Charlottesville Real Estate Blog

Top 10 List
Charlottesville Real Estate Myths
July 13, 2011

Sponsored by: Houses In Charlottesville

1. It's vital to obtain your last assessment from county records and set
your asking price $12,000 over that number, divided by the quotient of the
county tax rate over the projected cap rate depreciated at 6% of list market price.

2. Mortgage Insurance is vital, but can only be bought AFTER you close
on your property.

3. The state of Virginia requires both buyers and sellers hire an attorney
at time of contract ratification.

4. Best, and most common practice in the current market, is to calculate a
30% reduction off list price as your offer to seller of a property with 2
or more rentable units.

5. The Affordability Index is very low in, and around Charlottesville,
which is why there is currently such strong investor activity.

6. In-ground pools always add a huge amount of value to properties.

7. HGTV truly represents current trends in buyer's behavior.

8. HOA fees fluctuate constantly and are based on past sales within the complex.

9. Properties currently on the market are weighed far more heavily when
trying to assess market value.

10. Finding out what other offer amounts have been bid on a property can
educate you to what YOU should bid.

Sponsored by: Houses In Charlottesville

Introducing:

Houses In Charlottesville-June 22, 2011

To help the new Home Buyer, trying to make sense of the garbled jungle
of information overload on the net,
there is a web site designed to reduce that overwhelming tide
by distilling all pertinent data, links, and primary source information
into one complete and concise web portal.

GoTo: Houses In Charlottesville

You’ll find:

Neighborhood drive-through videos!
School information
An easy MLS property search tool
Neighborhood comparison tool
Foreclosure look-up tool

And much, much more…!

GoTo: Houses In Charlottesville   today!

Introducing:

Houses In Charlottesville-June 22, 2011

To help the new Home Buyer, trying to make sense of the garbled jungle
of information overload on the net,
there is a web site designed to reduce that overwhelming tide
by distilling all pertinent data, links, and primary source information
into one complete and concise web portal.

GoTo: Houses In Charlottesville

You’ll find:

Neighborhood drive-through videos!
School information
An easy MLS property search tool
Neighborhood comparison tool
Foreclosure look-up tool

And much, much more…!

GoTo: Houses In Charlottesville   today!

Top 10 List
Charlottesville Real Estate Myths
June 21, 2011

Sponsored by: Charlottesville 1st-Time Home Buyer

1. Hiring a Buyer's Agent costs money, so by working
directly with listing agent, I can save thousands of dollars

2. I need to see as many properties as I possibly can

3. My credit's fine, I've got a great job, and a good down payment,
the seller should be fine with that. I'll get in touch with a mortgage
guy once we get a house under contract I like.

4. Dual Agency was an idea created by the devil, and should never, ever be practiced.

5. Once I'm approved for my mortgage, it's all set, and I can buy my
furniture for the new home on my credit card along with the vacation
we planned for after the closing!

6. My deposit should always be as low as possible.

7. I'm going to wait before I buy because the market's going to keep dropping.

8. It's not what you buy a property for, it's what you can sell it
for that makes the biggest difference.

9. Homes are fantastic investments and appreciation is almost always guaranteed!

10. It's ALWAYS better to buy than rent.

Sponsored by: Charlottesville 1st-Time Home Buyer

Top 10 List
Charlottesville Real Estate Myths
June 16, 2011

Sponsored by: Charlottesville 1st-Time Home Buyer

1. A Buyer Agency contract is a legally binding document
that cannot be rescinded for ANY reason.

2. Home inspections are a buyer's safety valve--they can say
they don't like the carpet color or that there's a broken
window on the second floor, for example, and get out of the contract.

3. A seller can sue a buyer and force buyer to purchase
home-called Suit For Specific Performance.

4. Main reason to get a Buyer's Agent is to have agent scrounge
up dirt on seller in order to rock their world and cause
them to lower their price, or else!

5. Buying a property advertised "As Is" simply means seller hasn't
lived in it for a while and can't get back to clean or repair anything.

6. A buyer would be smart to get home inspection report from a
previous buyer who didn't go through with purchase, thereby saving
money on having to do and pay for an inspection of their own.

7. The state of Virginia currently has no way for buyers to
research the proximity of sexual predators and deviants to
property they want to purchase.

8. HOA fees are a great measure of how well a property will
appreciate over time.

9. Proper pricing and/or value is a direct function of location.

10. Local employment levels are important to the vitality and
robustness of the real estate market, but not nearly as
important as other factors!

Sponsored by: C'ville 1st_time Home Buyer

Forest Lakes, Charlottesville, VA
Market Report
June 13, 2011

Sponsored by: Forest Lakes Properties

Summer is almost officially here!

Both pools are open, swim team has started, and school broke for summer vacation as of last Friday!

Unfortunately, our local real estate market is on vacation, too. And even in
the usually robust Forest Lakes, we’re seeing a slowness in market activity.

