There have been a few major actions in the market and I wanted to make sure you are aware of what to notice and what is not exactly newsworthy.
1. The FED raising rates. While this is worth noting it is not a step that is unforeseen and no need to hit a panic button. The FED has now raised rates twice since our discussion. The rates generally have increased a whopping 1/8th to 1/4 of a point. This is most likely not going to stop any of you from your Charlottesville home search.
2. Charlottesville home prices are stabilizing. The bidding wars have calmed down and home prices are no longer overly inflated. That isn’t to say that prices are below market prices, but rather that they are not double-digit price growth. This means that prices are more likely where they should be for most houses in the city and Albemarle County and are priced from $400-800,000.
Always use a savvy Charlottesville realtor (since 2003) and get the correct comps when you decide to make an offer on any Charlottesville homes.
Toby Beavers Charlottesville Realtor