Charlottesville Real Estate Blog

Guest Post by Chase Team Member - Lauri Powell

Spring time in Charlottesville is a beautiful sight with the redbuds, dogwoods, azaleas and a host of other trees, shrubs and flowers blooming. As you drive through the Charlottesville area along the farms and estate properties you are amazed at the colors that abound. To celebrate this explosion of color we have a Dogwood Festival.

Popularity of Dogwood Festivals

When I Goggled “Dogwood Festival” to get some history for this post, I was surprised to find on the first page dogwood festivals in Atlanta, GA; Fayetteville, NC; Winchester, VA: Orleans, Indiana; Farmville, NC; Tyler County, TX; Knoxville, TN and that was just on the first page!

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Guest Post by Lauri Powell

Not to Be Missed Bi-annual Charlottesville Social Event

Charlottesville has many annual events but none that hold more allure than The Foxfield Races. Held twice a year (the last Saturday in April and the last Sunday in September) in the middle of Albemarle farm and estate country, this event has been a favorite for tailgaters since 1978. Rivalled only by UVA football game tailgating, there are tents set aside for those who wish to have their parties catered and open areas for those who wish to bring their own gourmet tailgating affairs.

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The Changing Face of Charlottesville Real Estate

During last month’s regional housing conference titled “Finding Common Ground“, lunch plenary session keynote speaker Joe Molinaro discussed how future demographics will change the way Charlottesville homes will be built and real estate development should be planned. Mr. Molinaro is Managing Director for Smart Growth and Housing Opportunity for the National Association of REALTORS® (NAR). By using trends in demographics, Mr. Molinaro identified numerous changes in future real estate development. These changes are targeted in several high-growth regions which includes the East Coast “megalopolis”. Charlottesville is included in this East Coast megaloplis region. Population increases and demographic changes identified by Mr. Molinaro include:

• Total growth in population in the US. Based on the 2006 census, the U.S. population hit 300 million. It will hit 400 million by 2035
• The growth of the “Boomer Generation” will occur every year from now to 2025
• Historic changes in the number of single person households from 13% of households belonging to singles in 1960 to over 30% in 2040
• Households with children will continue to shrink from 48% in 1960 to 27% by 2040

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Back on March 19th, Forbes.com named Charlottesville in their “Best Small Metro Cities” list at 9th place just behind many equally desirable locations including sister Virginia city Blacksburg. In case you missed how they arrived at this conclusion, here is a recap of the metrics Forbes.com used:

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Understanding today’s market place, whether it’s homes for sale in Charlottesville or farms and estates in Albemarle County, can be challenging, and now more than ever you need to be partnered with skilled and trusted professionals at every step of the way. Today, I’m focusing on the contrast between values in Ashcroft and Glenmore, two upscale subdivisions on the East side of Charlottesville. The contrast in values brings into focus the simple market forces of supply and demand.

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Okay, so you’ve gotten the message from some of my other posts, and now you’re ready to purchase a Charlottesville home. The temptation for a buyer is to approach today’s Charlottesville real estate market with the notion that you’ll be able to whack another 20% off the seller’s asking price – it’s not going to happen. All of today’s asking prices are based on today’s marketplace and reflect a healthy savings versus what you would have paid for the same property just three years ago. Don’t let this notion stand between you and some of the best real estate buys in recent memory.

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I can tell you from personal experience through my Charlottesville real estate practice, that the very best Albemarle County properties are selling right now for the least amount of money. That’s what happens at the bottom of a market downturn, and those savvy buyers that have the intestinal fortitude to tune out all the negative media coverage, will be smelling like roses a few years from now. Sure, buying a year from now will still net you some great deals on Charlottesville homes, Albemarle estates, and Wintergreen resort real estate, but not the best deals. Why? Because what you will be buying a year from now won’t be the best properties. Those will have already been sold. And, to make matters worse, you’ll be paying the same money or more money for an inferior property. Not bad enough? Interest rates have nowhere to go but up, and they will be higher by the end of this year driven by either the fear of inflation, increases in Federal Reserve money rates, or both. Even a modest increase in interest rates will result in a dramatic increase in the total cost of ownership.

