My New Blog

Since 1974 I have been in Charlottesville and have tracked the real estate market here, at first through personal buying and selling and by 1986 also as a real estate broker.  In all these years I have not seen a better time to purchase property in the Charlottesville area.

Several factors have converged to produce this unique moment in time:

• With the global economic meltdown, Charlottesville was slow to lower prices, but as property inventory increased, prices have lowered dramatically.  Even property assessments reflect this change. 
• The good news for sellers is that by comparison with other areas of Virginia and the nation, property values in Charlottesville have not crashed and are less depressed than most other areas.
• Sellers are, however, adjusting their initial asking prices more in line with the buyers' market, and for those whose homes do not sell quickly, they are more amenable to lowering prices sooner.
• Sellers are adapting to the fact that they may have to give more in negotiations once a contract is offered.  We are seeing surprising reductions in price and concessions during the negotiation process, especially in instances where sellers have a pressing need to sell quickly.
• Inventory is beginning to decline, as real estate sales have begun to pick up this spring.  Sellers who have been holding back on listing may want to consider proceding.
• Interest rates are at historic lows but this cannot last.  In fact, we see signs that interest rates are beginning a climb upward.
• Historically, Charlottesville is among that elite group of places where we are "last to go down and first to come up."  Prices seem to have stabilized and we can only anticipate that our market will be among the first to recover from economic downturn. 

At this point it makes no sense to wait longer to buy, in anticipation of the market "bottoming out."  In my opinion this area has already bottomed out, and these are the last weeks and months of making the best deal as a buyer.   From now on, waiting will cost money as well as range of choice in the marketplace.  Even if prices would drop more, rising interest rates will make the cost of purchase more expensive in most cases.

I have already seen buyers disappointed because they delayed in offering on the home they preferred only to have it sold to another buyer.  And I have seen others who were determined to secure the home they desired at a "fire sale" price only to find that they were either refbuffed by the seller, or outbid.

My best advice now is to enter the market place, take full advantage of the research a good realtor can provide, and move forward with purchasing the property that speaks to you, securing it at excellent value that will appreciate in a reasonable time.  This buying opportunity will not last much longer.

I will be happy to assist you in this market where an experienced broker makes all the difference.  Please give me a call at: 434-996-0888 for assistance with your real estate needs.

Yates Nobles, GRI, ABR, SRS, e-Pro

Associate Broker

Montague, Miller & Co - Downtown

245 Ridge-McIntire Rd

Charlottesville, VA  22903

Almost 1 in 4 homes had at least one price reduction