Hot Summer in Central Virginia

Hey folks,

It is turning out to be another hot one here in Central Virginia.  The "Weather Do-Dad on my screen says 98, and its only 3:15 in the afternoon.  Now you know why I am in front of my computer......it's cool in here (at least until the electric bill comes).  My dog doesn't even want to go out (talk about Dog Days).  The weather here has turned hot early this year.  Usually 100 degree days wait until late July, but we have had 5 days at 100 or better and already set 3 new high temps.  We also need rain, as we got about 1/2 inch in June.

No, I'm not looking for a job at the Weather Channel, and Yes, this is a real estate blog!!

So, interest rates are BELOW 5% (depending on your credit score) and according to one of the sources I watch, housing prices, across the country, are down by an average of 24% from the price peak.  I don't feel they are down that much here in Chesterfield County, but probably in the 15-18% range. 

Any way you look at it, now is a great time to buy.  The only problem we seem to be having is getting the present house sold, so they can buy another one.

When you listen to statistics, approximately 1/7 of the population (which comes out to about 14.28%) moves every year.  I did my own study and pulled 8 neighborhoods in my area, covering from starter home subdivisions to executive type subdivisions.  By getting the number of homes in each subdivision, and dividing by the number of sales in the last 12 months, I came up with the percentage of homes sold for that subdivision.

The lowest percentage was 2.70% in a neighborhood that sells around$180,000-$225,000.  And that was the subdivision I used to live in (12 years ago).  The highest percentage was in the smallest subdivision, with about the same price homes, at 7.14%.   The other 6 subdivisions ran from 3.44% to 4.31%.  That comes out about 4.15% for all of them.  I think we must be at the bottom....at least I hope so.

For those of you thinking about buying or selling a home in the future, I want you to stop before signing that listing agreement or that contract.  I'm sure your parents told you the following, sometime in your life!  Don't sign ANYTHING that has blanks in it.  Make sure all the blanks are filled in, either with a number, words or a line.  Remember, a blank could be filled in later.  You would be surprised at the "lousy" written listing agreements and contracts I have seen over the years, even from experienced agents.

Be careful out there!!!!

Oh, one last thing.  If you would like a Lowe's $10 off coupon, shoot me an email and I will put you on the list to get one!