When I tell my clients that there are many factors affecting the Charlottesville market, these are but a few of the factors that need to be taken into consideration by buyers and sellers. All real estate is local, but macro trends and influencers definitely impact our regions’ real estate market.
– Mortgage Fears Drive Up Rates on Jumbo Loans – even for those with excellent credit and good downpayments.
– New construction has not slowed down sufficiently – and this may lead to at least one local builder’s folding while the big builders continue to suffer. The excess inventory – locally and nationally – will have to be “burned off” before the market can “stabilize”. Hence, the “Bonfire of the Builders.”
– More on rates’ volatility and the transition of the lending market as a whole – (there is a real opportunity for a Charlottesville lender to establish themselves in the Charlottesville blogosphere; I’m willing to help. Just let me know.)
More on the self-inflicted damage to its credibility that the National Association of Realtors has once again done to itself. Their constant spin continually hinders their ability to present facts in an intelligent, believable manner.
My job is to know more than the average Realtor and consumer; part of knowing more involves reading and analyzing more.
If buying for the right reasons, now really and truly is a great time to buy a house in Charlottesville, so long as all applicable factors are considered and negotiated appropriately.