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Charlottesville, VA Real Estate News

By Pam Dent, REALTOR® - Charlottesville Virginia Homes / Horse
(Gayle Harvey Real Estate, Inc.)
In Charlottesville, Virginia tha largest employer is the University of Virginia.  This provides for a stable economy for the region.  However many people are not aware of the wide range of jobs that are available at the University or how to find out about the jobs that are offered.  Anyone who is interested in employment at UVA should attend U.Va. Works.  This is a job fair sponsored by University Human Resources, and the Health System Human Resources.  The fair will be held on June 18 from 3-7pm at the Omni Hotel in downtown Chaarlottesville.  This will be the perfect opportunity to learn about jobs that are being offered, meet University recruiters and to apply for jobs online.  There will also be spanish speaking interpreters on site.  Admission is free. For information about the fai...
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By Pam Dent, REALTOR® - Charlottesville Virginia Homes / Horse
(Gayle Harvey Real Estate, Inc.)
One of the plusses of living in the Charlottesville area is being able to take advantage of the many programs offered to the public by the University of Virginia.  On June 4-8 the university will hold a study program on Virginia winemaking as part of it's series of Travel and Learn programs.   The Virginia Wine Scene: From Jefferson's Dream to the New World Scene will appeal to both the wine conosieur and novices who just enjoy a good bottle of wine.  The Virginia wine industry, which began with Jefferson's importing of European grapes to America and his struggles to find varieties which could adapt , is now the fifth largest in the United States. Gabrielle Rausse, who heads wine production at Thomas Jefferson's home Monticello, will head the panel of wine experts.  The seminar is based...
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By Pam Dent, REALTOR® - Charlottesville Virginia Homes / Horse
(Gayle Harvey Real Estate, Inc.)
Combine a beautiful setting, fast paced action, horses, wine and charity and you have the Pink Ribbon Polo Cup.  On June 14 at the King Family Vineyards in Crozet, Virginia, Team Eagle Corporation will take on Team Embarq to play for the Pink Ribbon Cup.  This event is held to raise money and awareness for research and breast cancer care in the Charlottesville, Virginia area.  The funds raised will be split between the University of Virginia's Cancer Center and the Martha Jefferson Hospital. For more information go to the Pink Ribbon Website. Pam Dent, e-PRO, SRESReal Estate IIICharlottesville, Virginiawww.JumpintoGreenerPastures.comwww.Charlottesville.virginiablogpage.com  
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By Pam Dent, REALTOR® - Charlottesville Virginia Homes / Horse
(Gayle Harvey Real Estate, Inc.)
Saturday June 7 is National Trails Day.  Residents of Charlottesville, Virginia and the surrounding Albemarle County enjoy the Rivanna Trail system that loops around the city of Charlottesville.  The Rivanna Trails Foundation is marking the day by organizing a community trail building day. Volunteers will meet at 8:30 at the Charlottesville Catholic School on Rio Rd rain or shine.  They should wear suitable outdoor clothing that they will not mind getting dirty and are asked to bring yard tools such as loppers, pruning shears, rakes, hoes and other garden tools.  There will also be some tools available for use at the event.  Projects will include clearing, stream cleanup and building footbridges. The event will last until 2:30 pm and a free lunch will be provided.  Volunteers need to re...
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By Pam Dent, REALTOR® - Charlottesville Virginia Homes / Horse
(Gayle Harvey Real Estate, Inc.)
Annually the University of Virginia offers a variety of educational trips to historic places in the United States and abroad.  These are open to anyone.  The seminars are led by noted scholars from the University and other educational institutions.  Listed below are this summer's offerings.  The Founding of North America - 400th Anniversary Symposia - The French, the Indians, and the History and Archeology of Quebec.  July 9-13, 2008 / Quebec, Montreal, and Ottowa.For further discussion on this trip go to my blog post University of Virginia Trip to Quebec. The 20th Jefferson Symposium: Friends and Foes - June 18-22, 2008. / University of Virginia, Charlottesville, Virginia The 8th Shakespeare Seminar: Sharper Than A Serpent's Tooth - June 25-29, 2008 / University of Virginia, Charlottes...
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By Pam Dent, REALTOR® - Charlottesville Virginia Homes / Horse
(Gayle Harvey Real Estate, Inc.)
The Charlottesville Albemarle Kennel Club is holding two back to back all breed dog shows on Saturday May 31 and Sunday June 1 at the Foxfield Race Course on Garth road.  Over 1000 dogs will be entered in the show representing 172 breeds.  Judging will begin at 9:00 and continue throughout the day .  The show will begin with classes for each breed.  Next the best of breed winners will go on to compete in their respective groups.  Finally the winners of each of the seven groups (sporting, working , hound, nonsporting, toy, terrier, herding) will compete for best in show. This is the perfect time to learn about the various breeds of dogs and see them up close.  The public can meet owners and handlers, but it is good to remember to wait to talk to an exhibitor until they have finished show...
