Charlottesville Real Estate: The Numbers That Really Matter
The most important factor in buying or selling a home isn't what is going on nationally - it is what is going on in your local market.
Whatever the national trends are with regard to real estate - whether they are booming or busting - what really matters is what the market conditions are in your region, town, or neighborhood. What does that mean? Even during the real estate boom of 2001-2005, a great many cities and regions did not participate in the boom - they lagged behind, or even decreased in value. Similarly, when prices began to fall nationally, there were plenty of regions and locales where prices increased, and sales boomed.
Evaluating present and future trends and influences in your region or neighborhood is essential to creating long term wealth, whether you are in a buyer's or a seller's market. Detailed information at the local level is what is most useful for home buyers, sellers, owners and window shoppers. The trend data at the metro area level, or the nation, is great water cooler talk, but not that relevant when you’re making decisions about your most important asset.
That being said, let’s look at how our local area did for November and what we should expect for the months leading into the Spring Market.
City of Charlottesville
There were 169 homes that had some type of sales activity in the city. There were 137 homes that went under contract and 33 homes that sold for an average price of $292,218 with an average DOM of 75 days. There are currently 364 active properties in the city.
Albemarle County
There were 243 homes that had some type of sales activity in the county. There were 190 homes that went under contract and 53 homes that sold for an average price of $385,383 with an average DOM of 90 days. There are currently 916 active properties in the county.
Fluvanna County
There were 56 homes that had some type of sales activity in the county. There were 37 homes that went under contract and 19 homes that sold for an average price of $275,373 with an average DOM of 93 days. There are currently 325 active properties in the county.
Greene County
There were 44 homes that had some type of sales activity in the county. There were 30 homes that went under contract and 14 homes that sold for an average price of $287,432 with an average DOM of 92 days. There are currently 199 active properties in the county.
Mortgage Industry
Long-term mortgage interest rates fell for the fifth night Friday. The 30-year fixed-rate average sank to 5.69 percent, and the 15-year fixed rate dipped to 5.27 percent. The 1-year adjustable slipped to 5.47 percent. We are currently seeing the lowest 30-year fixed interest rate in over two years. Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.
Conclusion
All buyers, especially first time homebuyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity. These conditions will persist in many areas until early spring when inventory supplies are likely to become more balanced. Several factors converge to make the winter months a great time to buy real estate. One primary factor is the low mortgage interest rates being offered, which are hovering around 5.69 percent.
If you are conservative, and have been thinking about refinancing your home loan or buying a property - now is the time to act. Interest rates are historically low - and homes are an abundance of homes available - but it won't stay that way forever. You will want to contact your lender (or ask your Realtor for their preferred lender) and lock your rates. You can’t lock them forever, so you will have to be ready, and able to purchase a house or refinance.
If you are a risk taker, you may want to wait a little longer to see if you can get lucky enough to get a better rate, but you are going to have to pay close attention and be willing to pull the trigger quickly.
For more information on our Local Real Estate Market, there will be Home Buying Seminars on December 6th and 13th. Please RSVP to these events and learn more about your most important investment.
Rob AlleyRealtorRoy Wheeler Realty Co.President - Virginia Tech Alumni Association - Charlottesville ChapterBoy Scouts of America - District Advancement Chairman - Monticello District434-220-7630 (office)http://www.robsellscharlottesville.com/
Whatever the national trends are with regard to real estate - whether they are booming or busting - what really matters is what the market conditions are in your region, town, or neighborhood. What does that mean? Even during the real estate boom of 2001-2005, a great many cities and regions did not participate in the boom - they lagged behind, or even decreased in value. Similarly, when prices began to fall nationally, there were plenty of regions and locales where prices increased, and sales boomed.
Evaluating present and future trends and influences in your region or neighborhood is essential to creating long term wealth, whether you are in a buyer's or a seller's market. Detailed information at the local level is what is most useful for home buyers, sellers, owners and window shoppers. The trend data at the metro area level, or the nation, is great water cooler talk, but not that relevant when you’re making decisions about your most important asset.
That being said, let’s look at how our local area did for November and what we should expect for the months leading into the Spring Market.
City of Charlottesville
There were 169 homes that had some type of sales activity in the city. There were 137 homes that went under contract and 33 homes that sold for an average price of $292,218 with an average DOM of 75 days. There are currently 364 active properties in the city.
Albemarle County
There were 243 homes that had some type of sales activity in the county. There were 190 homes that went under contract and 53 homes that sold for an average price of $385,383 with an average DOM of 90 days. There are currently 916 active properties in the county.
Fluvanna County
There were 56 homes that had some type of sales activity in the county. There were 37 homes that went under contract and 19 homes that sold for an average price of $275,373 with an average DOM of 93 days. There are currently 325 active properties in the county.
Greene County
There were 44 homes that had some type of sales activity in the county. There were 30 homes that went under contract and 14 homes that sold for an average price of $287,432 with an average DOM of 92 days. There are currently 199 active properties in the county.
Mortgage Industry
Long-term mortgage interest rates fell for the fifth night Friday. The 30-year fixed-rate average sank to 5.69 percent, and the 15-year fixed rate dipped to 5.27 percent. The 1-year adjustable slipped to 5.47 percent. We are currently seeing the lowest 30-year fixed interest rate in over two years. Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.
Conclusion
All buyers, especially first time homebuyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity. These conditions will persist in many areas until early spring when inventory supplies are likely to become more balanced. Several factors converge to make the winter months a great time to buy real estate. One primary factor is the low mortgage interest rates being offered, which are hovering around 5.69 percent.
If you are conservative, and have been thinking about refinancing your home loan or buying a property - now is the time to act. Interest rates are historically low - and homes are an abundance of homes available - but it won't stay that way forever. You will want to contact your lender (or ask your Realtor for their preferred lender) and lock your rates. You can’t lock them forever, so you will have to be ready, and able to purchase a house or refinance.
If you are a risk taker, you may want to wait a little longer to see if you can get lucky enough to get a better rate, but you are going to have to pay close attention and be willing to pull the trigger quickly.
For more information on our Local Real Estate Market, there will be Home Buying Seminars on December 6th and 13th. Please RSVP to these events and learn more about your most important investment.
Rob AlleyRealtorRoy Wheeler Realty Co.President - Virginia Tech Alumni Association - Charlottesville ChapterBoy Scouts of America - District Advancement Chairman - Monticello District434-220-7630 (office)http://www.robsellscharlottesville.com/
Good real estate topic i ever seen. Bookmarked and visit again to see good things
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