The 2017 market in the Charlottesville area is going to be an interesting one. They all are. The Charlottesville real estate market is going to be much less calm than the waters depicted above.
Will this property hold value?
I received that question by email (and get it many days of the week) the other day, and it was about a specific property in the City of Charlottesville. As I noted in my response, I cannot/will not give specific real estate advice unless we have an executed buyer brokerage agreement; but I’ll certainly provide broad advice.
Will they hold value?
- Candidly/somewhat flippantly:
- I’ll let you know in 5 years.
- There are so many variables that will affect the “will they hold value” question
- Economy (macro)
- Economy (Charlottesville/Albemarle)
- Un/under employment specifically
- Transportation network
- Will Albemarle and Charlottesville work together to improve the local and regional transportation network?
- Parking
- This is a massive question when discussing and evaluating properties in Downtown Charlottesville
- Competition that may not yet be on the market (brownstones coming to the City Walk road, condos across from C & O, etc, etc)
- Infrastructure improvements in the City (biking/pedestrian specifically)
- More buyers want bike- and walk-ability. Does X product have that? Will is have it in the next 3-5 years?
- Importantly, does the property have that now? You know, for you to enjoy it?
- Lending environment
- Whew. Are affordable loans available?
- Interest rates
- Steady? If trending up, I expect more buyer activity rushing to the market.
- Homeownership trends generally
- Do people still see value in homeownership?
- And a few more …
- Short/honest answer
- Probably. Maybe.
- Will you be happy there?
If you’re thinking about buying in the Charlottesville area, get ready now. If you’re thinking about selling, same advice. I can help.
Start here.
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