Reposting my monthly note here, with a Crozet-specific real estate market update.
I really thought we would see more inventory coming to market this year. Not so much (yet). Maybe all of the snow is slowing things down. I’ve said for many years that I’ll tell you in 18 months what’s happening in the market right now; it’s impossible to determine what’s happening right now while still in midst of the market.
In Brownsville + Crozet Elementary districts:
2024 – In the first 47 days of 2024, 62 homes were listed. 33 of those were new construction; 23 of the 33 were attached homes.
29 of the 62 were resale homes – median sold price: $526,900
37 homes went under contract in the first 47 days. 18 were resales. Median days on market: 5.
2025 –
In the first 47 days of 2025, 36 homes were listed. 21 of those were new construction; 16 of the 36 were attached homes.
15 of the 36 were resale homes – median asking price: $530,000
27 homes went under contract in the first 47 days. 11 were resales. Median days on market: 49.
This month: clarity, using maps, insurance, downsizing, sucking, and evolving concessions.
Quick Market Thought
Resale inventory remains low, prices are stable to up a bit, days on market are trending upwards, and my first weekend theory holds — good properties well priced, well presented, are moving quickly, often with multiple offers.
In Charlottesville + Albemarle:
2024 – In the first 46 days, 197 resale homes were listed and 152 resale homes went under contract. Median Days on Market was 5. 87 (57%) of those that went under contract went under contract in 7 days or less.
2025 – In the first 46 days, 184 resale homes were listed and 122 resale homes went under contract. Median Days on Market was 7. 65 (53%) of those that went under contract went under contract in 7 days or less.
Clarity
The real estate process is opaque to so many, in part because most people buy or sell homes only a few times in their lifetimes. My role is to provide and show the path to clarity. I tell all of my clients, “I want you to ask me your questions. I know you’re going to ask your parents, peers, search engine, and maybe ChatGPT, but please ask me so I can give you the best answer relevant to youand our market.
I find it moderately amusing that my opening is about clarity and my second segment is about chaos.
Something about the things we can control, and the wisdom to know the difference…
The market — any market — dislikes uncertainty, and right now, we have an awful lot of uncertainty. One of my roles is to help distill the meaningful from the superfluous, and the data can help. Feelings absolutely matter, and they must, and the data analysis is what can drive what my work with my clients.
I posted a version of this on the RealCrozetVA FB page.
Think of how many people you know associated with UVA, UVA Medical, research, etc. These cuts are going to affect all of us. Think about how many people you know who have suffered from cancer – and other diseases.
If people suffer, and the real estate market is affected – we are all affected. This is not a partisan issue.
I know that many of the people I represent when buying or selling homes in the Crozet, Charlottesville, Albemarle – and wider central Virginia region – touch UVA Medical in some cpaacity.
“Just heard from a friend pursuing her PhD at UVA that hiring freezes and job cuts are hitting the school and affiliated biomedical research labs hard due to sudden grant funding issues. Postdocs and some some faculty positions are on the chopping block, leaving ongoing projects in limbo. Some labs are already scaling back research, and the uncertainty is spreading fast. Zero idea to what extent, but was wondering if any one else has experienced the same thing?”
“Cville/Albemarle friends – please call Rep. McGuire at 202-225-4711 today and ask him to oppose the Trump administration’s cuts of billions of dollars in NIH funding for life-saving biomedical research, including for pediatric cancer. “
I called, and spoke with a staffer. Hopefully more calls make a difference.
“The nation’s universities and academic medical centers were reeling on Saturday from a directive by the Trump administration to slash funding for medical research, a decision that doctors and scientists said would have a devastating effect on studies aimed at finding treatments for diseases such as cancer, diabetes and heart disease.”
What follows is but a project, and a fantastic idea.
We – not just Crozetians, but humans – need third spaces. While we’re not a city, we’re still humans.
