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Linda Willer, REALTOR, ABR, CRS
RE/MAX Realty Specialists
355 W. Rio, Ste 102
Charlottesville, VA 22901
(434) 985-4094 Best #
(434) 760-1421 Cell
(434) 985-3104 Fax
LindaWiller@remax.net
"I'm Here to Help, so Give me a Call!"
| | | www.Charlottesville101.com
Website updated February 1, 2010
Charlottesville, Virginia Real Estate
TAX CREDIT UPDATE Effective 11/7/09, the homebuyer tax credit has been extended and expanded. You now have until April 30, 2010, to sign a contract to purchase a home (although you must close by July 1, 2010) to qualify. Also existing homeowners who have lived in their current homes for five consecutive years out of the past eight are eligible for up to a $6,500 tax credit when they purchase a new home. This is great news! Email me for more details. LindaWiller@remax.net.
LOOKING FOR A BARGAIN PRICED FORECLOSURE? It is important to note that just because it's a foreclosure property, does not necessarily mean that it is a "great deal". I can help you to determine if the foreclosure property you are looking at is a good deal and walk you through the entire process keeping your best interests in mind. I can also email you as soon as a new foreclosure property hits the market, just email me at LindaWiller@remax.net, and I will set it up. It's that simple!
NEW SHORT SALE RULES The Treasury Department under Obama’s Home Affordable Modification Program (HAMP) has recently adopted sweeping rules to speed up short sales. Some of the changes include: (1) pre-approval of short sale terms by the lender prior to the property being listed, (2) prohibits reduction in the real estate commission, (3) requires the borrower to be released from liability for any deficiency, (4) standardizing of process, documents and timeframes and (5) provides financial incentives to borrows, lenders and investors.
(6) the new rules do not have to be used by lenders until April 5, 2010, (7) the program is voluntary for second mortgages, (8) the program appears to only apply to HAMP eligible loans, (9) the property must be borrower’s principal residence and (10) borrower’s monthly mortgage payment must exceed 31% of gross income. Click here for more information on the Home Affordable Modification Program - www.hmpadmin.com
CHARLOTTESVILLE'S 2009 YEAR END MARKET REPORT NOW AVAILABLE! Home sales, compared to 2008, continued to show improvement in the second half of 2009. At mid-year, sales were down 28%, but by year-end sales were only 8.7% below the 2008 levels. In the 4th quarter of 2009, sales (696) were up 34.1% from the same period in 2008 (519). This is the first year-over-year increase in sales we have seen in several quarters in the Charlottesville area. While it is certainly exciting to see such a significant increase in sales, it is important to remember that the 4th quarter of 2008 was the height of the economic and housing crisis. As predicted, the 4th quarter of 2008 (and the 1st quarter of 2009) appear to be the bottom of the housing downturn in the Charlottesville area.. Please click here For a copy of the Full 4th Quarter 2009 Market Report
Did you know that Charlottesville is one of the top ten healthiest places to live? That's right AARP Magazine has names Charlottesville #7 of the top ten healthiest places to live and retire. Click Here to Read All About It
Want to know what's happening at Charlottesville's Downtown Mall? Click Here to Check it Out
Have a lease ending soon?
With interest rates at an all-time low and inventory of affordable homes up, now's the time to buy that dream home.....don't forget the $8000 tax credit for 1st-time home buyers has been extended to April 1, 2010!
Think you should WAIT to buy a home? Consider the costs of waiting…
* Interest rates are at an all-time low and this affects the amount you can borrow. For example, a $200,000 house at 5.75% interest rate over 30 years has a monthly payment of $1,168/month. At 6.25% interest rate (just .5% more) has a monthly payment of $1,233/month.
* Inventory is at an all-time high! So the combination of low interest rates and high inventory makes for perfect market conditions for buyers.
