NRVLiving - Real Estate. Simplified.

It's All About Your Neighborhood, and It's SPAM Free!

Ever wondered how to find out what that creepy neighbor sold their house for?  I remember the neighborhood Christmas parties - seems someone always wants to talk about real estate, and inevitably someone will ask "what do you think I can get for my house?"

I'm glad to talk real estate - it's one of my passions - but what if you could stay on top of the market and be the  envy of all your friends?  Now YOU can be the neighborhood expert at cocktail parties, just email me with your New River Valley neighborhood and I'll set up an automatic search that will notify you when a new listing hits the market in your neighborhood, and if it sells.  Easy enough, and no, I will not contact you otherwise - these emails as SPAM-FREE!

If you're interested, email me at jeremy at nrvliving dot com and I'll set it up for you.  I've already had several past clients sign up for updates on their own neighborhoods, and it was so well-received I thought it might be helpful for everyone.  All of this information is online and available for public consumption, let me make it a little easier and send it directly to you, in real time! 

Thanks, cobalt123, for the image.

Free Money's Not Cheap Money - A Look at the American Recovery and Reinvestment Act of 2009

Home buyers - how does a $15000 Tax Credit sound?  $15000, free money - sounds pretty good, right?

Who knows if it'll actually be there, though. 

Let's catch up to speed ... The House has passed a version of the stimulus bill, while the Senate is currently working on their own version.  They're supposed to vote on it tomorrow, February 10th, but as of this post I don't know if that'll happen.  There's some political wrangling that has to go back and forth, and once that's finished then it's voted on by both the House and the Senate ... again.

But why a stimulus in the first place, and will it even help?  Remember - I'm not a lawyer or a CPA, so if you have questions about whether this makes sense for you I'd suggest starting with them FIRST.  Then mail me.

The idea is that a tax credit of 10% of a home's purchase price, or a value no greater than $15000, could be written off on your taxes as a credit, thus stimulating buyers to invest in the housing market by purchasing either new homes or homes that are being resold.  The original stimulus bill, called the American Recovery and Reinvestment Act of 2009, said that only $7500 could be applied for as a credit, but this most recent amendment upped that to $15000.

15 grand is a lot of money.

I received some emails from first-time buyers late last week that thought it was just a first-time buyer credit, but according to the AP that's not the case.  The AP reports "The Senate has voted to award anybody buying a home this year a tax credit worth up to $15000 in hopes of jump-starting the sagging housing market.  The homebuyer tax credit offered by GOP Sen. Johnny Isakson would apply to any home purchased as a main residence and would cost taxpayers $19 billion."  So it looks as if it's a homebuyer credit and not a first-time buyer credit. 

I don't know if this makes a difference overall in the housing market across the country.  I know that the New River Valley market is not facing many of the same problems, and I hope to have my 2008 Annual Report out in the next several days.  Nevertheless, $15000 is a lot of money to just leave on the table and I think by the response I've gotten from buyers so far, and from what I'm hearing across the country, it's going to make SOME kind of a difference.  Make sure to read this report from Calculated Risk on the situation.  Jay Thompson also has a good recap.

EverythingNRV.com and Housing Shortages

Tim Jackson quoted me in a piece he did at EverythingNRV.com entitled "Two Sides of the Coin".

I love seeing people pick up on what the market's doing here, and I thank Tim for including me in his piece.  I did find much different data than he reported with regards to sales figures for both November and December of 2008 and 2007, which I addressed in the comments.  Nevertheless, thanks to Tim for writing and asking me to participate, be sure to check out EverythingNRV.com and add it to your daily read!

---------

Seems like we covered this last year, as well, but Virginia Tech has announced another shortage of housing for on-campus rooms.  Let's see ... buyers' market, great loan rates, students having to move off-campus ... who might be interested in an opportunity like this? 

Investors.  Parents.  Students with documented sources of income.  Email me ... we need to talk. 

