Fredericksburg City:

• 161 days on market – this is 5 days less more in February 2009
• Sellers received, on average, 89.36% of their list price when the home sold
• There is 15.4 months of inventory on the market
• 11 homes sold in February 2010 – this is 1 less than in February 2009
• The most popular price range was $150,000-$199,999 and $250,000-$299,999.   
• The median sold price was $213,900, compared to $208,950 in February 2009
• Financing Terms:  Conventional – 3, FHA – 3, VA – 1, Cash – 4

Orange County

• 203 days on market – this is 8 days more than in February 2009
• Sellers received, on average, 78.80% of their list price when the home sold
• There is 24.3 months of inventory on the market
• 15 homes sold in February 2010 – this is 8 less than February 2009
• The most popular price ranges were $120,000-$139,999 and $300,000-$399,999.
• The median sold price was $180,000, compared to $177,500 in February 2009 
• Financing Terms:  Conventional – 2, FHA – 3, VA – 1, Assumption – 1, Cash – 5, Other – 3

Spotsylvania County

• 66 days on market – this is 52 less than February 2009
• Sellers received, on average, 93.07% of their list price when the home sold
• There is 8.2 months inventory on the market
• 103 homes sold in February 2010 – this is 2 less than in February 2009 
• The most popular price range was $160,000-$179,999
• The median sold price was $175,000, compared to $184,500 in February 2009 
• Financing Terms:  Conventional – 26, FHA – 38, VA – 19, Cash – 15, Assumption – 5

Stafford County

• 62 days on market – this is 58 less than February 2009
• Sellers received, on average, 91.19% of their list price when the home sold
• There is 8.1 months inventory on the market
• 95 homes sold in February 2010 - this is 31 less than in February 2009 
• The most popular price range was $300,000-$399,999
• The median sold price was $235,000, compared to $220,000 in February 2009 
• Financing Terms:  Conventional – 23, FHA – 15, VA – 34, Cash – 18, Assumption – 4, Other – 1

Prince William County

• 44 days on market – this is 49 less than February 2009 
• Sellers received, on average, 96.70% of their list price when the home sold
• There is 6.49 months inventory on the market
• 423 homes sold in February 2010 - this is 292 less than in February 2009
• The most popular price range was $300,000-$399,999
• The median sold price was $215,000, compared to $169,500 in February 2009
• Financing Terms:  Conventional – 126, FHA – 150, VA – 63, Assumption – 7, Cash – 76, Other – 1

All data provided by MRIS.

As localities start discussing and issuing new tax rates in conjunction with new tax assessments, I thought it would be a good idea to explain the difference between assessed value and market value. 

Assessed value is defined as the dollar value of an asset assigned by a public tax assessor for the purposes of taxation.  For our purposes, and the purposes of this blog, we will only be addressing home assessments.  According to The Code of Virginia (Title 58.1-3201) the assessed value of each home should be 100% of the estimated market value.  The locality in which the home is located hires an appraisal firm to come in and place actual values on parcels of land and their improvements.  It would take forever to assess each individual home, so the appraiser selects of homes in different areas and applies the findings to a mass of similar homes.  This system can account for assessed values that are not 100% of market value.  If the appraiser is not aware of certain nuances that effect price in the subject area the value placed on your home may not be very accurate.  If the appraiser happens to select the smallest home in your area or neighborhood as their representative sample, then the assessed value could come in low.  If they choose the largest home, the value could come in high.  Tax records also has a baring on the accuracy of tax assessments.  If you have finished your basement, but never got a permit, or the locality has never reflected the improvement in their records, then the assessed value will be off.  Appraisals, nor assessments, are an exact science.  Human error and subjectivity are major factors in determining your home’s assessed value.  If you happen to have just purchased your home and you notice that your assessment is lower than your purchase price, I wouldn’t complain.  It doesn’t mean you are losing value.  It just means that your taxes will be lower than if they had actually assessed at 100% of market value.  However, if you just purchased your home and your assessment is high, you may want to appeal your assessment.  A valid appraisal and additional comparables will be needed as evidence in your assessment hearing. 

What is market value?  Market value is defined as the price at which buyers and sellers trade an item in an open market place.  In real estate it is the contract price for a particular piece of property.  However, because most buyers need a loan from a bank to make a home purchase, the banks want to make sure the purchase is a sound investment.  Therefore, the bank will require an appraisal to ensure that the purchase price is justifiable.  The appraiser will use data from other homes in the area that have sold to calculate what the home is worth.  The fact that the home is on the open market and that a buyer desires the home help determine what a home is worth.  Without these factors, market value cannot be established.  I can list my personal home today for $500,000.  That doesn’t mean it is worth $500,000.  It is worth nothing until a buyer writes an offer for what they are willing to pay for me to sell them my home.  In our current market, buyers want lower market values.  The lower the market value, the more affordable the homes.  Sellers and economists, on the other hand, are anxiously awaiting market values to climb.  We are in year 3 of a down market.  (Some would argue that this is actually year 4). 

The value to take away from this post is that most home owners want to see low assessed values and high market values.  Looking at the most recent sales in your neighborhood or community can help you determine the accuracy of your assessment.

