It’s peach time in Central Virginia
Karen and I enjoy getting out to Farmer’s Markets, Wineries, Farms, County Fairs, Fundraisers, etc. If you’re attending or know of any cool events in Central Virginia, please post a comment and share the event information. We look forward to seeing you out and about in Central Virginia.
Blue Grass Festival this weekend at Small Country
Sometimes the Department of Housing and Urban Development (HUD) takes a home when one of their loans become in default (Also known as foreclosure). HUD then offers these homes for sale through HUD HOMESTORE. You can visit HUD HOMESTORE and search for available homes for sale. If you want to look at, have questions about or want to place a bid on one of the homes, let’s talk. RE/MAX Assured Properties (my brokerage firm) remains registered with HUD allowing me to help owner occupied and investors bid on and purchase HUD homes. Buying a HUD home remains a process. Usually the homes are only available to owner occupied buyers (usually you must live in the home at least one year) for the first 30 days then they become available to investor bids/purchase.
If you have questions about or want to explore purchasing a HUD home, let’s talk. I am here to help. Fortunately we have not had a lot of HUD foreclosures in Central Virginia so there is not an overabundance of HUD homes for sale. There are opportunities for home buyers willing to work through the process!
The Virginia Association of REALTORS (VAR) just released their 2012 Real Estate Market Report showing sales volume and pricing across our Commonwealth. The median home sale price in 2102 for Virginia was $240,000. Check out the report for more information broken into regions. Since real estate remains local, please do not hesitate in calling or e-mailing with questions about your real estate and your market trends. I am here to help!
Let’s take a look into the crystal ball and see what the upcoming year in real estate looks like! Barring an outside influence like 9/11 or another earthquake, I see the 2013 Louisa County real estate market continuing to improve with increased sales and values rising slightly. With relatively low real estate taxes, a great location, and solid county infrastructure, Louisa County real estate provides value for buyers from Zion Crossroads, to Lake Anna, to Holly Grove.
When our market corrected, values and sales dropped with many potential buyers continuing to rent. We’re now seeing some of those renters becoming buyers. With solid financing from USDA guaranteed Rural Development and VA loans providing 100% financing to FHA loans with low down payment with fixed 30 years relatively low interest rates, we’re seeing many mortgage payments less than the buyers current rent. The risky option ARM and other creative financing (that helped cause our market correction, foreclosures and short sales) have either gone away or should be avoided. With renters buying homes, the sellers can then purchase a replacement home creating positive ripples in our market.
Real Estate continues to be a function of location and Louisa County’s location remains prime. We’ll continue to see more buyers coming out of the Richmond and Charlottesville to the county as they seek to escape the urban environment for a more appealing lifestyle. Cutalong and Spring Creek golf communities provide recreation and amenities along with homes and home sites for retirees and those commuting to Richmond, Charlottesville and Northern Virginia/DC plus retirees. With a variety of mini-farms, farms and large parcels of land with and without homes, buyers looking for an horse property, hunting/recreational land or an agricultural endeavor can find what they desire in Louisa County. We’ve also got a variety of small, medium and large residential communities across the county providing affordable homes for a variety of needs.
Many buyers are willing to drive a little to save a lot and enjoy living in Louisa County. Do I see property values and sales volume doubling in 2013, no. Our market correction recovery will be a process and we have started the road to recovery and a new normal market. We’ll have some ups and down in the real estate market as we recover. With the solid fixed low interest rate loans, available properties and increased demand for housing, we’re working towards a more stable market with a balance between buyers and sellers. If Dominion moves forward with building the 3rd reactor at their North Anna Nuclear Power Station, the need additional need for housing (both rental and owner occupied for construction and operations employees) will help our local housing market to improve even more.
