New Home Page
Thanks to our friends at Google Analytics, we’ve gotten some great feedback on who clicks where and what was interesting to our web users.  So, we’ve simplified the home page by removing a bit of content and focusing the home page on 4 major pieces…

1. Home Search – it’s the ultimate reason why people come to real estate sites, so we’re putting this even more front and center than it was previously.  (We’ll talk about these search options in a second…)
2. About Charlottesville – besides searching for homes, people want to know about the area they are searching, right?  We think so.  So, we’ve kept our ‘Area Guides’ accessible…making it easy for you to take a quick snapshot of our 13 Areas or dive in more if you’d like.
3. How’s The Market? – We wish this question was easier to answer now…but we’re still tackling it head on.  If you’ve read our blog, The Nest Report, you know we like to dig into the numbers.  But we’re integrating auto-generated monthly charts and graphs to give you more of a snapshot of the market.  (This is currently just a quick market snapshot, but stay tuned for some pretty sweet searchable graphs…coming soon!)
4. About Nest - We may catch a little grief from the web design gurus for putting our story front and center on the home page, but we actually think the belief system of a brokerage and their agents is important.  At Nest, we’re different.  And before you choose an agent, you should know a little about their brokerage and support system.  The video is 3 minutes and 47 seconds…maybe a little long for some…but if you watch it, you’ll probably know if we are the right firm for you. (And that’s a pretty good use of 3:47.)

Home Search Improvements

Ultimately, users on real estate web sites want to be able to search for homes.  We think search is done poorly on most brokerage sites. Most sites have one way to search and it’s clunky and not intuitive.  At Nest, we want to put the options in your hands – everyone searches differently and we’re aiming to offer as many search options as is possible.  We allow you to search by price, beds/bath, county, zip, street name, acreage, home type, mls number, area, neighborhood, and school.  And now, you can search by homes with price reductions and also by homes listed in the last 1, 7 or 14 days.  Want to search for 3+ bedroom homes, under $500k, in Forest Lakes that have been listed in the last 14 days?  Go for it.  Or how about condos in Charlottesville with a recent price reduction?  You can do that, too.

How’s The Market?

If you are selling a home in Charlottesville or Albemarle County, you probably don’t want to know.  But guess what?  We’re going to tell you anyway.  Our Market Reports section is in Phase I right now – just a quick snapshot of the Total Sales, Days on Market, and Median Home Price by City or County.  But, as we mentioned earlier, we’re expanding on this shortly.  Soon, you’ll be able to see trendlines and charts for these stats…and also search the charts for 1, 3, and 5 year charts.

We get asked a lot: why are you giving clients and web users all of this data?  The answer is simple: because they want it….and it’s helping them to make informed decisions when they buy and sell homes and investment properties.  The days of hoarding information is long gone.  At Nest, we believe in empowering our clients with the right information and guidance to help enable them to make wise real estate decisions.

That’s it for now (but definitely stay tuned for the next phase of Market Reports).  We’ve got some more plans to not only improve our web site, but the overall experience of our clients when they work with a Nest agent.

Market conditions aside, it’s going to be a fun next few months at Nest Realty.

Mint is a personal finance site that helps users track expenses and manage their personal finances.

The partnership makes sense.  Real estate – both primary residences and investment properties – make up a large part of Americans’ investment strategy.

But here’s the problem: Zillow’s ‘zestimates’ just aren’t that reliable in Charlottesville and Central Virginia.  I’m not sure whether it’s their formula…or if there aren’t enough transactions in our area…or both.  But the Zillow data in our area is inaccurate, missing, and just plain bad.

So what exactly is a ‘zestimate’?  It’s Zillow’s term for what real estate has coined Automated Valuation Models…or AVMs.  The rise of AVMs…or attempts at AVMs…have been much documented over the past several years.  Many companies and software programs have tried to create an automated CMA (comparative market analysis) that can generate the market value of the property.  The models are all different, but the formulas probably include some sort of combination of the following: assessed value, price per square foot of recent sales, price per square foot of active listings, ratios of sale price to assessed value of recent solds, etc, etc.  The list of possible data points is essentially endless.

Sounds reasonable, right?  You plug in all the information about your home into a form and the system spits out a number.  In a perfect world, this would work.  But, realistically, it doesn’t really…especially in a place like Charlottesville and Albemarle County.

