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CHARLOTTESVILLE'S 3rd QUARTER 2017 MARKET REPORT NOW AVAILABLE!
Please click here for a copy of the 3rd Quarter 2017 Market Report.
KIPLINGER RATES CHARLOTTESVILLE AS #1 PLACE TO RETIRE! Click here to read more.
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.
PRESS RELEASE - Linda Willer is inducted into the RE/MAX Hall of Fame.......Click here for the official press release.
SHORT SALE OFFERS If a home is being sold for below what the current seller owes on a property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.
A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. There are numerous short sales in our local market, but a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase. Click here to read more!
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! Email Me today so I can show you how easy it can be.
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 4.5% interest over 30 years has a monthly payment of $1013.37 per month (does not include taxes & insurance). Here is the link to a calculator which can help you determine whether it is better to rent or to buy. Click Here.
UNDER WATER WITH YOUR CURRENT MORTGAGE? Read this article on five Federal Programs Homeowners Should Review in 2013.
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 - It is so important to get pre-qualified for a mortgage prior to beginning your home search. 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. I'll be happy to provide you with some good local lender referrals.......email me - LindaWiller@remax.net.
PLEASE NOTE that properties on this website may or may not be listed by RE/MAX Affinity Group. At this time, housing prices have stabilized and interest rates are at an all time low, 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 taxes in our area are based upon $100 of a properties assessed value: Charlottesville City is .95, Albemarle County is .766, Greene County is .72, Fluvanna County is .5981, Louisa County is .65, Nelson County is .60, Orange County is .72, and Madison County is .67.
FHA UPDATE - As of 1/26/15, FHA is reducing its annual premium by 50 bps. It is now 135 bps and is going to 85 pbs for a 97.75% loan. This is good news for people who need FHA financing.
CENSUS INFO - The City of Charlottesville is 10.4 sq miles with a population of 43,956 (2012) and Albemarle County is 726 sq miles with a pop of 102,251 (2012).
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 accommodate your family's needs. How exciting...a new home and a new lifestyle!
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 $810 a year which includes trash pickup. Fluvanna County taxes are $.5981 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!
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 VS. TOWNHOME - A condominium is usually a one-floor unit with a balcony or first floor patio - there are condo association fees & regulations and you need to obtain condo financing rather than traditional financing because not only do you need to qualify for the loan, the condo association must also adhere to certain qualifications. A townhome is what we call an attached home, it is financed much like a single family home, the only difference is your home is attached to another home.