New Construction in Charlottesville and Richmond

There are many great Central Virginia area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (434) 260-1885 for a FREE home buying or selling consultation to answer any of your real estate questions.

New Construction in Charlottesville and Richmond

Here are some numbers regarding new construction:

• Charlottesville currently has 369 new construction properties on the market
• Richmond currently has 858 new construction properties on the market
• Charlottesville has had 153 new construction sales
• Richmond has had 455 new construction sales

As you can see, there is definitely a demand for new construction in our market. More recently, Stanley Martin Homes bought out Piedmont Housing in Charlottesville and have already begun building a new development. Other great new construction companies are Southern Development, Liberty Homes and Ryan Homes.

Once you find a piece a property and decide that you want to build a home, there many banks that can help you obtain financing. For example, Stellar One is among many brokers that process new construction loans.

From that point forward, the bank will price the loan amount based on after-approved price of the property. This means that the bank will determine the loan amount by appraising the property and establishing its value using today’s market prices, upon completion.

Keep in mind that the completion date can range from three months to a year – this all depends on how big your home will be and what you will have done to it! This process showcases how great new construction is – you are able to pick the interior options you want, the size of land you want, and you are also able to pick your surroundings.

If you have any questions, feel free to reach out to me by phone or email. Thanks and have a great day!

Investing in Real Estate: What Does Low Inventory in the Market Mean for You?

There are many great Central Virginia area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (434) 260-1885 for a FREE home buying or selling consultation to answer any of your real estate questions.

Is Now a Good Time to Invest in Real Estate

Today I wanted to talk to you about investing in today’s real estate market. In regards to whether or not now is a good time to invest, I was reviewing some market data and I found that in 2009, housing lost $489 billion in value. This was actually up from $3.6 trillion in 2008! Although those two years were the lowest in real estate, property values are still down. It is always a good time to invest in real estate; it just depends on whether or not it’s a good deal.

There are always good deals on the market. If you’re looking to hold and collect rent, there are many great opportunities, especially in the Richmond Market due its extremely low prices. You have the ability to snatch up homes for under $20,000! If you paid cash and collected rent for $800 a month, over time those properties will regain value. The Charlottesville market is hit-or-miss in the same sense with condominium developments and new construction. Be aware that the HOA will eat away at some of your profits!

As for the “fix and flip” market, Charlottesville is tough due to the low inventory. With low inventory, the well-priced homes typically have multiple offers which bids up the price and chips away at your profit margin when going to flip a home. Richmond may have better opportunities, but it is always a good time to invest. This is always a plus when you want to take a vacation or time off work; you will still be bringing in income!

If you have any questions about investing in real estate, please give me a call at (434) 327-6900 or email me at vford@kw.com. Thanks and have a great day!