Relocate to Roanoke, Virginia

Posted on May 13, 2007 | Filed Under Real Estate Facts, Real Estate News

Why relocate to Roanoke?

• Roanoke is ranked one of the top 5 most livable small cities in the US by America’s Most Livable Communities
• You can buy more house in Roanoke, Virginia (From The Richmond Times Dispatch: “They could have gotten more house for their money in Roanoke”)
• We have over 7 colleges and universities in the region including Roanoke College, Hollins University, Virginia Tech, Radford University as well as the Roanoke Higher Education Center and others
• Our advanced health care system
• Our award-winning school systems (in no particular order)- Roanoke County Schools, Roanoke City Schools, Salem City Schools, Botetourt County Schools, Franklin County Schools, Bedford County Schools
• Parenting magazine chose Roanoke as one of the ten best places to raise a family in the US
• Kiplinger Magazine rated Roanoke as one of the best 5 cities for retirees
• Our low crime rate
• Top notch Roanoke, Virginia real estate agent (Shameless self-promotion!)

Here are some other reasons to relocate to Roanoke. If you have more, add them to the comments!

Update: April 2007 real estate sales in the Roanoke MLS

Posted on May 10, 2007 | Filed Under Real Estate Facts, Real Estate News

The sales data for April 2007 is out for the Roanoke real estate market.

Real estate agents sold 426 residential properties and 353 homes pending sale by the last day of April 2007. That is a decrease of fourteen percent over 2006 sales and a fifteen percent decrease from 2005. Some economists have blamed the slower April market on bad weather in February and particularly March.

The graph below shows the Roanoke area real estate market sales data from 2005 through the present:

What real estate bubble?

Posted on March 26, 2007 | Filed Under Real Estate Facts, Real Estate News

One of the many things I've watched with fascination lately has been the clamoring in the national and local media about the housing market bubble and bust. As an active real estate agent in Roanoke, I haven't noticed this trend. I've heard other agents complain about slowing sales since the end of last summer and the like but it isn't something I've personally noticed. In my opinion, most of the homes still lingering on the market are there because they are priced wrong, have something wrong with them or another nearby home is unattractive to potential buyers.

Rather than just say I think it's hype in the Roanoke market though, I'd like to present some figures to back it up. Take a look at this chart. The data on this chart was obtained from reputable sources, namely the Virginia Association of REALTORS and the Roanoke Valley Association of REALTORS who in turn collected this data directly from the MLS for the Roanoke Valley. Although not entirely representative of every sale, it is in my opinion the best sample of home sales around.

Disclaimer: I am not a statistician. :)

A few items to point out. The first thing you will note right away is the trend lines do not significantly deviate from each other. The reason? Because the data from year to year in total home sales is so close.

Now, on to a more detailed look. The orange line is data from 2004, the green line from 2005, the yellow line from 2006 and the blue line is data for 2007 through February. Let's pull a couple of items out to compare and contrast. In December of 2005, there were 412 homes sold in the Roanoke Valley. In December of 2006 there were 381. That's a difference of 31 homes sold or down about 7 percent. That's hardly the bust we've been hearing about in Roanoke.

But maybe you say sales are always slow in December? Then let's take a look at the prime selling season. The total home sales in July 2005 was 568. The total a year later in 2006 was 505. That's a difference of 63 homes. A little more significant but still only down 11 percent.

Well you say...what about currently. Certainly after December home sales must be down. Actually they're not. Sales are right in line in 2007 where they were in 2006 and higher than they were in all the previous years here.

Where is the dramatic bubble bust in the Roanoke Valley? It doesn't exist I say. Roanoke hasn't experienced the dramatic ups or downs the national and local media have been decreeing lately. We've remained pretty steady in our home sales from year to year.

So rock on, I'm looking forward to this year's real estate season. The season? January through December.

Keep a tab on the Virginia General Assembly

Posted on January 15, 2007 | Filed Under Real Estate Facts, Real Estate News

I ran across a great resource when visiting the Bored Young Professional weblog for the first time. One of the contributors who uses the moniker “JMUDUKE” introduced Richmond Sunlight.