As a full time local Real Estate Consultant (RE/MAX Assured Properties, 943 Glenwood Station Lane-202, Charlottesville, VA 22901 434.220.7139) since before the turn of the Century, James Friend Dickerson enjoys discussing real estate markets on the local to global scale. A graduate of Louisa County High School and Virginia Tech (Forestry/Environmental Conservation), James grew up in Central Virginia and lives in Western Louisa County. Recognized for his real estate skills with induction locally into the Charlottesville Association of REALTORS Honor Society and nationally the RE/MAX International Hall of Fame class of 2007, James also remains active in the community with church, Boy Scouts and Freemasonry. Since Real Estate and Real Estate Finance has a language of its own (just look at the names in this article ARM, FHA, USDA, etc.), James created www.VirginiaHomesFarmsLand.com, an interactive real estate blog, for more information, to make your comments, and to your questions.
Great home purchased using 100% financing USDA guaranteed RD loan!
Over the recent holidays, I got many questions about the local real estate market and how were sales in 2012. I shared my market experience, trends we see at RE/MAX Assured Properties (my company), and comments from other agents in our market. Locally the 2012 market moved to a strong finish (especially when compared with 2011 and other recent years). Now we’ve got the 2012 Charlottesville Association of RELATORS (CAAR) Market Report confirming the trends.
Here’s a link to the report so you can review the report (no secrets here!). In the Charlottesville region, sales (homes sales that closed) were up 15% over 2011. With 2,643 sales, our market continues to recover from the recent market correction. Historically low home mortgage interest rates helped. As First Time Home Buyers evaluate renting vs. buying their housing, buying often wins out if the buyer will be staying in the home and Central Virginia for several years. One county (Nelson) reported fewer sales than 2011. Since real estate continues to be location specific, please take some time to review the report for your localities statistics remembering these remain a bit generic w/out break downs to the neighborhood level. If you have questions or want to discuss the report and your real estate, I am here to help, so let’s talk!
Looking into my crystal ball for 2013, I see the market trends continuing as long as we don’t have an event ( 9/11, DC Sniper, Higher Home Mortgage Rates, etc.) that negatively impacts our market. Currently we’re seeing the positive market momentum from the 2012 4th Quarter carry over into January. The 2013 Central Virginia market looks promising for both sellers (values up & buyers buying instead of looking) and sellers (historically low home mortgage rates & well priced homes for sale). In 2012 I had several investors buy, rehabilitate and hold foreclosure and short sale properties which I see continuing in 2013. For investors looking to build a portfolio of residential rental properties, our market provides great opportunities. Have questions about buying or selling in 2013, let’s talk!
If you have questions, James remains available to help!
The Rivanna River (Mr. Jefferson’s River) in Fluvanna County, Virginia
Thank you for visiting my blog and your support in 2012! I’m looking forward to a great 2013. Please keep the questions and comments coming. Have a safe and enjoyable New Years eve! See you in 2013!!!!
Bread Pudding Prep Work
Since Karen (my bride) gets migraine headaches from dark chocolate, I’m always looking for white chocolate recipes. Recently I found a white chocolate bread pudding recipe on Chef John Folse’s web site, which I’ve modified (My family claims that I always make changes but they keep coming back to the table when I cook!). If you’re like bread pudding, give this a try!
Ingredients:
Slice French Bread into 1/4 inch slices and layer in a cast iron Dutch oven or large Corning Ware baking dish.
In a bowl whisk together the eggs and egg yolks. (Make sure the bowl is big enough for vigorous whisking! You don’t want to lose any of the eggs.).
In a large sauce plan over medium heat, combine the cream and milk. When liquid reaches a low simmer, whisk in sugar then white chocolate ( Add small amounts, whisk in until blended then add some more.). Once all combined, remove from heat.
Which the egg mixture again to ensure it’s thoroughly blended. Whisk the cream mixture and slowly pour in the egg mixture. Make sure the vigorously whisk in the egg mixture to the warm cream mixture or you’ll end up with scrambled eggs floating in your cream (not a pretty or yummy concoction).
