Tag: Real Estate

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In brief: Confederate statue for sale, special prosecutor and more

Defenders of the statue of General Robert E. Lee include a great-nephew of sculptor Henry Shrady.
Staff Photo

Auction block

Despite a looming lawsuit, City Council charged ahead and voted 3-2 to sell the statue of General Robert E. Lee and rename the park that bears his name. Councilor Kathy Galvin, one of the two votes against the removal, reminded the public that a move is not imminent until the litigation is resolved.

Worlds collide

saraTansey
Sara Tansey teaches bystander intervention in February, before she was accused of snatching Jason Kessler’s phone. Staff photo

After earlier assault charges were dismissed, Jason Kessler filed again, this time against Sara Tansey for allegedly snatching his phone at a February Lee Park demonstration, and he asked for a special prosecutor for the destruction of property charge. Tansey filed assault charges against Joe Draego, the man who grabbed the phone back and who sued City Council over public comment procedures. Draego’s attorney in the civil suit, Jeff Fogel, now represents Tansey.

“I don’t know anything about him except he is a crybaby.”
—Commonwealth’s attorney candidate Jeff Fogel to WINA April 17 about Lee statue supporter Jason Kessler’s latest filing of charges

Grim anniversary

It’s been 10 years since a deranged gunman killed 32 people April 16, 2007, at Virginia Tech, the nation’s worst mass murder until that record was broken last June at an Orlando nightclub.

Back to the merch

Music and real estate mogul Coran Capshaw reacquired Musictoday, the Crozet e-commerce company he founded in 2000 and sold to Live Nation in 2006, Billboard reports.

HousingGraphHousing bubbling up

In 2007, the burst housing bubble wasn’t as bad as it would get over the next few years, but local residential sales were starting to slide from the peak prices of 2005. Ten years later, some homeowners are still underwater, but others are seeing housing prices increase again. Back in ’07, it was a buyer’s market with a huge inventory of houses, and that’s the biggest difference now: “Lack of inventory,” says Anthony McGhee, president of Charlottesville Area Association of Realtors. “Price increases are based on low supply and high demand.” Now, once again, realtors are advising people not to wait to buy because prices—and mortgage rates—are only going up. Here’s what the first quarter of 2017 looks like compared to 2007.

HousingData

Power of the press

More than 500 members of the Virginia Press Association attended the awards banquet for the 2016 Annual News and Advertising Contest, held April 8, at the Hilton Richmond Hotel and Spa/Short Pump. Local media winners included the Daily Progress, which took the Grand Sweepstakes award in the Daily 1 category and the News Sweepstakes award, and Charlottesville Tomorrow, which won the Online Sweepstakes award. C-VILLE Weekly took home 11 awards in the specialty category:

First place:

  • Larry Garretson—Arts writing (“Creative sparks: The value of undeveloped spaces in Charlottesville”)
  • Lisa Provence—General news writing (Water Street parking garage coverage)
  • Jordy Yager—In depth or investigative reporting (“Searching for solutions: Why are black kids arrested more often than white kids?”)
Bronco Mendenhall loves a challenge. That means he’s in the right place as he attempts to rebuild UVA’s football program into a winning powerhouse. Hoos watching? Everyone.
Bronco Mendenhall. Photo Jackson Smith

Second place:

  • Best website
  • Tom Daly—Pictorial photo (LOOK3 Festival of the Photograph)
  • Jackson Smith—Personality or portrait photo (Bronco Mendenhall)

Third place:

  • Jessica Luck—Feature story (“Dr. Edward Wolanski has become part of the families”)
  • Max March—Specialty pages or sections (Arts picks)
  • Ron Paris—Feature photo (World Wrestling Entertainment)
  • Ron Paris—Sports news photo (Montpelier Hunt Races)
  • John Robinson—Pictorial photo (Albemarle County Fair)
Categories
Real Estate

How to Find the Best Mortgage for Your Next Home

By Celeste M. Smucker – 

A big concern for home buyers is finding the right mortgage program, one they can live with for many years, and this decision is especially important for those who have limited funds for a down payment.

Many move-up buyers have more than enough cash from selling their previous home to put a generous amount down on the next one. On the other hand, most first time buyers and those who made little or nothing from the sale of their house will need to shop for a different kind of mortgage altogether.  Fortunately there are a variety of options available and one is sure to be right for you.

First Locate the Best Lender
Step one is to find a lender you want to work with, and if you don’t know someone already, a real estate professional, such as your agent, can help you with referrals.

Your best bet is to work with someone local. Every real estate marketplace is different, and  a lender who is familiar with the area where you live—as compared with someone you find online who could be anywhere—has first-hand knowledge that is crucial and can better answer the inevitable questions and challenges that are part of any closing. 

Local lenders also have on-going relationships with the myriad of real estate professionals such as agents, appraisers, title companies, attorneys and home inspectors who play an important role in helping you buy a home. Whether you are a first timer or someone who has owned several homes, having a lender who works regularly with all of these parties can help facilitate a stress-free closing that benefits everyone involved in your transaction.

Working with a lender that is close at hand is even more important for first time buyers.  Marlo Allen, an agent with Mountain Area Realty who enjoys working with this group, said the home buying process is often overwhelming for first timers in part because of all the decisions they must make along the way.

An understanding lender can increase buyers’ comfort levels and supply them with the information they need to make good decisions starting with their loan.  Often they are surprised at the amount of loan they can qualify for, Allen added, though sometimes the payment seems uncomfortably high.  The important thing is for them to settle on a payment that fits easily in their budget so that they can be confident about the next big decision, which home to buy.  It all starts with having a good relationship with their lender.

Your lender will help you evaluate the loan programs you qualify for says Jay Domenic with Movement Mortgage, and this depends in part on your credit and work history and other factors. Having sufficient funds for your down payment and closing costs is a big part of the puzzle and often confusing for first time buyers.

According to Julia Morris with Fulton Mortgage, many go  online and get the idea they need between 10 and 20 percent down in order to purchase a home.  Not true she confirmed. She suggests that while the internet can be a good source of preliminary information, it is important to visit reputable sites to get the most accurate information.

One helpful option is the Piedmont Housing Alliance (PHA), a local organization whose mission it is “to create housing opportunities and build community through education, lending and development.” Amongst their many services is counseling first time buyers who need help finding the right loan, repairing their credit or finding funds for their down payment.