America’s social fabric is unraveling as traditional community gathering spots disappear, leaving people increasingly isolated in an age of digital connection. According to a January 2024 survey by the American Psychological Association, 79% of adults report feeling lonely, a crisis directly linked to the decline of public spaces where spontaneous social interactions once flourished. The erosion of coffee shops, community centers, and neighborhood bars has transformed social connection from an organic, serendipitous experience into a scheduled, app-mediated transaction.
“From Jessica Bullard – Hello Crozet neighbors! I am working on an MBA project related to a potential business concept for Crozet and other similar size communities, and need to collect some data from our target market- you!
If you have a few minutes to fill out this survey, I would appreciate it. All who respond will be entered to win some fun local business gift cards.
*For now, this is just an MBA project and unlikely to actually happen but you never know, I guess!
Crozet, VA Gathering Space Concept Survey
Business Concept A small (up to 50 people) gathering/event space with a first location in Crozet, VA that makes it easy to host celebrations for all ages, community gatherings, and meetings. It offers all-inclusive event packages for birthdays, anniversaries, and special occasions, along with pop-up events like whiskey and wine tastings, after-school activities, and clubs. Local vendors will be featured in event packages to support the community. On weekdays, the space will be available for meetings, co-working, and temporary office use. The venue will be small and not targeted towards weddings, rehearsal dinners, etc. as that market is already saturated in the area.
Problem Crozet, VA, the first location, is a growing area with families, transplants from larger cities, and many remote workers. Most local venues are large, wedding-focused, or centered around alcohol, making it hard to find flexible, affordable spaces close by for small family events or professional needs. Event planning can be stressful for busy families who don’t want to travel or make their guests travel to larger areas. The town also lacks the diverse experiences found in larger cities.
Solution Our venue (name TBD) will be simple to book, with clear pricing and flexible packages for private events, meetings, and community gatherings. Public pop-up events will bring fresh activities to the area. On weekdays, it will serve as an affordable, convenient alternative to traditional offices or working from home and could even be a gathering space for middle/high schoolers before and after school.Target Audience
Individuals and families needing a venue for celebrations
Local professionals and businesses needing event or meeting space
Entrepreneurs and remote workers looking for a co-working space
Community members interested in social and educational activities
Parents looking for after-school programs and clubs for their children”
Well, this is awesome news. Amazing work, Three Notch’D Trail! It’s only ~12-14 miles to Charlottesville, which is a reasonable ride, and easy ride on an e-bike.
Here’s hoping this happens in my lifetime.
via email:
Albemarle County Launches Master Plan forThree Notched Trail Shared-Use Path Planning Work to Begin in Early 2025
ALBEMARLE COUNTY, VA – Albemarle County has selected Vanasse Hangen Brustlin, Inc. (VHB) to lead the master planning process for the Three Notched Trail Shared-Use Path. The planning effort will begin in early 2025 and take approximately 22 months to complete. The consulting team has significant experience in shared-use path planning and design, including work on the Virginia Statewide Trails Plan. Their proposal was selected based on their technical expertise and approach to public engagement.
The Three Notched Trail will be a multi-use path separated from vehicle traffic that will follow portions of the historic Three Notched Road. It will connect the western edge of Charlottesville, the development area of Crozet, and the Blue Ridge Tunnel.
“This path will connect residents and visitors to education, employment, and recreational opportunities in western Albemarle County, the City of Charlottesville, and Nelson County,” said Jessica Hersh-Ballering, Albemarle County principal planner. “Ultimately, the shared use path will improve safety and accessibility, while also reducing greenhouse gas emissions and fostering economic activity in the region. Project staff are looking forward to working collaboratively with community residents to design a shared use path that delivers these outcomes and meets community expectations.”
The planning process will include opportunities for community input through public meetings, an online survey, and pop-up events. A project website will provide updates for community members, and regular reports will be shared during Board of Supervisors meetings. Technical work will focus on determining the preferred trail alignment, prioritizing key segments, and developing a functional design and implementation plan.