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I am finally starting to hear and read some mass media reports which suggest that rarely has there been a better time to be beating a path to the front door of a great real estate bargain. Take for example, Dan Kadlec’s column in the February 25, 2008 issue of Time entitled, “Ignore the Headlines! Except this one. Sure, housing’s in a hole. But there’s a potent case for buying now…” If you don’t believe me (see my December 29, 2007 post entitled, “Who Would be Dumb Enough to Buy a Charlottesville Home Now?”), read Dan’s article – it is succinct and draws on the wisdom of some of this nation’s most revered financial wizards.

Fear Sells!

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Guest Post
By Larry Saunders
Loan Officer with Mahone Mortgage, LLC.

On the front page of the Washington Post (February 23, 2008), there was feature article about homeowners losing their equity lines. I brought this issue up during the past week on this blog and now it is making news in a major publication. This type of information is very helpful to know so that homeowners can make informed decisions. In this article there is a quote from a homeowner who says “I thought I was too smart for this to happen to me”. I strive to provide useful information that is important when making decisions about real estate financing and will keep you updated as the home finance market changes. It is also important consumers read and understand what many in our industry consider to be “boilerplate” terminology like “deterioration of the value of the asset or the value of the collateral“.

Do you have a HELOC? If so, what has been your experience with your HELOC in light of what many lenders are considering a declining market?

Helping you make smart decisions about your Charlottesville home financing options,

Larry Saunders
Mahone Mortgage, LLC.
685 Berkmar Court
Charlottesville, VA 22901

If you have a specific question about home equity lines of credit, you may leave a question here in the easy to use comment box or you may email Larry direct at larrys@mindspring.com.

Larry’s website is : www.larrysloans.com

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Guest Post
By Larry Saunders
Loan Officer with Mahone Mortgage, LLC.

Variety of Uses for HELOC’s

For many reasons, the Home Equity Line of Credit (HELOC for short) has been a very popular method of borrowing money over the past several years. Banks made it very easy for homeowners to set up this type of home loan over and above their existing first trust loan in any amount from $10,000 on up to 100% of the market value of the a home. This type of loan can generally be arranged quickly with little or no closing costs and the interest rate is lower than many credit cards and car loans. People also like that the interest on a HELOC is tax deductible (well, for most people, anyway).

HELOC’s Provide Ready Access to Cash

The interest rate on a HELOC varies over the life of the loan. Whenever the Prime Rate goes up or down, the interest rate on this type of home loan also goes up or down. In return for taking on the risk of a variable interest rate, a homeowner using a HELOC can withdraw any portion of the approved loan amount for any purpose and pay back the borrowed money whenever they want and then do it time and again. This enables a borrower to have ready access to plenty of money for whatever they want, whenever they want to use it but not have to pay interest on it when they don’t need it.

Read the Fine Print!

Most borrowers who have set up a HELOC assume they have access to the full amount of the Line of Credit for which they were approved. However, it would be a good idea to check the fine print of your loan documents because in the fine print for a HELOC, the bank has the right to NOT provide additional funds if, in the bank’s opinion, the market value of the property secured by the loan has decreased in value. This is exactly what is happening in some parts of the country. The nearby Washington Metropolitan Area is currently defined by Fannie Mae and Freddie Mac as being in a “declining market”. Some banks in these ‘declining’ areas are refusing to advance funds to some borrowers even when the borrower has not withdrawn the full amount of their “approved” loan amount.

Smart Access To Your Money Tip

Fortunately, the Charlottesville real estate market is not defined as a declining market. However, if having access to all the funds in your approved HELOC is important, you might want to consider drawing on those funds now just to be on the safe side. You’ll be paying interest on the borrowed funds, but that will be offset by the peace of mind knowing you have access to the amount you were expecting.

Helping you make smart decisions about your Charlottesville home financing options,

Larry Saunders
Mahone Mortgage, LLC.
685 Berkmar Court
Charlottesville, VA 22901

If you have a specific question about home equity lines of credit, you may leave a question here in the easy to use comment box or you may email Larry direct at larrys@mindspring.com.

Larry’s website is : www.larrysloans.com

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