Loan Options
Funds for the down payment and closing costs can be a challenge for many buyers,  and one option is to tap into 100 percent loan programs (yes there are still a few of them out there) or alternatively, sources of down payment assistance.

An example of a 100 percent option (available to buyers who meet household income limits) is the USDA Rural Housing Services Loan for people buying in rural and some suburban locations such as south of the Interstate or east of Pantops.  Buyers who negotiate with sellers to pay some of the closing costs can even buy a home using none of their own funds, Dominic said. 

Qualifying first time buyers can also take advantage of  the Fulton Mortgage Homebuyer Advantage Plus® Program, Morris said.  These buyers can combine seller assistance or down payment programs such as are available through PHA, and move into their new home with little or no money out of pocket. This program comes with no mortgage insurance requirement, which means buyers enjoy lower monthly payments than with other types of financing, as well as  substantial savings over the life of the loan. 

Still another possibility is the FHA loan that requires just 3.5 percent down.  FHA doesn’t make the loan, but insures it and provides the guidelines for buyer qualification.  Some additional advantages are that buyers can pay the 3.5 percent with gift funds from approved sources and qualify with a lower credit score than with some other loans. Check with your lender for details on this and other programs.

Often loan programs for first time buyers require home buyer education. This is available through PHA, which also administers a number of down payment and closing cost assistance programs.  If you have credit issues preventing you from qualifying for a loan, PHA counselors can help.  Contact them for information and to make an appointment.

Obtaining the right mortgage is critical when buying a home.  Consult your local lender for assistance in finding the best program for you.  You may be moving into your new home sooner than you think.

Celeste Smucker is a writer and blogger who lives near Charlottesville.

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Real Estate

What is Your Home Worth?

Building ,buying, renting, loan, repairs, renovation , insurance ect. Home on the top of a register with sales receipt coming out of the window on a white background.

By Celeste M. Smucker – When home owners are ready to sell their house, they usually have a good idea about what they think it’s worth. Similarly, buyer prospects have a strong opinion about what they are willing to pay for it.  Sometimes these numbers are far apart.  So what determines what a home is worth and what it will sell for?

Ultimately those questions are answered when buyers and sellers come together and agree on a price via a negotiation with the help of their agents.  However, before that can happen, the sellers and their agent set the price. How important is the listing price? It is often one of the most critical elements of a home’s marketing plan determining not only whether the home sells but how long it stays on the market.

Price Is King
The price you set on your home has a huge impact on its marketability, and over-pricing it, as sellers often want to do, can be a serious mistake.

When buyers search for available properties, most have an idea of what they can afford and, perhaps more importantly, what they are willing to pay.  When they look for options they set an upper limit on price, and what pops up are all the homes under that value.

If they are further along in the process their agent will do the same, generating a list of affordable options to look at.  If your home is overpriced, chances are good it won’t appear on either list and therefore won’t get shown to all of the buyers who can afford it. On the other hand, if it is shown to buyers in a higher price range, they will most likely reject it when it doesn’t compare favorably to similarly priced homes.

If your home stays on the market too long, you will be forced to drop the price until it finally sells.  Unfortunately, often this means the sales price is less than it would have been if the home had been priced correctly to start.

The Art of Home Pricing
When agents suggest a price for your home it is based on several factors.  They start with a comparative market analysis (CMA) that compares your home with others in the area that are similar in size and quality and have sold recently or are currently pending, meaning they are sold but not closed.  Pending prices are less accurate because until the new buyer signs all the paperwork at closing and has a key in hand, the actual sales price is a closely guarded secret.

Agents also take into consideration the condition of your home compared to others nearby.  Their expertise in this area is critical and based on familiarity that comes from pricing or showing many of these same homes. The ideal price is one that reflects your home’s best attributes while being inviting to buyers in your price range. 

As part of getting your home ready to sell you will need to make it look its best by sprucing up, decluttering, cleaning out closets, and painting the walls neutral colors when indicated.  Your preparation should also include mowing the lawn, trimming shrubs and trees and freshening the mulch in order to assure the best possible curb appeal.

The stakes are higher if you are competing against new homes. Marina Ringstrom with Long and Foster Real Estate characterized new construction, with its energy saving and other benefits, as a “strong factor” in our local real estate market adding that to show well “existing homes must be priced well, in good condition, and where necessary, upgraded.”

The Appraiser
While buyers and sellers negotiate a price for a home, this value is also subject to approval from an independent third party, the appraiser. He or she provides their best estimate of the property’s value for the mortgage company that uses the figure to determine how much it is willing to loan the new buyer.

Arriving at a value that is a true reflection of current conditions is challenging in a market like ours in which prices are rising thanks to low inventory and high demand.  If recent sales don’t justify the negotiated price, an appraisal can come in low.  In this situation, to keep the sale on track, either the buyer will have to pay more than the appraised value or the seller will have to come down from the agreed upon price. 

Green Sells
Research shows that green features help homes sell faster and for more.  Until recently it was difficult to value a home’s green updates, but that is changing as organizations such as Virginia-based Pearl, a home certification company, now provide third party verification for what they call the value of “high performance assets,” items that contribute to making a home “healthy, comfortable and energy efficient.” Appraisers can now use an addendum to incorporate these green updates when evaluating your property for the mortgage company.

Cynthia Adams, Pearl’s CEO, reports that nationally, studies show “third-party home performance certifications like Pearl’s add an average of 4 percent to the sales price of high-performing homes, compared to similar homes lacking these assets.”  Here at home, she continued, information based on sold prices for the last two years, shows an association between green features and both higher sales prices and fewer days on the market.

What is Your Home Really Worth?
Valuing your home is both an art and a science, and while the market price reflects buyer and seller preferences, this must be backed  by the appraiser’s best estimate of your home’s true value.  In this challenging market, it is even more important to consult your REALTOR® about how best to prepare and price your home for a profitable sale.

Celeste Smucker is a writer and blogger who lives near Charlottesville.

Categories
Real Estate

Landscape Design Adds Home Value

By Marilyn Pribus – It’s always important to plan for the future when landscaping your yard. You want it to be nice for you today and you also want to keep an eye on the resale potential because a well-landscaped yard adds to that all-important curb appeal.

How Much Landscaping Should I Have?
“It’s very much a personal preference what you want,” observes REALTOR® Brian McCauley, with Montague Miller & Company in Charlottesville. Still, he points out, an overgrown jungle of a yard is not only unattractive, it could hinder a sale in the future.