The planning effort is funded by a $2 million RAISE grant, a federal program that supports surface transportation infrastructure projects. No local match was required. Once the master plan is complete, additional funding will be needed for further planning, right-of-way acquisition, and construction.
This map shows the area being studied for potential trail development.
Picking and choosing a few of the comments from the post:
Sidewalk or multiuse path the entire length of Three Notched Road. Real progress on Barnes Lumber area. And where the heck is that traffic circle at 240/250 Mechums trestle?
Traffic calming measures on neighborhood streets. So our kids don’t get run over by the many drivers who treat our neighborhood streets like speedways.
Sidewalks and trails connecting town with neighborhoods
Fewer hideous monstrosities like what is being built on 250 and Miller School Rd. It is sooo incongruous with the surroundings. Ugh
To turn back time……
Less plans for unaffordable housing and more for the community that already lives here. Sidewalks. Community activities for children. More at the park that doesn’t revolve around alcohol. More that doesn’t revolve around alcohol in general
Safe cycling option to get from Crozet to Cville and back (bike lane?)
Change the traffic light in front of Western to a large roundabout. Either that or widen the intersection and entrance the school to include extra lanes – we need something to facilitate much smoother entrance in the mornings and afternoons because right now it’s a semi-controlled disaster
Sidewalks and bike lanes making us less reliant on cars!
Sidewalks. Everywhere. I have never lived anywhere that the children cannot walk to school. Crozet is very unwalkable considering how small the area is. Hopefully one day. And I would also like to see bike lanes.
Sidewalks from Tabor along Park Road and past the park! I see so many children walking in the road.
Bodos, Chandlers, more sidewalks, a reduced speed limit on Jarmans Gap Road from 40 to 25/30 like the rest of the road. No safe space for the many bikers and walkers after Greyrock to Lanetown intersection and now fully developed! Thx
Sidewalks. All the sidewalks.
Wish list-Fix the malfunction junction @ the 4-way stop and the Square. It’s awful and no one knows how to use a 4-way stop properly. Someone will get hurt soon, possibly a pedestrian. The 240/250 is even more unsafe, so any improvement with that would be appreciated . TY for asking and for all of the hard work to keep us safe & moving forward!
Avoid car cenric planning. The best country in the world to drive in is one that prioritizes other forms of transportation like walking, cycling, and public transport: https://youtu.be/d8RRE2rDw4k
Downtown Crozet plaza and successful small business growth/incentives to sustain the larger downtown area. And connected sidewalks & bike paths on 240, 250, down Crozet Ave, and around the Park
We partner with the BRAFB, Wegmans and Crozet’s own Harris Teeter to provide food for families in need.
The mission of Grace Grocery to support our neighbors in Crozet would not have been possible without the help of volunteers.
We have just completed a very successful year for Grace Grocery. To put this in perspective, here is a summary of “2024 By the Numbers.”
Each Monday, an average of 40 families were provided with food. Grace Grocery was open 52 Mondays.
Every other Tuesday, an average of 30 deliveries were made to families who cannot get to the church on Mondays. Grace Grocery made deliveries 26 times.
Each Saturday, an average of 760 pounds of Wegmans food is picked up by our volunteers for a total of about 39,000 pounds donated by Wegmans and distributed to our patrons. Grace Grocery had Wegmans pickups every week this year.
Each Monday, an average of 120 pounds of Harris Teeter food is picked up by a volunteer for a total of about 3,300 pounds. Grace Grocery had 28 Harris Teeter pickups this year.
Every person who helps at Grace Grocery is a volunteer. All of this is accomplished with slightly over 60 volunteers who serve with compassion and friendliness. Thirty of these volunteers have filled more than 20 slots each this year.
