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REAL TIME With Michael Guthrie

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REAL TIME With Michael Guthrie

How long have you been a part of the (local) real estate community?

I came back to be the broker and CEO of Roy Wheeler in 2005.

What’s the biggest change you have seen during your time in real estate?

I am not sure it is the biggest change, but I find it interesting that the young couple without kids and the baby boomers wanting to downsize, are both looking for the same type of property for the first time.  What this has done, is put a big demand on 1st floor living, including a master bedroom and smaller lots to minimize lawn maintenance.

What trends are you currently seeing in the market?

New construction has become a significant factor in home sales.  Over the last year, new home sales make up over 20% of the area’s home closings.  This puts great pressure on existing homes on the market especially as you get into the higher price ranges. I think it will impact the end of year numbers because even though folks have purchased new homes, they won’t close and considered in the sold data until 1st or 2nd quarter of 2019.

What’s your most important advice for buyers?

Get yourself pre-qualified with a respected, local mortgage loan officer. Once you know what type of loan you can qualify for you then want to find an agent who is totally committed to finding you the right home in the price range which you can afford. One can certainly search and find homes online but the experience of a professional Realtor can help you determine what location and type home is right for you.

What’s your most important advice for sellers?

The market has quieted down a bit so now more than ever, get your house in the best condition possible as you may very well be competing with new home construction. Hire an agent who will give you an honest opinion as to what price will get your home sold and will negotiate fervently on your behalf. Do not over price the listing.  This is the time to be very competitive with your price.

What does Charlottesville Look like in 5 years?

Because of the cost of home prices in the city, Charlottesville will continue to expand outward, especially on the southern side of town. Fifth Street Station has created the amenities needed, which will lead more people to want to live on that side of town.

Real Estate Real Time with Michael Guthrie
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