“Some people have extensive landscaping,” he continues. “Always remember, though, that it may be a passion for you, but a burden for the next person. In addition, it’s always important to remember that you want to fit into today’s trends and your neighborhood environment. You don’t want your yard sticking out.”

How Can a Landscape Designer Help?
When people buy a new place, whether it’s new construction or just new to them, they often want to put their imprint on the property. New yards in particular offer a blank page so it’s tempting to go overboard.

“It’s so easy to get caught up in the excitement of choosing plants at the local nursery,” cautions local Horticulturist Karyn Smith. She and her husband are currently building in Stanardsville and will have one of those blank pages. “It’s easy to forget that the pretty little shrub in a one-gallon nursery pot can eventually grow to 20 or 30 feet high.”

This is where a landscape designer can help. “Designers not only have knowledge of the types of plants that grow best in our area,” she says, “they also know the eventual size of each plant as well as its potential pitfalls.”

A plant can have pitfalls? Well, take buddleia. Also called butterfly bushes, they are popular for deer resistance and their colorful blossoms which attract butterflies all summer long. However, they shouldn’t be planted near swimming pools or children’s play equipment because they are also enticing to bees.

Another example is certain trees including maples, poplars, and willows, which can cause major problems when planted too near a building’s foundation, sidewalks, driveways, water or sewer pipes, or septic field. Their water-hungry roots can buckle cement or clog water lines. 

How to Decide What’s Right for Your Yard.
Homeowners must determine what they want their yard to look like in the end. “That typically means laying out on paper a design of shrubs, trees, and flowerbeds,” Smith explains. “The plan should reflect how they will appear at full maturity.”

Here are four good tips from Charlottesville landscape contractor Graham Howe of The Great Outdoors:

  • Plan (and plant) for the big picture. “A common mistake is planting trees too close to buildings or walkways,” Howe cautions. “Consider overhead power-lines, walkways, buildings, and lawn areas and be sure to space trees and shrubs in a place where they can grow to their full potential.  If space is limited, look to dwarf varieties or another selection.”
  • Always consider hardiness. “Nurseries will sell beautiful plants,” he says, “but they may be only marginally hardy for our area and after the first winter, they are dead.” An internet visit can show the best plants for our region.
  • Maintain seasonal interest all year long. Right now, for example, daffodils and early flowering trees are in their spring glory. “You want flowers in spring,” he suggests, “fruits in summer, fall colors in autumn, evergreens and subtle bark beauty in winter. Don’t forget to include each one.”  
  • Put the right plants in the right places. “Plants’ requirements for climate, soil, and weather conditions can be crucial to their development,” Howe says, “Sun and shadow, wet and dry, humidity and aridity can influence a plant’s condition and appearance.” He says the most happy and healthy plants grow where their needs are satisfied.

What About “Green” Planting?
Of course, most plants are green, but we’re talking ecology here and these days there is increasing interest in maximizing native trees, shrubs, and plants. This is wise for several reasons. Already adapted to our climate, native plants are usually less susceptible to pests and require less water and feeding than non-native species.

Non-native plantings, on the other hand, often require extra watering, pesticides, and fertilizer which can result in weak plants with increased susceptibility to pest attacks. Even worse, some fertilizers can destroy useful microbes in the soil, and run off into waterways.

Another important consideration is the strategic planting of deciduous trees which can provide shade in summer, yet invite sunlight into the dwelling in winter when the leaves fall. Trees can significantly lower heating and air conditioning bills.

The Bottom Line
It’s crucial, says Smith, to consider how the plantings can all come together to create an overall mood or theme through the growing season. “Sometimes,” she says, “as we search for the perfect plants for an area of the yard, we can forget how we want them to work together.”  A designer, however, will consider the same elements of design used by artists—composition, color, texture, and relationships of size and space—to bring the yard together as a whole.

“Aesthetics are really important,” she concludes. “Your yard can be a work of art with the property as the canvas and the trees and shrubs the palette.”

Marilyn Pribus and her husband live near Charlottesville.  Cheerful daffodils are blooming around the mailbox now and later in the season Coneflowers and Black-Eyed Susans will be in their glory.

Categories
Real Estate

Curb Appeal Sets Homes Apart

By Marilyn Pribus – 

You’ve probably heard the term “curb appeal” that often hovers over discussions of the marketability of a property, but just what is it?

“Curb appeal is an individual preference,” declares REALTOR® David Sloan of Sloan Manis Real Estate in Charlottesville, “but I think of a home that is well-landscaped, with a yard that is cut and green and well cared for. The house itself is bright and painted and neat and inviting.  In fact, that’s the one word—inviting—that says it all, regardless of architecture, design or location.” 

Studies show that many buyers won’t even get out of the car if they don’t find a place inviting. And with an estimated 80 to 90 percent of people doing online reconnaissance, never forget they can be turned off from even viewing a property based on the listing photos alone.

Addressing a place’s curb appeal is critical in marketing a property, so we’ll offer you some easy, and in many cases inexpensive, tips for maximizing exterior sales appeal. For starters, you want the property to look clean, welcoming and comfortable with that certain something that attracts potential buyers. Fortunately, it’s relatively easy to provide in most cases

An Appealing Yard
We sometimes tend not to “see” things we look at all the time, like a slightly dented mailbox or a rusty downspout. Usually you just drive home, but now take time to approach your property on foot studying it carefully and critically for places to spruce it up. The yard itself offers prospective buyers their first impression, so be sure it’s in top shape.

Remove dead branches in trees and shrubbery. If landscaping is overgrown, do some judicious pruning or hire experienced yard workers. And perform the trimming at least six weeks before putting the property on the market so bushes have a chance to sprout out again.

Ensure the lawn is fresh and green. At least a month before the house will be on the market, consult with a nursery about refurbishing the lawn with quick-acting fertilizer, reseeding, or replacing bad spots with sod.  Be sure it is nicely mowed all the time and edged tidily along the driveway, sidewalk and gardens.

If you already have nice flowerbeds, apply fresh mulch.  If you don’t, spring for some handsome containers with cheerful, seasonal flowers by the front door. And always be sure the yard is clear of “stuff” from children’s toys to hoses on the lawn to trash cans in plain sight.

The Dwelling’s Best Foot Forward
Take a critical look at your front sidewalk, steps, and porch. If there are cracks, can they be repaired? Are there mossy bricks or mildewed concrete to clean? If you will be showing the property at night, have walkways well lighted. Inexpensive solar lighting can provide an inviting pathway to the front door.