Monday Distribution management, set up, registration, patron guides, books
Tuesday Delivery management, set up, drivers
Blue Ridge Area Food Bank ordering, pickup, delivery, stocking shelves
Purchasing Team
Recycle Team
Inventory Team
Data Input Team
Email and Phone Coordination
SignUpGenius Team
Financial donations are important for our success. During 2024, about $9,000 was donated to Grace Grocery. If anyone is interested in donating, please let me know. Donations are tax deductible.
We look forward to 2025 being another successful year! Grace Grocery is an equal opportunity provider.
You do not have to be a member of the church to be a patron nor volunteer. We welcome any and all!
Jim’s note – We’ve supported the Blue Ridge Area Food Bank for many years, and it’s heartwarming (and deeply sad) that we have such a welcoming and robust food bank presence here in Crozet. If you can support them, please do.
Construction on the Crozet Square and Oak Street Improvements Project will start on Monday, January 6, 2025. It is anticipated to take less than one year to complete, with traffic patterns adjusted in stages throughout the project. During every phase of the construction, all businesses will remain open and accessible.
This project is part of Albemarle County’s commitment to improving public spaces by making areas safer and more enjoyable. It also reflects our vision to foster a more vibrant, resilient, and accessible community.
About the Project Overall improvements to The Square and Oak Street (between Library Avenue and The Square) will upgrade the stormwater system, enhance water drainage, improve ADA accessibility and pedestrian accommodations, create more marked parking areas, update signage, and improve traffic flow.
When completed, you can expect the following:
– The Square will see upgrades along 670 feet, including a new sidewalk near existing businesses, perpendicular parking on both sides of the road, and changes at the Crozet Avenue intersection. To improve the traffic flow, the intersection of The Square and Crozet Avenue will be converted into a right-turn-only intersection, meaning no left turns will be allowed from The Square onto Crozet Avenue or from Crozet Avenue onto The Square. Southbound vehicles on Crozet Avenue will be able to access The Square via Library Avenue and Oak Street. – Oak Street improvements will cover 320 feet and include a sidewalk on the west side and perpendicular parking on the east side.
Project Timeline and Anticipated Traffic Impacts During Construction
This project was designed to be constructed in stages to limit the impact on businesses and the community while maintaining traffic and access to local businesses. During all construction phases, access to businesses will remain. Additionally, there will always be access to private property along the corridor.
During construction, there will be intermittent lane closures, and flagging will be in place.Please slow down, follow all detour signs as posted, be mindful of traffic shifts in the construction zones, and give crews space to work as you drive through the work zones. Please note that this is subject to change as construction schedules depend highly on the weather.
Construction will be completed in five stages:
Stage 1: Beginning January 6, 2025 (see map below of anticipated road closures, detours, and work areas for Stage 1) Construction improvements along Oak Street Detour Oak Street traffic to use The Square, Library Avenue, and Alley access Stage 2: Beginning March 2025 Construction improvements on The Square from Oak Street to the Alley Detour The Square traffic to use Library Avenue, Oak Street, and the Alley Stage 3: Beginning May 2025 Construction improvements on The Square from Crozet Avenue to the Alley Detour The Square traffic to use Library Avenue and Oak Street Stage 4: Beginning June 2025 Construction of the sidewalk in front of businesses along The Square via night work Stage 5: Beginning August 2025 Construction of final paving, signing, and striping We will keep the community informed on what to expect with traffic impacts and other important project milestones.
Brownsville + Crozet median prices for attached homes in 2019, 2023, and 2024Brownsville + Crozet median prices for detached homes in 2019, 2023, and 2024
Housing prices in Crozet have increased significantly in the past 5 years. I’ve represented a lot of clients buying and selling in Crozet, Albemarle, and Charlottesville who have fought to be able to afford their homes. If we as a community want to have a community that is welcoming to grandparents coming to live with or near their kids and grandkids, or kids coming back to Crozet to live close to parents and grandparents, we need more housing — and I’d argue we need to prioritize non-single-family housing.
I have also had countless conversations with people unable to afford living in Crozet – or Central Virginia – because of home prices.
Society needs generational connectivity.
