You have probably heard the news. Here in the Greater Charlottesville area and nationwide there is a lack of inventory — the number of homes for sale continues to decrease. Locally the number of homes for sale is down 29.7% over this time last year. With just 5.4 months supply of inventory this kind of market is considered a seller’s market — fewer homes to compete against, fewer homes for buyers to choose from. Multiple offers on the same home are not uncommon locally, especially in the city (average days on market just SIX days) and Albemarle County (average days on market 18).
However, with interest rates still near historic lows it is still a great time to buy. The average interest rate on a 30-yr fixed mortgage was over 8% in 2000, currently rates are half that at bout 4%. If you are selling and buying you have the best of both worlds!