Let's Play Armchair Economist & Determine When the Market Improves

Greenspan's been around a long time - what do you think about his comments?  Is he a cheerleader, or a crazy economist?

No right or wrong answer here, what is your crystal ball telling you the economy will do in the New River Valley in 2009? 

Here's How To Get Your Mortgage Under $1000 a Month

Looking to buy a house in Southwest Virginia?  Perhaps you've been looking at homes in Christiansburg, or in Radford, and you just don't think you can afford it.  I'd remind you that the opportunities are there for buyers right now for two reasons - (1) the inventory available, and (2) the rates that local lenders are willing to lend at.  Let's look at the numbers ...

Assuming a house is priced at $150000, and the interest rate is 5.00% (the current USDA rate), here's how your monthly payments would break down on a home in Christiansburg purchased for $150000 with NO MONEY
DOWN:

Principal & interest:       $805.24
Prop Taxes (estimate):     114.83
PMI (None with USDA):             0

Total Payment:             $920.07

Imagine - a $150000 mortgage for less than $1000 a month.  And it's important to note that this is a USDA loan, with a secure 30-year fixed rate and NO prepayment penalty.  STILL think you can't get a loan?  I promise you that it's still easier than you think.  Contact me, I'll help you search for your best option with local lenders who have money to lend.

This can work well for many buyer profiles, but what one buyer often has a job, credit and no money?  Recent college graduates.  Virginia Tech and Radford alum, let's see how we can make this work for you!

Updated 12/19 8:05am - Stan Norris of Prosperity Mortgage emailed me to take me to task a bit, and he's right.  There are a number of variables that need to be considered regarding mortgages, including whether points are paid up front, whether the Seller is paying some closing costs, what type of property it is, etc.  This isn't an endorsement of the USDA program in every case - your local lender and agent can walk through the best options with you to determine what makes sense.  And I forgot to include insurance costs, as well - that's kind of important.  According to Eric Johnsen, a good rule of thumb to determine monthly hazard insurance on a residential property is to multiply the market value x .0025, then divide that by 12.  So in the example above, ($150000 x .0025) / 12 would mean a monthly insurance cost of $31.25 ... still less than $1000.

The State of the Market - November 2009

Ever been in a candy shop?  You know, the type where there are candies of all sizes, shapes and colors lining the walls?  The shops where you shove a big metal shovel the size of Delaware into a barrel of assorted candies, and you come up with all different types of sweets?

Yea - that's what the real estate market is like right now.

It's not that it's a huge surprise ... the winter is always slower than normal, so we were prepared for that.  I can't say anyone saw bailouts of the banks, the construction folks, the auto makers, the pizza bakers and the professional matchmakers, but needless to say here we are.

See how I did that, the whole rhyming thing and all?  I know - Eminem I'm not.  Nor am I fan of bailouts of irresponsible mismanagement, but that's a story for another day.

Buyers, if you:  (1) have a job, (2) have money to put down and (3) have good - notice I didn't say excellent - credit, our current real estate market will be like walking into that candy shop and taking your pick of everything that's available.  I don't mean that you'll get it for pennies on the dollar, but the opportunities are there to pick up excellent values right now.  Think about it - if a property is listed now, between the Thanksgiving and Christmas time frame, don't you think that Seller is serious about selling his or her home NOW?  I do, and my Sellers are.  And it's important to note that when I say you need money to put down I don't mean ten's of thousands of dollars.  There are lenders here locally, right now, offering great rates on FHA and other buyer programs that are requiring as little as 3% down, not to mention the free money - yes, free money, not additional loans - that localities like Blacksburg are offering qualified buyers.

Let me post the latest absorption rate numbers for the New River Valley market now, and then check in with folks that might need to sell their home in the next few months.  When it comes to absorption rates, we're looking at how long it would take to sell the existing residential inventory in a particular area, if nothing else came on the market until supply was exhausted.  Anything over 5 months is typically a buyers' market, and anything less than 5 months is typically a seller's market.

