Is the Charlottesville real estate market in a transition period with internet rates around 5%?
We’re trying something new – a new video series where we’re going to talk about our markets, similar and different trends, and topics relevant to our respective viewers and readers. Friend, colleague, fellow Nester, Jeremy…
In 2021 in Charlottesville and Albemarle, 2,914 homes sold with an average of 30 days on the market, and an average price of $522,000. In 2020, those numbers were 2,503, 54 days on market, and the average price was $499,000.
So I’m trying something new and also going back to our roots for 2022. I did these years ago and I’m gonna start again. Weekly-ish video updates on what’s happening in the Charlottesville and Albemarle real estate market, talking about supply, demand, market insights, and thoughts about what’s happening in our market, and what’s likely to happen in 2022 and beyond.
Big thanks to Tim Kelsey with Boyle, Bain, Reback and Slayton in Charlottesville for dropping some title insurance knowledge and advice. I tell my clients that title insurance may seem to be worthless, but … if you end up having a claim against your property, the cost of title insurance will be far outweighed by the cost of hiring an attorney.
But … apparently lenders wont’ have to run a second full credit check before closing on a mortgage : Despite earlier reports to the contrary, it turns out that your mortgage lender will not have to pull a second full credit report on you hours before closing on your home purchase or refinancing. In a clarification of a policy announced earlier this year, mortgage giant Fannie Mae now says that applicants will need to come clean about any debts they have incurred since they submitted their mortgage application — or debts they never disclosed on the application. But a formal pre-closing credit report will not be mandatory to confirm creditworthiness. The chances of everyone in the lending pipeline (underwriters) actually getting this memo: slim to none.