I am still banging the drum for participation in next week's statewide tornado drill to be conducted at 9:45 a.m. on March 16th. The Virginia Department of Emergency Management has a registration form for all participants, which will include schools, businesses, and government offices. I strongly recommend participating in this drill as a preparation for the upcoming severe weather season. The website also has a link to obtain training and materials for planning your response to severe weather.

It seems that the models are losing enthusiasm for convective instability in our area this weekend, so my hopes for a Friday or Saturday chase are quickly dwindling. The cut off upper level low is apparently going to swing through here with heavy rains and overcast late Friday and during the day Saturday. I'm still keeping my fingers crossed for a March chase or two, but it won't be this week.

If your schedule is anything like mine, your calendar fills fast. This seems especially true during the summer. So it's not too early to start making plans for the two annual Northern Virginia BrewFests.

3rd Annual Northern Virginia Summer BrewFest
Saturday, June 26, 2010 - 11:00 AM - 9:00 PM
Sunday, June 27, 2010 - 11:00 AM - 7:00 PM
Morven Park, Leesburg, Virginia
Advance tickets are now on sale here.
See http://novabrewfest.com/summer/ for more information.

You can see my report from last year's NoVA Summer BrewFest here.




4th Annual Northern Virginia BrewFest
Saturday, October 23, 2010 - 11:00 AM - 7:00 PM
Sunday, October 24, 2010 - 11:00 AM - 7:00PM
Special Events Center, Bull Run Regional Park, Centreville, Virginia

Tickets go on sale online August 15, 2010
See http://novabrewfest.com/fall/ for more information.

Read my report from last year's NoVA Brewfest here.

Both of these are not-be-missed events for craft beer fans in Virginia and surrounding areas. Mark your calendar today!

Our beautiful weather of the past couple of days is slowly fading away with the approach of a "cut off" low pressure system. This is an upper level feature that has been - literally - cut off from the main jet stream flow, resulting in very slow movement eastward. The best ground-based analogy is that of an eddy in a meandering river that creates an oxbow lake over time, "cut off" from the main flow of the parent river.
The approaching system will bring us several days of clouds, showers, and some heavy rain that may fan concerns over river flooding as the ample snow pack in the mountains melts rapidly. The good news is that temperatures will remain mild as the colder air stays up north and the strong March sun pours on the coals to warm our Southern bones.

Our friends over at Nelson County Life bring us this story as a hint of the upcoming Spring. The folks at Blue Mountain Brewery in Afton were planting hops on Monday.

Temps made it to the middle 60’s Monday afternoon in the Rockfish Valley of Nelson County, and people that have been waiting on the warmer weather made use of it! Our Paul Purpura caught up with Stan Driver, owner of Riverside Horticulture & Nursery in Nellysford, getting the ground ready and putting in hops at Blue Mountain Brewery in Afton.

The hops will be used in the beers produced at Blue Mountain. For more on the hop farm at Blue Mountain see the brewery's web site.

More photos at Nelson County Life.
Photo By Paul Purpura : ©2010 www.nelsoncountylife.com

The 8th annual St. Patrick's day parade at the Blue & Gray Brewery will be held on Saturday, March 13. There is a full day of events planned. The parade starts at noon on Saturday, March 13, through the Bowman Center. Irish entertainment will take place at the brewery from 11:00AM - 3:00PM.  The Rappahannock Chapter of the National Railway Historical Society will be giving rides on historic rail cars on nearby tracks starting at 11:00.

Beer by the glass and food will be available for purchase. Homemade soda and hot dogs for kids too!

Like all Blue & Gray events, the St. Patrick's Day celebration is family-friendly. This is a always a fun day and I look forward to seeing you there and enjoying some fresh, local beer.

Pictures from previous years are here and here.

The upper level storm system out in the Plains produced at least one photogenic tornado captured by stormchasers today in a cold core setup, meaning an upper level cold pool of air created enough instability coupled with the vorticity - "spin" - from the tightly wrapped low pressure system to create tornadic conditions. That same storm system is headed east and will drag moisture and some instability into the Mid-Atlantic later this week. The GFS model is still indicating some potential for thunder Friday altho' the potential continues to jump around from run to run. Will there be the first chase of 2010 this week? Don't know for sure yet, but it beats waiting out another snow storm!

I received this in an email today from the folks a Northern Virginia Magazine. It's probably most suited for our Northern Virginia friends, but I thought I'd pass it along. The magazine is holding a content to help folks get over any blues brought on by the recent Snowmageddon.

We are currently holding a contest for March where we’ll be giving away 10 $100 gift certificates to different bars across the NoVA area and thought your readers might be interested. We’ve focused on March Madness and St. Patrick’s Day, and have 5 sports bars and 5 Irish pubs who have donated the certificates. The contest is a drawing of sorts, and we thought your readers might like to take advantage of the offer and maybe win some free beer money!

Just fill out the survey at http://www.northernvirginiamag.com/snowmageddon to be entered to win. But, you better hurry, the deadline is noon on March 10.