Is it a good time to buy?
I have been asked many times lately is this a good time to buy a home?
As of this morning in the Charlottesville Multiple Listing Service there are 1203 homes active (on the market and available for purchase) in Albemarle County and Charlottesville City.
We have not seen this kind of inventory in quite some time. We are clearly in transition. This is proving to be a very smooth adjustment though. There have been price reductions and closing cost incentives offered by Sellers. The prices have truly become more stable, than in the past few years. Gone are the days of "just stick this price on it, and we will wait for offers"
Our area has experienced several years of rapid price increases, which is not healthy for the area economy. The price stabilization that we are experiencing in our area, is not severe, and has been more gradual than in some other markets nationwide. Wages earned have not increased at the same rate as home prices here. Homeownership is the best source of wealth for most Americans, that is not changing. There must be affordable homes for the wage earners in order for the community to continue to thrive. We need the teachers, nurses, firemen ,police officers and other service providers living in our community.
I believe we have entered more of a balanced market than a buyers market.
It is an excellent time to buy. You will have plenty of homes to choose from. It is also an excellent time to sell, homes in good condition which are accurately priced are selling well. You will be able to get the next home of your dreams at a very fair price, making for a very smooth transaction
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