Housing Market Feels Effects of Colder Weather

By: Chris Stover Email
By: Chris Stover Email

February 25, 2014

Many reports indicate that 2013 was a great year for local real estate, but the recent colder weather may have an impact on the market.

A new report shows that nationwide, home sales slowed up this winter because of cold weather, tight supply and higher costs.

While Charlottesville has seen some effects from that, the market also bucks the trend.

Central Virginia weather hasn't been as extreme as in other parts of the country, but the snow could slow up the selling process for some homeowners.

"When you're going to list a property, you want your photographs, you want your house to show as good as possible," said Lisa Lyons, a real estate associate with Loring Woodriff. "So if it's snowy outside, it's not a great day to photograph a property or bring people to a property."

The weather could also impact the routine of buyers. If someone is trying to buy a house locally, he or she may wait until the weather warms up to scout homes. But there's always an exception.

"If you have someone that's bought plane tickets, and they come and it happens to be snowing or raining, they're probably going to want to go out anyway," Lyons said. "But certainly things slow down when we see the extremes in weather."

However, the real estate business doesn't stop for the weather, as the market reacts to people's needs any time of the year.

Overall in Charlottesville for 2013, there's been an uptick in prices and activity while interest rates have remained low. Realtors say that trend is likely to continue.

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