Charlottesville, VA (CVILLE RIGHT NOW) – Michael Guthrie, president emeritus of Howard Hanna Roy Wheeler Realty and host of Real Estate Matters, offered key insights into today’s real estate landscape during his appearance on WINA Morning News. Addressing hurdles such as high mortgage rates, Guthrie highlighted the need for strategic decision-making for both buyers and sellers. 

“The discouraging news… is interest rates are not going to go down as quickly as people may have thought,” Guthrie explained, predicting that rates could remain steady through 2025. This reality may challenge buyers hoping for more favorable conditions in the near future, making it crucial to act within their financial limits. For buyers, he emphasized the importance of staying within budget, considering monthly mortgage payments rather than focusing solely on the overall price, and prioritizing affordability to navigate this prolonged period of higher rates. 

For sellers, Guthrie urged reconsideration of traditional timing, advocating for listings during the holiday season, which is often perceived as a less opportune time to sell. “If you’ve made a decision that you’re going to sell your house after the first of the year, I strongly encourage you, call your realtor and reconsider that and get it on the market now. There’s very little on the market… you got a great opportunity to put your house on the market when there’s not a lot of competition,” he advised. 

Listen here for the full conversation: