Real Estate Information

From today's KCM Blog:

How do we get the wealthiest people in the country to advise us as to whether or not now is the time to buy a home? It’s actually rather easy. Just look at what they are doing and do the same.

Right now the wealthiest people are investing in real estate. It was recently reported that sales of condos over $4 million have skyrocketed. Crain’s NY Business explains:

Nine apartments asking more than $4 million went into contract last week, according to brokerage Olshan Realty. The firm tracks the high-end residential market and began releasing its data to the public last month. By comparison, during last year’s Christmas week, no apartments over $4 million went into contract …

In fact, the number of luxury apartments that went into contract so far this month, 52, rose 62.5% from the same period a year ago. UrbanDigs, an analytics and consulting firm that tracks Manhattan housing activity in real-time, confirmed the strong contract signing activity for luxury apartments last week. It defines the luxury market as including properties listed at more than $5 million and found that there were 83 such contract signings this month, up 10 from a month ago.

This coupled with previous information on the luxury purchaser proves the wealthy are again excited about real estate.

Bottom Line

If we want to make great financial decisions, we must look at what the most affluent are doing and do the same. The wealthiest are buying real estate. Shouldn’t we?

Want to get started?  Click HERE

On Fridays we test your knowledge of how well you know the Charlottesville area.  Think you know your way around Cville pretty well?  Okay, where am I in the picture below?

Are you asking where in Charlottesville that perfect home is for you?  Click HERE and we'll get started!  Remember, it's not a "bad" market for everyone...it can be a phenomenal market for the right Buyer!!

  I had a fantastic time this past Saturday showing a foreclosure property in Afton, VA that really reminded me of a Wintergreen ski lodge.  Located at the base of the Blue Ridge, some of the key features included dark cedar siding, creek in front, large deck and a beautiful stone fireplace centered in a large great room.  

  I really commend this couple!  They first consulted with their lender and verified purchasing a second/investment home made sense with their financial picture.  Now, with that confirmation    they can diversify their overall portfolio by taking advantage of  this Buyer's Market and lower interest rates to include real estate.  Purchasing the property at a discounted, foreclosure price and holding it they potentially  stand to make a good investment all the while enjoying it with their family and friends.  What a great strategy!

  Do you have interest in a second home or investment property?  Are you curious about what foreclosures are out there or do you have questions about purchasing a foreclosure?  Let me know! 

Kevin.Holt@era.com or (434) 409-2268. 

Thankfully our market has not seen foreclosure numbers like in other localities.  However, we do indeed have our share of these properties.  Today, 12/7/10, the MLS has 85 "lender owned" listings For Sale in Albemarle, Charlottesville, Fluvanna, Greene and Louisa.  Prior to pursuing one of these properties a Buyer should be educated about what to expect in a foreclosure deal.  A few items to be aware of are listed below:

• "As Is Where Is":  For the most part you are purchasing a property as it is in its current state.  Of course, you will want to get a home inspection to learn about the condition of the property.  However, be prepared for the bank not to negotiate any repairs.  Now, with that said I have had several instances where a bank did offer some repairs or concessions.  Mostly, these were repairs that would prevent any Buyer from obtaining financing and purchasing the property such as a structural issue or mold.  I've actually had one where the bank had new carpet installed because the Buyer could not get approval for FHA financing on a home where the sub-flooring was exposed.
• "Bank Addendum":  Be prepared to receive an Addendum from the bank that can be a pretty intimidating read.  Take a deep breath and read it through with your Realtor to make sure you both have a good understanding of its content.  It's advisable to work with an attorney who has experience in working foreclosure deals as they can be a great resource in helping to dissect these Addendums.  
• Patience!:  If you are in a scenario where you MUST be in a home by a certain date that is not that far away and you're getting  a mortgage I would be cautious entering into a foreclosure deal.  Now, I have had it happen where some of these transactions where as smooth and timely as any deal I have ever worked.  As a whole though, it has been my personal experience where they tend to be delayed largely due to waiting to receive responses/signatures back from the bank.  

In conclusion, a foreclosure can end up being a great opportunity for the right Buyer.  Like any transaction, just make sure you understand what you are getting into!  

Are you curious about what foreclosures are out there?  Email me and I'll send you a list.             

A heart-felt "thank you!" to everyone who voted for me.  I am truly humbled and am excited to continue building trusting and lasting working relationships in the New Year!  Thank you for your support! 

From the December issue of Albemarle Family:

  "The big moment has arrived! Announcing... the winning picks for family-friendly fun and services. We asked and our readers answered. More than 1,000 parents shared their favorite places to eat, shop and play in the second annual Albemarle Family Favorites Contest. Discover the top vote-getters here (see Page 13) and click on the pink links to visit your favorites online for holiday shopping and events! Congratulations to everyone!"

"Hey Kevin..." I keep hearing it's such a horrible real estate market so who in the world would this market be good for? 

