Mortgage Rates Climb to 5%...
And That's a Good Thing?

Yes! We have an entire generation who has grown up thinking borrowing money for a home is free (when the mortgage rates are less than the rate of inflation it's essentially borrowing for free). That's not normal! The article linked to above explains how higher mortgage rates can actually help normalize the market. Not to mention, mortgage rates typically move in conjunction with the Fed Funds rate and if that's ticking up it will help curb inflation. One trip to the grocery store should convince you that we are experiencing pretty severe inflation in this country.

February Local Market Indicators

Sales are slowing but prices are still high. Higher mortgage rates will put a damper on high prices but how much of a damper? I don't have any idea. I've been through strange times before in real estate but this might be the strangest. There's no way pricing can continue to rise as consumers won't be able to afford as much home with higher rates but I don't know when that changes and how dramatically.

It is interesting to me that new listings in Greene, Louisa, and Nelson counties continue to surge while they're on the decline in Albemarle and Charlottesville. I usually have pretty strong opinions but this is one monthly email where I'm taking a wait and see approach as to what all that means.
This North Garden home is under contract and close to closing!
This wonderful home in Faber, VA (Nelson County) is now under contract!
Wall Street Buying Up Homes

This is a link to an article regarding Wall Street's newfound interest in buying single family homes and renting them out. It's an interesting read and I do have an opinion on this matter. For the average American, a cash flush Wall Street gobbling up single family homes with their abundance of cash is most definitely not a good thing. It feels a bit like an emerging serfdom and not in any way the American Dream. Fortunately, here in Charlottesville, we've always been a bit insulated from what goes on in major markets. We're not immune but we have always been more insulated than most from macro trends.
New listing in Barboursville! It's a 3 BR / 2 BA one level living home on 3.73 acres. For Central VA, the lot is remarkably flat. It also has an oversized and detached two car garage with high ceilings and fiber internet is available in the area!
This lot in Crozet I listed (a hidden gem) closed in March!
Michael Ball
PO Box 462, Crozet, VA 22932

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