August 2012 Sales

2012 is shaping up to be a good year for home sellers in Virginia. This year Virginia had a 7% growth in sales and when we talk to other agents they tell us they are seeing a recovery also. These numbers are based upon sales as reported by the Real Estate Boards in Virginia.

Each market is different but Bedford VA is going strong. Call Witt-Fogleman for a review for your neighborhood.

Roller Coaster Real Estate Market? Not in the Bedford VA Real Estate Market!

Roller Coaster Real Estate Market? Not in the Bedford VA Real Estate Market!bedford va real estate

Like most of the United States the Bedford VA Real Estate market has lost some value. But since Bedford VA Real Estate did not have the big bubbles, Bedford VA Real Estate did not get hit with the large drops.

So what is happening in the Bedford VA Real Estate Market?

The Bedford VA Real Estate Market is stable and starting to gain some value back! Over the last 5 years, we did lose some value. But the Bedford VA Real Estate market has more sales, less inventory, and fewer days on the market.

Here are market sales by the month for the last couple of years.

2009 2010 2011 2012
Sold Active Sold Active Sold Active Sold Active
January 83 1734 88 1966 107 2158 104 1784
February 105 1769 101 1997 96 2000 108 1851
March 131 1771 147 2111 127 2192 152 1939
April 145 1763 163 2413 153 2293 142 1952
May 149 1790 166 2013 157 2228 195 2065
June 209 1782 225 2357 182 2258 177 2022
July 207 1817 113 2358 173 2226 193 2084
August 173 1812 141 2272 187 2256 187 2011
September 181 1807 119 2195 138 2146 160 1922
October 199 1798 121 2212 127 2077
November 140 1802 120 2144 114 2016
December 116 1935 127 1917 138 1641
Total 1833 -8% 1631 -11% 1699 0.40% 1418 This Year

We are on pace to exceed 2009 sales numbers, we have a little more inventory than 2009 but that will only help the Bedford VA Real Estate Market as you will have a better selection.

Wheats Valley Rd Bedford VA home for sale

Year Built 1998
Exterior
Exterior Finish (AG) Cedar Siding, Stone
Exterior Features Garden Space, Hot Tub, Landscaped, Secluded Lot, Insulated Glass, Satellite Dish, Undergrnd Utilities, Stream/Creek, Mountain Views
Styles Contemporary
Building on Property Storage Building, Other
Sewer Septic
Water Well
Roof Shingle
Interior
Full Bath Level 1 1
Half Bath Level 1 1
Full Bath Level 2 0
Half Bath Level 2 0
Full Bath Level 3 0
Half Bath Level 3 0
Full Bath BelowGrade 1
Half Bath BelowGrade 0
Heating System Electric Baseboard, Heat Pump, Propane, Two-Zone
Laundry Main Level, Seperate Laundry Rm
Interior Features Ceiling Fans, Ceramic Tile Baths, Drywall, Garden Tub, Great Room, Main Level Bedroom, Main Level Den, Master Bed w/ Bath, Pantry, Security System, Separate Dining Room, Smoke Alarm, Vacuum System, Walk-In Closets, Workshop
Appliance/Convey Cook Top, Dishwasher, Microwave, Refrigerator, Wall Oven
Flooring Carpet, Ceramic Tile, Tile, Wood
Basement Exterior Entrance, Finished, Full, Heated, Interior Entrance, Partitioned, Walkout, Workshop
Attic Access
Air Conditioning Heat Pump, Two-Zone
Water Heater Gas
Fireplace 1 Fireplace, Gas Log, Great Room, Leased Propane Tank
Miscellaneous
Estimated Taxes $1749
Stories One Story
Documents on File Disclosure, Tax Map
Schools
Primary School Bedford Primary
Elementary School Bedford Elem
Middle School Bedford Midl
High School Liberty High
Square Footage Information
Est Fin SqFt Level 1 2039
Est Fin SqFt Level 2 0
Est Fin SqFt Level 3 0
Above Grade Fin SqFt 2039
Est Fin SqFt BelGrde 1100
Est UnFin SqFt Total 450
Est Total Finished Sq.Ft. 3139
Lot Sq Ft (approx) 1194851 Lot Acres (approx)  27.430 Lot Size Source  (Public Record)
Room Information
Great Room 24×16 Level: Level 1 Above Grade
Den 15×18 Level: Level 1 Above Grade
Formal Dining 17×13 Level: Level 1 Above Grade
Kitchen 16×15 Level: Level 1 Above Grade
Breakfast Area 10×8 Level: Level 1 Above Grade
Laundry Room 8×6 Level: Level 1 Above Grade
Master Bedroom 15×18 Level: Level 1 Above Grade
2nd Bedroom 11×16 Level: Below Grade
3rd Bedroom 11×16 Level: Below Grade
Porch 46×8 Level: Level 1 Above Grade
Deck 20×8 Level: Level 1 Above Grade