There are currently 17 single family detached homes for sale in Forest Lakes.
Prices range from $205,000 to $625,000
The Average Days on Market (DOM) is 73
The Average List Price = $404,994
And the Average price per square foot = $162

Since the end of the 1st quarter ’til now, 7 homes have sold,
with prices ranging from $279,000 to $554,900

The Average Days on Market (DOM) was 78
The Average Sale Price = $400,057
And the Average price per square foot = $139

As is often the case in ANY market, the numbers are higher all around for the
current listings–the hopefuls, and what has actually closed.

BUT, the difference between list and sales price of the closed sales was a low (-2.5%)
much lower than similar properties within 10 miles of Forest Lakes.

Sponsored by: Forest Lakes Properties

Interested in viewing any of these Forest Lakes homes? Contact me:

Phone: 434-220-2228     OR

E-mail: Fulton@kw.com

Another great resource to help in your home purchase and relocation:

Neighborhood Videos: Charlottesville Neighborhood Videos

Top 10 List
Charlottesville Real Estate Myths
June 13, 2011

Sponsored by: Charlottesville 1st-Time Home Buyer

1. Using a small, local real estate agency will guaranty better service,
more local exposure, and more devotion to your property needs.

2. Adding a spouse or partner to the deed is a H-U-G-E
Hassle to do AFTER you've closed,  so make sure you are absolutely sure
who you want on deed prior to executing the Purchase Contract.

3. Houses and condos appreciate and depreciate about the same so are
treated the same for appraisal purposes in the state of VA

4. Rent To Own and Lease Purhase contracts are very common in Central VA.

5. When trying to secure financing, you'll find that No credit is
better than Bad credit!

6. One of the strongest buyer strategies is to time the market in
order to guaranty buying at the absolute bottom of the value declining market.

7. Realtors know the areas and can better steer you away from undesirable
neighborhoods that might have the wrong ethnic and/or religious mix.

8. Your first investment property should always be a condo.

9. The state of Virginia is one of only 6 states that allow a seller of a
property who is trying to sell his house on his own, to be exempt from full
property disclosure if buyer is also not using a Realtor.

10. Hiring a Realtor as your Buyer Agent costs additional money that must
be paid for prior to closing.

Sponsored by: Charlottesville 1st-Time Home Buyer

There are plenty of myths circulating on the internet about how real estate
should be, and is, transacted in this market. But, like anything else, some of
what you read is true, some, not so true, and some just plain wrong!

Call or e-mail me and we can talk further about your needs and how you can
protect yourself from falling victim to believing these Top 10 Real Estate Myths
in our local, Charlottesville market!

Fulton W. Gaylord–Associate Broker, ABR, SRES, e-Pro
Registered HUD Broker, Certified REO Specialist
Keller Williams Realty
1885 Seminole Trail, Ste 100
Charlottesville, VA   22901
434-220-2228
fulton@fkw.com

“Licensed to sell real estate in Virginia.
Each office independently owned and operated.”

Top 10 Real Estate Myths
June 10, 2011

Charlottesville, VA

Sponsored by: C'ville 1st-Time Home Buyer

1. It's mandatory to use a lawyer as your closing agent in the state of Virginia.

2. You cannot use government sponsored loans (FHA, VA, etc.) when trying to buy a
foreclosure.

3.  If you're having problems qualifying for a mortgage, ask your parents to
co-sign on the loan.

4. If you decide you want to cancel your purchase contract, you automatically
get your deposit returned to you.

5. Hairdressers cut their own hair, doctors set their own broken bones,
lifeguards never drown--so it follows that you can sell your home without a Realtor.

6. Everything you read on line about real estate is relevant, complete, and
true to our market locally. 

7. It's betterto have multiple agents helping you find a home rather than just one.

8. It's better to hire a part-time Realtor because they have more flexibility in
meeting your schedule and they'll be more likely to do what you tell them.

9. You hire your Realtor primary to tell you the correct price to bid on a
property and to find out any and all circumstantial things about sellers that
you can use against them when negotiating for best price!

10. There are set values appraisers must use for property items that never change,
for example $2500 for a fireplace, $21,500 for a 2 car garage, etc. and you need
to demand your Realtor secure this secret information for you!

Sponsored by: C'ville 1st-Time Home Buyer

Top 10 Real Estate Myths

June 6, 2011

Sponsored by: C’ville 1st_time Home Buyer

1. You can deduct insurance premiums and HOA Dues on your
 taxes every year

2. A seller can force you (sue) to buy their home if you
default on the performance of the sales contract

3. In the state of VA, seller always pays for home
inspection and termite report

4. You can't do home inspections on a bank owned
property

5. Short Sales are named because they take such a
short time to close

6. The quickest and most reliable way to find the
newest active listings is through the diligent use
of the internet

7. You write a check at closing to pay for your
Buyer's Agent's services representing you

8. Or, you could just save money by working directly
with, and having listing agent work, with you

9. Virginia law requires seller give their tenants
a minimum of 48 hrs notice before showing property

10. Seller concessions can be for any dollar amount,
and actually don't have to be cash.

Sponsored by: C’ville 1st_time Home Buyer

Fulton W. Gaylord–Associate Broker, ABR, SRES, e-Pro

Registered HUD Broker, Certified REO Specialist

Keller Williams Realty

1885 Seminole Trail, Ste 100

Charlottesville, VA   22901

434-220-2228

fulton@kw.com