Sold in 2011
2011 remains a memory and we’re plowing forward into 2012. The Charlottesville Area Association of REALTORS released their year end report today and it continues to be a report worth exploring if you’re interested in Central Virginia Real Estate! After reviewing the report, please do not hesitate in contacting me to discuss/review specifics.
Instead of picking the report apart, I’m going to step out of my box, look into my crystal ball, and make some predictions for the 2012 Central Virginia Real Estate Market.
Central Virginia
Louisa, Fluvanna and Greene Counties earned most affordable rankings in 2011 & this will continue into 2012 (as it usually does). “Drive a little, save a lot”, land prices remain more affordable as well as some other construction cost when you get out of Charlottesville and Albemarle County. The counties around the Charlottesville urban ring will continue to provide value in homes, farms and land for buyers.
We’ve got record low interest rates and I see them continuing through the presidential election this fall. If you haven’t refinanced, you might want to explore that option. If you are renting, you may want to explore home ownership options. Rents remain relatively high in Central Virginia and some landlords are raising rents due to increased demand. Several of my 2011 1st Time Home Buyers’ mortgage payments were less than their rent when buying!
Almost 20% of the 2011 sales in Central Virginia were foreclosures or short sales. I see this increasing during 2012 due to lenders stepping up foreclosures in 2012 and more adjustable loans recalculating in 2o12. For those challenged by their current mortgage, let’s talk now (434.466.4663 or James@VirginiaHomesFarmsLand.com) and work on your exit strategy. The earlier we talk the more and better options remain available. I continue to work with homeowners challenged by their mortgage payments to refinance into a better loan, restructure their loan with the current lender, or pursue short sale opportunities. The sooner we start working together the better able we are to avoid foreclosure. Some national predictions calls for 1,500,000 2012 national foreclosures up from 750,000+/- in 2011. Central Virginia will have it’s share of foreclosures and shorts sales in 2012.
Lovely Louisa County Building Lot
Building lot and land prices have adjusted down similar to home prices. Great buys on land and lots can be found in Central Virginia. For those looking to build now or 10+/- years down the road, 2012 provides a good time to buy your land. After all, no more land is being created. Central Virginia continues to be a retirement destination and the population will continue to grow so buying now locks in the land you want at an affordable price. Heck, I’ve been doing some looking at land for our next home!
Central Virginia Custom Home Under Construction 2011-2012
New construction prices have adjusted down from previous highs. Builders competing for customers coupled with adjusted land prices, make for better new home costs. I’ve seen better costs on the same quality projects from custom home builders to spec home builders. Several clients are building now and getting a great buy for their construction dollar. Other clients are remodeling or adding on to existing homes, to improve their current home. If you are building or remodeling, consider designing your home to include aging in place/universal design features. Check out BuilderFish for more info.
Overall, 2012 will provide 1st time home buyers, staying in Central Virginia for at least five years, and other with a great market to buy a home, farm or land. Value remains a local issue and we have areas going up and down in value. The current low home mortgage interest rates paired with home prices adjusting down from record highs and the great inventory of homes for sale make now a great time to buy a home in Central Virginia. For some, renting is a better option. Buying vs Renting should be an informed individual choice. To explore your option in 2012, I am here to help, so let’s talk (434.466.4663 or James@VirginiaHomesFarmsLand.com)!
Remember RE/MAX, RE/MAX Assured Properties and James Friend Dickerson are consistently recognized as top produces with quality real estate service and are leaders in the Central Virgina Real Estate Market. We’re here for you!
