Story House 2023 Spring Buyer's Guide

Things To Consider When Buying a Home

STORY HOUSE REAL ESTATE is a boutique residential Real Estate brokerage operating in the Central Virginia area, focused on offering exceptional service. Our success lies in our advocacy for our clients’ interests. Our team is dedicated to fulfilling our clients’ dreams of buying, selling, maintaining and improving their real estate assets. We have built our reputation on hard work and dedication; our goal is to be our clients’ real estate advisor for life.

ABOUT

Story House Real Estate was founded on our belief that every home and every buyer and seller has a unique story to tell. With every new contact we receive, a page is being turned. Whether it is new home buyers just beginning one of the most exciting new chapters in their lives, or the retiree moving into the last chapter of homeownership and downsizing, we cherish the ability to be a part of your journey.

Story House Real Estate recognizes that no transaction is quite the same as the one before it. That is why we have procured a team of the best professionals in real estate

that are dedicated to helping you navigate the next chapter of your story.

One thing that hasn’t been rewritten is our mission statement “to delight and surprise our clients with the highest level of customized service.” Our standard is to deliver more than you would expect from a real estate company, putting together the small details to make sure that your transition to the next chapter in life is smooth, stress-free, and dare we say, exceptional.

We look forward to helping you write the next chapter in your story!

Buying a primary residence is a major financial and emotional decision. For most home buyers, the purchase of a primary residence is one of the largest financial transactions they will ever make.

Tightened inventory is impacting the home search process. Due to suppressed inventory levels in many areas, buyers are typically purchasing more expensive homes as prices increase. More than half of all buyers find the most difficult task in the current market is actually finding a home to buy.

The most important value our agents bring to the table is not helping buyers find a home, but helping buyers find the RIGHT home with the BEST terms. By using strong negotiation skills, our agents find the BEST price and contract terms for our clients.

We can also seek out off-market homes and attempt to be the first in the area to be informed about new homes coming to the market.

service comparison

We want you to be an informed consumer. We believe that when you compare our services to those of our competitors, we stand out from the crowd. Please use the following checklist to decide which broker can best handle your real estate transaction.

CHOOSING THE RIGHT AGENT FOR YOU

Are they a full-time licensed REALTOR®?

Are they in the top 1% percent of REALTORS® in Charlottesville?

Do they have experience selling homes of my style and price point?

Do they have a team and systems in place for consistent closings?

Do they have full-time licensed assistants as backup?

Do they have a full-time licensed transaction coordinator?

Are they available for private showings during the evening?

Are they available for private showings on the weekend?

Do they conduct a buyer meeting to educate their clients on the home-buying process and current market conditions?

Do they develop a custom and unique offer strategy to differentiate their buyers’ offer?

Do they help teach their clients how to build wealth through Real Estate?

Have they taken updated Real Estate courses in the last 90 days?

Do they provide daily and weekly updates on the status of a transaction?

Do they provide annual real estate reviews for their client?

Do they provide visual pricing tools to their buyers to ensure they do not overpay for a home?

Do they have any references I can contact or testimonials from clients?

What’s Happening in the Housing Market?

With so much recent change in the housing market, you probably have questions about what it all means for your homebuying plans this spring. Here are two things that are likely top of mind for you.

1. What’s Going on with Mortgage Rates?

Last year, mortgage rates more than doubled within the calendar year. That’s never happened before, and the rapid rise caused many buyers to put their plans on hold. Today, rates are still quite volatile. With experts projecting rates will stabilize this year, that could be great news for you if you’re ready to buy a home. Any drop in interest rates helps boost your purchasing power by bringing your expected monthly mortgage payment down.

But you shouldn’t expect rates to drop all the way down to the record lows we saw in 2021. Experts agree that isn’t a range buyers should expect. Greg

McBride, Chief Financial Analyst

at Bankrate, explains:

“I think we could be surprised at how much mortgage rates pull back this year. But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon.”

It’s important to have a realistic vision for what you can expect this spring. Though we’re not going back to 3% mortgage rates, you may be surprised by the impact even a mild drop in rates has on your budget.