The front door is the home’s face to the world, so be sure it’s spotless. Give it a fresh coat of stain or bright paint—red is especially inviting and seen by many as auspicious. 

Be sure the doorknocker, doorbell button, and lockset are up to date and shiny and that they match each other and the house’s style. Check that your house number is clearly visible from the street and easy to read.

A seasonal wreath on the door is very appealing. Be sure porch light fixtures are dust- and spider-web free, and the bulbs work. Invest in a fresh welcome mat. If the porch or driveway is stained, consider a good scrubbing.

In fact, pressure washing is a relatively inexpensive way to freshen up any property. The appearance of driveways and sidewalks, most siding and decks can be freshened up quite easily. Pressure washers can be rented by the day.

Be sure the garage door is clean as well. If it requires repainting, opt for the same hue as the house, but in a slightly darker shade. Highlight any attractive and distinctive features your home already has. For example, you might touch up the trim and shutters if you have them. It you have a dramatic chimney, be sure it’s free of ivy and the mortar is fresh.

Buyers are especially aware of roofs because of the expense of replacement. Replace damaged or missing shingles. Be sure there are no rusty, mossy, or mildewed areas. Clean out gutters. Repaint or replace any rusty, loose, or dented gutters or downspouts.

Window glass should be sparkling clean inside and out. Take a good look at your windows from the outside and, if possible, have the curtains or blinds look more or less uniform. Having the blinds raised and curtains open is friendly instead of looking like there might be something to hide. If visitors are expected on a gloomy day or in the evening, welcome them by having all rooms brightly lit.

Consider replacing your mailbox or, at the very least, repainting it. Straighten your rural mailbox post and paint it to match your house or front door. You can even plant a small garden around the post.

Always remember REALTOR® Sloan’s key word for curb appeal: “Inviting!”

Marilyn Pribus and her husband live in Albemarle County near Charlottesville. When they sold their California home, their REALTOR® recommended serious pruning of shrubbery which did indeed make the house seem more welcoming.

Categories
Real Estate

Buyers Love Albemarle’s Lifestyle and Abundant Natural Beauty

By Celeste M. Smucker –

Albemarle County is a popular place to live offering many attractive amenities.  Home sales are brisk with interested buyers actively keeping an eye out for new listings. It’s not just the resale home market that is hot.  Builders are also busy as inventory shortages and demand for green features and more functional floor plans send many buyers in search of a brand new home.

The county’s comprehensive plan requires that growth and development be restricted to 5 percent of its area, which means subdivisions and essential services are concentrated in places such as Pantops on the east of town, Crozet to the west and Hollymead to the north.  Another active spot is south of Charlottesville, where neighborhoods have new life thanks to the opening of 5th Street Station.

Buyers will find a range of housing options to choose from, everything from condos and townhomes to gated communities, horse farms and estates.  Albemarle also features walkable neighborhoods  where residents  who want more community interaction can enjoy shops, gyms, restaurants, coffeehouses, salons and other gathering places without ever leaving their community.  On the other hand, those preferring the privacy of country life will find many rural areas are protected from future development by a growing number of conservation easements. 

Exceptional scenery featuring mountain views is a big part of  Albemarle’s appeal as are the many outdoor activities available there.  Whether you enjoy hiking and fishing, running, walking, biking or horseback riding and tennis you will find it nearby when you live in Albemarle.   

The Charlottesville-Albemarle area consistently receives high marks for being a great place to live,  thanks to its natural beauty, the four-seasons climate, availability of recreational activities and low health care costs, plus a healthy economy that features low unemployment and a growing high tech sector.

Albemarle’s Real Estate Market
Thanks to its lifestyle offerings and close-in location, Albemarle has an active real estate market, where the biggest challenge is a lack of inventory.

Barbara McMurry with  Montague, Miller & Co. said that the 2017 market in Albemarle is “off to a good start.”  She added that there is plenty of mortgage money available and interest rates are still low.  Of course it is a real plus that the weather has decided to cooperate this year with a very mild winter.  She joked that agents used to say “the bugs and the buyers come out at the same time,”  which historically has been at least March.  However this year, she said, the spring market really got started in January.

Unfortunately, McMurry continued,  the  early spring market has not meant an easing of the inventory shortage.  Describing buyers’ eagerness to find the right house she said that many are “camped out” just waiting for a house with the right price, style and location.  Her advice to buyers is that they need to be ready to act quickly, with a pre-approval letter in hand. 

Judy Savage with Keller Williams Realty also expressed concern about the lack of inventory.  “The market in Albemarle County is pretty tight right now because of the lack of inventory in price ranges under $450,000,” she said stating “there are fewer houses on the market and it is driving prices up.”  She went on to say that she recently listed a 50-year-old single family home for $289,900 and in less than 24 hours had six competing offers that pushed the price over $300,000.  That was after 10 showings.  And yet another of her listings, priced at $430,000, sold the same day she put it on the market.

Jim Duncan with Nest Realty described the market in what he called “the City and urban county,” as “significantly active,”  with buyers coming from “all demographics.”   He looks forward to more homes coming on the market as it is not uncommon for them to go under contract quickly, sometimes in as short a time as a few days making it challenging for buyers.  The new construction market is also doing “very well overall,” he added.

“The real estate market in Albemarle County is brisk,” reports Marina Ringstrom with Long and Foster Real Estate. “The continued influx of new construction has been a strong factor,” she continued adding “to compete, existing homes must be priced well, in good condition, and where necessary, upgraded.”

Rural Properties Popular in Albemarle
While all of our region can boast scenic beauty as a benefit, Albemarle has the additional advantage of being the county closest in to the many advantages of Charlottesville such as quality hospitals, restaurants,  the Downtown Mall, the University, jobs and other social and cultural amenities. Even for buyers who love the privacy of a rural home or estate, the push is to live as close in as possible.

For example, John Ince with Nest Realty Associates has found that compared to years past, rural buyers are more focused on being close to town.  A veteran of 30 years in the Charlottesville real estate market, Ince says “I’ve seen a change in attitude in this current generation of near-retirees.  They enjoy the peace and quiet of the countryside but really appreciate all that Charlottesville has to offer as well.  That makes any country property inside 20 minutes from town, golden.” 

Ringstrom cited the growth of services at both Pantops and 5th Street Station as being important for those who “prefer  rural destinations, but not more than 10-15 minutes away from shopping and health care.”

