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Area Real Estate Market Experiencing Positive Growth - NBC29 WVIR Charlottesville, VA News, Sports and Weather

Area Real Estate Market Experiencing Positive Growth

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The real estate market is on a rebound in Charlottesville and Albemarle County. Right now, brokers say house hunters are getting exactly what they want.

With two-year-old Alexis and a new baby on the way, Jeff and Brooke Vergales have decided to stay in Charlottesville long-term.

"There's really not a better place that I've ever found to raise children," said Jeff Vergales.

As they get ready to move into a house that fits their growing family, the Vergaleses fit into a trend happening in the Charlottesville and Albemarle County real estate market since December.

"We're releasing pent up demand, the recession slowed people down, maybe causing them to delay those major moves that happen when you become an empty nest, or maybe you add some children to the mix or you're relocating for job, people are moving towards that right sized home," said Greg Slater, a broker for Nest Realty.

Families are buying - and many are building homes to meet their specific needs. Nest Realty reports 36 new homes were under construction contracts in Charlottesville and Albemarle in January 2012. In January 2013, there were 48. That's a 33 percent increase in the number of new homes being built.

"When you have an efficient process that gives people the ability to get exactly what they want with the spaces they need, the cosmetic finishes to their tastes, and an easy process that takes about a hundred and twenty days, that's going to bring more people into the new home buying conversation," Slater said.

The Vergales family fits that trend too. After checking out homes already on the market, they decided to start from scratch and break ground on their own new home.

"We just never really found anything that we absolutely loved and figured you know if we have the luxury of waiting time to put all of those elements into the house that we wanted, that was perfect," Jeff Vergales said.

Brokers say prices for new homes are going up, which should drive up prices across the market. In central Virginia, the spring market starts early, so people are already putting their homes up for sale.

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