Area	# of Active Properties	# of Sold Properties	Absorption Rate	Buyer/Seller Market
Blacksburg	211	12	17.58 Months	Buyer
Christiansburg	258	13	19.85 Months	Buyer
Montgomery County	64	0	64.00 Months	Buyer
Floyd County	115	4	28.75 Months	Buyer
Giles County	54	1	54.00 Months	Buyer
Pulaski	101	5	20.20 Months	Buyer
Dublin	107	4	26.75 Months	Buyer
Radford	70	3	23.33 Months	Buyer

Sellers, the market's not in your favor now when you look at the numbers above.  28, 54, 64 months worth of inventory?  An average of more than two years worth of inventory is a scary thing when you're putting your home on the market, but remember it's not taking EVERYTHING that long.  The average for the NRVLiving Team in 2008 is 101 days, or just over 3 months.  Some have taken less, some will take more, but we're doing our best to expose our listings in every effective way possible.  That being said ... selling right now isn't for everyone.  If you bought a townhouse in Christiansburg last year for no money down and expect a 10% return, it might be a good idea to rent for the home for a while.  Those are products that are having difficulty selling in today's market, and will need some time to settle out.  Nevertheless, there ARE ways to get it sold ... not the least of which includes patience.  There is a lot of uncertainty right now, and it's going to take patience and carefully executed marketing to reach buyers who are ready to execute. 

At the halfway point of the year, I wrote a post looking at what the market was doing up to that point, and compared it to the year prior.  The results were striking, and I'm working on a follow-up for the entire 2008 year that I hope will be helpful.  There will be some in the real estate market who will be happy they held off selling, and others that will regret not buying, but the time is not right for everyone.  Be patient, find an agent who is studying and demonstrating they know the market they're serving, and grab that shovel - there's candy to be had.

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See? It's Possible To Get Along

A reader sent me this article overnight about adaptive reuse in Washington DC. 

As Judy wrote:

"wouldn't it be great if Blacksburg could do a similar type of adaptive reuse to the old Blacksburg Middle School?  Granted, our school is much older, but the commitment of all parties made it work."

Thanks Judy - there really is something to Fulghum's book.

Have an idea or article you'd like to share on the blog that applies ?  Email me and let me know.

The State of The Market - October 2009

Ah, the leaves in the New RIver Valley are changing.  It's one of my favorite times of the year here - until the winter winds decide to blow.

Just as the leaves will change every year, it's election day today and with a lame duck President in place we'll see change in DC, as well - you DID vote, didn't you?  The leaves change, our leadership changes, and the real estate market ... well, it's changed a bit, as well.

I'll repeat it one more time:

"a slow, steady and calculated approach to the market is going to be important as we move forward towards 2009."

There are opportunities for buyers and sellers, right now, and a slow and steady approach will serve you well.  That being said, I don't think we'll see significant market rebounds in the short-term so Sellers, if you don't have to sell, don't.  As you can see from the following numbers, anything over 5 months is a buyers market and right now, there aren't any buyers markets.  I'm currently working on an end-of-year market report, I'm interested to see how that works out ... stay tuned for that.  Again, when it comes to absorption rates, we're looking at how long it would take to sell the existing residential inventory in a particular area, if nothing else came on the market until supply was exhausted.  Anything over 5 months is typically a buyers' market, and anything less than 5 months is typically a seller's market.

Area	# of Active Properties	# of Sold Properties	Absorption Rate	Buyer/Seller Market
Blacksburg	216	11	19.64 Months	Buyer
Christiansburg	278	14	19.86 Months	Buyer
Montgomery County	67	8	8.38 Months	Buyer
Floyd County	124	6	20.67 Months	Buyer
Giles County	60	9	6.67 Months	Buyer
Pulaski	105	9	11.67 Months	Buyer
Dublin	113	6	18.83Months	Buyer
Radford	72	10	7.20 Months	Buyer

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Dazed & Confused Concerning Affordable Housing in Blacksburg

The Current yesterday ran a "forum" piece regarding the proposed Blacksburg workforce housing project that's been hotly debated; it appears that the forum was a response to this October 5th editorial. 

