Real Estate Information

Every month we put a spotlight on a local, Charlottesville business.  This month we have the Party Starts Here with a great offer just in time for Halloween.

Click HERE for your FREE COUPON!

HAPPY HALLOWEEN!

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 house is for you?  Click HERE and we'll get started!

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

Hey Kevin, "What is the Accredited Buyers Representation (ABR) Designation?

The Accredited Buyers Representation designation is issued by the Real Estate Buyer's Agent Council, Inc. of the National Association of Realtors.  These real estate professionals have successfully completed a comprehensive curriculum in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience. 

An ABR will act as "your" trusted advisor, guide and advocate in purchasing a home.  More often than not the purchase of a home is one of a person's biggest life-time transactions.  In the earlier days of real estate brokers always represented sellers and buyers were expected to look out for themselves.  With the evolution of Buyer Representation Buyers can now have their best interest looked after by their own real estate professional, not the Seller's Realtor.  In such a large transaction don't you want assurance that the professional you are working with is advocating and protecting "your" best interest throughout the entire transaction?  Using a Realtor who has earned the ABR designation is a good way to make sure you are working with a buyer's representative who has the training and experience to protect "your" best interest.     

Questions about Buyer Representation or the Accredited Buyer's Representative Designation...let me know!   

SOURCE:
By Sean Tubbs
Charlottesville Tomorrow
Monday, September 27, 2010

"Plans for a new 12-screen Great Escapes movie theater in Albemarle County’s Hollymead Town Center moved one step ahead last week. The Albemarle County Planning Commission voted 4-3 to recommend approval of a modification of the zoning text amendment that created the initial development.

“It’s a theater company that actually goes out and buys the land and develops their own building,” said Scott Collins, representing developer Wendell Wood before the commission last Tuesday. “So, they have a buy-in into the community.”

The theater would offer stadium seating, according to Collins. He said the modification to the rezoning was necessary to build the theater to Great Escape’s specifications."

Full Article HERE

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 upcoming changes in FHA financing.

Seven days until the changes in FHA financing officially take place…

On September 1, 2010, HUD announced that it will adjust its FHA Mortgage Insurance Premium effective October 4, 2010.  These changes are outlined in the Mortgagee Letter 2010-28.  For all new case numbers ordered on or after October 4, 2010, here is the basic breakdown of the changes:

• Up front Mortgage Insurance will decrease from 2.25% down to 1%.
• Monthly Mortgage Insurance will increase from .55% to .90% annually for Loan-To-Values (LTV) > 95%.
•  Monthly Mortgage Insurance will increase from .50% to .85% for LTVs < = 95%

The overall impact of these new changes is that the total loan amount will decrease but the borrower’s total monthly mortgage expense will increase.  This could be very critical especially if you are very tight on your monthly Debt-To-Income ratio.  The minimum down payment for FHA is at 3.5% and this will remain the same. If you are currently financed with a FHA home loan, no changes will take place for your loan.  

Information provided by:
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? 

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

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

Hey Kevin, "With so many homes on the market For Sale and with an average Days on Market value over 100 days what are the most important things we can do to help our property sell quickly and for the highest price?"

Great question!  In my opinion there are three absolutely crucial items needed to best maximize a Seller's chance of selling quickly and for the highest price.  They include:

1)  "Compelling Pricing!":  The analogy I use here is to think of body surfing.  When you are in the ocean and wanting to catch a wave to ride you have to swim a little bit to get ahead of it.  Otherwise, if you wait to catch it right when the wave is upon you it will simply pass you by.  It's the same way in the real estate market when it comes to pricing a home.  If you price the property in the market (the wave) right in the middle of all your competition you have not positioned your listing to stand out and capture buyer prospects' attention.  Pricing the home in the middle of the market or even worse pricing it way above the market "to just see if you can get that price" can result in multiple price reductions as you follow the market trying to get in front of the wave.  Now, on the other hand the Seller who goes ahead and lists with a compelling price from the onset will get in front of the competition and best position the listing to capture the attention of prospective buyers resulting in a shorter time on the market and most likely a higher sales price.

