The number of homes sold saw an upward tick throughout most of the Charlottesville Area in November, according to the Long & Foster Real Estate Market Minute Report. Nelson County witnessed the largest jump with an 81% gain, while Buckingham County had a 50% increase. Median sale prices varied with Nelson County having a 57% rise, while Buckingham County had a 43% fall. Inventory continued its downward trajectory and days on market ranged from 31 to 91 days.
“The numbers this month are shocking,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “It was a very big November, with double digit gains in units sold and median sale prices.” This rise in homes sold is a continuation of the delayed spring market, where low interest rates incentivized consumers to continue buying homes in record numbers.
Technology has come to the forefront of many industries this year, since doing business virtually has become a necessity. This is evident in the real estate business, where technology, such as virtual reality and artificial intelligence, has made transactions easier and more efficient. Foster believes this rise in technology will not be permanent, saying “real estate is a relationship building business. While technology has given us another medium to foster relationships, it can’t replace face-to-face interaction”.
The impact of technology has also led to an increase in cybercrimes, with phishing scams and wire fraud becoming common ways for cyber criminals to cheat unwitting consumers out of their personal information or finances. Foster recommends being extremely cautious when doing business online, citing emails and text messages as ways for cyber criminals to trick individuals to divulging sensitive information. “Always be cautious of clicking on links and never take wiring instructions from an email. Verify who the sender is by double-checking the sender’s address or giving them a call,” Foster said, “you can never be too cautious”.