Thanks to a Twitter tip from one of our savvy Nest agents, Amy Webb, I’ve been spending some time today looking at a trend that I knew existed…but hadn’t been able to quantify.
Here’s the theory: There are buyers in the Charlottesville real estate market. They are just being very selective and are going after properties that are…
1. Priced right 2. Show like a model home 3. In a good location.
We’ve been saying for months that you have to price your home right in order to sell it. And while there will always be instances of homes selling at obscenely high prices, it’s becoming less and less likely in Charlottesville and Albemarle County.
While it is absolutely true that there is a huge supply of homes for sale in Central Virginia, there is still a lot of inventory that is not priced correctly based on it’s condition and location. I refer to this inventory as ‘junk inventory’ – it’s there and listed for sale in the Charlottesville MLS…but it’s not going to sell at it’s current price.
So, I’ll get to the point: homes are selling…and quickly…if they are well priced.
Anecdotal proof: I am aware of 4 (yes, 4!) multiple offer situations in the past 7 days.
Real proof: Take a look at the 17 properties that have gone ‘under contract’ in the Charlottesville MLS this week so far.
Here are the Days on Market: 85, 17, 18, 9, 18, 119, 4, 11, 200, 38, 15, 5, 27, 151, 7, 8, 53.
– That is an average DOM of 46 days…not bad.
– 10 of the 17 were on the market for less than 20 days.
– The one that was on the market for 119 days had a $40k price reduction 2 weeks ago
– If you take out the three with the longest DOM (119, 200, 151), then the average DOM was just 23.
So, if you are thinking about selling your home: clean it up, make sure it looks like a model home, and price it right.