Please tell me this was a joke.  Honestly.  I'm confused as to the message this sends to community residents.

Quotes include:

• "Residents ... would have the convenience of having elementary, middle and (proposed) high schools; churches; parks; recreation fields; and grocery and other shopping located one mile or less from their neighborhood"
• "Blacksburg Transit service would be extended to the site ..."
• the residents would enjoy "social and environmental benefits of living in an EarthCraft designed and certified community -- the first such proposed project in Virginia"

Why is the Blacksburg Housing and Community Development Advisory Board determining that the best place to put an affordable housing project is outside the Town limits?  At least on the Harding Avenue site we were attempting to annex the property so that it'd be within the Town boundaries and it has easier access to downtown, but to say the Merrimac Road location is the best solution is crazy.  The whole goal of the project is to find a location where residents can easily interact with things happening within the Town while utilizing current roads, public transportation and walking and biking trails, but as it is now the Merrimac Road location is outside of Town limits, and provides no easy alternative to get in and out of the downtown area other than Price's Fork Road.  I haven't driven it - yet - but I'd guess the Merrimac Road location is nearly 5 miles from Main Street and College Avenue, widely regarded as the "center" of downtown.  The Harding Avenue location is maybe half that, and for the most part follows established bike paths and suburban streets?  Furthermore, to extend Blacksburg Transit just to serve this community smacks of "thank us for our generosity."  The Harding Avenue had a bus stop literally yards away, eliminating the need for heavy rerouting of buses and scheduling. 

The forum goes on to say that the project will be green and efficient, and will be the first such project proposed in Virginia.  If they're referring to affordable housing that may be the case, but I don't think it's the first EarthCraft certified community in the state, nor is it the first in Blacksburg.  

I have a hard time understanding why Merrimac Road makes more sense.  I think it just reeks of elitism and ulterior motives, and I hope you can work it out with the Montgomery County Board of Supervisors to fix this one.

Dazed and confused.

The State of the Market - September 2008 (Renamed: A Slow And Steady Approach)

August has come and gone, and September has as well.  The leaves are changing ... it's one of my favoritest (can I say that?  Sure I can) times of the year here in the New River Valley.  September has NOT been nice to the stock market, however - there's no secret there, we've passed a bill with economic implications that are really beyond comprehension to try and stabilize it, and oh yea, there's a presidential election going on as well.  Wondering how it all effects housing?  My best guesses here, here, here and here.  As I said last month however:

"a slow, steady and calculated approach to the market is going to be important as we move forward towards 2009."

I believe that, more than ever.  If you look at the first half of the year you'll see prices being soft during a time of year that's typically a much stronger market, and then as we've gotten further into the fall that trend has continued.  According to figures pulled from the New River Valley MLS, volume across the entire New River Valley (which my absorption rate statistics does not cover in its' entirety) is down about 14% from this time last year, the average sold price is down about 11% from this time last year, but the list to sale ratio is 96.3% (compared to 96.2% last year).  That tells me that while prices are down from this time last year, sellers are pushing for lower list prices as well - this is a good strategy.  In a market that's soft, don't rely on the price your neighbor got six months ago.  Stay ahead of the knife and price it right the first time.  One more cautionary tale, and I mentioned it last month ... if you are in an Adjustable Rate Mortgage, and your rate adjusts or expires at anytime in 2009, please contact me immediately.  There are serious implications for many homeowners who will find their payments jumping by hundreds of dollars a month, let's find a local lender who can act quickly to help you refinance and keep your payments low.

When it comes to absorption rates, we're looking at how long it would take to sell the existing residential inventory in a particular area, if nothing else came on the market until supply was exhausted.  Anything over 5 months is typically a buyers' market, and anything less than 5 months is typically a seller's market.

