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

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.

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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.

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