In the past two years we have seen the headlines go from bad to worse reporting on the national real estate market.  We have seen an increased inventory of homes for sale, a huge amount of foreclosure/short-sale homes come onto the market with thousands reportedly still in the background waiting to be placed into the market resulting in a strong downward pressure on prices.  So, where is the bright spot within all of this negative news?

Here's the deal...yes, it's typically a tough market for Sellers who have not lived in their home for five or more years and have not had enough time to build up equity.  I have had numerous conversations during the past two years where I had to inform potential Sellers that with the downturn in the market they did not have enough equity to sell their property.  In a sale, they would come up short using what I believed was a probable sales price.      

Now, on the flip side we have Buyers.  Here's the bright spot that quite honestly I feel can be overlooked.  For our Buyers out there who have good credit and financial security this arguably is about as great of a time to buy as there ever has been.  With reduced prices, an inflated inventory of homes to shop and interest rates at historical lows it is a phenomenal Buyer's Market.  

In summary...it remains a very tough real estate market for certain Sellers.  However, let's not forgot the other side and the fact that it's a wonderful market for qualified Buyers!  

Curious about what is out there?  Thinking of buying or moving up?  Let's get started!  www.FindCharlottesvilleHomes.com  

On Monday's we discuss the various aspects of financing.  Today, mortgage advisor Corbin Hargraves with The Providence Group of VA shares with us some pre-Black Friday Shopping tips to help us keep our financies safe and within our budgets...

For all of those who unaware of what Black Friday is Black Friday is the day after Thanksgiving when retailers around the country discount products to help kick off the Christmas shopping season. Black Friday ads are usually kept secret until you receive the circulars in your Thanksgiving Day newspaper. And with these deep discounts, retailers hope to lure the masses to the store in the wee hours of the morning, or have consumers camping out overnight for these price breaks! Now, as an advantage to my tech savvy users you do not have to wait in these long lines, you can make purchases online but I would like to provide a few tips during your black Friday shopping adventures!

• Using the internet:  With internet sites such as www.currentcodes.com or  www.black-friday.net  covering a lot of the major retail stores coupons and their ads in advance, they will also offer you direct links to each product right there from the website.  Most of the stores have already leaked their ads, so a vast majority of them are already list. But remember, you are not the only consumer taking advantage of the convenience of online shopping so you have to get online whenever the shopping period begins because you might be out of luck.
• Phishing: Ah yes, every year periodically we visit this term because it is one of the dangers internet consumers must be consciously aware. Phishing is the criminally fraudulent process of attempting to acquire sensitive information such as usernames, passwords and credit card details by masquerading as a trustworthy entity in an electronic communication. Communications purporting to be from popular social web sites, auction sites, online payment processors are commonly used to lure the unsuspecting public. Phishing often directs users to enter details at a fake website whose look and feel are almost identical to the legitimate one.With the Holiday season being one of the biggest times of the year for online shopping, these criminals can lure you in by sending a Black Friday ad via email, with a link to make a purchase, and your information has been compromised.  Please verify the site you are using is legitimate by either visiting the website directly or contacting the store directly for verification of the ad.
• Prepare a shopping list, budget and stick with it! If you will be amongst many of the other shoppers braving the hectic crowds or shopping online, this one is essential to being successful.  This will also limit some of the frustration and anxiety you may encounter if you go out and just wing it! For those of you that do not have a budget, I applaud you for reaching financial freedom!
• Attack door buster deals  first and go back later for the all-day deals
• Last, BE SAFE – Lock your vehicles, place packages in the trunk out of sight, and watch your pursues/wallets.  Although this can traditionally be a jovial time of year for many, there are unfortunately some that will take advantage. 

On behalf of the Providence Group of Virginia, we wish you all a Happy Thanksgiving!

Information provided by:
Mr. Corbin Hargraves
The Providence Group of VA
1924 Arlington Blvd.
Suite 102
Charlottesville, VA 22903
Phone: (276) 724-0628
Email:  CHargraves1@gmail.com

On Fridays we test your knowledge of how well you know the Charlottesville area.  Think you know your way around Cville pretty well?  Okay, where am I in the picture below?

12/7/10:  Congratulations to Dr. Hu Shaffer on correctly identifying The Greencroft Club! 

Are you asking where in Charlottesville that perfect house is for you?  Click HERE and we'll get started!

On Thursdays we take a closer look at clauses that comprise real estate documents or discuss some scenario involving a real estate contract.    

This Thursday let's discuss the risks associated in not getting a survey prior to purchasing a property. 

As a Buyer, you have the right to have a survey performed on the property you are Under Contract to purchase.  It is strongly advised to have a survey performed (unless an existing survey is located) prior to a real estate closing for various reasons.  I have listed some of these reasons below:

In summary, unless an existing survey is located which is felt to be current it is advisable to have a survey done prior to your real estate closing.        

Curious about the market in your specific neighborhood or the possible market value of your home?  Check out PriceMyCharlottesvilleHome.com.