Location Map








 

 

Diamond Hill Historic District

Diamond Hill Historic Districtdiamond hill historci distric home

Lynchburg VA has several Historic Districts and Diamond Hill Historic District is perhaps the most restored historic district and most diverse of all the Lynchburg Historic Districts.

The Diamond Hill Historic District is located between Church and Grace Streets in Lynchburg, just off the expressway (US 29 – Bypass).  Diamond Hill was one of Lynchburg’s most prestigious neighborhoods at the turn of the century with a rich selection of architectural styles including, Gothic, Colonial Revival, Italianate, Greek Revival, Georgian Revival, Queen Anne, and Stick style homes.

A short History of Diamond Hill Historic District

Diamond  Hill Historic District overlooks downtown Lynchburg, originally it was farm land when slowly it was divided up into lots. There was a creek that ran between the neighborhood and downtown Lynchburg. Between the 1880s and 1900 Lynchburg became a booming town due to the success of the shoe manufacturing business in town. Diamond Hill became a trendy neighborhood for the wealthy; many new were built by many people clamoring to be in Diamond Hill.

In the 1950s America started to move to the suburbs, as people and business left downtown they also left Diamond Hill. Many of the stately homes were turned into multifamily apartments. In the 1970s a group of homeowners got together and requested the city create the historic districts and regulations to protect the architectural details of the homes.

Buyer Broker agreements are a new Virginia Law

Photo of the Virginia State Capitol before ren...

Effective June 1, a new Virginia state law requires a buyer broker agreement or a notice of non-client representation!

When discussed, council for the Virginia Association of Realtor stated, there has been way too many issues recently. We all know the last couple of years the market has been tough. People who are unhappy with their situation have been trying to take it our on their REALTOR via a legal process. Therefore, it is the opinion by those in power to make it a requirement to have buyers sign a brokerage relationship in order for any agent to perform any activity.

If a potential buyer wants to see a house, they will have to sign a brokerage agreement or a non client agreement. If a potential buyer refuses to sign an agreement or a non-client representation agreement, and an agent shows them a house, that agent would be in violation of Virginia State law!

Basically what this means is either you are or are not being represented by a Bedford agent who is showing you a home. If you are being represented, then the Bedford agent works for YOU! The agent can recommend price, negotiate on your behalf, they look out for your best interest. Whatever you tell them stays private. If you do not sign a Bedford buyer broker agreement, then the agent showing you the homes works for the seller , they can not recommend anything but full price, they can disclose anything to the sellers.

So, who do you want to represent you in Bedford? A Bedford Buyers agent or the guy working for the selller?


New Development Proposed in Bedford

Bedford County Courthouse

Developers have proposed a new community of 55 homes and 181 townhomes on 65 acres of land in Bedford County with 16 of those acres being inside Bedford City. If its approved, this will be the largest development in Bedford in recent years.

In addition to residential units, there would be commercial development in a part of town that has not done well the last couple of years. Close to the proposed development area, a couple of restaurants have closed, local businesses have changed hands and are struggling. This development would help the city, the county, area residences, and local business. It would take 10-15 years to complete the development, but it would create jobs, revenue for the county and city, and could bring new business to the area.

 

 

Home Inspections in Bedford

Recently we had Tim Gardner from Inspecx, Inc. do an inspection for one of our listings. Here is a portion of his report and we thought it would be a great way for people to understand inspections.

