CHARLOTTESVILLE, Va. (WVIR) - If you’re looking to buy or sell a home, recent reports from Long & Foster Real Estate suggest now is the time to do it.
“The inventory is so low that your home is going to sell,” Tom Pace, real estate agent at Long & Foster Real Estate, said.
Pace says more people are looking to buy homes in Charlottesville than ever before.
“All of this with COVID has created a unique demand in our market, and you couple that with nice interest rates that are going on with financing - the stock market is doing relatively well, and has continued to do that. So it’s like almost a perfect storm for people to buy,” he said.
Right now, Pace says there’s not enough inventory out there to meet the demand. That’s why median prices are on the rise.
“Where we’ve seen in Charlottesville and Albemarle County that’s gone up like 10 to 12% and then you look at a market like Wintergreen, Nelson County it’s gone up as much as 50% in outlying areas, so the median home pricing has gone up,” Pace said.
In his 40 years working in real estate, Pace says he’s never seen anything like this before.
“People are going to buy bigger houses right now than what they were going to buy a year ago,” Pace said. “If you’re going to sell, you want to know where you’re going, and be prepared to be out of the house in 60 days or less.”