There are numerous reasons that the current AVMs just don’t work.  But here’s a quick example:

Let’s say you have two homes…both built in 2005 on 2 acres of land.  Both are exactly 2500 square feet with 4 bedrooms and 2.5 baths.  Both have hardwood floors, granite counters, and tiled bathrooms.  So, basically the ‘bones’ of each home are pretty identical.  But that’s where the similarities end:

House A has been immaculately maintained over the years and sits on a parcel that is impeccably landscaped.  The land also offers mountain views and is very private.  On the inside, the floor plan is open and flexible.  The walls are painted the perfect color, the granite and cabinets are neutral, and the home is decorated like a model home.

House B hasn’t been maintained well.  There are cobwebs along the ceiling and scuff marks all over the walls.  The HVAC system is about to break.  The land is the same size as House A, but it’s overgrown with tall grass and weeds.  The house is cited poorly and there are no mountain views.  Inside, the floor plan is choppy – the kitchen is on one side of the house and family room is on the other side.  It’s got low ceilings and feels dark.  The walls are covered with odd colored paint, the granite is purple, and the kitchen cabinets are just run down.

This is a bit of an extreme comparison, but those two houses – even though they are both 2500 sf homes on 2 acres – could have a $50k to $75k difference in value.  Unless you go into a house and take every detail into account (condition, finishes, decorating, floor plan, landscaping, home citing, colors, etc, etc), you really can’t value a home accurately.

So, here’s te caveat: if you use Mint and they give you your home value, don’t believe it.  Give your Charlottesville real estate advisor a call and have them run a CMA for you.

Stay tuned to the Nest Report for more updates.

Concerns were growing (for good reason) that many homebuyers would not have their homes close in time to qualify for the initial deadline of June 30th.  The backlog with lenders and underwriters has been a cause of much concern in Charlottesville and throughout the country.

The Inman article estimates that 1/3 of homebuyers shooting to earn the tax credit were being told by their lenders that they wouldn’t close in time.

This is welcome news for homebuyers as well as lenders, attorneys, and Realtors who have been scrambling to push closings through within the next 2 weeks. Besides the potential for an increase in fraudulent claims, I see this as a great move.  (Note: We’ve heard through the grapevine that the government is performing massive amounts of audits to try to catch fraudulent claims.)

If you do qualify for the homebuyers tax credit, here’s a link to IRS Form 5405 that will help guide you through the process of applying for your credit.

UPDATE, from Inman:

CLARIFICATION: While the Senate voted to accept the amendment that would extend the closing deadline for the tax credit, the Senate has not yet voted on the amended bill itself, which deals with a range of issues from extending unemployment benefits to Medicare funding. According to Politico, Democrats have trimmed $60 billion in spending from the bill in the hopes of passing it this week.

Since Realtor Magazine interviewed us in early 2010, we’ve continued our growth with the acquisition of Summit Realty and the addition of 2 more agents.

(As a point of clarification to the article, we don’t practice single agent dual agency.)

Though it’s my picture and name as the ‘Broker’, it has been a team effort for the last year.  In actuality, I tried my best to get all of our agents in the picture (not just me), but Realtor Mag wouldn’t allow it.

We’re proud of our accomplishments, our beliefs and our level of service.

So, with the exception of the 2 agents joining us later this week…here’s our team.  I’m a little biased, but I think we have some of the best Realtors in Charlottesville!

The Nest Team includes: Deborah Rutter, Bob Headrick, Heather Griffith, David Ferrall, Chris Kabbash, Jonathan Kauffmann, Amy Webb, Laura Michael, Laura Winn Smith, Martha Campbell, Jim Duncan, Bob Hughes, and Keith Davis.

CHARLOTTESVILLE, VA (Feb. 8, 2010) – Charlottesville-based Nest Realty Group today announced its acquisition of Summit Realty Company. The move combines two of Charlottesville’s most successful real estate firms and expands the 1-year-old Nest Realty team to 14 full-time real estate professionals. It also paves the way for Nest to expand its services from a primary focus on residential real estate into commercial real estate and leasing.

“While other firms are cutting back, Nest is continuing to expand,” said Jonathan Kauffmann, Principal Broker, Nest Realty. “I believe this is a testament to our top-notch agents, the emphasis we place on technology and our dedication to client service. Our combined resources and expanded services will allow us to better serve our clients, something that is paramount to all of us.”

Founded in 1982, Summit Realty grew to be one of the most well-known and respected real estate companies and brands in Central Virginia. Owners Bob Hughes and Bob Headrick took over Summit in 2007 and are enthusiastic about joining forces with Nest Realty as Associate Brokers.

Bob Hughes has been a full-time Realtor since 1989. He is a consistent top producer, a past winner of the Charlottesville Area Association of Realtors’ Salesperson of the Year award and was named C-Ville Weekly’s Best Real Estate Agent in 2009.

