The Charlottesville real estate market continues to accelerate.
As of around 3pm on this snow day, Sunday, 16 January 2022
- 47 non-new construction homes have been listed since 1 January. 16 of those are under contract.
- 48 resale homes have gone under contract since 1 January.
Offers will be reviewed …
- When this pandemic market started to ramp up, we saw a new to our market tactic – house would come on the market on say, Thursday, and the agent notes would say that the seller would review offers at 6pm on Monday night, giving all the buyers the chance to see the house, and if interested, make an offer.
Good for the seller to shorten the time and inconvenience of being on the market, good for the buyer as they knew exactly what to expect (bad for the buyer because this market is inherently competitive and stressful, and losing an offer sucks …)
- Then the market slowed, seasonally I think*. And the agent notes said, “If offers received, they will be reviewed Monday at 6pm,”
And now, something ambiguous and transparent
- We’re seeing “If offers are received, seller will review on Monday at 6pm. Seller reserves the right to accept an offer before this deadline.”
Shortened version (my opinion): if the seller gets offers, they will review on Monday at 6pm. But. If an amazing offer comes in that blows the seller out of the water, and if the buyer wants to force the seller’s hand by setting a deadline of Sunday at noon, in order to force a ratified contract before the open house, for example, the seller reserves the right to do that.
And now my standard disclosure:
Buyers: Not every house that comes on the market in Charlottesville goes under contract immediately. Take the time to learn the market so that you know the market well enough to know when a house comes on that will likely go under contract.
Sellers: Pricing is key. Buyers know this market exceptionally well. If the buyers perceive your house to be overpriced, they won’t write an offer, and they’ll think in two weeks that they might be able to lowball you. Not that they can, but that’s why many will think.
* I say that I think the market slowed seasonally, as until we have the benefit of hindsight, it’s difficult to impossible to say definitively what is happening right now.