First Time Buyers
Inventory shortages are especially challenging for first time buyers who want to live in Albemarle County or the City of Charlottesville.  However, some options continue to be available.  “They are not a huge part of the market,” McMurry said but they are available in town and in Albemarle County. 

Savage agrees stating that “of the six offers I received in the last twenty-four hours, they were all first time home buyers utilizing low down payment type financing.”  She added that since new construction, single-family homes are more in the $500,000 range, they are out of reach for most first timers unless they opt for a town house. 

Many buyers are apparently opting for attached homes such as a town house.  CAAR’s recent Year End Market Report stated that year-over-year closed sales of detached homes in Albemarle County increased 5.6 percent compared to the end of 2015.  Attached home sales during that same period increased 41.7 percent. 

Albemarle’s Buyers
“Buyers continue to move here from all over the country,” Ringstrom said adding that “Charlottesville is still being hailed as one of the very best places in the country to retire, raise a family and do business.”  She moved to Charlottesville in 1996 and is currently a resident of Glenmore in the Keswick area of Albemarle County with no plans to move. She is one of many people who feel this way about Albemarle starting with Thomas Jefferson who called  his part of the county the “Eden of the United States.”

For people who move here from up north, part of the draw is the climate, which is relatively mild but still has four seasons. And it’s not uncommon for people to move someplace like Florida, and then relocate to Charlottesville after a couple of years of no autumn or spring.  Agents jokingly call them “half-backs” for moving all the way south, then half way back. Of course they also appreciate the much lower prices, property tax rates, and heating costs compared to the Northeast, or Northern Virginia.

Albemarle is also very popular amongst those who love the outdoors.  The county offers everything from fly fishing and canoeing to walking, hiking, biking, running and horseback riding. McMurry, a runner, says it is wonderful to have “so many great places to run,”  including the county’s parks available for year around outdoor activities. 

For those who prefer to ride horses,  two of Albemarle’s parks, Preddy Creek and Patricia Ann Byrom Forest Preserve Park offer 70 miles of riding trails, and in some areas such as Keswick in east Albemarle County, they can also ride on private property.  Pam Dent with Gayle Harvey Real Estate said that Keswick is known as an area that allows horse lovers to ride on large unbroken sections of farmland.  “The landowners are passionate about this tradition,” she said.     

Other popular activities in the county that draw both residents and visitors are its wineries and orchards.  Many of these rural businesses also participate in what is now called agri-tourism offering wine tastings and pick your own fruit, such as apples and pumpkins, in season.

These agri-businesses are part of  what  McMurry calls the “rural flavor” of Albemarle, representing the 95 percent of the county that is not developed.  And it’s not unusual for visitors to come to enjoy these many outdoor activities, and decide, after a few trips, to become permanent Albemarle residents.

Of course history buffs will find a lot to like about Albemarle.  Founded in 1744, it was named for its governor, Willem Anne van Keppel, 2nd Earl of Albemarle, an American colonist and British diplomat.  The  original county seat was Scottsville located on the James River, the quickest way to transfer goods from east to west prior to railroads.  Charlottesville became the county seat in 1761, and Albemarle’s current boundaries were formalized in 1777 after several surrounding counties split off and became their own entities. 

Two  of our founding fathers and former Presidents, Thomas Jefferson and James Monroe, are native to Albemarle, and today their respective estates, particularly Jefferson’s Monticello, bring thousands of visitors to Albemarle County from all over the world. Monticello, a designated National Historic Landmark, is also a United Nations World Heritage site and attracts over 450,000 people a year.

Why Home Buyers Like Albemarle
People move to Albemarle for many reasons.  They come for jobs at the University and the growing high-tech sector. And, of course, many  University grads who fell in love with the region when they were students, often return here when they are ready to retire, enjoying the outdoor activities and the enrichment available through their alma mater’s non-credit courses.

Access to quality medical care is a big factor, especially for retirees who want all of the area’s amenities plus the security of knowing they have the best possible care when needed. The US News and World Report recently ranked UVA Hospital as #1 in Virginia, and #3 nationally in 3 adult and 4 pediatric specialties, while Martha Jefferson was ranked #12 in Virginia and high performing in 5 procedures/conditions.

Families appreciate Albemarle’s top ranked school system recently ranked #5 in the state by Niche.com using such indicators as test scores, college readiness, graduation rates, SAT/ACT scores, and teacher quality.

From very early on, Albemarle has been known for its horse farms and incomparable natural beauty.  Today it offers a host of modern amenities that make it a popular choice for a wide range of buyers. Call your agent today to help you find the best Albemarle County home for you.

Celeste Smucker is a writer, blogger and author who lives near Charlottesville

Categories
Real Estate

2017 Spring Real Estate Market Expected to be Brisk

By Celeste M. Smucker

Local REALTORS® and national economic forecasts predict a healthy 2017 real estate market. Senior Economist Joe Kirchner at Realtor.com predicts the 2017 market will be characterized by increases in both homes sales and prices, though at slower rates than experienced in the last two years. 

A possible damper on sales is interest rates that have increased since the election and “are expected to reach 4.5 percent due to higher expectations for inflationary pressure in the year ahead.” On the other hand, the rate increases will be fueled, Kirchner said, by an expected increase in GDP and a decrease in unemployment both of which can help buyers feel more secure about making such a big purchase. In other words, overall the news is positive.

For example, Kirchner says, “new home sales are expected to grow 10 percent, while new home starts are expected to increase 3 percent.”  Locally we saw similar growth in 2016 when new home sales increased by 9 percent, equivalent to 15 percent of total sales in our area, according to a year-end report by Michael Guthrie, CEO and Principal Broker of Roy Wheeler Realty Co.

The biggest players in the market (in 2017 and for at least the next 10 years) are expected to be the Millennials (33 percent) and the Boomers (30 percent), Kirchner continued.  Most of the former will be looking for their first homes, while the latter are down-sizing, often preferring one-level living spaces with upgrades, but less overhead.  The Millennials will be the most impacted by interest rate changes as many Boomers can pay cash or make larger down payments.

In our area, local agents predict an active spring market and look forward to March, typically the time when more listings become available, and when they expect at least some easing of current inventory shortages.  Nevertheless, in the popular, close-in urban areas low inventories, even with these anticipated additional listings, are expected to continue and the potential for multiple offers is strong. 

All of this means buyers, especially those who want to live close-in, are advised to do their homework, get pre-approved by a lender and be prepared to make a quick decision if they want to secure a home in this fast-paced market.  And if you are a home owner who has been thinking about selling, now is a great time to call your agent about putting your house on the market.  It’s definitely a great time to sell your home.