Pour half the cream mixture over the sliced French bread. Push the bread down with your fingers so the cream mixture will be absorbed. After a half hour, add the remaining cream mixture. Refrigerate for at least 8 hours to allow cream mixture to be fully absorbed into the bread. During the refrigeration, you can push down the bread with your fingers a couple of times to encourage the absorption process.
Bread Pudding Baking in a 300* Oven
Remove the bread pudding from the refrigerator and let it warm some before baking (Especially if using a glass or ceramic baking dish since you don’t want to crack it in the hot oven!). Preheat the oven to 300*. Cover with foil and bake for one hour. Uncover and bake for 30 minutes. I was surprised to see the bread pudding rise during the last 30 minutes!
We found the bread pudding reheats well in the microwave at high for 1.5 minutes. I melted 3 ounces of butter in a sauce pan, then whisked in three table spoons of sugar and an ounce of rum to make a hot buttered rum sauce. The bread pudding and sauce received rave reviews on Christmas day!
Bread Pudding After Baking
Kenny’s Tire Center Train Display
We’ve got a family weekend planned! On Saturday afternoon we’re getting together with family and friends for a cookie exchange in the Town of Orange. Sunday will be an annual dinner with more family and friends who return to Louisa County for the holidays. Karen and I treasure our family and friends so we’re not going out to parties or commercial events this weekend but spending time with loved ones. I’ve also got clients coming in from out of town to look at land. If you’re near the Town of Louisa, stop by Kenny’s Central Tire where they continue the Pettit’s tradition of displaying a train and village. Karen took our grandsons by for their annual visit earlier this week. Have a great weekend. If you want to share an weekend event, please post a comment, thanks!
Great home purchased using 100% financing USDA guaranteed RD loan!
Nationally and in Central Virginia 1st Time Home-buyers and Investors are competing for the same homes (medium priced & fixer upper homes). Check out the HOUSINGWIRE article on the national trend. Mortgages like FHA, USDA-RD, and VA require low to no down payment while providing 30 year fixed historically low interest rates with low purchaser closing costs (with some closing costs possibly paid by the seller) making for a great tools for 1st Time Homes-buyers. When you couple the low interest rate with home prices adjusting down during our real estate market correction, many 1st Time Home-buyers purchase with little cash out of their pocket and a fixed rate 30 year mortgage with monthly payments less than current rent (their housing cost goes down). As always, the borrower needs to be financially able to make the loan payments.
With the number of renters increasing (1st Time Home-buyers delaying buying plus Foreclosures and Shorts Sales adding to those seeking rental housing), I’m seeing more investors looking move in to the residential rental market or increase their number of rentals. Many my clients have purchased with cash this year (moving the cash from an area with low or no interest to residential rental housing).
With both 1st Time Home-buyers and investors remaining active in the market, now may be a good time to put your Central Virginia home on the market instead of waiting for spring. As always, the decision to buy or sell remains an individual one, so let’s talk discussing your needs, desires and options. I am here to help!
Setting Up for Toy Lift 2012
It’s Toy Lift time once again this Friday. Toy Lift became an annual tradition starting back in 1988 collecting toys for needy children in Central Virginia. In addition to the main location at Fashion Square Mall, toys can also be dropped off at other locations: Pantops Mountain, Nelson County, Ruckersville, Crozet and Lake Monticello.
Gather 6 PM on the grounds of the Louisa County Courthouse for the annual Christmas Tree Lighting Celebration. There will be musical performances and carol singing! Followed by the annual Christmas Festival on Saturday from 10 AM to 3 PM with venders and a parade at 2 PM.
On Saturday the Zion Crossroads Volunteer Fire Department will be collecting toys for the Toys for Tots program at the Zion Crossroads Lowe’s. If you come out and donate during lunchtime Saturday, Que and Cruze Summer Festival will reward your charitable efforts with a complimentary BBQ for lunch. What a great community effort!
On Sunday afternoon we plan visit Scottsville, Virginia and Tavern on the James for their Art Exhibit and Reception from 3-6 PM.
