Back on March 19th, Forbes.com named Charlottesville in their “Best Small Metro Cities” list at 9th place just behind many equally desirable locations including sister Virginia city Blacksburg. In case you missed how they arrived at this conclusion, here is a recap of the metrics Forbes.com used:
Understanding today’s market place, whether it’s homes for sale in Charlottesville or farms and estates in Albemarle County, can be challenging, and now more than ever you need to be partnered with skilled and trusted professionals at every step of the way. Today, I’m focusing on the contrast between values in Ashcroft and Glenmore, two upscale subdivisions on the East side of Charlottesville. The contrast in values brings into focus the simple market forces of supply and demand.
Okay, so you’ve gotten the message from some of my other posts, and now you’re ready to purchase a Charlottesville home. The temptation for a buyer is to approach today’s Charlottesville real estate market with the notion that you’ll be able to whack another 20% off the seller’s asking price – it’s not going to happen. All of today’s asking prices are based on today’s marketplace and reflect a healthy savings versus what you would have paid for the same property just three years ago. Don’t let this notion stand between you and some of the best real estate buys in recent memory.
I can tell you from personal experience through my Charlottesville real estate practice, that the very best Albemarle County properties are selling right now for the least amount of money. That’s what happens at the bottom of a market downturn, and those savvy
buyers that have the intestinal fortitude to tune out all the negative media coverage, will be smelling like roses a few years from now. Sure, buying a year from now will still net you some great deals on Charlottesville homes, Albemarle estates, and Wintergreen resort real estate, but not the best deals. Why? Because what you will be buying a year from now won’t be the best properties. Those will have already been sold. And, to make matters worse, you’ll be paying the same money or more money for an inferior property. Not bad enough? Interest rates have nowhere to go but up, and they will be higher by the end of this year driven by either the fear of inflation, increases in Federal Reserve money rates, or both. Even a modest increase in interest rates will result in a dramatic increase in the total cost of ownership.
I am finally starting to hear and read some mass media reports which suggest that rarely has there been a better time to be beating a path to
the front door of a great real estate bargain. Take for example, Dan Kadlec’s column in the February 25, 2008 issue of Time entitled, “Ignore the Headlines! Except this one. Sure, housing’s in a hole. But there’s a potent case for buying now…” If you don’t believe me (see my December 29, 2007 post entitled, “Who Would be Dumb Enough to Buy a Charlottesville Home Now?”), read Dan’s article – it is succinct and draws on the wisdom of some of this nation’s most revered financial wizards.
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