Home sale prices trended upward throughout most of the Charlottesville area in October, according to the Long & Foster Real Estate Market Minute Report. Greene County displayed the largest increase with a 22% jump, followed by Nelson County which had a 16% rise. Albemarle County and Buckingham County, on the other hand, showcased slight declines.
Number of homes sold varied throughout the region, with the City of Charlottesville seeing a 26% increase, while Buckingham County had a 40% fall. Inventory took a dip throughout much of the area with Buckingham County showing the biggest decrease with a 21% drop, followed by Albemarle County with a 14% decline.
“For the most part the market is strong – there’s ample credit and significant demand,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. Though inventory continues to contract throughout the Charlottesville area, the sales price versus list price all point towards a healthy market.
Discussing how the National Association of Realtors passed a rule to ban pocket listings, Foster believes that it’s a pro-consumer move that will be beneficial to all. The new ruling dictates that once a home has been marketed to the public, it needs to get put on a multiple listing service within 24 hours. This will enable buyers to have a fuller picture of what is on the market so they can make more informed decisions on where to buy and live. For sellers, it will allow them to expose their property to potential prospects and increase the amount of demand for their house.
The real estate landscape is different from years past as buyer’s expectations and seller’s approach to listing their homes have changed. Buyers nowadays are looking for move-in ready homes that they do not have to renovate or update. Because of this, sellers need to be willing to invest some money in getting their house ready to be sold or be prepared for a lower price point. Enlisting a Long & Foster professional will help sellers get their homes staged, sold and ultimately expose it to the biggest pool of potential prospects.