Richmond Sunlight is a fantastic website program by the Virginia Interfaith Center and created by Waldo Jaquith. It features the ability to track all the bills and actions introduced in the current Virginia General Assembly as a whole or by the delegate or senator. They put it best on their website when they say-

Lobby your senator, keep up with your delegate, find out what bills could affect your life and make your voice heard. It’s easy, it’s fast, and it’s fun. Fully buzzword compliant, Richmond Sunlight demystifies the often-baffling process of how a bill becomes law, giving you a say in it, every step of the way. This year’s General Assembly session begins on January 10, and is slated to run through February 24. Legislators are currently pre-filing bills in advance of the session.

JMUDUKE continues with-

This site removes any excuse for being uninformed about what the government of the Commonwealth is doing on your behalf. Websites like Richmond Sunlight and the Virginia Public Access Project bring the process right to your fingertips and allow a user to jump into the legislative fray armed with all the information necessary to influence the process. Here’s hoping that our legislators realize that tools like this make it even easier for the public to watch what they are actually getting done in Richmond.

Here are a few topics you can quickly jump to and view relevant legislation being proposed-

• Virginia Real Estate legislation
• Virginia Eminent Domain legislation
• Virginia Property Tax legislation
• Virginia Education legislation
• Virginia Transportation legislation

Many many kudos to the Virginia Interfaith Center and Waldo Jaquith for putting this great project together!

Looking for GIS Information?

Posted on August 1, 2006 | Filed Under Random Real Estate, Real Estate Facts

I have found in my web stats a lot of people visiting my site looking for local GIS information. I have all the links to the local GIS websites on the right-hand side of this site, but I’m adding this post for people who may not notice them.

Roanoke Valley GIS websites

• Roanoke City GIS
• Roanoke County GIS
• Salem City GIS
• Bedford County GIS
• Botetourt County GIS
• Floyd County GIS (1)
• Floyd County GIS (2)
• Franklin County GIS
• Pittsylvania County GIS

GIS websites are great tools for researching real estate tax information, real estate acreage and other information about real estate in the Roanoke Valley. Roanoke realtors often use real estate GIS information to help them market your property.

They are not good tools for trying to price a home yourself. The tax-assessed value of a property is generally lower than the fair market value of your home. Let a qualified Roanoke real estate agent assist you in pricing your home for sale. FSBO’s often lose their shirt (and money) in a real estate transaction when they misprice their home. My first home (before I obtained my license) I bought $6,000 under the appraised value because the home was underpriced by the owner.

Staging your home to sell

Posted on July 24, 2006 | Filed Under Real Estate Facts

When a big company wants to sell you something, how do they get that message to you? Marketing. When you want to sell your home, there are many ways of improving the odds of not only receiving a higher value for your efforts, but selling your home quickly and as painlessly as possible.

Staging a home. Staging means preparing your home to be shown to prospective buyers. Have you been to Grand Home Furnishings or any other furniture store for that matter lately? Have you ever paid attention to all the trouble they endure to make their large warehouse look like a decorated, lived-in bedroom or kitchen? The fake television sets in their living room sales area? Why do you think that is?

Staging is more than just setting up props and cleaning your house; taking down items that personalize your home is important too. That’s the hard part but removing family photos, children’s drawings, etc. make it easier for a prospective buyers to see themselves in your home. Psychology makes the sell easier and less painful for you!

CNN Money has written a great article in their real estate section on profiting from staging your home.

Discount brokerage: read the fine print

Posted on July 9, 2006 | Filed Under Real Estate Facts, Real Estate News

Several professionals I have talked to about real estate in the Roanoke Valley have expressed concern over the discount brokerages emerging in Roanoke. Today, The Roanoke Times has written an article touting the “big” money an individual can save by hiring a discount brokerage to sell their home as opposed to a “traditional” real estate agent.

I’m not concerned, there will always be people who look for the cheapest way to do something, even though it isn’t likely the best way. The best example I can give is, you wouldn’t always hire the cheapest attorney just because they were cheap. You want someone who is effective, communicated well and can get the job done successfully.

I’d like to point out this quote from the above story for those who might miss it–

Discount brokers sell homes at a lower percentage fee, but they may not offer all of the services that a traditional real estate agent offers.