2.What’s Happening with Home Prices?

Headlines about home prices can be confusing. While home price appreciation has cooled, where home prices go from here will vary based on supply and demand in our local market.

That may be why some experts say prices will decline slightly and others say they’ll continue to climb, just more moderately than they did in the frenzy of the pandemic. The important thing is, overall, experts say price appreciation will be relatively neutral or flat this year.

Bottom Line

Don’t let market uncertainty delay your goals.

Let’s connect so you have an expert on your side to answer all your housing market questions. Together, we’ll review your goals and what’s happening in our market, so you have the information you need to make a powerful and confident decision.

If you’re thinking about pausing your home search because of mortgage rates, you may want to reconsider. This could actually bean opportunity to buy the home you’ve been searching for. The rise in mortgage rates is leading some potential homebuyers to pull back on their search for a new home. So, if you stay the course, you’ll likely face less competition among other buyers when you’re looking for a home. This is welcome relief in a market that has so few homes for sale.

How the Supply of Homes for Sale Is Changing

One of the biggest challenges in the housing market today is how few homes there are for sale. However, there are more options to choose from than there were at this time last year. Here’s what that means for you.

The Number of Homes for Sale Is Up from Last Year, but Below Pre-Pandemic Levels

During the pandemic, housing supply hit a historic low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough homes available for sale to meet buyer demand.

Today, the supply of homes for sale has increased by 65.5% compared to this time last year. That’s a welcome increase for buyers, but it’s important to note that housing supply is still below where it was in the years leading up to the pandemic. In a recent report, realtor.com explains:

“While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”

What Does This Change Mean for You?

Here’s the good news: an increase in the number of homes for sale means you have more options for your search. Not only do you have more options to choose from, but sellers may be more willing to negotiate with you than they were over the last couple of years.

Just keep in mind, while a rise in home inventory is welcome, inventory is still lower than a more normal year in the housing market. That means it’s still important to lean on your expert advisor for advice on how to navigate your local market. This can include being flexible and open to negotiations, balancing your wants and needs in a home, and taking the right financial steps to be confident in your options.

Bottom Line

Housing supply is still well below pre-pandemic norms. However, as buyer demand has slowed, inventory has started to grow. Let’s connect so you have the latest information on the homes available in our local market.

“If you’re seeing a property on the market today, you’re probably seeing a motivated seller.”

- Rick Sharga, Founder, CJ Patrick Company

What Past Recessions Tell Us About the Housing Market

Although experts project any recession for the housing market would be short and mild, as recession talk grows this year, you may be wondering what it could mean for the housing market. Here’s a look at the historical data that shows what’s happened in real estate during previous recessions.

A Recession Doesn’t Mean Falling Home Prices

The 2008 housing crisis can lead many of us to connect a recession with home prices crashing. But as the graph below shows, home prices appreciated in four of the last six recessions in this country. So historically, when the economy slows, it doesn’t always mean home prices will fall.

A Recession Means Falling Mortgage Rates

How does a recession affect the cost of financing a home? As the the next graph shows, historically, each time the economy has slowed down, mortgage rates declined.

6 Recessions

Fortune also explains mortgage rates typically fall during an economic slowdown:

“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”

The big takeaway is, you don’t need to fear the word recession when it comes to the housing market.

Bottom Line

According to historical data, in most recessions, home values have appreciated, and mortgage rates have declined. If you’re thinking about buying a home this spring, let’s connect so you have expert advice on what’s happening in the housing market and what that means for your homeownership goals.

Sources: Freddie Mac, Mortgage Specialists

“So be advised…this may be the one and only window for the next few years to get into a buyer’s market. And remember…as the Federal Reserve data shows…home prices only go up and always recover from recessions no matter how mild or severe. Long term homeowners should view this market…right now…as a unique buying opportunity.”

