July Market Report: Montague Miller & Company Realtors

Business Vector courtesy of freepik

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Use your wedding registry to finance a down payment

If you’re getting married, skip the traditional wedding registry and ask your guests to contribute towards a down payment for a home instead.  The folks at the National Association of Realtors teach you all you need to know about the process here.

Looking for an online wedding registry to fund your down payment?

Here are the most popular:

Hatch My House

Down Payment Dreams

However, be careful when choosing any of these options as some charge hefty service fees to use their service.

A better resource for this type of creative home financing comes from the FHA Bridal Registry Program. This program, created in the late nineties by the United States Department of Housing and Urban Development (HUD), allows you to receive wedding gifts to pay for your home purchase, provided you use an FHA loan instead of conventional mortgage.

Before choosing an online registry or government program, be sure to consult a qualified mortgage professional to learn about the pros and cons of each one.

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Help us congratulate our latest award winners!

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The VA Loan Process Demystified

VA Loan Process Montague Miller RealtorsVA loans are popular with military families because of their great benefits like no down payment or mortgage insurance, as well as closing cost limits and flexible requirements. But there are a lot of questions and myths surrounding them.  Learn about the VA financing process from start to finish here.

This video by Veterans United gives an in-depth overview and explanation of the VA loan program from a number of experts in the areas of finance and real estate in order to provide you with the best information possible.

Are you eligible to apply for a VA Loan? The Veteran’s Administration publishes their eligibility requirements on their website to eliminate guesswork.

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June market shows strong sales continuing

June real estate market stats 2015 from CAAR

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Charlottesville home sales indicate a strengthening market

The Charlottesville Area Association of REALTORS® released their second quarter home sale numbers on Monday for the Greater Charlottesville Area based on the CAAR MLS. This area includes the city of Charlottesville, as well as Albemarle, Greene, Louisa and Fluvanna counties.

Some areas, such as closed sales, show volumes higher than they’ve been since 2007, suggesting a continual improvement in the local market.

Check out the graphic below for an overview of the highlights:

2nd quarter CAAR highlightsYou can read the full report from CAAR here.

Image Credits: Business vector designed by Freepik.

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Why it’s a good thing cash buyers are leaving the housing market

Cash buyers make it difficult for first-time homebuyers and others with traditional financing to compete in today’s housing market.  With cash buyers at an all-time low, now’s a great time to buy.

Read the full story from realtor.com:

Cash Buyers Leaving Housing Market — That’s Good for You.

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Market Report Central Virginia- 1st Qtr. 2015

The  Charlottesville Area Association of REALTORs has released their Market Report for the  1st Quarter of 2015 and the numbers are as expected.The median sales price for the region has increased from $244,250 in 2014 to $256,750 for this quarter.  I hope you will read the entire report but here is a quick summary.  Condo sales increased by 40%-a number which surprised me.  Pending sales have increased 18% over the same time frame last year.  The number of sales closed remained almost identical but there are many more properties set to close this year.

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Are Home Prices Improving?

Reading this headline makes you wonder what I mean by “improving”.  If you are a buyer looking for a new home, an improving price would be one moving down.  Sellers are celebrating, cautiously celebrating, higher prices. It may be the sellers who see IMPROVEMENT this spring in central Virginia.

REALTOR Magazine

With actual quarterly numbers still a few days a way I predict the local market will reach prices we have not seen since 2007.

REALTOR Magazine has a great article;  READ MORE

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Local Sales are Up for Third Year

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

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