Real Estate News and Info
But Zillow says my house is worth…
July 18, 2011 by Sasha C. Farmer, REALTOR ® · Leave a Comment
It is actually quite often that people I run into have been completely misguided about their home values. With the incredible technology and information online about real estate and home searches, people often feel that real estate websites are getting to the point where they are extremely accurate and reliable. In some large cities, evidently this is true. In Charlottesville, there still seems to be a huge void between what these websites predict about our real estate values and local market, as compared to market reality.
Zillow and Trulia seem to be the two biggest offenders when it comes to this as they offer automated home valuations that people like to use to predict their home values from year to year. Zillow’s Zestimates seem like they are based on enough data and information that they would at least be able to give you a reasonable range within which you could expect your home price to fall. However, that does not often seem to be the case.
According to Zillow themselves, almost every market area in Central Virginia has an extremely low accuracy level- check out the charts below that they provide to set your expectations!
Their self-reported accuracy level is extremely low (almost all nearby counties are a 1 out of 4 star rating) and I can absolutely attest to that!
All that being said, please do not let automated estimates of value set your expectations about your own home or homes you may be interested in buying! If you need pricing analysis and recommendations, please consult with a real estate professional- ideally me! – for guidance.
Welcome to Charlottesville!
July 18, 2011 by Sasha C. Farmer, REALTOR ® · Leave a Comment
This is a great video produced by a local UVa law student here in town. Great overview of all that Charlottesville has to offer and the rich lifestyle that so many are drawn to!
CAAR 2011 Mid-Year Market Report
July 18, 2011 by Sasha C. Farmer, REALTOR ® · Leave a Comment
Click below to download the CAAR Mid Year Market Report for 2011. This is a hyper-local report that shows us exactly what to be expecting in the real estate market. Provided by the local real estate association, it gives us a great glimpse of the major areas served by CAAR agents, and the respective markets there.
2011 Mid-Year CAAR Market Report
We are really outgrowing out current home, but…
July 18, 2011 by Sasha C. Farmer, REALTOR ® · Leave a Comment
In the current market, there are many homeowners out there who would like to have a larger/nicer home but are patiently waiting for the market to improve. A frequently heard objection is that they can’t sell their home for what they think it should be worth, so they are trying to wait for the market to improve a bit and sell then.
Buying up in a down market is actually advantageous because while you might get less for the home you’re selling, you’re also getting the larger home for less. For instance, if you had to sell a $200,000 home for a 10% discount, you might feel that you left $20,000 on the table. However, buying a $300,000 for the same 10% discount would put you $10,000 ahead on the sale and purchase.
The other obvious matter is that when the mortgage rates increase while you’re waiting for the market to improve, it dramatically increases your cost of housing with higher payments. The cost of housing is affected by price and mortgage rates. Take a look at the image below for an example.
Rising Interest Rates vs. Rising Home Prices
To accurately evaluate your current options, you need facts and assessment tools that will provide you the information to make an informed decision. Please contact me if this is something you have been recently debating!
CAAR Year-End Market Report 2010
January 10, 2011 by Sasha C. Farmer, REALTOR ® · 2 Comments
CAAR is releasing it’s 4th quarter market report tomorrow, so this is fresh off the presses!
Some pieces that I thought were relevant if you’re in the market to buy or sell;
Good news for buyers;
Price Per Square Foot (Finished)—Pockets of Value for Buyers
The current area average of $139 per finished square foot is the lowest number since 2004, indicating true “pockets of value” for buyers. Prices declined for the past four years—a $32 per square foot drop since peaking for buyers in 2006.
And as I’ve been saying for months;
Greg Slater, 2010 CAAR President cautions that, “until the inventory reaches and maintains level we consider historically level, there will continue to be uncertainty in predicting the pace of sales and stability of pricing.”
Take a look for yourself and let me know your thoughts. I will be running my own numbers next week.
2010 Year-End CAAR Market Report
Is Now a Good Time to Buy?
October 5, 2010 by Sasha C. Farmer, REALTOR ® · 2 Comments
Time Magazine’s September 11 cover story attempts to make a strong case against homeownership in the article found here; but I have actually found my recent conversations with clients (current and pending) to present a story that is quite the opposite.
Are you still debating whether or not it is a “good time to buy”? It is never a good time to buy for EVERYONE, but right now is a GREAT time to buy for many people, and I hope the naysayers aren’t swaying people away from making a decision that could very well be right for them. If you have income/job consistency and plan to stay in the same location for 5+ years, this may be the best time to buy that we’ll see in this lifetime. In Charlottesville, we have excellent selection, competitive prices, and we’re seeing the same low interest rates that all of these experts mention.
Here is an interesting article from Steve Harney, a real estate expert who has stayed abreast of the current real state market and seems to do a good job reporting on it fairly.