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By Pam Dent, REALTOR® - Charlottesville Virginia Homes / Horse
(Gayle Harvey Real Estate, Inc.)
In Charlottesville, Virginia the Piedmont Housing Alliance offers a counseling program for first time home buyers aimed at guiding them through the steps of the home buying process.  Through this program the first time buyer learns how to manage their income, manage their debts, save money and apply for a mortgage.  Each applicant receives individual counseling from a cretified housing counselor.  This is organized in to a five step program. Step one is the intake process which includes an initial interview, gathering documentation such as tax returns, credit references, pay stubs, rental receipts, and a review and explanation of their credit report. Step two is drawing up a plan of action to save money and reduce debt. Step three includes homeownership counseling and checking up on how...
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
Do Young, Tech-Savvy Buyers Need a Real Estate Agent? Despite charging a full service commission of 6% on listings, a large number of agents in our area are not providing full service if they are not marketing a home correctly and efficiently on the internet. As one reader pointed out in response to a WSJ.com post on photos in real-estate listings, "most agents are not utilizing technology efficiently." The readers explains, "We had a young agent and he did an excellent job with marketing our town home. We ended up getting three dozen offers. He also uses BlackBerry and a few other tech gadgets which many agents simply don't use or cannot afford or whatever." LaurenBaier Kim from the Wall Street Journal There are tons of websites that every home needs to get exposure on to ensure the be...
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
Foreclosures are even affecting the Rich right now. Last month the Hearst mansion went to auction, and now it looks like Neverland Ranch, home of Michael Jackson will be going to autcion.Lender to Michael Jackson: Pay up or Beat It "On March 19, at 1:00 p.m., Michael Jackson's Neverland Ranch in Los Olivos,Calif., is scheduled for a public auction at the Santa Barbara County Courthouseat 1100 Anacapa Street. The opening bid is estimated to be at least $20,000,000.The sprawling Jackson estate - located at 5225 Figueroa Mountain Road - sits on2,800 acres of rolling hills in California's wine county north of Santa Barbara.Financial Title Co. filed the notice of trustee's sale with the Santa BarbaraCounty Superior Court on Feb. 26. The auction notice for the property wasrecently posted on R...
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
Currently Active Properties: 2,372Median Price of Active Properties: $324,995Average Days on Market for Active Properties: 148Sold in February: 141Median Price of Solds: $260,000Average Days on Market for Solds: 138Total Volume of Sold Property: $54,527,788What can we derive from these numbers? Well, there was over 54 million dollars of sold property in the month of February in the Charlottesville Area (which includes Charlottesville, Albemarle, Green, Louisa, Fluvanna, and Orange). We can obtain the months of inventory by taking the number of sold properties in February and dividing that into the number of active properties. So 2372/141 = 16.8 months of inventory in the Charlottesville Area. The good news is that this number is down from 20.1 months of inventory that we had at the end ...
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
According to a release on INMAN News on Friday loans entered the foreclosure process at a record rate during the fourth quarter, and things are likely to get worse before they get better, the chief economist for the Mortgage Bankers Association said today.Although reductions in short-term interest rates have lessened the shock of interest-rate resets for many borrowers with adjustable-rate mortgage (ARM) loans, falling home prices are leaving more homeowners with little or no equity in their homes -- and less incentive to keep up on their mortgage payments.
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
Charlottesville Real Estate Market Update for April 2008 New Listings in AprilNumber of New Listings: 526Median Price: $299,000Average List Price: $458,705Contingent Listings in AprilNumber of Contingent Properties: 252Median Price: $275,000Average List Price: $389,872Average Days on Market:123Pending Listings in AprilNumber of Pending Listings: 89Median Price: $289,500Average List Price: $403,414Average Days on Market: 135Sold Listings In AprilNumber of Sold Listings: 190Total Sold Volume: $58,567,425Median Price: $266,250Average List Price: $322,273Average Sold Price: $308,250Percentage of Sold Price to List Price: 95.65%Average Days on Market: 125Currently Active Properties in our MLS: 2,513Median Price: $324,000Average List Price: $611,124Average Days on Market: 143Months of Invento...
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
Here is a quote from the First Quarter Market Report written by Dave Phillips CEO of the Charlottesville Association of Realtors. "Simply put, there are too many homes on the market right now. This surplus of inventory should keep prices low as sellers are forced to offer "good deals" in a very competitive marketplace. There is a direct, inverse relationship between inventory and prices. The more homes we have on the market, the more pressure there is on sellers to keep prices down. For this reason, we do not expect home prices in the area to increase in the near future.Currently, we have 3,673 homes on the market, compared to 3,100 at this time last year. The median price of these homes for sale is $319,000. The average DOM (days on market) of these homes is 147 days. It is a great tim...
