Describe the current climate for homebuilding in Charlottesville.
New home sales are in the area are strong and have been improving year over year for several years. We expect to see a strong start to the 4th quarter for new construction, especially with the Parade of Homes happening the first two weekends of October.
What’s the primary driver for new construction in the area?
People want new homes to choose a home and finishes that are tailored to personal choices. New communities create opportunities that existing homes don’t have, such as Easy Living design plans with main level master bedrooms, innovative designs, and a trend toward more contemporary styles. New homes are much more energy efficient than older homes and provide savings resales can’t match.
New construction vs existing inventory: how do you see people making that decision?
In most cases, buyers start with a budget and a target area related to schools, work, or personal considerations. Timeline can be a factor in deciding to purchase an existing home or to build new. New homes are a wonderful choice when you consider condition, the ability to personalize, future maintenance, and energy efficiency. All of which can lead to a lower monthly cost of ownership.
What’s the next three years look like in Charlottesville?
Market conditions are positive. We know the drivers that are bringing people to the area. The economy is growing and the demand for more housing continues to grow. When you combine this with the low inventory it signals continued home value appreciation over the next few years.