- David Stevens, Former Assistant Secretary of Housing

TOP REASONS TO YOUR HOME

Havingaspacethat's solelyyourown

Prioritizingtheneedsof thoseclosesttoyou

Controllingyourfuture directionandsecurity

FINANCIAL INVESTMENT

ACCOMPLISHMENT

PERSONAL EXPRESSION

Growingyourassetsand wealth

Reflectingyourefforts andsuccess

Displayingyourunique personality

COMFORTS

Surroundingyourselfwith enhancedexperiences

Beingpartofabroader socialgroup

IF YOU'RE READY TO BUY A HOME, LETS GET THE PROCESS STARTED TODAY!

Why Buying a Home May Make More Sense Than Renting

Buying a Home Can HelpYou Escape the Cycle of Rising Rents.

Rentshave risen consistently forseveraldecades.

When your rent rises, you pay more, and that can make saving forahome even harder.

Ifyou'retryingtodecide whethertorentorbuya home, considerthis:

$6,300

Homeowner Renter

Homeownership Is Typically Considered a Good Hedge Against Inflation.

With inflation high, landlordsmay be even more likely to increase your rent.

Homeowners with a fixed-rate mortgage can lock in amonthly payment for 15-30 years.

Homeownership Is a Powerful Wealth-Building Tool.

When you own, you gain equity ashome values appreciateand as youmake your monthly payments.

That's one of the reasons why homeowners have ahighernet worth.

73% ofproperty managersplan to raiserentsoverthenext two years.

Homeownership Wins over Time

Do you know people who bought a home 5, 10, or even 30 years ago? If you do, then you know they most likely don’t regret it. Why is that? The reason is homeowners gain equity and wealth as their home value grows over time.

Home Price Growth over Time

Over the past year, home price appreciation has slowed throughout the country, but having perspective on the longer-term look on home values is key. While the extent of recent price moderation varies by local market, going forward, experts project home price appreciation in 2023 to be roughly flat or neutral nationwide – not a drastic decline. There just aren’t enough homes on the market for prices to crash.

And when we look at homeownership gains over time, it’s important to see the bigger picture. The map below uses data from the Federal Housing Finance Agency (FHFA) to show just how noteworthy the cumulative gains have been over the last five years:

Percent Change in Home Prices

Over 5 Years, Q4 2022

Source: FHFA

If you look at the percent change in home prices, you can see they grew, on average, by 58.4% nationwide over the last five years. So, while prices may go slightly up or slightly down over shorter periods of time, the long-term benefits are where homeowners truly win.

And if you expand that time frame even more, the benefits of homeownership become even clearer (see map below):

Percent Change in Home Prices

Source: FHFA

This map shows, nationwide, home prices appreciated by an average of almost 300% since 1991.

While home price growth always varies by state and local area, the nationwide average indicates the typical homeowner who bought a house 30 years ago saw their home increase significantly in value over that time. This is why homeowners who bought their homes years ago are still happy with their decision. And while the past won’t always dictate the future of home price appreciation, it can most certainly teach us quite a bit.

And don’t forget – the alternative to buying a home is renting, and rental prices have been climbing for decades. So why rent and deal with annual lease increases and no long-term financial benefits? Instead, if you’re ready, consider buying a home. It’s an investment in your future that could set you up for significant long-term gains.

Bottom Line

Data shows home values historically appreciate in the long run, which gives your net worth potential a nice boost. If you’re ready to buy a home, let’s connect today.

“The success of your homebuying journey largely depends on the company you keep. As you set out to find the right home . . . be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”

- Freddie Mac

1.SELECT A REAL ESTATE AGENT

2.OBTAIN FINANCIAL PRE-APPROVAL

3.ANALYZE YOUR NEEDS IN A BUYER’S CONSULTATION

6.WRITE AN OFFER TO PURCHASE

5.VIEW PROPERTIES

4.SELECT PROPERTIES

7.NEGOTIATE TERMS

8.RATIFY

9.REMOVE

10.OBTAIN FUNDS FOR

1.CREDIT

YOUR NEXT STEPS

step 1

We can refer you to a reputable mortgage professional whom you can call.

step 2

Gather all your financial paperwork.

step 3

Meet with a mortgage broker to discuss the best loan products available for your financial picture and obtain a pre-approval letter.