Specializing in commercial and residential property for sale, purchase or lease, Bob Headrick brings an array of experience to Nest Realty.  He also offers strong expertise in investment sales, corporate services, and both tenant and landlord representation.

“We are excited to be part of the Nest team. They are an aggressive, young company with a vision of how real estate will be marketed and sold in the future,” states Bob Hughes, Associate Broker, Nest Realty.

In 2009, the company’s first full year of operations, Nest Realty was awarded the prestigious Most Innovative Brokerage honor by Inman News at the Inman Connect Conference in San Francisco.  Hewlett Packard also honored Nest Realty at the National Association of Realtors conference in San Diego with its 2009 Real Estate Technology Award, given to only five Brokers nationwide.

Nest Realty is known for its use of technology to better serve clients, both locally and nationally.  The firm has received national accolades for its cutting-edge web site, www.NestRealtyGroup.com, which features interactive home search capabilities and detailed information for more than 175 Charlottesville neighborhoods. Jim Duncan, one of Nest Realty’s partners, was recently named to Inman News’ Real Estate’s 50 Most Influential Online.

In addition to a strong focus on technology and innovation, Nest Realty agents are held to a higher standard.  All agents must have a minimum of three years experience, practice real estate full-time and earn their Broker’s license shortly after joining the firm.  With almost $4.7 million in sales per agent and 13.75 transactions per agent, Nest Realty agents more than doubled the production for the average Charlottesville Realtor in 2009.

“We pride ourselves in having a team comprised of exceptional professionals, said Kauffmann. “We want consumers to know that if you work with a Nest agent, you are working with a true, full-time professional with high ethical standards. To date, we have had an extraordinary team; the addition of the Summit agents only enhances our strength. The combined experience and track record of Bob Hughes, Bob Headrick, and their entire team is a wonderful addition to the Nest family. We couldn’t be happier.”

About Nest Realty

Founded in 2008, Nest Realty Group is a full-service, residential real estate brokerage specializing in residential and commercial properties throughout Charlottesville and Central Virginia. Through a strong focus on technology, customer commitment, and the region’s most innovative and focused marketing strategies, Nest Realty has established itself as a top choice for buyers and sellers of residential and commercial property in Central Virginia.

According to Inman News: 

This list of individuals selected for this report includes real estate agents and brokers, technologists, economists, enthusiasts and analysts. They are luminaries in the online world of real estate whose insight and commentary inspires others, provokes debate and incites change.

Jim Duncan runs the popular local blogs, RealCentralVA and RealCrozetVA, and has been a speaker at many national real estate conferences, including this past year’s National Association of Realtor Conference in San Diego. 

Check out Jim’s blogs for Charlottesville real estate market statistics, Charlottesville neighborhood videos, and commentary on local and national real estate trends.

We’re honored to have been named the #3 ‘ Favorite Real Estate Company by Albemarle Family.  It’s pretty exciting to be in our first full year and get this type of unsolicited recognition.

And as Jim Duncan notes on his RealCentralVA blog:

1 and 2 were Roy Wheeler and Real Estate III respectively. Frankly, I’m pretty pleased with the results. At the time of voting, we were a six-person firm (now 8) versus 96 and 221.*

We’re proud to be recognized – I think it’s a testament to Nest Realty’s values and mission.  People understand and appreciate that we stand for something and that we are putting our clients needs in the forefront.

Congratulations to all of the winners, including ‘Nester’ Jim Duncan for placing show for Favorite Realtor.

Check out Amy Webb’s blog for more on this recognition.

We’d like to welcome our newest agents, Deborah Rutter and Laura Winn Smith, to the Nest team.

First licensed in Maine, Deborah joins the team with a successful real estate track record based on repeat and referral business.   She brings another analytical mind to Nest and is a great addition to our growing team.

Laura Winn Smith began her real estate career in 1983, marketing home sites and new construction in Peacock Hill.  Her vast knowledge of green building, eco-friendly developing, and the local market serve as invaluable resources to both her clients and Nest. 

To learn more about Deborah and Laura, please check out their Nest profiles on our agent page.

Based on our tools, technologies, strong belief system and high standards, we continue to attract some of the best real estate agents in Charlottesville and Central Virginia.  Whether you are looking for an agent to help you buy or sell a home in Charlottesville, Ivy, Crozet, Nelson, or Louisa, give one of our great agents a call.

Stay tuned for more updates on our agents and the local Charlottesville real estate market.

In August, Nest Realty was awarded the ‘Most Innovative Brokerage’ honor by Inman News at the 2009 Inman Connect Conference in San Francisco.