2) Staging:  Having so many other homes to compete with the Seller must make sure that the property will show its best and make a lasting impression on Buyers.  Any of those repairs that have been on your to-do list but you just haven't gotten around to need to be addressed.  Work with a Realtor that both recognizes the vital importance of staging and also has experience and training in knowing how to effectively stage properties.  Possible staging suggestions may include fresh paint, spruced up landscaping, removing and/or rearranging furniture in order to show more space, etc.  A house must be "q-tip clean" and properly staged.

3) Exposure:  Having a compelling price and having properly staged the property the last item needed in order to accomplish your selling goal is exposure.  Common sense here...the more prospective Buyers that know about your listing the better your chances are of selling in your time-frame and for the highest price.  In today's Internet age close to 90% of Buyers go online to find their next home.  Anymore print advertising plays a very minimal part in today's real estate business.  Be sure to work with a Realtor who understands this and has the knowledge of how to effectively use web-based marketing.  You want your listing to be on as many websites as possible.  Ask your Realtor, "How are you going to bring exposure to my listing?"

In summary, it's a price-war and a beauty contest out there!  Your price doesn't have to be realistic it has to be compelling in this market.  Further, your property must be in tip-top shape.  Lastly, you want to saturate the internet and let the world know about your listing that is out in front of the wave of competition .  Doing these items will help create a sense of urgency so that Buyers will feel they have to put in an offer before someone else does!          

On Monday's we discuss the various aspects of financing.  Today, mortgage advisor Corbin Hargraves with The Providence Group shares with us some insights and tips regarding credit.

Whether you are a beginner or savvy investor when it comes to financial practices sometimes returning to the basics can help you weather difficult economic times.  Credit is a powerful two edge sword that when used to your advantage, can propel individuals and companies to the next level.  Buying a car? Purchasing a home? Refinancing? Applying for a credit card? Getting ready to lease an apartment or home? Opening a new bank account at a financial institution? Every one of the items listed above will require consumers or business owners to have established, good credit if they are not paying in cash. 

What is the definition of good credit in current times?  A credit score in the mid 600s some years back would get you approved in a lot of circumstances, now days good luck! If you are not walking into a mortgage bank with at least a 720 middle score you are already taking a hit for just walking in below what is considered good.  If you have a middle score below 620 you will most likely not be approved in today's lending standards.  Quite honestly, with a middle score below 620 you might not be ready to make such a purchase or to refinance. 

If you are in the market for a credit card, with the new CARD Act (Credit and Responsibility Disclosure Act) new legislation has made the creditor more accountable for their disclosures to consumers.  Credit card companies have to disclose on statements how long it will take you to pay off your balance if you pay the minimum payment. How does this tie into your credit score? One of the most important factors when the 3 credit bureaus (Equifax/Experian/Trans Union) provide scores other than payment history, is balances held on accounts.  Are you aware that if you have balances that are close to being maxed out, or over 50% of the credit limit you will take a significant hit on your scores? 

These are a few areas why credit is still such a essential element when it comes to sound financial practice.  In closing, here are some simple tips and friendly reminders to keep you on the road of great credit or to get you on track if you are trying to establish credit:

• Pay all of your accounts on time
• Pull and review your credit report from all three bureaus at least one a year. If you can not understand your report, please sit with a trusted financial professional who can assist you.
• Dispute any items on the report that are not yours
• Keep your credit balances below 50%, under 20% is optimal
• Do not close out old credit card accounts. Closing out old card can work against because one of the criteria bureaus give points for is the length of time accounts have been established.  Suggested practice, keep account open, make sure there isn't an annual fee on the card, and destroy card if you will never use the account again.
• Read all mail you receive from any credit institution.  Important updates and changes from your creditors can and will come via mail, so please read all of them!
• Do not frequently pull your credit.
• If you are not in a sound financial position to repay any type of credit, whether it is a home, car, personal loan or credit card to do not assume the liability even if you are approved!

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