A Real Estate Expert Gives You Clarity in Today’s Housing Market

A real estate expert uses their knowledge of what’s really happening with home prices, housing supply, expert projections, and more to guide you throughout the homebuying process.

Why You Want To Lean on a Trusted Professional

Jay Thompson, Real Estate Industry Consultant, explains:

“Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.”

Unfortunately, when information in the media isn’t clear, it can generate a lot of fear and uncertainty in the market. As Jason Lewris, Co-founder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

But it doesn’t have to be that Buying a home is a big decision, and it should be one you feel confident making. You can lean an expert to help you separate from fiction and get the answers you need.

The right agent can help you understand what’s happening the national and local levels, they can debunk the headlines using data you can trust. Experts have in-depth knowledge of the industry and can provide context, so you know how current trends compare to the normal ebbs and flows in the industry, historical data, and more.

Then, to make sure you have full picture, an agent can tell your local area is following the national trend or if they’re seeing something different in your market. Together, you can use that information to make the possible decision.

After all, making a move is a potentially life-changing milestone. It should be something you feel ready for and excited about. And that’s where a trusted guide come in.

Bottom Line

For expert advice and the latest housing market insights, let’s connect.

THE ROLES OF A REALTOR®

AND HOW WE CARRY THEM OUT

BUYER’S AGENT

During the home buying process, we represent you, the buyer. As a buyer’s agent, we work solely for you and have no legal or other responsibilities to the seller. We represent your best interests by showing you properties that suit your needs, negotiating all offers, monitoring the transaction from start to finish and taking you to the closing.

SELLER’S AGENT

On the Story House team, Sasha and Madison represent all sellers, so if you are buying a home, you will always have your own representation. Real estate ethics prevent us from giving you opinions on price, condition, or other factors on a home represented by us that might influence your decision making process. In this case, our client is the seller, so we provide full disclosure to them.

WE CAN SHOW YOU HOMES, NO MATTER WHERE YOU FIND THEM.

NEW CONSTRUCTION

If you are looking to buy a newly constructed home, we have all the resources and abilities to help you make the purchase that’s right for you. We have established relationships with local builders, and we keep up-to-date on all new construction projects in the area. We are involved in every stage of the building process and know how to help guide you through the many decisions that accompany buying a new home, including, and most importantly, the negotiation of the contract.

RESALE HOMES

Our experience with resale homes comes from having sold hundreds of homes throughout our careers. We know the local market and the many neighborhoods in the area, giving us the confidence in our ability to find just the right home for you and your family.

OTHER AGENTS’ LISTINGS

We can show you any home regardless of the name on the sign. The agent on the sign is the agent of the seller and does not represent you. Call us when you find a home that you’d like to see, not the agent on the sign.

FOR SALE BY OWNER

We can even help you buy a home sold by its current owner. Call us if you see a “For Sale by Owner” sign, and we will make it happen! We will contact the owner on your behalf and arrange the showing as quickly as possible.

meet our agents

ABR, REALTOR®

errin@storyhousere.com

(434)216-6358

Errin graduated from Virginia Commonwealth University with a B.S. in Psychology and Education. She has been a REALTOR® in the area since 2005 and has deep roots in Charlottesville. Errin prides herself on great communication and the ability to navigate the complex and often emotional sales process with her clients. She is married to her husband Bryan, who is an educator and coach, and they have two children, Charlie and Abby. In her spare time, she loves to run, knit, cook, and spend time at all the wonderful local festivals, wineries, and restaurants that Charlottesville has to offer. The most tenured of our Sales Agents, Errin is aware of all available properties for sale (as well as several that are available off-market), her knowledge of Charlottesville real estate is unparalleled.

josh@storyhousere.com

(434)216-6311

Josh graduated with a Bachelor’s degree in history from James Madison University and went on to get his Master’s in middle school social studies education at North Carolina State University. He was a teacher, coach, athletic director, and educational hiring consultant prior to making the switch to real estate. He began as the Transaction Coordinator on the team, consistently providing excellent service to our clients in every step of the process. He is married to Mallory, who is an architect at VMDO, and they have three children, Maggie, Libby, and Parks. He loves woodworking, working on motorcycles, home improvement, and reading a good book in his down time. He is very involved with The Point Church and has been a foster parent. Josh is aware of all available properties for sale (as well as several that are available off-market), his knowledge of the Charlottesville real estate and investment properties is extensive.

