We Could See More of a Buyer’s Market in 2014

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December 27, 2013

“For Charlottesville/Albemarle we're going to see a mix of cautious optimism and optimism,” says Jim Duncan, partner at Nest Realty.

Duncan believes that people who are interested in selling their homes might think twice before doing so next year.

“This is going to be the second year where a lot of sellers are going to be able to have the legitimate conversation about whether they can sell and not lose money and that's going to be a real shift in our market,” says Duncan. “I think that's going to bring on more inventories which are going to be more competition for sellers and more choices for buyers.”

Even though it might be harder to sell next year, people won’t lose everything in the process.

“Fewer people in the market are under water, meaning that they are able to sell and not lose their down payments or their savings,” Duncan explains.

This year there were over 2,800 home sales in Charlottesville alone, that's 200 more than last year, but in 2014 there could be more houses than expected on the market thanks to construction.

Two up and coming neighborhoods in Albemarle County are called Stonewater and Dunlora Forest.

But as many people continue buying homes in 2014, the amount of renters will also rise.

“We've seen people who used to buy now choosing to rent, because they don't know if they are going to be here for more than four to five years,” says Duncan. “I think there has been a reevaluation of what it means to buy a home.”

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