Seventeen percent of home buyers purchased a multi-generational home, the highest share in the data series. The top reasons for purchasing a multi-generational home were cost savings (36 percent), to take care of aging parents (25 percent), children over the age of 18 moving back home (21 percent), and children over the age of 18 who never left home (20 percent). – source
Limiting housing and housing choice/options by definition limits supply, and so long as Crozet remains desirable with more demand than supply, housing will should continue to appreciate.
Compare the numbers above with those of Albemarle County. For this type of conversation and post, I tend to pull current (2024), previous (2023) and pre-Covid (2019) data for context.
Albemarle County median prices for detached homes in 2019, 2023, and 2024Albemarle County median prices for attached homes in 2019, 2023, and 2024
We need more housing (and businesses) in Crozet. We *also* need commensurate non-vehicular infrastructure, *and* we need people now to choose to walk and ride as often as possible – many of the neighborhoods east of Crozet Elementary absolutely could walk or ride to school rather than drive – and doing so would limit the morning and afternoon traffic we all complain about. (good reddit discussion on this, too).
Image source – “‘You can’t justify a bridge by the number of people swimming across a river’ ~Brent Toderian”
There was a comment on the RealCrozetVA Facebook post that accompanied Michael Monaco’s post about rezoning, that ended with “Zoning and Land Use do not determine housing prices. The developer determines pricing to maximize profits in the context of market demand.”
The American Dream isn’t dead. It’s just been zoned out of existence. By simply allowing multi-family homes everywhere, we could: – Add 3-5 MILLION new homes – BOOST GDP by 2-3.5% – INCREASE median wages by 3-5% America’s biggest economic secret? Our zoning laws are CRUSHING economic growth. Single-family zoning is a silent killer of opportunity, innovation, and prosperity.
Right now, we have a MASSIVE housing shortage: 1.5-7.3 MILLION missing homes. Imagine entire CITIES worth of housing just… vanished. That’s our current reality. ? Legalizing multifamily homes = Economic SUPERCHARGE ? Potential economic impact: – $300-500 BILLION in new consumer spending – Reduced living costs – Better job markets – More innovation This isn’t just housing. – Young people can move where opportunities are – Entrepreneurs can take risks – Workers can follow better jobs
After a good discussion on Bluesky the other day, I asked Michael Monaco if he was interested in writing a post for the RealCrozetVA/Crozet community. We’re lucky he obliged!
by: Michael Monaco
In a few days, on December 17th, the Planning Commission will hold their hearing on the proposed Oak Bluff development in Crozet.
Much has been said about this development; much is said about every development. A lot of albatrosses have been slung around Oak Bluff’s neck – the long-long-long-awaited Eastern Avenue connector chief among them.
It’s important to remember the actual decision being made, on the recommendation of the Planning Commission, eventually by the Board of Supervisors. Should the zoning on these parcels be changed from R1-Residential to Planned Residential Development? And what difference does it make?
If you have the time, you can (and maybe even should) read the definitions for the different zoning district categories in the Albemarle County municipal code. It’s dry reading, certainly, but it’s also instructive. R1 zoning, you can learn, has a gross density of 0.97 to 1.45 dwelling units per acre. Planned Residential Development is intended for higher density; PRD is intended to defer to the comprehensive plan, which in this case recommends 3-6 dwelling units per acre on the Oak Bluff parcels. The proposed site plan has about 135 homes on the 30-odd acres; the math checks out there.
But I think this planning-focused approach to zoning only tells part of the story. I find it enormously helpful to look around me at what already exists, and to see what story zoning tells.
In Crozet, we have six residential zoning districts that contain more than 50 parcels. There are a few specialty zoning districts, like the Downtown Crozet zoning and the R10 Residential zoning, that contain only a few parcels; I’ll set them aside, and just focus on the big ones.
The Albemarle County GIS page has a wealth of information available for download. If we take a look at residential parcels with homes built on them in the Crozet development area, we can learn a lot about what zoning looks like in reality.
