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Charlottesville Area Realtors Expect 2018 to be Seller's Market

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Home construction work in the Charlottesville area. Home construction work in the Charlottesville area.
Nest Reality in Charlottesville Nest Reality in Charlottesville
Jim Duncan Jim Duncan
ALBEMARLE COUNTY, Va. (WVIR) -

Next year could be a great time for home sellers in the Albemarle County area, but a tight one for buyers.

Charlottesville Area Association of Realtors (CAAR) President Anthony McGhee and Nest Realty partner Jim Duncan both agree that 2018 will be a seller's market.

“We're looking at more stability and increasing prices throughout the Charlottesville-Albemarle region,” Duncan said.

Realtors believe limited inventory will continue to be an issue throughout central Virginia, which will drive up prices.

“Inventory has been a strong concern for our region for the last several 3 to 5 years. We continue to see a pressure on inventory and not enough to satisfy market demand,” said Duncan.

“Sellers are going to be pretty much in control mainly because of tight inventory. There's not a whole lot of inventory there for buyers to look at, so you know, they’re probably going to pay a premium and the houses are going to sell pretty quickly,” McGhee said.

Despite the higher prices, both experts think sales will be up, especially for new construction.

“If you look at the city in particular, you have several new neighborhoods that are coming on," Duncan said. "I think you’re going to see more and more people buying in the urban ring.”

Duncan predicts more people will continue to move to the counties surrounding the city: “As they continue to push up prices they’re going to Louisa and Fluvanna and Greene county, and each of those surrounding have had strong economic growth, so people are starting to move there as well,” he said.

Duncan also expects political uncertainty may force some potential buyers to stay put: “2018 is going to be an interesting year because we are in such a volatile time politically. We have the tax plan is causing a lot of people to hold off on making major life decisions. We have health insurance is a huge issue in our area, which is putting a real pinch on peoples' budgets,” he said.

Both realtors expect mortgage rates to remain fairly constant, only rising slightly, going into next year, and as long as rates remain in the single digits, the demand from buyers will be there.

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