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
Let's take a look at the Charlottesville Real Estate Market for March: Number of Homes Listed for Sale: 3642 Number of Homes Sold in March: 195 Months of Inventory: 18.90 (down from 20 at the beginning of the year) Average Sold Price in March: $322,206 Average List Price in March: $338,517 Average Days on Market: 130 Percentage of Selling Price to List Price: 95.18% Total of Sold Properties in March: $66,830,132 Conclusions:With over $66 million dollars in Real Estate sold last month, people are buying. This is a good trend compared to the start of this year, with total monthly sold properties in the $50 million range. This shows more people are getting involved in the Charlottesville Real Estate Market. This probably has a lot to do with Match Day at UVA and the NGIC expanding. A coupl...
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
There are many types of foreclosures, so we will start by defining foreclosure. A foreclosure is a legal process in which a lender sells or seizes a person's property to recoup and repay the debt attached to that parcel. When this happens, there are a few crucial steps.First, the lending institution notifies the owner in writing that they are in default of payment. This is known as the Notice of Default (NOD). After 3 consecutive payments are missed, the lender will bring in an attorney and the attorney will send a letter. If no payments are made, the lender may request to have the property sold at auction.The first type of Foreclosure is a Judicial Foreclosure. This is when the lender brings a lawsuit against the borrower. It starts with a summons and complaint served upon the borrower...
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
This is the last installment describing the National Factors affecting foreclosures and the Real Estate Market. We have now discussed interest rates, inflation, flow of investment funds, and the business cycle. We are now down to the last National Factor affecting Real Estate. This factor is the easiest to comprehend, yet the most emotional. It is cataclysmic events. A cataclysmic event is something like Hurricane Katrina. It is a naturally occurring event that devastates an area. During cataclysmic events, building prices are likely to go up, resulting in higher real estate prices. Luckily, we don't have to deal with events like this every often, but it is something to be aware of as you are buying and selling homes in different areas. Charlottesville Real Estate
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
This is installment #4 of our Foreclosure Lessons. This far we have been over interest rates, inflation, and flow of investment funds. Now, we are going to learn about the Business Cycle of Real Estate and how it affects the Real Estate Market and Foreclosures. The National Economy rises and falls in cycles - so does Real Estate. As our economy goes from recession to prosperity, investments are influenced. So let's define America's economic cycles. When economy is strong, incomes are high, unemployment is low, and people tend to have more discretionary income to invest in Real Estate. When economy is weak, incomes are lower, unemployment is higher, resulting in fewer Real Estate purchases, higher foreclosure rates, more renters and lower property values. Researching the state of the eco...
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
Now that we have looked at interest rates and inflation, its time to look at the Flow of Investment Funds and how they affect foreclosures and Real Estate in general.  Flow of Investment Funds refers to the number of people that are involved in Real Estate.  When money flows into Real Estate, more people are buying homes and selling homes.  In reverse, when money flows out of Real Estate, less people are buying and selling.  The important thing to know where is the more people that are buying and selling, the more prices fluctuate.  Just like the Supply and Demand curve.  Pay close attention to the Flow of Investment Funds.  When people are shifting their money from Real Estate to something else, its the time to buy.  The reason its the time to buy is because people want money quickly. ...
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
Alright, we have looked at interest rates and how they affect your purchasing power, now we will look the the second Nation Factor that affects foreclosures and Real Estate in general.  It is important to know all the factors before making any decision to buy, whether it is a foreclosure or any other home.  The second National Factor is Inflation.  Inflation is defined by wikipedia as a rise in the general nominal level of prices over time. Inflation is is measured as the percentage rate of change of a price index.  The governments main gauge of inflation is the Consumer Price Index.  Basically, inflation tends to follow the supply and demand curve, although it isn't affected by any single factor.  Inflation causes prices to rise whethere its a pair of jeans at American Eagle, or the ho...
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By Rob Alley, Invite Us In! We'll Bring Results!
(RE/MAX Realty Specialists)
In light of all the news surrounding foreclosures, I thought we should take an in depth look at foreclosures.  Over the next couple of weeks, we are going to define National and Local Factors affecting foreclosures, as well as Foreclosure laws in Virginia, the types of foreclosures, the types of property, and how to make money with foreclosures. We will start with the National Factors that Affect Real Estate.  The first is the interest rate.  When most people buy a house, they have to borrow money, this is known as a mortgage.  The bank however, doesn't give money away, the bank wants something in return - the interest on the money borrowed.  This is the reason for the interest rate.  The interest rate is based on the Federal Funds Rate.  The Federal Funds Rate is the interest that bank...
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