Negotiation
Good negotiators are both good listeners and good communicators, open-minded to new options, comfortable and focused. Negotiators know what the party they represent wants and are interested in understanding the needs of the other party. Negotiation is not the same as conflict. With proper negotiation, you have to know that neither party is looking to take advantage of you. Negotiation is not about getting what you want at the expense of the other party's happiness or the other party thinking that of you.
Masterful negotiators know how to put on the table the interests of the party they represent and how to reach those goals, often beyond just the price. They know when they should, and should not, mention that they have alternative options. A good negotiator should understand their party's bottom line that would be acceptable before walking away from a negotiation. If a negotiation can't be reached, what are the other options. Understanding this and the other party's motives has a significant influence on what happens in the negotation.
The first step in homebuying - Call a local lender for a pre-qualification letter prior to beginning to look at homes. The lender can help you figure a monthly payment that will fit into your budget and determine a mortgage that meets your needs. Sellers will not accept a purchase contract in today's market without this letter and lender relationship. Ask me for a referral to a local lender at LindaWiller@remax.net.
What is going on with all the media about foreclosures?
The poor performance of many subprime and Alt-A mortgages has received a lot of press recently, with over 30 subprime lenders that have made problematic loans going out of business. During the recent real estate boom, these lenders granted low teaser interest rates to high-risk borrowers without sound underwriting. Many loans were made with little or no documentation of the borrower's capacity to service the debt and required little or no downpayment.
When property prices flattened or fell in post-boom markets, many borrowers couldn't refinance their way out of trouble, resulting in higher delinquencies and foreclosures. At the end of 2005, more than 13% of subprime loans were delinquent and 4.5% were in foreclosure. These numbers are expected to grow.
In the aftermath of the subprime mess, Wall Street investors are now requiring more sound underwriting practices and increasing the cost of subprime loans. Meanwhile, regulators are toughening lending standards and Congress is holding hearings that may lead to new laws to protect consumers.
Please note that properties on this website may or may not be listed by RE/MAX Realty Specialists. At this time, housing prices have stabilized and interest rates are still good, making it an excellent time to buy a home! More homes and fewer buyers in the marketplace means there's room to negotiate a closing cost credit.
Taxes - Property tax in Charlottesville City is $.95 & Albemarle County is $.742 per $100 assessed value.
Geography - The City of Charlottesville is 10.4 sq miles with a pop of 45,049 (4,331 people per sq mile) and Albemarle County is 726 sq miles with a pop of 87,670 (121 people per sq mile). The Town of Scottsville is 1.54 sq miles with a pop of 555 (360.2 people per sq mile).
What are my out-of-pocket expenses to be paid prior to closing?
(1) When the Contract to Purchase is written, you will need to provide an Earnest Money deposit. $1,000 is the standard earnest deposit for our area, for properties valued up to $250,000. A property $250,000 - $350,000 would be best with earnest money up to $3,000, etc. The earnest money is deposited upon contract acceptance by the seller and is credited toward your closing costs.
(2) If the Contract to Purchase is contingent upon a home inspection or radon inspection, the inspector will expect $300 - $400 at the time of the inspection. This is non-refundable, regardless of the findings.
(3) Occasionally the lender will ask for an upfront payment for the appraisal ($300 - $450). Be sure to ask your lender upon first meeting.
(4) When purchasing homeowner’s insurance, the insurance company may ask for funds in advance ($200 - $500).
Assessment vs. Fair Market Value vs. Appraised Value
Though sale prices are included in the assessment equation, assessments tend to fall under fair market value. Keep in mind that assessments are based upon the area’s economy and amenities and how the City’s budget works out so they can continue to support the amenities in the area.
It's hard to judge what percent over the assessed value is the fair market value. It really should be taken neighborhood by neighborhood. Fair market value is the price a buyer is willing to pay for a property, regardless of any CMA or appraisal. Fair market value is based on supply and demand, not just recently comparably sold properties for that neighborhood.
The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors. A mortgage lender will only lend up to the appraised value of a property in most cases.
