What the Data and the Streets Are Telling Me

Welcome! Every week, I share what’s happening in our Central Virginia market, but this time, the numbers are telling two very different stories. On one hand, buyers are getting some relief from mortgage rate pressure. On the other, my own analytics show a sharp increase in sellers searching for ways to "Sell my home fast in Staunton." This mix of market relief and seller anxiety is exactly what we need to unpack.

From a look at a fantastic local neighborhood to the surprising costs affecting every single buyer, here is my take on the current pulse of the local real estate market.

Neighborhood Spotlight: Waynesboro’s Tree Streets Historic District

I usually share a Home of the Week, but this week, the whole neighborhood deserves a spotlight! I'm featuring the charming Tree Streets Historic District in Waynesboro.

This neighborhood is a personal favorite because it perfectly balances small-town charm with in-city convenience. It boasts that wonderful Old Town Historic Charm, the community is close-knit, and you have the city library right there—easy access to books, programs, and local events. (Plus, the residents really go all out for Halloween! Check out my video below to see the decorations). And the name is easy to remember: all the streets are named after trees!

Featured Home on Chestnut Avenue

Speaking of the Tree Streets, I have a fantastic property right on Chestnut Avenue:

• Address: 477 Chestnut Ave, Waynesboro, VA

• Details: 4 Bedroom - 3 Bathroom - 2,210 Sqft

• Status: 29 Days on the Market | Asking $324,999

• Listed by Re/Max

This home perfectly illustrates the appeal of this classic area.

The True Cost of Homeownership: Why Low Rates Don't Guarantee Affordability

It’s easy to focus solely on mortgage rates, and there is some good news there. Thanks to easing rates, the average monthly Principal & Interest (P&I) payment on a typical home has dropped to $2,148, representing about 30% of the median U.S. income—the most affordable it's been in over two years (it was 35% in late 2023).

However, this is where the total cost of ownership becomes tricky.

The cost of home ownership is still being squeezed by a major, hidden factor: escrow payments, which cover property taxes and insurance. National data shows these costs have surged by about 45% in the last five years. For some homeowners, especially in previously affordable regions, the monthly bill for taxes and insurance is now actually higher than their mortgage payment itself.

The takeaway? A low mortgage rate no longer locks in your full monthly housing expense. The non-mortgage costs are rising and eating into buyer budgets.

If you want to read more about how rising property taxes and insurance are challenging affordability, check out this published report: [Affordable Homes, Unstable Costs]

What The Local Market Is Doing: The 6%+ Buyer Reality

You’re seeing the price cuts, right? Sellers are slashing, and suddenly, everyone thinks the sky is falling. Let me be clear: this is expected and it is not a new normal for the entire market. Every fall, we see price adjustments because of simple factors: an agent priced it too high to win the listing, or the home itself is simply not ready. The urgency of the peak season is gone.

The New Buyer Math: 2025 vs. 2022

Here is the one thing you need to understand: Buyers in 2025 are not the same buyers in 2022.

• Back in the 3% interest rate world (2022): Buyers had cash left over. They could afford to pull a little money from savings or take out a small loan to "fix" the house—replace that ugly, stained carpet or redo the 1980s cabinets.

• Today? Forget it. At ∼6.38% interest rates (our current rate), that buyer is stretched. They do not have the funds to fix your issues. They want a home that is truly move-in ready, where they can turn the key and not have to drain their savings just to make it livable.

If your home is not move-in ready, it will sit there far longer than you expected.

Seller Strategy: The New Normal for Selling is Simple

Make your home ready as if you were trying to rent it to a stranger. That means:

• New Paint: Neutral, fresh walls are a must.

• New Carpets: Especially if the current ones are worn or outdated.

• New Cabinets: Updating or painting cabinet fronts in the kitchen or bath.

These simple updates are the minimum requirement to attract today's buyer and secure your asking price in this environment.

Local Market Snapshot

What I’m Excited About: Bringing My Podcast Back!

If you've been a reader for a while, you might remember my short-lived podcast from last year. Well, it's back and better than ever!

I’m relaunching the show under the name Charlottesville Unscripted. While I still love real estate, this podcast is broadening its focus to be all about Central Virginia. We'll be diving into the local culture, businesses, history, and the amazing people that make our region special. My goal is simple: more episodes and more consistent conversations! (I only have four up right now, and let me tell you, they aren’t amazing yet, but I’m working on it!)

You can find Charlottesville Unscripted now on all major podcast platforms. [Listen Here] and let me know what topics you'd like to hear about next!

Understanding Seller Anxiety

My website analytics are seeing something new: a sudden spike in searches like "Sell my home fast in Staunton" and "how to sell my home fast."

While this might be a small victory for my SEO, the real estate pro in me wonders if it signals a new kind of pressure. The major market data doesn't point to widespread distress, but this search intent reveals growing anxiety. It tells me that some local homeowners need to sell, and they're worried their property will sit in this high-rate environment.

If you’re one of the ones feeling that stress, let’s talk about how to prep your home to move quickly and take that worry away. The market is waiting for your move-in ready home!