Exploring the impact of COVID-19 on Charlottesville’s housing market

Exploring the impact of COVID-19 on Charlottesville’s housing market
(FILE) (Source: Pixabay)

CHARLOTTESVILLE, Va. (WVIR) - As part of a fall speaker series with the Thomas Jefferson Planning District Commission, experts explored the current impact of the coronavirus pandemic on the Charlottesville housing market.

Those with Virginia Realtors say homeowners have been better off than most renters. Home sales have rebounded, but due to low inventory, affordability and availability continue to be a challenge.

Mortgage rates have also been down.

"Everyone sees the low mortgage rates and that seems like good news for folks looking to buy a home, but what we’re finding is the criteria for qualifying for mortgages has tightened up during coronavirus where lenders are looking for higher credit scores.” Virginia Realtors Chief Economist Laura Sturtevant said.

The next fall speaker series is on October 22, and will dive into regional housing strategies and policies.

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