Listing your home for sale
Sellers value me for my skills, not just my services. Anybody can provide service. I apply my experience to the needs of my client. Staging, pricing, and marketing. Call or email for a listing appointment - LindaWiller@remax.net.
Buying a home is more efficient now
When you don't have time to shop around for a home, I can bring the homes to you...via email! I have access to all homes on the market, regardless of the listing company or agent. Email me your criteria at LindaWiller@remax.net.
So, you're not from Charlottesville and are not sure where to begin? Write to me at LindaWiller@remax.net and describe the home you're looking for with the price range. I'll let you know if your dream can become a reality, or maybe can suggest an alternative that will accomodate your family's needs. How exciting...a new home and a new lifestyle!
Walk to Downtown/UVA, or drive there? I find that most people have a need for one or the other, so I've mapped the distance from each Charlottesville neighborhood from the UVA Rotunda as well as The Downtown Mall. Several photos of the various styles of homes in that neighborhood are provided, with a price range for the area. If a particular neighborhood appeals to you, let me know and I'll keep you updated on the latest homes on the market.
You save time by starting your home search online right here, communicate with me by email or phone, and I will email you new listings as they come on the market.
Is Charlottesville out of your price range?
Lake Monticello is just a 20-mile drive to UVA and Downtown. Choose a waterfront or golf front home with homesites averaging around 1/4 to 1/2 acre. Lake Monticello is a gated community built around a 352-acre private lake made for boating and fishing as well as an 18-hole PGA championship golf course surrounded by a nature feel. With over 4,000 homes and 22 miles of lake shoreline, homeowners and their guest can also enjoy five sandy beaches for swimming as well as a community swimming pool, private clubhouse, playground, basketball, soccer/softball/hockey fields, and tennis facilites. The neighborhood also offers fitness classes, card groups, and holiday entertainment.
Annual fees are low at $640 a year which includes trash pickup. Fluvanna County taxes are $.43 for every $100 asessed value. Homes range from $140,000 to $600,000. Email LindaWiller@remax.net for a list of homes in your price range!
Fiduciary duty
One of the earmarks of being a professional is that an individual has a fiduciary duty to his clients, clearly spelled out in a written code of ethics. Attorneys and Realtors have these standards. Non-professionals are workers who do not have a fiduciary obligation toward the people with whom they do business. The extent of this individual's ethical obligation is usually delineated by contract, informal standards of the industry, or traditional expectations of the company for which he works. More specifically, having a fiduciary duty requires a professional never to put his own interest above the interest of his client. It requires the highest good faith and fair dealing.
There really is a technical, traditional definition of "professional" status, which includes three criteria: (1) specialized knowledge; (2) group identification and membership; and (3) agreed-upon education and training, including ethics training, certification by examination and continuing education.
The big three - You can improve your rates and save thousands on your mortgage by improving the three most important loan factors.
#1 Credit score target – above 650
• Clear inaccuracies from your credit report
• Pay your bills on time for at least 6 months
• Avoid unnecessary applications for credit
• Reduce your debts to below 35% of their credit limits
#2 Debt-to-income ratio target – 20-30%
• Pay off small loans
• Reduce your credit card balances
• Increase your income by co-signing with your spouse or parents
#3 Loan-to-value ratio target – less than 80%
• Increase your down payment to at least 20% of your new home
• Negotiate to reduce the price with the seller
• Select a less expensive home to purchase
You save time by starting your home search online right here, communicate with me by email or phone, and I will email you new listings as they come on the market. Call me at (434) 985-4094 or email LindaWiller@remax.net.
Condominium versus Townhome - For general purpose of discussion, a condominium is usually a one-floor unit with a balcony or first floor patio. A townhome often has a small flowerbed area in the front or back, usually 2 floors. | |
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| Virtual Tours | 
Charlottesville (Albemarle)
4Bd/2Ba 2406 sqft
$374,900 | 
Ruckersville (Greene)
3Bd/2Ba 1404 sqft
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Stanardsville (Greene)
2Bd/1Ba 960 sqft
$164,900 | 
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