SALES

brentney@storyhousere.com

(434)216-6393

Brentney graduated from James Madison University with a B.S in Kinesiology concentrating in Sports Management and a minor in Business. After college, Brentney interned with the University of Virginia’s Athletic Department specializing in marketing and promotions. Brentney then decided to pursue a career in real estate! Her extensive knowledge of Charlottesville and the surrounding counties provides a strong foundation for evaluating market conditions to determine the right course of action for her buyers and investors. Brentney works with roughly 10-20 buyers at any given time and her knowledge of Charlottesville real estate is exceptional. Brentney is married to her husband, Brian who works at the University of Virginia and they have two mini Aussiedoodles, Kate and Beth! You can find them both at all of the UVA Basketball and Football games cheering on the Hoos!!

BRENTNEY KOZUCH

PARTNER, ABR, REALTOR®

ERRIN SEARCY ASSOCIATE BROKER, VICE PRESIDENT OF SALES CRS,

JOSH WHITE ASSOCIATE BROKER, SALES PARTNER CRS, REALTOR®

JESSICA TRIVETTE SALES PARTNER, REALTOR®

jessica@storyhousere.com

(434)216-6399

Jessica graduated with a Bachelor’s of Arts in Psychology from the University of Tennessee. After graduation, she and her husband David moved to Blacksburg, Virginia to open and operate the first of six Jimmy John’s locations in the Commonwealth. With a desire to call Charlottesville home, she and her husband moved their four children to the area as they continued to expand their franchise. Settling into the area in 2013 gave Jessica the knowledge and the foresight on what it takes to raise a happy, healthy family in the heart of the University of Virginia culture. In her spare time, she enjoys making home improvements, exercising, studying health and nutrition, reading, and focusing on anything that stimulates her creativity. Having been a part of a local family business for many years, Jessica knows the importance of open communication and providing the best customer service possible.

ZOYA

(434)216-6303

Zoya began her career as a real estate paralegal after completing her Associates Degree and receiving her paralegal certificate from Blue Ridge Community College. After realizing her love for working closely with people during closings, she pursued her real estate license. Zoya was born and raised in Harrisonburg, Virginia, but soon after relocating for her husband’s job, she fell in love with the Greater Charlottesville Area. When not working, she loves spending time with her husband and traveling to new places, trying new restaurants and shopping for cool antiques. When asked about her favorite travel destination, Zoya would say Aruba because of the beautiful beaches. Zoya is also a huge reader.

virgil@storyhousere.com

(434)216-6553

Prior to joining Story House Real Estate, Virgil was in the property management industry. He received his B.S. in Interdisciplinary Studies from Florida International University and, following his new-found love for real estate, he earned his sales license in Florida. When his fiancé was approved for a PhD program at UVA, he came to Charlottesville to earn his license in Virginia as well, and is well versed in the real estate needs of the UVA health community. Outside of work, you will always find him with his friends, family, and dog Riley, or sipping a good whiskey while reading a great book. Virgil was born in Cuba and is completely fluent in Spanish and is able to meet all our bilingual needs. Growing up around music, he loves to dance to a good Cuban salsa and eat great Cuban food.