Area	# of Active Properties	# of Sold Properties	Absorption Rate	Buyer/Seller Market
Blacksburg	206	19	10.84 Months	Buyer
Christiansburg	272	17	16.00 Months	Buyer
Montgomery County	68	8	8.50 Months	Buyer
Floyd County	127	2	63.50 Months	Buyer
Giles County	60	8	7.50 Months	Buyer
Pulaski	101	5	20.20 Months	Buyer
Dublin	116	7	16.57 Months	Buyer
Radford	79	7	11.29 Months	Buyer

A full and complete shift into a buyers' market through September, which again is no surprise, it's part of the cycle.  Certainly, news from Wall Street and an election are playing into this, as well as just the typical slow down that happens every year about this time.  I was asked on Monday if I was worried about my job.  Let me be clear ... NO.  People are going to buy and sell during turbulent times.  The market will be different, it will be rocky at times, but if I know how to navigate it and put the pieces in place, it all works out in the end.  Let me repeat - a slow, steady and calculated approach to the market is going to be important as we move forward towards 2009.

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Help The Huckleberry

They've determined how to cross Route 114, they've determined the route ...

But they need the money.  You can help the Friends of the Huckleberry by writing to express your support.  Brad Stipes tells us how ...

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Politics As Usual?

A reasonable delay, or politics as usual?

What are we saying to those citizens who would benefit from a project like this if we're not willing to discuss it openly, honestly, and act decisively?  Is this a project that a silent majority of Montgomery County citizens truly want, but is being silenced by a vocal minority and plodding politics?

The State of the Market - August 2008

It's the home stretch for 2008, and what a year it's been so far - the first half of the year showed that the time to sell a home was actually FALLING a bit, but prices were unchanged for the most part save for a few select areas.  As we head further into fall and winter, I expect we'll see shifts across all area markets to what we'd consider a buyers' market.  There are also many Adjustable Rate Mortgages expected to reset in early 2009 and so I'm wondering if we may see more homes coming on the markets in the next couple of months, as homeowners try to avoid rising mortgage payments.  If you're one of those homeowners and aren't intending to move, please contact me immediately - let's find a local lender who can act quickly to help you refinance and keep your payments low.

When it comes to absorption rates, we're looking at how long it would take to sell the existing residential inventory in a particular area, if nothing else came on the market until supply was exhausted.  Anything over 5 months is typically a buyers' market, and anything less than 5 months is typically a seller's market.

Area	# of Active Properties	# of Sold Properties	Absorption Rate	Buyer/Seller Market
Blacksburg	208	35	5.94 Months	Buyer and Seller
Christiansburg	276	41	6.73 Months	Buyer
Montgomery County	69	11	6.27 Months	Buyer
Floyd County	123	6	20.50 Months	Buyer
Giles County	60	4	15.00 Months	Buyer
Pulaski	108	13	8.31 Months	Buyer
Dublin	123	14	8.79 Months	Buyer
Radford	92	12	7.67 Months	Buyer

This shift into a buyers' market is certainly nothing new, it usually happens every year.  Interesting days ahead though, a slow, steady and calculated approach to the market is going to be important as we move forward towards 2009.

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Blacksburg Running Dry?

On a bike ride this evening, I noticed destruction and carnage where a Blacksburg landmark once stood.  Where am I going to get my Makers Mark?

It's the state-run ABC store that once stood at the corner of Country Club Drive and South Main Street.  I'm sure the demolition is all part of Kroger's planned 30000 square foot addition to their current store.  But never fear, upon further investigation I found the new location, open just in time - SHOCKER - for football season!

It's in the same shopping center, and obviously the students have already found it.  Your investigative reporter signing off ...

By the way, have you noticed all the bikes on the roads these days?  I think it's a great thing - I'm seeing dozens of people commuting, riding to and from class, or just getting some miles in.  I think it's great, and I hope people will continue to ride despite what the current rate of gas might be.  By the way, you might want to check out gasfreecommute.com - measures how many calories you're burning on each ride, as well as how many gallons of gas you've saved, and pounds of carbon gas you've prevented from being let off into the air.