Bingo! Most people don’t realize that most “traditional” real estate agents pay for advertising out of their own pockets. Most all costs associated with selling your home the individual agent pays. (not their broker) In most cases, they also have to split this commission with the buyer’s agent. So let’s use a $100,000 home for an example. The agent earns (in a 6% commission instance) $6,000. They split that with the buyer’s agent. So the agent earns $3,000. But wait, they have to pay their broker a percentage as well. Let’s say it’s between 20-30% on average. Now, let’s say the agent advertises your home a few times in the local Roanoke paper, and maybe once or twice in a local real estate magazine. Plus the cost of a few open houses (refreshments) and the price of gasoline (yikes!) to show your home to prospective buyers. You can see easily how now they would be down to around $1,500 or less earned for selling your home. So while it looks on the surface like a $6,000 payout, in reality most “traditional” real estate agents earn far less than the commission.

Roanoke real estate prices still up

Posted on July 5, 2006 | Filed Under Real Estate Facts, Real Estate News, Roanoke City Real Estate

According to CNN Money, real estate prices in the City of Roanoke have increased 6.86% in the previous 2-5 years compared to a nationwide average of 14.88%.

For comparison, here are a few rates of increase from around Virginia-

• Charlottesville - up 12.82%
• Richmond - up 8.38%
• Virginia Beach - up 13.59%
• Alexandra - up 23.67%

So as you can see, home values in and around Roanoke are still a great deal compared to Virginia and the rest of the nation!

Back in Roanoke

Posted on June 18, 2006 | Filed Under Ramble On, Real Estate Facts

Well I’m glad to be back in Roanoke after a week-long vacation in Ocean Isle Beach, NC.  I had a great time with my family (even though I spent the first two days sick and in bed) as we visited the beach for many walks at all times of the day and night, dining and general all-around beach activities.

It amazes me the price of real estate down there.  A single half-acre lot near the beach can go from $399,000 to $699,000.  That’s just for the land people, it doesn’t include the home to go on it!  It makes me glad to live in an area like Roanoke where the real estate is much more reasonable!

I’ve had several people contact me recently after locating my blog on the Internet while searching for real estate in Roanoke.  I am very thrilled naturally to have potential new customers to help in their search for Roanoke real estate, but also that the blog is bringing interested (and interesting) people to me.  I’m looking forward to talking with more of you!

Gifting real estate

Posted on April 19, 2006 | Filed Under Real Estate Facts

Inman News has a great article on working to avoid capital gains tax on real estate gifts to your children, either now or in your will.

This is a great article to read if you’re considering it or have already made arrangements, and naturally you’ll want to consult with your accountant and tax attorney.  I do believe it can save money in the long term.

Time to pay the Man

Posted on April 17, 2006 | Filed Under Real Estate Facts

Today is the last day to pay the tax man. Normally taxes are due on April 15 each year, but because the 15th fell on the weekend this year, you have until 11:59pm tonight to file your taxes!

Real estate can be an advantage at tax time. There are many ways owning real estate could be an advantage at tax time allowing you to lower your taxable income.

If you’re interested in owning real estate in Roanoke, Roanoke County, Botetourt, Franklin County or Salem, I encourage you to contact me right away. This is a great time to be buying and selling real estate!

Second homes 40% of market in 2005

Posted on April 10, 2006 | Filed Under Real Estate Facts, Real Estate News

According to a report by the National Association of REALTORS®, second home purchases (for vacation use or investments) accounted for 4 out of every 10 existing home sales. This record year in real estate sales helped drive the national real estate market to uncharted highs.

Most of the buyers of homes in this category were baby boomers in their top earning years, flexing their economic muscle and purchasing real estate investments for retirement planning and vacation homes for fun.

According to USA Today, this trend started in 1997 when Congress changed the IRS tax code and allowed homeowners to dodge the capital gains tax when they sold their home.  The exemption is $500,000 for married couples and $250,000 for single individuals so long as the real estate was their primary residence for two of the past five years.

2005 Roanoke, Virginia Real Estate Numbers

Posted on March 18, 2006 | Filed Under Real Estate Facts

According to the Virginia Association of Realtors, Roanoke in 2005 published impressive numbers in real estate sales.  Our MLS area was well ahead of other areas in the state but we naturally lagged behind other areas as well, but overall I believe our numbers look great.

Roanoke Virginia Real Estate (2005)

Average Days on Market - 67
Homes sold - 5,831
Average price (on sold homes) - $201,185
Median price (on sold homes) - $156,200

keep looking »