I’ve written several times that one of the major impacts of the market shift in Charlottesville will be a shift in the transience of the market. Buyers are taking more time to choose wisely, rather than choose anything. One sure sign of this is something I heard yesterday.
One of the better builders in the region mentioned the other day how over the past two years, the majority of their business has shifted from new construction to remodeling.
Homebuilders are shifting their businesses; the good ones will make it. The market is, has been and will be cyclical.
We still have the University of Virginia; they remain the “800 pound cavalier in the county.” We will continue to have people cycling through our economy – professors, doctors, medical, law, business and graduate students, not to mention the huge number of government contractors in the area. The transience that is inherent in being a college town will never go away.
In many cases, renting costs more than buying, and this is a conversation that will necessitate more deliberate thought than it may have before the shift.
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