And one more thing ... if you're looking for a new bike, or need to get your new set of wheels tuned up, don't go anywhere without first talking to the folks at East Coasters.  GREAT staff, awesome selection of bikes and accessories ... you will not regret it.

This Just Smells of Dumb

Christiansburg's Town Council has approved the use of low speed vehicles on Town streets.

Just because the Commonwealth allows it, doesn't mean it makes it a good idea <insert sound of your Mother's voice here>.

They're called low-speed vehicles for a reason.  Putting them on streets with vehicles that travel at HIGH speed, when they have no exterior protection or safety features, is just asking for trouble.

Councilman Huppert has it right, I think, but why did he give in?

"... should the vehicles become a problem."  How will we determine that they're truly a problem?  When someone loses their life? 

Chris Pund Explores Why Small Towns Are Great For Big Business

The picture has nothing to do with the post - I just liked it.  Photo credit here.

Chris Pund talks about his reasons why small towns and cities are great for starting a business.  Chris isn't new to the small business scene - he's a serial entrepreneur, and received high praise from Stuart Mease for his role in Radford's student-run entrepreneurship seminar.

I think Chris is on track here.  Items #2, 6 and 9 in particular are truly benefits to living and working in a small town; there seems to be more flexibility and a spirit of collaboration among many of these smaller firms.  If you're thinking about starting a business in the New River Valley, let's talk about how to get you started - I'd bet there might be some folks at VT Knowledgeworks that might be interested in helping, as well.

H/t to Stuart Mease for this ...

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The State of the Market - July 2008

The first half of the year is behind us, and we're officially on the backside of 2008.� There were some surprising conclusions that came out of the market in the first half of the year, namely that the time it took to sell a home was less, yet prices were stable or falling in most areas except for Blacksburg.� Despite that, June's absorption rate showed balanced markets in Dublin and Christiansburg, with a SELLER'S market in Blacksburg.

When it comes to absorption rates, we're looking at how long it would take to sell the existing residential inventory in a particular area, if nothing else came on the market until supply was exhausted.� Anything over 5 months is typically a buyers' market, and anything less than 5 months is typically a seller's market.

Area	Active	�� Sold ���	Absorption Rate	Buyer/Seller Market
Blacksburg	219	52	4.21 Months	Seller
Christiansburg	257	41	6.27 Months	Buyer
Montgomery County	73	6	12.71 Months	Buyer
Floyd County	117	5	23.40 Months	Buyer
Giles County	59	7	8.43 Months	Buyer
Pulaski	103	8	12.88 Months	Buyer
Dublin	117	13	9.00 Months	Buyer
Radford	95	18	5.28 Months	Balanced - Buyer

Sort of standard fare for July, the same thing we've seen for much of the year.� While there have been major fluctuations within various areas (Floyd County was 12 months of inventory in June, 23 in July), the overall average has been pretty consistent.� That's a good sign.� Why?� The market's not overreacting, one way or another to news.� It'll be interesting in the remainder of the year to see how HR 3221 moves the markets, but for now the trend has been slow and steady.� And in Blacksburg, even included a little appreciation, which is a good thing!

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Real Estate Taxes In The New River Valley

Taxes.  Everyone's got to pay them, and they never go down.  That's the bad news.

The good news is that by paying taxes, we're contributing to the infrastructure that makes the New River Valley such a great place to live.  But how the heck do they come up with the amount you need to pay?  Well, it's based on the rate that's voting on by the various municipalities, and they're detailed below.  You'll note that some have TWO rates - one is the Town or City rate, added to the County rate.  And should you need more information about a particular location, feel free to use the phone numbers below to contact the taxing authority.

To calculate current yearly tax, take the current assessed value of the home, divide by 100 and multiply by the current tax rate.

