The Charlottesville Area Association of REALTORS released their 3rd quarter market report today. So what does the report mean for you? Homes continue to sell in Central Virginia which helps our economy and brings us towards a more balanced market between buyers and sellers. Charlottesville, Albemarle and Fluvanna lead with the most sales while Louisa , Orange , and Fluvanna proved to be the most affordable. The number of homes for sale (inventory) and number of sales were both below the 2010 3rd 1/4 numbers. To view the complete report, please click here. Also, these numbers may mean nothing to you and you want to know what your home, farm or land’s value in today’s market. Please call or e-mail and I’ll create a comparative market analysis of your property, giving you the specific value numbers!
Looking into my crystal ball, I continue to see foreclosures and short sales affecting our market. If you or someone you know continues to face challenges with your mortgage, please call (434.466.4663) or e-mail ( James@VirginiaHomesFarmsLand.com ) to discuss some options. I’ve worked with several owners to help them get out of their current mortgage through restructuring their mortgage with the current lender, refinancing (yes there are some good loan options out there) or participating in a short sale. The sooner we talk the more options you will have. Also, the National Ground Intelligence Center at the US Army’s Rivanna Station discussed not renewing 1,200 contractor positions recently. Changes in employment levels with our large employers will continue to affect housing and other markets in Central Virginia.
All is not bleak! Homes, farms and land continue to sell. By pairing prices adjsuting down and the current low home mortgage rates, many buyers can purchase a home with lower payments than renting housing. Buying a home continues to be a personal choice. I’ve got rent vs buy calculators and other tools to help with the decision process. As always, if you have questions or concerns, I am here to help, so let’s talk!