Over the recent holidays, I got many questions about the local real estate market and how were sales in 2012. I shared my market experience, trends we see at RE/MAX Assured Properties (my company), and comments from other agents in our market. Locally the 2012 market moved to a strong finish (especially when compared with 2011 and other recent years). Now we’ve got the 2012 Charlottesville Association of RELATORS (CAAR) Market Report confirming the trends.
Here’s a link to the report so you can review the report (no secrets here!). In the Charlottesville region, sales (homes sales that closed) were up 15% over 2011. With 2,643 sales, our market continues to recover from the recent market correction. Historically low home mortgage interest rates helped. As First Time Home Buyers evaluate renting vs. buying their housing, buying often wins out if the buyer will be staying in the home and Central Virginia for several years. One county (Nelson) reported fewer sales than 2011. Since real estate continues to be location specific, please take some time to review the report for your localities statistics remembering these remain a bit generic w/out break downs to the neighborhood level. If you have questions or want to discuss the report and your real estate, I am here to help, so let’s talk!
Looking into my crystal ball for 2013, I see the market trends continuing as long as we don’t have an event ( 9/11, DC Sniper, Higher Home Mortgage Rates, etc.) that negatively impacts our market. Currently we’re seeing the positive market momentum from the 2012 4th Quarter carry over into January. The 2013 Central Virginia market looks promising for both sellers (values up & buyers buying instead of looking) and sellers (historically low home mortgage rates & well priced homes for sale). In 2012 I had several investors buy, rehabilitate and hold foreclosure and short sale properties which I see continuing in 2013. For investors looking to build a portfolio of residential rental properties, our market provides great opportunities. Have questions about buying or selling in 2013, let’s talk!