CLAUS SALES PARTNER, REALTOR® zoya@storyhousere.com

VIRGIL VELASCO SALES PARTNER, REALTOR®

AARON HOWELL SALES PARTNER, REALTOR®

aaron@storyhousere.com

(434)216-0433

Aaron graduated from West Virginia University with a Degree in Pharmacy in 2000 and moved to Charlottesville immediately after graduating. He worked with Kroger in various positions until 2008 and then transitioned to Walmart in Charlottesville until 2018 when he went part time as a pharmacist at the University of Virginia. While maintaining his part-time status as a pharmacist, he attained his real estate license in 2019. Starting in 2010, Aaron began building his own real estate portfolio and currently has 23 units in three states. Aaron met his wife, Megan, who is an RN and employed at Augusta Medical Center in Fishersville, in 2013 and got married in 2015. They have a dog, Lincoln, and two cats, “M” and “Newman.” Aaron enjoys lawn care, gardening, and has hiked extensively in the United States, Mexico, Ecuador, and Bolivia. He also has a pilot’s license. Aaron continues to be the Pharmacist in Charge at the Charlottesville Free Clinic and volunteers there several times a month. Aaron has gained extensive knowledge about the central Virginia market with a special interest working with investors and vacation rentals.

abby@storyhousere.com

(434)987-7873

A native of the Charlottesville area, Abby has a great love for all things local. Having grown up in a real estate family and learned from her mother, Errin, Abby is excited to embark on her own path with the Story House team. She is currently attending Liberty University in pursuit of a Strategic Communications Bachelors Degree. In her spare time, she enjoys writing, cooking, spending time outdoors, her involvement with The Point Church, and spending time with her cats Billy and Jill.

SALES

troy@storyhousere.com

(434)216-0543

Troy Harding was born and raised in Charlottesville and Fluvanna county, and has lived here for nearly his entire life. Troy graduated with a Bachelor’s degree in Business Administration from Radford University. He has over 17 years of real estate experience and is committed to providing the best service to his customers with the utmost friendly nature and exceptional service. His vast sales expertise and familiarity with the region make Troy very knowledgeable of all real estate throughout the area. Troy is married to Brie, who is an Associate Director of Event Operations in Marketing at S & P Global, and has a beautiful daughter, Alivia. In his spare time, he loves landscaping, exercising, home improvements, going to wineries, and, most importantly, spending time with his family.

ABBY SEARCY SALES PARTNER, REALTOR®

TROY HARDING

PARTNER, REALTOR®

happy clients say it best

“As out of town buyers, it was important that we have a highly competent, well-organized, communicative REALTOR® to help us in our search. Errin Searcy was all those things and more. She helped us begin our search online and then showed us MANY properties on the few days we were in town. She was so great at helping us find the exact right property. And then, the closing process was so smooth--we were informed every step of the way. I recommend Story House and Errin in the strongest possible way!”

GRETCHEN & RAY BROWNE

“Everyone on the team was very communicative and prompt. Brentney went above and beyond to help us close on our house and answered texts and emails that were probably way past her work hours. She was extremely proactive and friendly. We loved working with her!”

JULIANA SILLS

“Jess was always available when we had questions, any time we reached out. It was so nice to know that she was there to help us through the process.”

LINDSAY HEPLER

“Zoya was an amazing realtor. This was our first home purchase and we did it entirely out of state and over the phone. There was no way we could have done this without Zoya’s support. She did face time tours for us for all the houses we liked and went back and did neighborhood tours when we wanted to see more. She was also always available and made sure all our questions were answered.”

DASANI MADIPALLI

“Professional, kind, and most importantly knowledgeable about everything we needed and pointed us in the right direction every time. Story House was amazing at helping us through this new and complicated process, answering all our questions and being so readily available. It felt like we really mattered and that they were cheering for us to find the best place for our family, not just any house.”

MEGAN & JUSTIN BRYANT

“Abby Searcy was wonderful! Very knowledgeable and professional in regards to both real estate and communication. I would highly recommend using Abby and Story House for your Real Estate needs.”

JIM STOLTZ

5/5 AVERAGE FROM OVER 500 REVIEWS ONLINE!

“Buying a home is no small feat, and it’s one of the biggest financial decisions of your life. When you’re ready to buy, finding a real estate agent with experience to guide you through the homebuying process is key.”

- Bankrate

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I’d