“If you don’t own a home, buy one. If you own one home, buy another one. And if you own two homes, buy a third and lend your relatives the money to buy one.” – John Paulson 9/27/2010
WOW! That’s a powerful statement.
There is no question that John Paulson is a bull when it comes to residential real estate right now. Should we care what Mr. Paulson thinks? Should we listen to him? The answer to both questions is a resounding ‘YES’. Here are several reasons why.
Who is John Paulson?
Paulson is the person who made a fortune betting that the subprime mortgage mess would cause the the real estate market to collapse. He understands how the housing market works and knows when to buy and when to sell. What do others think of Paulson?
According to Forbes John Paulson is:
a multibillionaire hedge fund operator and the investment genius who made a killing going short subprime mortgages a few years ago.
According to the Wall Street Journal Paulson is:
a hedge fund tycoon who made his name, and a fortune, betting against subprime mortgages when no one else even knew what they were.
What did other financial players think of his statement?
The Wall Street Journal agrees with Paulson:
Ignore the critics. The odds have to be on his side…It isn’t just that home prices have fallen a long way. It’s also that, if you can get a mortgage, you are basically taking a reverse bet on the bond market. You could be a long-term borrower at fixed rates, instead of a long-term lender. Right now you can borrow for 30 years at around 4.3%. After the mortgage tax deduction, for some people the net effective interest rate is nearer to 3%. That’s going to prove an awesome deal if we see inflation again.
And Forbes said:
As this is the best time in 50 years to buy homes, Paulson advised his listeners to take 30 year mortgages to buy a home as “your debt and interest payments get locked in at record lows, while the price of your home will rise.”
Are others also saying now is the time to buy?
Just last week, we posted that there is a growing number of people saying that NOW is the time to buy, including:
- The Wall Street Journal
- Professor Karl Case, founder of the Case Shiller House Pricing Index
- The wealthiest families in the country and
- 70% of everyone else in America
Bottom Line
Thinking of buying a home? Are you taking advice from a friend or family member telling you that now is not the time? It may be time to listen to people who better understand the opportunities that exist in real estate today.
via If HE Says It Is Time To Buy a Home, BUY A HOME!.
I hope that if you’re considering purchasing a home, you will give me a call or shoot me an email to discuss your options and take a look at whether or not buying a new home in Charlottesville might be the right decision for you!
Charlottesville365; 2010 Blue Ridge Home Builders Parade of Homes
October 4, 2010 by Sasha C. Farmer, REALTOR ® · Leave a Comment
2010 Annual Parade of Homes!
The Blue Ridge Home Builders Parade of Homes is an annual Charlottesville tradition that always occurs across two weekends (this year- October 9-10 and October 16-17) and showcases the best in new construction that Charlottesville has to offer. I know that for many people in Charlottesville who like to keep their eye on real estate, this is one of the most fun real estate events of the year! What better than touring through beautiful mint condition homes that are decorated impeccably to get great new ideas for your own home?!
I just had the privilege of judging several of the homes for the “Realtor’s Choice Award” that is awarded annually for each price range, and here are a few of my favorites you should be sure to check out if you’re in the market for new construction!
- 838 Belvedere Boulevard; Belvedere (Wendell Gibson)
- 854 Belvedere Boulevard; Belvedere (Stonehaus)
- 760 Belvedere Boulevard; Belvedere (Piedmont Realty and Construction)
- 821 Cole Street; Belvedere (Southern Development)
- Blandemar Farm Estates (Doug Kingma)
- 848 Colridge Drive; Kenridge (Craig Builders) Attached Home.
- 2123 Sundown Court; Pavilions at Pantops (Southern Development) Attached Home.
- 5237 Raven Stone Road; Foothill Crossing (Craig Builders)
- 393 Claremont Lane; Old Trail (Craig Builders) Attached Home.
- 2580 Palmer Drive; Keswick Estates (Alexander Nicholson)
- 118 Turkey Trot Lane; Spring Creek (Piedmont Realty & Construction)
But I just bought a home/am not looking to buy a home!
Whether you are in the market to buy a home or are just looking for fun and interesting remodeling ideas for the home you’re already in, this is really an excellent opportunity to learn more about our local builders, learn about the local new construction landscape, and check out the new and upcoming trends in real estate construction.
For a full list of the 28 homes on display in the 2010 Parade of Homes, click here!
Just don’t get all googley-eyed and forget to involve your favorite Realtor!
Remember: If you are currently in the the market to buy a home, many of these developments are represented by salespeople who are employees of the builder and who aren’t licensed real estate professionals. I always recommend getting involved with a Realtor before making any significant real estate decisions!
Which home is your favorite??
Dates: Saturday October 9 – Sunday October 10, AND Saturday October 16 – Sunday October 17, 12P – 5P.
Below is a chunk of the full map that can be found on the Parade of Homes Site;
