it was the original asking price once the seller received an offer and agreed to it. Don’t be offended if you receive a low offer. Almost all sellers receive low balls. Would you give a low offer if most buyers that were low balling were getting their wishes granted?

Keep the following in mind when determining your asking price:  The average active Charlottesville home has a Price Per Square Foot of $2,644.08.  This is because there are several multi-million dollar properties for sale in Charlottesville.  These high priced homes skew the numbers.  It’s important to look at the overall market for a specific area but when it comes to pricing your home accurately, it’s best to look at homes similar to your own.  You would not want to compare your home to a $500,000 home, if you believe it’s worth $300,000.  Also remember that if a home goes under contract, with a list price of $385,000, it doesn’t necessarily mean the house sells for $385,000, the accurate number comes after the closing.

Something to look for next month:  It’ll be interesting to see if any of those multi-million dollar properties go under contract.  Anyone interested in the $4,600,000 home?  It certainly looks like a show stopper. Drop me a line if you are interested in pictures. Betsy@GunnelsGroup.com or 434-996-9797

DOM (Days on Market) – The number of days the home was on the market before it went under contract.

Albemarle County Real Estate Market Update May 2010

What trend is similar to the Charlottesville Market Update?  Homes went under contract at an Average Price of $432,707. Homes actually sold for an Average Price of $363,288.  Buyers received a 16% discount off the list price.  This is very close to the 12% discount buyers receive on average in the City of Charlottesville.

Are Albemarle home values going up?  There could possibly be a higher Average Sales Price in June!  Pending Homes have an average list price of $492,894.  That number is higher than both the homes that went under contract and the homes that sold.  Although it’s important to remember that there is a home pending for $2,875,000. This home could possibly the skew numbers.  It’s necessary to keep the overall picture in mind.  Lets check again in early July.

Only detached homes in Charlottesville and Albemarle were used.

100% financing is a popular mortgage option for first time homebuyers.  Recently the  Rural Development program offered 100% financing.  Unfortunately the money available for the Rural Development program dried up.  There is second option for 100% financing.  It is the CHIP program, Community Homeownership Incentive Program.  CHIP allows home buyers to obtain a 100% mortgage in non-declining real estate markets.  In the Charlottesville real estate market there are only two counties that are considered non-declining, Buckingham County and Orange County.  If you are interested in 100% financing you should consider homes for sale in Buckingham and Orange.  Drop Betsy Gunnels a line if you have questions about Buckingham County or Orange County real estate.  Betsy Gunnels is your Charlottesville area real estate expert!

Better Homes and Gardens Real Estate released this great video about the importantce of color, where color associations come from, how to use a color wheel and more.  Happy Color Hunting!

Below is a map of Lake Monticello, Virginia.  The map shows Lake Monticello’s five beaches, five gates including the main gate, the Lake Monticello golf course, the 12 different sections, the lake, the fishing pond, the tennis courts, the pool, the playgrounds, the ball field, the shopping centers, and all the road names.  We hope you find the Lake Monticello map useful if you are new to the lake or if you have lived here for years.  Contact Betsy Gunnels if you would like a copy of the Lake Monticello map.  She would be happy to email or mail you a copy of the Lake Monticello map.  Betsy Gunnels is your Lake Monticello Real Estate Resource.  434-996-9797 and Betsy@GunnelsGroup.com
Map of Lake Monticello

The Charlottesville Area Association of Realtors, CAAR, is recruiting volunteers willing to donate some time for two Habitat for Humanity build days during the month of May, 2010. Here are the details: 

Dates:            Thursday, May 13^th and Thursday, May 20^th

Time:             8:45 am – 3:00 pm

Lunch will be provided onsite 

Don’t know construction, you say? Never hammered a nail in your life? That’s okay! There are plenty of needs on a job site that don’t require specialized skill – just your time and energy! Once a list of volunteers is compiled, your location assignments and all the details will be emailed out to you. 

To volunteer or find out more, contact Sandy Huffman at sandy@caar.com or 434-817-2399.  This volunteer opportunity is sponsored by CAAR’s Communications Master Group.

Check out the video about colors in your home.  We hope it helps!

Are you a buyer looking for a beautiful piece of real estate for sale in Fluvanna County Virginia? You have found it here! This property features 3.64 acres with the perfect blend of cleared land and mature landscape. It’s a sweet 3 bedroom, 2 bathroom home with 1296 finished square feet, bamboo floors, vaulted ceilings, breakfast room, dining room, large master bedroom with a walk-in closet, large soaking tub and double vanities. There are newly added ceramic tiled floors in kitchen and bathrooms. You will love what you find at this adorable home with an abundance of privacy! If you are in the market to buy a home in Fluvanna County Virginia, contact Betsy Gunnels Your Local Fluvanna County Real Estate Expert at 434-996-9797 and Betsy@GunnelsGroup.com Happy House Hunting!

1316 Miles Jackson Flyer

Below is the Lake Monticello Friday Flyer for April 30, 2010. 

Drop Betsy Gunnels a line if you have any questions about living at Lake Monticello or about the Lake Monticello Friday Flyer.  434-996-9797 Betsy@GunnelsGroup.com

Lake Monticello Friday Flyer April 30, 2010

A new classical school is opening it’s doors to Charlottesville, Va area residents in the Fall of 2010. St. Bede’s Academy is the only classical school in Charlottesville. To start it will only offer first and second grades at $6500 annually. Please see the attached flyer for further details and contact information for this new Charlottesville classical school.
St. Bedes Classical School in Charlottesville, Va

As the tax credit comes to a close we are getting a lot of questions about it. Ken Malinowski, a Mortgage Advisor with PHH Mortgage in Charlottesville, sent us some great information to pass around to our clients. It covers the following topics and questions. Feel free to drop us a line if you have any questions. Betsy Gunnels Betsy@GunnelsGroup.com 434-996-9797

The $8000 First Time Home Buyer Tax Credit at a Glance

What is the definition of a first-time home buyer?

Who is eligible to claim the $8,000 tax credit?

Are there any income limits for claiming the tax credit?

How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements? 

What types of homes will qualify for the tax credit? 

If I’m qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return? 

The $6500 Move-Up/Repeat Home Buyer Tax Credit at a Glance

What is the definition of a move-up or repeat home buyer?

How can two unmarried buyers allocate the tax credit if one qualifies for the $8,000 first-time home buyer tax credit and the other qualifies for the $6,500 repeat home buyer credit? 

Does a married couple qualify for any home buyer tax credit in the following situation? Spouse A has lived in and owned the same principal residence for at least five years. Spouse B has lived in and owned the same principal residence for less than five years.

Tax Credit Facts