CHARLOTTESVILLE, VA (CVILLE RIGHT NOW) – Michael Guthrie, local real estate expert and President Emeritus of Howard Hanna Roy Wheeler Realty, continues to weigh in on the effects of Charlottesville’s recent zoning upheaval. Guthrie joined a conversation on Morning News to explain the impacts of the city’s zoning suspension on buyers, sellers, and developers. “People who own property don’t know exactly what to do now,” Guthrie said, noting that potential sellers are stuck in limbo depending on what zoning rules ultimately get reinstated. 

He shared a real-life example of advising a friend not to sell a vacant property due to the uncertainty. “If they didn’t need to sell it, I would wait,” he said, explaining that future zoning outcomes could significantly increase the property’s value. He also pointed out how developers are left hanging, even with previously approved site plans, due to halted processes at City Hall. This has impacted not just investments, but what buyers are willing to pay. 

Despite the uncertainty, Guthrie encouraged prospective homeowners to find a way to enter the market. “Find the opportunity and buy it,” he advised, even if it means purchasing something smaller or farther from the city center. He said people are adjusting to high interest rates, which have dipped slightly into the high sixes, and added that now is still a good time to start building equity. 

Listen to the full conversation here: