The year end report for the Charlottesville Area Association of REALTORs has been published and we find a continued, slow improvement in the number of sales and the median prices for those homes sold. The sales in our area increased by 2% with a new median sales price of $270,000. It was also noted that the prices have returned to their highest level since 2007.
Charlottesville Area Association of REALTORs Market Report
Our area seems to be similar to others around the nation-the number of houses available to buy has declined. With the spring market beginning it looks like a really good time to bring your house or land on the market. Call us at Montague Miller & Company for a free competitive market analysis.
Report Details 2014
It is that most excellent time of the year when we take time to give thanks. Montague Miller & Company extends heartfelt thanks to our clients, our associates, our staff and to our families who are at the center of what we do and who we are.
Happy Thanksgiving from your friends at Montague Miller & Company.
Our company is proud to be a very small part of a very big event. Our team, The Montague Miller Milers has been training all summer to run in a 4 Mile fundraising event on Saturday August 30, 2014. The race begins at Fox Field Race Course and follows along Garth Road. Runners, Walkers, Strutters of all ages will join the field of 3,000 as we pass the “Inspirational Mile” bearing posters with the names of loved ones who have both won and lost the battle to breast cancer.
Our very own Pam Whorley is the director of the Womens’ 4 Miler Training Program. With the help of her “Pink Lady” volunteers we have been conditioning for the race.
The Charlottesville Womens’ 4 Miler, Virginia’s largest all womens’ event has been run every year for 32 years. Proceeds from the race stay right here at the UVA Cancer Center’s Breast Care Program. Help with a Donation?
Central VA 2nd Qtr Real Estate Market Repor
Looking to move to the Charlottesville or Central Virginia area? Thinking of selling or buying a new home in Albemarle, Amherst, Greene, Louisa, Culpeper, Orange, or Madison County?
Check out CAAR’s Second Quarter 2014 Market Report. This is a great resource to get a snapshot of the area’s current market with data from the CAAR MLS system.
Read the full report
The housing market is definitely improving but new household formation may be trailing behind. We have posted on the Millennial topic before, speculating that the “30 somethings” couldn’t wait to get out of Mom and Dad’s house. It just may be that larger than anticipated student debt is keeping millennial buyers from launching out on their own.
When will Millennials Break Into Ownership?, Daily Real Estate News,6/26/14 speculates:
“Researchers are hopeful for a turnaround…the number of households in their 30′s is expected to increase by 2.7 Million over the coming decade.”
If it is Mid May, you can bet the National Association of REALTORs will be meeting in Washington, DC. The 2014 REALTOR Party Convention and Trade Expo will mean more than 8,000 REALTORs will be in the nation’s capital to advocate for and against legislation favorable to home ownership.
Read more in REALTOR Magazine.
The market continues to improve and as it does we begin to hear from men and women who are considering real estate as their career. Many of the best agents came to real estate as a second career. Consider this-The National Association of REALTORs reports that the average age of Brokers is 59. It is obvious that the leadership of the industry is “greying”. With that in mind, why not consider real estate as your primary career. There is room at the top and this seems to be a good time to begin.
What is important about beginning in real estate? I am prejudiced, naturally, but think you need to affiliate with a great teaching firm. A mentor and coach with experience in all markets will make a big difference to you.
What sort of candidates do well in our business? Are you good at working with people, have good communication skills? Are you able to work independently, are you motivated to do well?
Would you like to learn more? Call me.
The first quarter market report from the Charlottesville Area Association of REALTORs has been published and the findings continue to show an ever improving real estate market in Central Virginia.
1st Quarter Sales Report 2014
This year may be all about the inventory, or lack of it. Property for sale now is at a five year low. The number of properties sold in the first quarter is almost identical to last year but we know that buyers are out in droves, looking for a home. It is likely that a strong spring demand and low interest rates will continue to push the median prices up. Note the trend of pricing across the region. The prices are the BEST THEY HAVE BEEN IN FOUR YEARS.
Best median Prices in FOUR YEARS
Want to see the entire REPORT?
This may be an important new program for those who suffered the most during the downturn in the real estate market, those who lost their home in a short sale or foreclosure. FHA has announced a program for qualified buyers to re-enter the purchase market. Many lenders will not be able to help buyers for 36 months after a distressed sale. Apparently FHA will offer a program to some buyers who could become buyers again after 12 months. Those buyers would qualify by documenting at least a 20% loss of income that caused the loss,and will now have to demonstrate how they have been able to improve income and credit worthiness. READ MORE
FHA Program for Distressed Sellers
A recent article by Court Square Title shared this information.
What does a settlement agent do? Does it matter who you or your client uses? The simple answer is that the settlement agent coordinates the services of the Realtor, lender, homeowner’s insurance agent, surveyor, appraiser, seller’s settlement agent, and numerous others to ensure that the closing occurs when you expect it to, and without any problems. Sounds simple, but hours of phone calls, emails, and faxes are required in preparation for the actual closing.
Take a sneak peek into what defines a great settlement agent, and read some recent feedback from Court Square Title customers on this month’s CST Blog.
Court Square Title of Charlottesville, Inc.