2017 Market Looks Strong
Jim Duncan with Nest Realty Group described Charlottesville/Albemarle as “significantly active,” especially in the city and urban areas of the county.  Like many agents he expressed concern about a lack of inventory of lower priced homes in a market that is accompanied by “significant demand across all demographics.” He added that “most good homes go under contract within weeks if not days.” 

Duncan’s belief is that serious buyers are keeping informed about the competitiveness of the market and track the activity in areas where they have an interest.  They know there will be what he called a “flurry of activity” when the good homes come available in these areas and are prepared to act. He is hopeful that the spring market will bring increased inventory allowing buyers a more reasonable time line when viewing, considering and purchasing a home.

There are a combination of factors at work that are promising for this year’s spring market explained Bill May, with ERA Bill May Realty Co.  Part of this is what he described as post-election “euphoria” in that people can now get back to thinking about real estate and its value for building their net worth.  In addition, he suggests that Millennials, who had hesitated to buy in the past because of job security, now have more faith in their long-term employment and are willing to move from being renters or living with their parents to home ownership.

“The good weather is also a plus,” May continued, “since it allows people to get out and around.”  Finally he noted that interest rates, though a bit higher than they were, are still favorable allowing buyers to purchase their home at historically low rates.

Guthrie compared the real estate market of recent years to a shallow salad bowl that lost momentum in 2006-2007, and bottomed out in 2011-2012.  Since 2012 the momentum has shifted to climbing out of the other side of the bowl. A year ago he predicted a gradual increase in sales during 2016, perhaps a 6 to 7 percent increase compared to 2015.  In fact this was an underestimate as the actual year over year increase was 8 percent, accompanied by 4 percent increases in both average and median sales prices.

The urban markets in our areas are “substantially under-supplied,” said Rives Bailey, President and Managing Broker of Montague, Miller & Co.  He expects multiple offers and rising prices for homes priced under $1 million. On the other hand, in price points over $1 million, inventory is “substantially higher” and, therefore, it is more of a buyers’ market. 

Guthrie also addressed the high-end market stating that while sales increased some in 2016, “the wet blanket in those numbers is that sellers have had to reduce their prices to entice buyers to purchase.”

At the same time, Bailey continued, the competition for close-in homes pushes first timers and other buyers looking for more affordable houses into outlying areas, which may in part explain recent increases in sales in surrounding counties. 

A good example of this process at work is a Millennial and first timer who works in Charlottesville and asked Maggie Gunnels with BHG Real Estate III to help her find a home.  While her first choice was something close-in and move-in-ready, she soon discovered that the options in her price range would have required substantial renovations to make them right. As an alternative, she headed to Spring Creek in Louisa County where she now enjoys a brand new house. The deluxe gym, available to all home owners there, is an extra bonus as is the golf course in the event that becomes one of her hobbies.

In this competitive market, if spring buyers see a house they like, they shouldn’t wait to make an offer, and this is especially true of first-timers who may already be forced out of the close-in neighborhoods.  Bailey explained that there is traditionally a burst of new listings in January, a trend that trails off some in February.  Come March, however, the inventory should increase, removing some of the pressure. 

He cautions, though, that he does not expect a “balanced market,” but rather one which continues to be under-supplied favoring sellers. 

Mortgage Rates Still Low
While rates have crept up since the election, they remain historically low and expected to remain under 5 percent for some time, which means mortgage money is still more affordable than at most times in history.

Bailey explained that while the higher rates may “put the brakes on a few buyers,” forcing them to settle for a less expensive home, he does not expect them to have a “major dampening effect” on the market.  Rather he predicts the market will be “very solid and very brisk,” especially in the urban areas. 

Guthrie agrees adding that “borrowing now is still a bargain and will remain so for this next year,”  as does Duncan who explained that as long as rates remain less than 7 or 8 percent, “we are fine.”

If you are a first time buyer, be sure to ask your lender about what is available in the way of low down payment loans, some of which allow seller assistance and even 100 percent financing.

One of these, the USDA Rural Housing Services Loans, is for first-timers so long as they are not purchasing a city home, explained Jay Domenic with Movement Mortgage.  Qualifying geographic areas include many south of Interstate 64 and east of Pantops.  Loans that don’t require Private Mortgage Insurance—which can mean significant savings on a monthly mortgage payment—are also available said Julia Morris with Fulton Mortgage. 

New Construction and the Resale Market
New construction will continue to be an important part of the market this spring and beyond. 

The new construction market is doing “very well overall,”  Duncan said and buyers looking forward to all the benefits of a new home can “make it happen,” if that is what they want.

Guthrie  also expresses enthusiasm about the new construction market stating, “as we move ahead in 2017, we can expect new construction throughout Charlottesville and the surrounding Central Virginia area to be strong.” He added that buyers can “expect higher prices: 1) because of the demand and 2) because of higher construction costs both in materials and in labor.” 

At the same time that builders are happy about increased sales, competition from new homes is putting pressure on the resale market as buyers opt for energy savings and floor plans not always available in older homes. This is especially so at higher price points where buyers have more money and more options to choose from than at the lower end of the market.

All of this means resale listings will need to be well priced and in great condition in order to compete effectively against new homes which, Bailey said, now offer “a quantum shift in technology,” with regards to energy efficiency and design. Today’s new homes are more open with less formal floor plans. “Their function and functionality are different,” he continued. 

While the new technology can make new homes more expensive, many buyers also recognize they will be able to live there longer without replacing major systems like the roof or the HVAC.  In addition energy savings associated with a well-built new home can save the owner as much as $300 a month on their utility bill, equivalent to nearly $60,000 more mortgage, Bailey added.

“New construction will continue to be a significant part of the urban Charlottesville market,” Bailey said, though cautioning it will not be sufficient to close the gap between home supply and demand.  To do so he estimates that builders would need to produce at least 800 homes per year, whereas last year that figure was closer to 550.  And while new subdivisions are coming online, there is a long gap between when they are approved and when construction can begin.  For example, the new Brookhill development at Polo Grounds Road is working its way through the approval process but don’t expect to move in for at least another four years.

All indications are that this year’s spring market will be very active. Home owners should not hesitate to call their agents for advice about preparing their house for sale, and if you are a buyer, take advantage now of the opportunity to lock in low rates and purchase a home before prices and interest rates rise even further.