 

What You Can Expect From This Inspection Report
This inspection report is a reasonable effort to disclose the condition of this property as it existed on the day of
inspection, and is conducted in accordance with the National Association of Certified Home Inspectors (NACHI)
Standards of Practice and Code of Ethics. An inspection report cannot reveal information on concealed items or
items the inspector was unable to access and inspect. Reliance on this report, in whole or in part, for any reason
whatsoever, constitutes acceptance of the terms of the addended inspection agreement.
The following pages are a compilation of the inspector’s findings. Each category contains a brief description of
the type of system or structure, what is included in the inspection of that category and if there were any major or
minor conditions to note. For example, the Exterior category contains items such as: windows, doors and trim.
Check each description prior to reviewing the findings.
When items are rated the categories are as follows:
• A No Visible Defects rating should give satisfactory service within the limits of its age.
• A Monitor rating is generally cosmetic and repair is optional.
• Attention/Maintenance Recommended is considered normal upkeep.
• A Marginal rating is considered less than satisfactory and may soon need repair.
• A Recommended Upgrade will result in improved service or greater safety.
• A Defective-Relevant rating is a major concern generally considered to be significant and / or poses a
safety hazard; and may have relevance to the contingent conditions of the real estate contract. This
condition requires immediate attention. A licensed contractor should be consulted to evaluate the system
and the inspector’s findings; and to provide an estimate for necessary repairs.
The inspector may make recommendations to upgrade specific items or systems. (For Example: Upgrade
bathroom or kitchen receptacles to ground fault interrupter receptacles.) These recommendations are often
intended to improve a system or item with newer products and technologies.
All of the inspector’s findings are approximations and not a definitive answer. It is impossible to predict exactly
how long a system will last. Any estimate of cost to repair is an approximation for budgetary purposes only.
The two most common concerns expressed by buyers in the aftermath of a home inspection are: “Which items
are the sellers required to repair?” and “What if the sellers won’t address these problems?”
The first point every home buyer must understand is that a home inspection report IS NOT a repair list for
the sellers.
The only exception to this rule applies to new construction homes, where the builder or contractor must provide a
finished product free of defects. With used homes, inspection reports provide information for the home buyers,
rather than directives for sellers. This does not mean that buyers cannot submit repair requests to sellers, but such
requests are negotiable; not legally binding upon the sellers. Repair requests can and perhaps, should be made, but
with the understanding that most sellers have rights of refusal.
With this ground rule in place, buyers should divide the inspection findings into three distinct categories:
1. Legally mandated repairs: Some conditions require repairs in accordance with state laws or local
ordinances. Common in many areas are requirements to upgrade smoke detector placement, or to comply
with various building and safety standards. Such items are non-negotiable and must be addressed by the
sellers.
2. Contractually mandated repairs: Some conditions are specified for repair in the real estate purchase
contract. Common are stipulations that:
• All building components are in safe working condition.

• Plumbing leaks are repaired.
• Structural problems are corrected.
• The roof be made free of leaks.
Contractual agreements of this kind are binding upon sellers. However, the seller’s obligation may be
limited to a dollar figure, above which, the seller has the right to refuse to make the repairs. If the Seller
refuses to make repairs the buyer thinks are necessary, the buyer must then decide whether to accept the
dollar figure limit in the contract and accept the property in its present condition, or terminate the contract
and receive a refund of the earnest money (offer deposit). The Roanoke Valley Association of Realtors
Purchase Agreement, Paragraph 14 and Paragraphs F, G, H & I of the Standard Provisions section,
address these conditions and requirements. Remember, all property defects are negotiable; buyers should
carefully evaluate these according to importance. Vital repairs are generally regarded as reasonable repair
requests. Examples of these repairs include a defective furnace or heat pump, a substandard chimney, and
faulty electrical wiring. Although sellers are not obligated for such corrective work, most reasonable
sellers will agree to address conditions of this kind, either by making repairs or by adjusting the sales
price of the property. Even though sellers are not required to make these repairs, buyers should feel
comfortable requesting that such corrections be completed.
3. Conditions of minor concern: Finally, there are common property defects which should be regarded for
disclosure purposes only and which buyers should accept as conditions to be repaired after the sale.
Examples are numerous and include rotted fence posts, peeling paint, rubbing doors, cracked pavement,
worn carpet, unextended downspouts, etc. These “deferred maintenance” items are usually visible and a
diligent buyer would have noticed them before going to the contract stage, and made an offer accordingly.
The key here is Don’t Nit-Pick. You need to know about these items, but you, the buyer, are
responsible for correcting them.
These three standards should be applied, when reviewing this inspection report, as a means of separating repairs
to be requested from conditions to be accepted. Most sellers are honest and are often surprised to learn of defects
uncovered during an inspection. No home is perfect. Keep things in perspective. Don’t ruin your deal over things
that don’t matter. It is inappropriate to demand that a seller address deferred maintenance, conditions already
listed on the seller’s disclosure, or insignificant items.
At this point, you and your agent should formulate a letter of request and submit it to the sellers. A wise approach
for structuring this letter is to state that some defects will be accepted in “as is” condition. Listing the items to be
accepted is a good strategy for negotiation. Itemizing the accepted defects demonstrates a willingness to be
reasonable, rather than demanding. The letter should then list the items for which repairs are requested, beginning
with conditions required by law or by contract, and concluding with the items that are subject to the sellers’
approval.
Thank you for selecting Inspecx Home Inspection Services. We have made every effort to make this report as
comprehensive as possible. If you do not understand any part of this report, please do not hesitate to call our
office at 540-297-7733

