I think one question that would be wise to answer would be how long you anticipate staying in any home that you might purchase. Ultimately, the longer you stay in a well bought home, the more likely you are to realize a return on your investment when you sell. Historically, detached homes and town homes perform better than condos and many condo purchases necessitate a large down payment that you won't find with other homes. Additionally, some condo association rules prohibit owners from renting a unit out, limiting your options should you outgrow the home or need to move. The type of acceptable financing as well as any renting limitations would be important things to look into before you invest any serious time in looking at a particular development. Town homes and detached homes offer more flexibility and in our area can be expected to appreciate faster though I understand your concern about yard work and upkeep as well I sense a hesitancy about being to far away from the hub of Charlottesville which leads me to suggest that you first consider a town home. Have an agent put a tour together for you and visit several in various neighborhoods, if nothing seems like a good fit then you can always revisit other options in the same fashion.
Another important factor to take into account is the first time home buyers tax credit and the current low interest rates. If you could find a well price home that meets your needs now as opposed to even a few months from now it would likely represent nearly 5% in savings (plus factor in the probability of rising interest rates and what that could do to lessen your buying power). The best bet is to educate yourself with the help of a Realtor. Research your options, delaying even a few months might significantly compromise your purchasing power. Please feel free to call on me for assistance. Shopping is free and I think that we can help. www.cvillevahomes.com... more
Please check out my website yatesnobles.com for a list of foreclosure properties. You can also go to the courthouse records for Charlottesville or Albemarle and search for properties where the title has been transferred to a bank, which may well be an indication of foreclosure proceedings. A good real estate agent can help you find properties listed in our MLS system that are being foreclosed or those that are headed for a "short sale."
If you are a first time home buyer, please be aware that the present $8000 home credit is set to expire at the end of this year. That alone is a great discount when purchasing, but taking action now is important. There is a possibility that this tax credit will be extended, though there is a great likelihood that the amount of the credit will lower.... more
That being said, tax assessments are being used by aggressive buyers (and supported by agents) to make low ball offers. I sold my home in Earlysville back in April. I was originally offered a price $34K below my asking price, which was supported by an appraisal less than a year old, but my agent's counsel was to accept the offer simply because it was a "good offer." To her dismay, I countered and got the price I needed.
If you want to see a market where houses are selling 24-30% below tax assessment, checkout what homes are selling for at Stoney Creek (Wintergreen).... more
It all depends on location. One area may have super high appreciation in the higher end, like Brier Creek here in Raleigh, whereas other areas are appreciating more in the lower end of the scale, like anywhere in Cary/Morrisville, NC. If there is a lot of inventory that will slow the appreciation down somewhat, like what happened in Wake Forest, while a low supply will certainly quicken it. Generally homes in decent condition and in decent areas appreciate no matter what over time, it is just a matter of how fast or slow. Just look at how much homes were worth in the 50's compared to today. Some of that is obviously just inflation, but a lot has to do with real appreciation over time.
Even in today's market in Raleigh, where housing prices have 'dropped', if you look at the long term, you'll see that we actually experienced a boom in 2006, that shot housing prices way too high. Now they have dropped down to where they would have been if they had simply kept appreciating consistently. But if you bought a home in 2005 for $199K, then suddenly your house was worth $250K in 2006, then dropped back down to $235K in 2009, it may seem like you lost value, but you actually experienced a yearly appreciation of 4%!... more