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2023 VA Projections

The economic and housing outlook for 2023 in Virginia. One item I'd like to highlight is that new housing starts are expected to decline again. One of the reasons why we are in our current low inventory environment is because we had a dearth of homebuilding for almost a decade. Until new homes start coming online in greater numbers it does seem like we'll always be chasing our tails and not seeing inventory levels grow to a healthy level.


A Housing Recession?

I first listened to Derek Thompson (writer for The Atlantic) on a podcast centered around COVID. He was so well spoken, thoughtful, and educated on the subject matter that when his new podcast, "Plain English", came out I immediately started listening. On this particular podcast he discusses the housing market. I think the key takeaway is we are about to enter a "correction" not a "crash". However, he doesn't just talk about real estate. His podcast is a pretty eclectic mix of pertinent and current topics. Check it out but check out the real estate one in particular.
My new listing in Bremo Bluff went under contract almost immediately!
What to Make of This Market?

An article on the current state of the housing market. Basically, the market is turning in favor of buyers but inventory levels are still about 8% below normal levels so we still have a ways to go before we're in a normalized market. But that does beg the question after the last fourteen years... Will the market ever be "normal" again?
This home I listed in Nelson County is under contract (don't sleep on Nelson County as it's become pretty popular in this market) and slated to close any day now. Call me if you're thinking of selling!
MICHAEL BALL
REALTOR

PO Box 462
Crozet, VA 22932
434-242-2007
www.michaelball.realtor






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Michael Ball · PO Box 462 · Crozet, VA 22932-0462 · USA