Celeste Smucker is a writer, blogger and author who lives near Charlottesville.

Categories
Real Estate

Home Offices Are Popular

Picture of simple white study area in teenager room

More and more, these days, people work from home, either full-time or part-time. As a home-based entrepreneur, however, you’ll soon find working with the computer in a corner of the kitchen, with the printer in the family room and your files atop the dryer in the laundry, is a recipe for inefficiency and frustration.

It’s time for a home office, not just for your convenience, but also as a selling point in the future. An office is an appealing addition to any home, whether it’s a bedroom or other small room that has been converted or a dedicated space that is often a choice in new construction.

On the other hand, it’s wise to create an office, studio, or workroom that can easily be converted to another use by a buyer who doesn’t choose to work at home.

The most popular space is a spare bedroom. Use a desk that can be closed to conceal your computer, file cabinets that can double as bedside tables, and a wall bed that, when folded up, shows nothing but a decorative panel or painting.

An alternative is to use a portion of your living or dining room, which are often near the front door. This is desirable if clients come to your home, and you may be able to differentiate the area with partitions or bookshelves. 

Some people convert a garage, patio, porch or attic. This often entails building permits and considerable expense since you may need to install windows, wallboard, heat, air conditioning, and wiring. 

Even a walk-in closet or storage room can serve. A skylight or light tube brightens a windowless space and scaled-down furnishings can make it appear less cramped. 

The major complaint about home offices regards space—there’s never enough. Remember that while your space doesn’t all have to be in the same place, it’s more efficient if it is.

Here are some pointers:

  • A professionally furnished office will make you feel more business-like. For inspiration, plug “home office” plus “design ideas” into Google. Among the 20+ million hits you’re sure to find some perfect solutions.
  • Your most important furniture is a chair that fits you perfectly. “Test-drive” several and don’t skimp.
  • Be thrifty on other items. Create a desk from a door atop two file cabinets. Check out garage and estate sales, discount warehouses, or Craig’s List. Consider floor models or “as-is” items.   
  • Have excellent lighting for your work surfaces.
  • Go up the walls for storage above and even below the desk. Fit slender shelves behind a door and a foot below the ceiling for seldom-used items. Opt for modular units that can be transported and reconfigured in case you move. 
  • Choose desk and file units on castors so they can be stored out of the way. Fold-up tables can supply the necessary work surfaces. 
  • A separate business phone number with voice mail is more professional than having family members answer.

Tax Considerations

While this information offers general guidelines, remember that tax situations differ from person to person. It’s always wise to consult a tax professional.

The Internal Revenue Service (IRS) has a reputation for close scrutiny of home-office tax deductions. In fact, some people don’t deduct their office for fear of triggering an audit which means they miss out on perfectly legitimate deductions.

Remember, you have no obligation to pay more taxes than required by law and the IRS spells out its rules in Publication 587: Business Use of Your Home available at www.irs.gov. The benefit of a home-office deduction is that it can reduce your self-employment tax payments to Social Security and Medicare, which amount to a bit more than 15 percent in 2016 for incomes up to $118,500.

Your office, with minor exceptions, must be your principal place of business used regularly and exclusively for that purpose. “Regular” means more than occasional and “exclusive” means no personal use allowed. For instance, a dining room used both for meeting clients and family meals is not eligible for the home-office deduction.

While an office in a separate room is easily identifiable to an auditor’s eye, space that is clearly demarcated by partitions or moveable walls is acceptable. Your office is deducted as a percentage of your total living area. (Tax software does this for you.) 

Self-employment earnings are reported on a Schedule C and Form 8829 addresses the home office. A percentage of some Schedule A-deductible items including mortgage interest and property taxes are deducted on 8829 in proportion to the business area of your home.

In addition, some ordinarily non-deductible items such as utilities, rent, or repairs to the property may be deductible—again in proportion to the area of your home office. Homeowners may depreciate the home-office area although this may lead to tax complications if you sell the property.

Whether or not you take a tax deduction, your home office, the furnishings and equipment used exclusively for business such as a printer, office rug or filing cabinet are entirely deductible.

A home-office deduction may not be used to create a business loss, however it can be carried forward to the following tax year. The IRS generally has three years to audit your return and longer in the case of suspected fraud, so keep impeccable records. If you move, take pictures of your home office. In the event of a subsequent audit, a picture is worth a thousand words.

Marilyn Pribus and her husband live near Charlottesville. She has deducted home office expenses without being audited for many years, but learned recently that as a freelance writer and musician, she must have an Albemarle County business license.

Categories
News

Boom town: Long-dormant county developments get second wind

The Villas at Belvedere. Photo by Matteus Frankovich/SKYCLAD Aerials

The Great Recession is officially over. The evidence? Building permits in 2016 were the highest since 2007 housing-bubble levels. Construction is going on all over the area, from 5th Street Station to West Main to U.S. 29 north. And a recent Weldon Cooper Center population study pegs the Charlottesville area as booming.

Categories
Real Estate

Generous Assistance Available for First Time Home Buyers

Buying a new home is a major commitment and many first time buyers feel apprehensive and overwhelmed about all of the decisions they have to make.  There are decisions when they first meet with their lender and more when they begin looking for the perfect house.   Then there is the big one, choosing the right house and making an offer followed by negotiations with the seller over the inspection.  Decisions continue until the paperwork is signed at closing and the key to their new home is in hand.

Fortunately there are many resources to help, including agents and lenders and of course most first timers will start their education online making them much savvier buyers than their parents were when they bought their first home. However, while this is a good start, they need to be skeptical about the info they find online.  For example, many are frustrated when they read that they need 20 percent of the house price for a down payment, but this is far from the truth, so don’t give up until you talk to the experts, your hometown lender and your real estate agent.

Not only can these pros help you decide if you are ready to buy, but they will provide the education you need to make good decisions and help ease you through the process. And even if you are not quite ready to buy today, they can help you with a plan to get you there as soon as possible.

The First Steps
If you are a new buyer you may be looking forward to what may seem like the most exciting first step of the process— looking at homes. 

However, nobody wants to find the perfect house, fall in love with it and then find out it’s out of their price range, or that the monthly payments are way more than they are comfortable with even if they are qualified to buy. This is why the first step is always to talk to your lender who can tell you if you are financially ready to purchase, and, just as important, how much house you can afford. 

