How long have you been a part of the (local) real estate community?
I’ve been part of the local real estate market for 20 years.
What’s the biggest change you have seen during your time in real estate?
Market fluctuations, changes in popularity of loans, product mix, and the influence of technology.
What trends are you currently seeing in the market?
We are still in the midst of a very healthy real estate market. The news media is in the business of trying to freak people out at the moment and with the rise of interest rates over the past several years, there is a softening in the upper price band for discretionary first and second time move-up buyers. In English, if you’re over 400k and don’t have to move, you won’t right now. Why trade a 300k house with a 3.5% mortgage for a 450k house with a 5.5% mortgage? The rate change makes it akin to jumping to a 650k house. Unless it is absolutely necessary, people are staying put at over 400k.
What’s your most important advice for buyers?
Now is still a very good time to buy, but we are late in the cycle. I would not count on appreciation or purchase if you have a short term horizon for a house purchase. There are signs that show a purchase now may result in a loss if sold in the near term.
What’s your most important advice for sellers?
Now is a great time to sell. If you really want to sell, don’t be greedy. You may regret it in 12-24 months.
What does Charlottesville Look like in 5 years?
Charlottesville is an insulated market due to the number of homes and the vibrancy of UVA. Charlottesville never participates in huge upswings or downswings due to this insulation. I think Charlottesville will look much like it does now in 5 years.