The assessed value of the home is $250000 and the home is in Blacksburg:
$250000/100 = 2500 x .93 = 2325  Yearly tax $2325

The following rates are current as of July 1, 2008

Locale	Tax Rate	Phone Number
Blacksburg	$.22 + $.71 = $.93	540-961-1105
Bland County	$.69	540-688-3741
Christiansburg	$.144 + $.71 = $.854	540-382-9519
Craig County	$.52	540-864-6241
Floyd County	$.60	540-745-9345
Giles County	$.63	540-626-7067
Montgomery County	$.71	540-382-5717
Pulaski County	$.62	540-980-7785
Radford City	$.73	540-731-3661
Rich Creek	$.22 + $.63 = $.85	540-726-3260
Town of Floyd	$.60	540-745-9435
Town of Pulaski	$.32 + $.62 = $.94	540-994-8640
Town of Narrows	$.34 + $.63 = $.97	540-726-2423
Town of Pearisburg	$.29 + $.63 = $.92	540-921-0340
Town of Pembroke	$.30 + $.63 = $.93	540-626-7191

New River Valley Renters - This Post Could Save You Thousands of Dollars!

Scams abound, and one I just read about really hit home to me - wanted to share it here.

We have a lot of renters here in the New River Valley, particularly centered around Blacksburg (Virginia Tech) and Radford (Radford University), but in many other areas of the Valley as well.  The summer is a hot season for renters, as people move in and out around the various school systems and universities.  That hot rental market is also a great place for scam artists to move and "work", as evidenced by this story by Maggie Dokic in Miami FL.

I plan on sending this post to some local law enforcement to see if they have any updates they can provide on how renters can protect themselves, but Maggie makes a couple of good points.

• Check property records online to verify the person signing the lease is truly the owner, or is authorized to sign leases on behalf of the owner.  Each County has its own record system, here are a few:
  
  - Montgomery County (including Blacksburg & Christiansburg records)
  - City of Radford
  - Giles County
  
  
• Be sure to know exactly where the checks will be mailed, so there's a physical address to track.
• If they don't verify your credit, be very WARY!  If they want first and last months rent in cash, RUN!

I'd add that working with a property manager is a must for making sure a property is above board, and I'm happy to hook you up with some of the best - just email me for a list.  Most landlords in the New River Valley are above board and honest, but that's not to say there aren't unscrupulous folks out there as well.  Hopefully some of these tips will help renters in the New River Valley protect themselves a little more, and not experience what this poor family in Miami is up against.

Updated July 1 11:00am - received an email from State Farm agent Eric Johnsen this morning as a follow-up to this post, wanted to share it in its entirety.  He wrote:  "with two large universities we do have a number of student renters.  That's one of the nice things about being a landlord here, we have a large pool to advertise rental properties to.  However, many students are either forced or conned into buying renters insurance.  I am an insurance agent, obviously, and I have something to say about this.  Some property managers require renters insurance, and if that's the case it's hard for the renter to overcome.  Some insurance agents sell it, and this is where we can run into a problem with unscrupulous business practices.

If the student lives with their parents when they are NOT attending school, and the parents are homeowners, it is very unlikely that the stdent needs additional coverage.  Their personal property is covered under their parents' policy, subject to the policy deductible.  The liability coverage would extend from the parents' policy as well.  If the student had to evacuate and live elsewhere (such as when Katrina hit New Orleans and students were scattered), the policy wouldn't extend for THAT additional living expense. 

Insurance agents who are selling this policy to those students who already have coverage is a bit questionable.  If that person is no longer a student, out of their own living the big life now, THEN it's time ofr renters insurance.  Otherwise, as long as they fit under mom and dad's umbrella as a permanent resident of the household than they should be covered under their parents' homeowners policy."

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Workforce Housing in Blacksburg

There are some issues to work out, of course, but Blacksburg has an opportunity to show they're really serious about affordable housing in Town - or what COULD be in Town.  Will Montgomery County and Blacksburg learn to play nice?

I hope so, they really need to. 

From the Roanoke Times blog

Affordable housing in question

Can we tweak the line?

Is there a connection between climate change and affordable housing?

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