CAAR releases fourth-quarter report for 2022
CHARLOTTESVILLE, Va. (CBS19 NEWS) -- The Charlottesville Area Association of Realtors has released its fourth quarter market report, and if you're thinking about selling your home, now might be the time to do it.
S. Lisa Herndon, the president of CAAR, says this is a seller's market.
“My advice would be, put it on the market. We need inventory but sellers please set your expectations,” she said.
However, houses are tending to stay on the market for an average of two months right now.
“The average 30-year fix on a home is around about 6.15 percent versus just a few months ago it was up to seven percent, so it’s costing buyers more to buy a home. They’re being more deliberate about how and what types of homes they’re looking at,” Herndon said.
The report predicts that prices will remain steady.
“And in some areas, they’re going to increase and there’s not going to be that drastic price cut although inventory is slowing,” Herndon said.
There was a 61 percent increase in the Charlottesville area for new construction permits with the largest increase in duplex buildings and multi-family homes.
“Sometimes with that increase in density through the duplexes and multifamily homes, it may impact affordability in making it a little more affordable for our areas," said Herndon.
The report also said that the unemployment rate is back to pre-pandemic and is actually better with 4,500 more jobs above those levels.
“If we have a strong job market, then it’s more likely that we’re going to see more buyers in the market,” Herndon said.
Herndon says that overall there’s nothing to be concerned about in the housing market. If someone is interested in buying or selling a home, they can reach out to CAAR to get in touch with experts who can help navigate the experience.
To view the full report, click here.