In this way, you avoid the heartbreak of finding the perfect house and later learning you can’t afford it, or worse yet, that you don’t qualify to buy at all. Your lender will also educate you about costs of home ownership you may not have considered such as taxes, insurance or homeowner association fees.

First time buyers are often “overwhelmed” with the process, said Marlo Allen with Mountain Area Realty in Nelson County.  A good lender can help them feel “comfortable with the process,” she said, adding that they may qualify for more, or less, than they realized.  If they qualify for more they may still not want the payments that come with it, she explained.  On the other hand,  if buyers understand their payments and are still comfortable with this level of obligation, they are ready to start looking at homes in that price range. 

The lender can help you “make a plan,” says Jay Domenic with Movement Mortgage. This  includes evaluating different loan programs that are available and looking at your credit and other qualifications. Part of what the lender looks for is if you have sufficient funds for your down payment and closing costs.  If the amount of cash required is a challenge, as it is for many first time buyers,  your lender can refer you to sources of down payment assistance available in our area.

While the internet can be a good source of preliminary information, it is important to visit reputable sites in order to get the most accurate information. For example, Julia Morris with Fulton Mortgage explained that first time buyers often  have the erroneous idea they need between 10 and 20 percent down in order to purchase a home.  She suggests you “just do a little homework” and visit a site such as that of the Piedmont Housing Alliance (PHA) to get familiar with the terminology, the process, and the requirements.

It is also critical to contact a local lender, someone who understands the resources unique to our marketplace and can answer your questions based on knowledge of your situation.  When you do so you can avoid a lot of potential problems and may discover that you do indeed qualify to purchase a house after all.  On the other hand, even if you find that buying a home is not an option today, many lenders will either help you develop a program to get you qualified in the future, or refer you to a housing counselor at PHA.

When your lender determines you are qualified to make a purchase they will write a pre-qualification or pre-approval letter.  The latter is stronger because it means the lender has reviewed your credit report.  With this letter in hand, you are ready to look at homes and when you find one that suits, your agent will use it to prove to the sellers and their agent that you are a serious buyer who is qualified to follow through on your offer.  This is especially critical in our current market where multiple offers on popular homes are not uncommon and you may be competing with several other buyers.

Down Payment Assistance and Homebuyer Counseling
A big advantage that first time buyers enjoy is access to programs to assist them with the funds they need to purchase a house.  Often this kind of assistance is the difference between the buyer moving into their own home or continuing to rent. Many of these sources require home buyer education and/or counseling, which can help smooth the experience of buying a first home. 

One example of a program for first time buyers is the USDA Rural Housing Services Loans, Domenic explained.  While the loan has geographic requirements, and city properties are not included, it can be a good choice for buyers who meet the household income limits. And while neighborhoods like Mill Creek that are south of Interstate 64 or others east of Pantops may not seem rural, they may, in fact, still qualify for one of these loans.  One of Domenic’s recent clients used this loan and had also negotiated a contract where the seller agreed to pay closing costs.  When he left the closing table he was able to actually put money back in his pocket.

The Homebuyer Advantage Plus Program from Fulton Mortgage is another option for qualifying first time buyers, Morris said.  This program offers 97 percent financing, but can be combined with down payment assistance plans as well as help from sellers up to a total of 105 percent of the home price.  Another huge benefit is that there is no mortgage insurance requirement, which means lower monthly payments and substantial savings over the life of the loan.  Home buyer education is required.

PHA is also an excellent source of information and programs for first time buyers.  Not only do they provide the buyer education programs required by many of the special funding programs, they also offer home buyer counseling and access to funds for down payment and closing cost assistance.  Over the years this organization has helped in excess of 830 families buy homes in Planning District 10 which includes the counties of Albemarle, Fluvanna, Greene, Louisa and Nelson and the City of Charlottesville. 

Buyers can start by visiting the PHA website and downloading and filling out the forms in the intake packet. They can then set an appointment to work with one of PHA’s housing counselors to determine the steps required for them to become a homeowner.

First time buyers can also contact PHA for help with saving their down payment using a matching program called VIDA.   With this unique program, qualifying participants can obtain funds they need for closing costs by first saving $500.  The state will then match these funds with an additional $4,000 and make the entire amount available for home purchase.

If credit issues stand in the way of obtaining a mortgage, PHA can help.  “We’ll coach them on how to rebuild their credit,” said Virginia Leary, one of PHA’s housing counselors.  “We’ve had several clients come to us with significant credit issues and after resolving and rebuilding they were then able to purchase a home.” 

First Time Buyer Market
Homes are available for first time buyers in our area, usually defined as those with prices less than $200,000.  For example, most recently, the majority of PHA’s homebuyers have received assistance with homes in Albemarle Leary said.

John Updike with Roy Wheeler Realty Co. described some of his recent transactions, one a brick rancher off of Rio Road that sold for $195,000, another a home in Azalea Gardens that went for $200,000. He also recently worked with a first time buyer couple that wanted acreage.  He found them a home on two acres in Scottsville,  just 20 minutes from their downtown jobs.

Allen advises that prices are still good in Nelson County and there are lots of options.  She cautions, however, that the condition of the home can be an issue especially for low down payment loans for which both the buyer and the house must qualify.  For example, the buyers could be well qualified to purchase, but the house could pose a problem if it lacks central heat or fails to meet some other standard.  Consult your lender for more details.

Your Agent is Key
First time buyers need more guidance than those who are more experienced, Allen explained. “They tend to be more timid, and the financing can be daunting for them,” she added.  She sees her role in part as someone who “takes the fear out of it,” so they can be more comfortable with the process.

In today’s market that means educating first timers on the possibility of having to compete with other buyers for the same home, Updike advises.  He tells them “if you lose out on the first offer, keep plugging away.”  It is important to “be proactive and stick to it.” 

A common misconception is that once a purchase contract is signed and sealed, the buyers and their agents have nothing to do but wait for closing.  In fact this is just the beginning and a crucial part of this process, the home inspection, awaits.  Updike counsels his buyers that the inspection is another negotiation, suggesting they go into it understanding they may not get all they ask for.  Instead he prepares them to ask for help with any bigger items such as problems with the roof or the heat pump.

A Great Time to be a First Time Buyer
If you are a first time buyer with good credit, it’s a great time to jump into the market.  There is still inventory available and interest rates are low, but homes are selling fast.  Contact your REALTOR® and talk to your lender, then work with them to assure a fun and smooth transition into home ownership.

 Celeste Smucker is a writer and blogger who lives near Charlottesville.