And what will be the impact this year?
What exactly is Match Day? I like this description from last year.
Match Day is when 4th year medical students find out which residency program they matched with. Next year (actually this year – 2007), that day is March 15. On March 13, two days before, you find out IF you matched or not. If you don’t match, then you have two days to “scramble†into a program, ANY program that wishes to take you.
I wrote about Match Day last year, and developed a page specifically for UVA medical residents, and a search specific to UVA residents’ general needs.
What’s a Resident generally looking for?
– At least three bedrooms
– At least two bathrooms
– Under $275k (some go higher, depending on their background, family support, etc)
– No more than twenty minutes from the UVA Medical Center.
What’s it like to be a buyer in the Charlottesville market?
Get started on learning the market here. Many new Residents, after analyzing the Charlottesville real estate market, determine that purchasing is a better option than renting. If you’re planning to be here for more than four years, this may very well be the case.
The question is – will they buy this year? Residents provide a much-needed stimulus (real, not fabricated) to the Charlottesville economy. Every year, new Residents match in Charlottesville; every year some rotate out to the next phase of the lives after completing their Residency.
To get acclimated, look at this map; once you eliminate at least two of the areas, your search will be much more efficient. You may find yourself going outside the confines of Charlottesville and Albemarle.
There is significant uncertainty in the Charlottesville market now; but – for those who are ready, willing and able to buy, there are significant opportunities in the market.
Technorati Tags: adelphia, charlalbemarle, charlottesville, real-estate
I think the challenge is finding the RIGHT property.
Big question: figuring out a way to sell the property if after 3-4 year residency the property did not appreciate enough to cover sale costs: attorney fees, real estate commission, etc. At the end of the residency, might there be a need to pay out of pocket for these expenses? On the flip side Renting for 3 years ($1,000 per month X 36) = $36K Lots to think about.
Just curious for a postmortem…did you or anyone you know get any “match day” clients? Did they wind up renting or buying?
Mark –
I had one who matched elsewhere, one with whom I am still working with from time to time, one who bought and two who rented … a bit slower than usual ….
Jim,
I have been reading your blog and the responses of others, and kept thinking I needed to respond myself. I have a little time, so here goes.
On the resident doctors at U.Va., I have a personal experience. My daughter-in-law was a 4 year resident. She and my son bought a house in the Ivy area and sold it this past May. They did a little bit better than break even because of the market,and concessions to the purchaser. I think any resident coming in today would be crazy not to buy in this market. Four years from now things will be significantly better.
And, on the subject of living in a community where you felt safe to let your children walk or ride bikes in the neighborhood without supervision I think that varies with the neighborhood. When I was growing up in Staunton (I won’t say how long ago it was) I would ride my bike literally all over town when I was 12 and 13. My parents never gave it a thought. It was a small town and everything was within an easy ride, or walk. Today, there are more people, and with that, more bad people. That is not to say the ratio is higher, just that in a population of 300,000,000 you will see more crime than in a population of 150,000,000. Plus, the media tends to make us more paranoid.
Sorry for the rambling, but those were 2 things to which I can relate.
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