Neighborhood Model District zoning claims the top spot for homes in Crozet. If it helps to visualize the neighborhoods within each major zoning district:
NMD makes up the bulk of Old Trail, as well as Wickham Pond, Liberty Hall, and the future Old Dominion Village.
R6 Residential is also found in Old Trail, as well as Pleasant Green, Crozet Crossing, Parkside Village, Foothill Crossing, Glenbrook, and Westhall.
R4 Residential is found in the Highlands, Western Ridge, Cory Farm, Westhall, and Grayrock Orchard.
R2 Residential makes up a lot of the older neighborhoods in Crozet – the St. George area and along Three Notch’d past Starr Hill, as well as Park View and other neighborhoods abutting the park.
R1 Residential – the least dense of the residential zoning districts – is found in parts of Old Trail (Windmere and Welbourne in particular), Chesterfield Landing, White Oaks, Sparrow Hill, Foothill Crossing, and Westlake Hills.
Finally, Planned Residential Development zoning dots various parts of Crozet. Slices of Western Ridge and Westhall are PRD; Crozet Meadows and the Meadowlands, Crozet’s only subsidized affordable housing, are on Planned Residential Development parcels as well. Waylands Grant, Bargamin Park, Jarman Gap Estates, and Emerson Commons are all PRD.
This chart shows all the parcels in each major zoning district in Crozet, along with the median assessed value (rounded to the nearest ten thousand; these values, and all data in this post, are all as of a 12/10/2024 download). Clearly, R1 Residential zoning tends to be more expensive. Very expensive, in fact. The May 2024 Annual Affordable Housing Report from Albemarle County cites the median home value county-wide as $522,160.
If you’re like me, you’re easily led down a tangent. R2 Residential homes seem far more affordable than any other category. Why would that be?
Looking at the median year built – the age of the home – provides some answers. Maybe if Albemarle County is looking to identify “naturally occurring” affordable housing, they should start with R2 Residential homes in Crozet – older homes. But finished square footage tells a compelling story, too:
Again, for your naturally-occurring affordable housing in Crozet, look no further than R2 zoning.
While it’s not particularly useful to consider “Year Built” when thinking about future developments, I want to highlight the direct comparison between R1 homes and PRD homes, since that’s the decision in play regarding Oak Bluff:
I’m not an expert in the real estate market; I won’t claim to know or predict demand in any way. But:
If a family makes exactly the Albemarle County Area Median Income ($124,200, as of the time of writing), and buys a home today, with interest rates around 7%, with a 20% down payment, that family is able to afford a home that is just about $490,000.
Or rather – the mortgage payments on a home, in that scenario, would hit 30% of the household income for a home value of $490k.
Or: existing homes in Planned Residential Development zoning in Crozet are almost exactly, just barely, affordable to the median Albemarle County household.
Michael Monaco has written this blog post in his individual capacity and not as a spokesperson or representative of NeighborWorks America.
Real Estate Market Thoughts from Jim
My thoughts on the Crozet real estate market coming on Monday.
This month: quick market roundup, value, negotiations with clients and/or children, finding market equilibrium, Reddit AMA, and true transportation freedom.
To those of you who read most of my notes, thank you. To those who read and share, thank you too. I truly appreciate the reading, the sharing, the feedback, and the clients who read me well before contacting, and well after we work together.
2024 Recap of the Charlottesville real estate market
Holy cow, that median price increase. I asked two friends to check those numbers to make sure I didn’t make a mistake. $369K to $499K is bonkers.
This year started fast and slowed as rates ticked up.
Buyers’ anchors with respect to interest rates are starting to shift — their anchors are more in the 6% – 7% range rather than 4% to 5%. The lock-in effect may be starting to ease.
I’m seeing more inventory coming to market, and conversations with other agents makes me think that Spring could be a busy one.
