Spring 2012 Central Virginia Real Estate Market Update

Sold - the sign of 2012!

Spending some time with my grandson at pre-school yesterday, several parents asked about the local real estate market.  The local real estate market also remained a featured when we filmed the latest episode of House Money (local Charlottesville Area TV show on Charlottesville Public Access TV).  Since I keep getting asked”James, how is the local real estate market?”,  here’s an update!

When looking at the local market for home sales data, I go to the Charlottesville Area Association of REALTORS (CAAR) Multiple Listing  web site and run some searches to gather number of homes in different stages of the for sale & sold process.  As of today (about 8:00 AM on April 4, 2012) CAAR shows 5,702 homes for sale in Central Virginia with 1,453 of those homes being under contract and working towards closing (home inspection, loan approval, title search, etc.).  This shows that 25% of the homes for sale are under contract (one in four!).  The site also shows 812 homes sold so far in 2012.   Not a bad first quarter of the year!

Real estate, like the weather, remains a local issue.  Most people don’t want to know the average high temperature for the United States today.  They want to know what the weather will be like where they are or where they are going.  Real Estate markets and values possess similar characteristics.  Some national real estate economist predict a bottoming out of prices and an increase in sales during 2012.  However, owners want to know what their real estates current value and market conditions in their neighborhoods.  Buyers want to know value trends in neighborhoods where they want to buy.  Real Estate values get very neighborhood and property specific.  Regional numbers may not hold for specific neighborhoods (what holds for Old Trail in Crozet may not hold for Spring Creek in Zion Crossroads, etc.).   Also, be careful of taking national numbers promoted through the media, focusing the national data to a specific home or neighborhood in Central Virginia.  We are unique in Central Virginia with the University of Virginia, two hospitals, national ratings as a retirement community, Rivanna Station (US Army, DIA, NGIC plus contractors), and more positive attributes than most other communities.  If you are interested in values for a specific neighborhood or property, let’s talk.  I will gladly prepare a Comparative Market Analysis (CMA) helping you to evaluate the specific market.

Home mortgage rates remain low as well!  Heck back in the 1990’s (yes, I’ve been helping clients with their real estate needs since before the turn of the century), we saw home mortgage rates above 12%.  Historically, today’s rates hovering around 4% (depending on loan type, borrowers’ creditworthiness, and home characteristics) look pretty darn good.

When you couple our current home mortgage rates with home prices adjusted down since record highs of five years ago, Central Virginia possesses some great home buying opportunities.  Why rent with many home mortgages less than comparable rents?  Each decision to buy remains a personal one.  If you want to explore the possibility of purchasing a home, the loan options and available homes meeting your budget and needs, let’s talk.  I am here to help!

It's more than a slogan, it's the way I sell real estate!

About James Friend Dickerson

Real Estate Consultant As a native of Central Virginia and a full time REALTOR since 1991, James listens to your needs to provide information allowing you to make informed choices. In our constantly changing world, you need a REALTOR who puts you first providing rigidly flexible service. James Dickerson provides a high level of service designed to fit each individual clients needs. Having received many awards from both the local Association of REALTORS and RE/MAX International, James is recognized as an authority on the local real estate market. The highest form of recognition James receives continues to be the many repeat clients who seek out his services time after time plus sending their relatives, friends, co-workers and neighbors to James for their real estate needs. Contact James today for an interview to discuss your real estate needs. James is a licensed real estate sales person in the Commonwealth of Virginia with Charlottesville Solutions. Personal As a Central Virginia native (Born in Charlottesville and raised in Albemarle and Louisa Counties), James' youth was filled with extra-curricular activities and organizations centered around school, church and the Boy Scouts of America. A graduate of Virginia Tech with a degree in Forestry and Wildlife Management, James' non-real estate activities include spending time with family & friends, traveling, stalking deer & spring gobblers, fly fishing, church and Masonic activities. James and his lovely bride Karen live between Zion Crossroads and Gordonsville in the Green Springs area of Louisa County. Their dog Sammy passed away so they'll be adopting another dog soon through www.petfinders.com.
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