Bedford Homes for Rent

Are you looking to rent a home in Bedford? Give us a call, we have properties for rent for most price ranges.

What are our Bedford Rental terms?

1. You will need to fill out an application and pay a $25 application fee. As part of this application, we will run a credit check on you.

2. After we review your credit, we share it with the homeowner who has final say in the rental process of Bedford homes.

3. First months rent and security deposit is required prior to move in.

4. For the most part, our homes do not include any utilities. So you will need to get them turned on your self. If unsure please ask.

5. Majority of our Bedford homes for lease are one year followed by a month to month lease. Sometimes homeowners require something else.

6. Majority of our Bedford homes for lease do not include lawn care, therefore the renter is required to maintain the lawn.

7.Rent will be pro-rated based upon the day you are given possession of the Bedford home. If you are given the keys to a home on the 5th of the month, you will pay pro-rated rent from the 5th until the end of the month .

Please feel free to call us with any question.

Witt-Fogleman

203 N Bridge St

Bedford VA 24523

540-587-5577

Witt Fogleman Realty Opens Office In Bedford

witt fogleman realtors bedford lynchburg forest dmith mountain lakeWitt-Fogleman Realty Opens Office in Bedford!

Yes it is true! We are opening an office in Bedford!

The Witt-Fogleman Realty Team is very proud to have a brick and mortar presence in Bedford VA. We are so thankful for the success we have had help people find Bedford Homes and selling their homes in Bedford, we felt it was time to add a brick and mortar office for clients to visit. We also feel this will give visitors to the area a place where they can find the quality homes for sale in Bedford VA

Wewill be a one stop shop for all of your Real Estate needs. In house Mortgages will be handled by Janie Arrington of Atlantic Bay Mortgage. Janie is a Bedford native who has many years in the mortgage industry. Insurance services will be provided by Eddie Sitzler of the Siztler Insurance Company. In addition to property insurance, he offers health, live, and auto.

Our Location is

Witt-Fogleman Inc.

203 N Bridge St

Bedford VA 2452

540-587-5577

If you are considering selling your Bedford home, buying investment property in Bedford or buying a hmoe in Bedford

Give US A Call!

Witt-Fogleman is giving back to Lynchburg, Bedford, and Raonoke

How would you like to make some free money to your favorite

Bedford, Lynchburg or Roanoke School!

Witt-Fogleman makes it easy!

5%

Just buy or sell property with us and we will donate 5% of our commission to your favorite school!

Looking to buy a new construction in Forest? Use us and we will donate to the school of your choice. Buying waterfront property at the lake, call us!

Looking for a historic home in Bedford or Lynchburg, great! Want to sell your home in Boonsboro, we do it all!

Where does the donation go?

In most schools we donate to the PTA, but if you prefer to support certain activities instead of the school’s PTA, that’s is fine with us!

Got a child in band, we will donate to Band Department. Got a child into athletics, we got ya covered. What to give some money to your child college.. we can do it!

Don’t want to donate to a school?

We also will donate to certain charities, just tell us which one you like and we will see if it’s on our list.

Do you kids walk on all fours and have fur? We support the Humane Society!

I got a friend who is buying or selling in another area, what do I do?

What is you know of someone looking to buy, sell, or invest in another part of the county?

Call us! We have a network of agents around the country. If we recommend someone who is used, we will make a donation!

5%

The fine print?

  • Use us to consummate a property transaction
  • Tell us where you want us to donate
  • Money can only go to a non-profit

So what does this cost you?

Nothing! We don’t charge you extra, we just take it out or our pocket.

Why does Witt-Fogleman offer this program?

We live and work here. Our children attend school and we care about the area. We care about the area.

WE WANT TO GIVE BACK