A Guide to Charlottesville Real Estate
So You Want To Sell Charlottesville Real Estate?
Charlottesville has many suitors saying beautiful things about the historic Virginian city. Charlottesville real estate is built within lovely scenery and landscapes. The authoritative Sperling’s Best Places has ranked the city as the best place to live in the United States. There are dozens of awards for you to check out here. In many ways, it embodies the best that Southern living has to offer.
Residents call it “C-Ville” or “Hoo-Ville”, making it a little difficult to tell that Charlottesville was named after a queen and the home of three presidents, plus tycoons, music stars, and world-famous writers.
And the future looks bright for the housing market. If you want to sell property in Charlottesville, Virginia, we’ve compiled answers to the most critical questions.
Don’t forget! We created a unique infographic for you at the bottom of the page. It’s a step-by-step guide to selling your home, no matter where you live!
The City of Charlottesville, Virgina
1. How is the city of Charlottesville a selling point?
No matter what your property looks like, if you’re trying to sell Charlottesville real estate, you have one massive plus on your side.The city of Charlottesville itself is a big selling point!
Charlottesville holds a lot of tradition. It continues its long-standing practice of raising organic crops and free-range livestock, plus locals are known for producing renowned wines. The city is a long-time academic enclave, and UVA maintains several study programs worthy of global attention.
Statistically, there is clear evidence this is a college town. 46% of residents are single, 48% rent, and the median age is 36, according to Trulia. Being a college town keeps the area youthful and full of new ideas. For a closer look at Charlottesville, check out their homepage.
What does this mean for the Charlottesville real estate market? Many things. First, the stunning scenery and educational institutions ensure that people will want to live in Charlottesville for a long time. That’s another selling point for you!
Second, the number of college students means high turnover, especially for apartments. Before selling a house or apartment in Charlottesville, you may want to consider renting.
2. How does my property compare to the typical Charlottesville property?
The “average” property is a 2-3 bedroom, single family home worth about $300,000. Houses built between 1940 and 1969 make up an impressive 39% of the market, so it would be wise to understand how your home compares. Old homes usually have great character, but it’s a trade-off. They can also be temperamental and expensive to repair.
Potential buyers and renters looking for alternatives to a single-family home are in luck. Townhouses and apartment buildings cover almost 50% of the market. Residents are 59% renters. These higher-than-expected percentages likely come from the large number of students. The University of Virginia has over 20,000 students in a city of fewer than 50,000 people. It’s vital to understand how the student body influences selling Charlottesville real estate.
The University of Virgina campus adds both beauty and brains to Charlottesville.
Selling Property in the Charlottesville Real Estate Market
3. How has the housing market been recently?
“Recently” here means five years. Sellers should be aware of the median price over the last five years for Charlottesville homes. At the time of this writing, that number is $298,870, but you should also research many listed homes similar to yours. For numbers updated in real-time, check out this resource, which also includes the number of listed houses on the market. Pay attention to seasonal fluctuations in the Charlottesville housing market. As with stocks, there is a perfect time to sell!
If you would like to dig deeper into Charlottesville real estate market history, check out this resource from the U.S. Department of Housing and Urban Development.
4. How is the current Charlottesville real estate market?
We want you to have the most recent information available. Check out these market trends!
5. What about the future Charlottesville housing market?
Things also look bright. Standard measurements of a healthy forecast, like foreclosures, delinquent payments, inventory, and general affordability, all point to green pastures!
The number of foreclosures, delinquent mortgage payments, and negative equity properties in Charlottesville is lower than the national average. In the case of foreclosures, that number is four times lower than the national average at the time of this writing.
Hacks For Selling Charlottesville Real Estate
6. Where can I find a colorful infographic with the step-by-step process of selling a home?
Look no further!
7. Anything else I should know?
We like to provide clients with general advice for anyone entering the arena of real estate. Follow these guidelines to keep your head cool and money in your wallet:
• Slow it down! Those neighborhood signs have the right idea! Sellers who (1) take their time, (2) make significant final decisions after plenty of sleep, and (3) discuss their thinking process aloud with a trusted party are in the best position to come out on top.
• Stay emotionless. A great realtor will naturally help you with negotiations, but you’re the one in the driver’s seat.
• Use a professional realtor. There are many good reasons why over 90% of housing sales involve a full-time realtor. Plus, that number is on the rise. Professional real estate agents make a significant difference. Conventional wisdom says that five years of experience is the minimum amount of time to produce a master real estate agent.
If you’d like to see what people are saying about me, Pam Dent, you can check out reviews and my credentials on Zillow’s impartial website.
Drop us a line if you’d like to speak with us!