I’m going to do a longer piece on the market for RealCentralVA, breaking down % of attached vs detached homes, price comparisons. Good market data needs context, and I don’t have the room here. 🙂
Predictions
I don’t know. I have said and written that sentence countless times in my life and career. 2025 is the year for which we are unprepared and no one knows what will happen.
The resale market prices and volume will be helped by the increasing prices of the new construction market.
People will continue to want to move to the Charlottesville area, whether for jobs, semi- or full-retirement (read: grandkids), or as a destination for work from home. See: Migration trends.
The government/intelligence and UVA sectors should be fine (“should” carries a lot of weight here).
The first-time homebuyer market will be hard.
Volume: about the same as this year.
Prices: between 3% and 5% increase.
Interest rates: between 7% and 8%.
We will have more sellers next year than we have had this year.
Hopes:
More density in the City of Charlottesville.More transportation, land use, housing planning, and collaboration by UVA, Charlottesville City, and Albemarle County.
More people communicate with their local representatives about issues, rather than waiting until the last minute to learn about things affecting their backyards.
For people to be nicer to each other, recognize that we are in this together, and that harming others does not mean success.Share
You are going to be hard-pressed to buy a house in Charlottesville or Albemarle without a HOA that has been built in a neighborhood in the past 25-30 years.
They’re really not that bad.
A client recently said, “I think people hate HOAs for the wrong reasons. People seem to think the HOA will restrict their freedoms, when in fact they are largely toothless and the real problem is to get them to do what you’re paying them to do in the first place.”
When I was on the board of my HOA, we had a neighbor who stopped paying HOA dues, and let his house fall into disrepair; harming its livability and property values in the neighborhood. It took a few years, but we were able to put a lien on the property and send contractors to fix the house. Years.
HOAs can do good things.
Do your research and due diligence, as there are some HOAs that are absurdlystringent.
Negotiation 201
Some negotiations are akin to negotiating with four-year-olds: Wants and feelings are powerful motivators and can get in the way of the objective, which that a buyer wants to buy a house and a seller wants to sell. Focusing on “winning” or “beating” the other side can end up in a loss for both parties.
Kids are great negotiators and not to be underestimated. I was negotiating with my younger one when she was 3 or 4. The currency was M&Ms. We haggled back and forth for a while. I don’t even remember what we were negotiating about. I vividly remember that when we concluded the negotiations and the deal was done, she said, “That’s not a very good deal Daddy.”
Many good negotiations end with both sides a little bit unhappy.
Not knowing value or price without competition
Q: How much is this house worth?
A: It depends.
It’s relatively easy to figure out the price — but not necessarily the value — in a competitive situation. When you have two or more competing offers, we can get to the “best price” efficiently. What about when a house has been on the market for two weeks or two months? When a home sits quietly, waiting, its true value becomes a more complex conversation that requires looking beyond the comps to understand the genuine worth. “What is it worth to me?” becomes more relevant.
If you’re not under contract after the first two weekends, you might be overpriced. In other words, if you’re not under contract after the first two weekends, a price reduction might be in order, because today’s buyers are watching the market in their specific market segment like proverbial hawks. They know the market.
Additionally, as many of you have read and perhaps experienced, the market will not find equilibrium until offers of compensation/concessions from sellers, whether explicit or not, are out of the conversation. More on this in January.
Bikes Give the Freedom that Cars Promised
A recent story from a client:
Her kid (9) just recently discovered bicycles. He now wants to ride everywhere and she’s giving him the freedom to do so. To the library, to ice cream, to playgrounds, to friends’ houses.
I’m teaching my grandson that we don’t have to get in a car to do a three-mile round trip to the grocery store to get bananas and milk. If you look closely at the photo above, you can see him and his little feet and helmet sitting on his saddle in front of me.
Our communities have lost so very much by focusing on moving cars and ginormous trucks over moving people and connecting them to their communities.
I have stopped to talk to neighbors and clients countless times when I’m walking or riding a bicycle, but I rarely do so when driving my car.
