Early February 2022 Thoughts on Charlottesville Real Estate Market

The Charlottesville Area real estate market is never boring.

Just a few things that I’ve been telling my clients this year, and things that I’m reading

  • This is the hardest real estate market I’ve been a part of in my 20 year career
  • It’s hard representing buyers right now when so many homes are receiving so many multiple offers
  • It’s hard representing sellers in part because solving the other end of the equation – where are they going to live – is so difficult if they are staying locally.
    • The rental market is nearly impossible as well.
  • Always check and confirm that the house you want to buy has internet access.
  • Always verify affordable homeowners insurance ASAP after Contract ratification.
  • Managing expectations in this market is extremely difficult, and I’m grateful for my experience, and my clients for their patience in all things. Some things we can control (preparation of homes to sell, pricing, etc) and some things we cannot (competing against cash offers).
  • Sellers still need to do the work; yes the market is smoking hot in many segments, but to do best, we need to do the work.
  • If you’re a buyer, don’t waive home inspections. If you’re a seller, it can be great if the buyer does.
    • I do have some ways to make offers more competitive without waiving inspections.
  • Being a first time homebuyer in this market is extremely difficult.
  • Be prepared to hear “no” a lot with respect to new construction. I was describing to a client one development of attached homes, the first three sets of townhomes ” all structural and design selections have been made” … NO customizations in part because of supply chain and demand issues.

We’re finally starting to see more inventory coming to the market in Charlottesville and Albemarle. It’s too early to tell anything conclusively, and hindsight will be the best perspective, but it feels like with prices rising, interest rates rising, and more homes coming to the market, we might be able to dial the frenzy and stress back a notch. Maybe.

As I tell all of my clients, regardless of market: we will get there.

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