Jim Miller Long & Foster Real Estate

03/03/2026

March 3, 2026 Monthly Item of Value

With spring just around the corner, we've been getting lots of questions about the market and where it's headed. Inventory, especially, has been a hot topic, with many wondering whether we're entering a buyer’s market or staying in a seller’s market.



Here are several key points to consider.



Inventory is going up, but we’re not in a buyer’s market yet. In the Mid-Atlantic, inventory increased by almost 15% in January, based on the latest Bright MLS data. Still, demand is higher than supply, with less than two months of homes available.



Houses are taking more time to sell now. Homes were jumping off the market at record speed in recent years, but we’re seeing properties staying listed for longer as 2026 kicks off. For buyers, this is a positive change, giving added time to make better-informed decisions.



Mortgage rates are affecting the market. Many homeowners who locked in very low rates are holding off on selling, so fewer new listings are coming up. On the bright side, current mortgage rates have settled around 6%, according to Freddie Mac.



Home prices are still going up, but not as fast as before. January brought a 2.6% increase to median sales prices across the Mid-Atlantic, a much slower rise than a few years ago. Sellers might need to adjust their price expectations, while buyers can feel confident knowing that equity remains strong.



The market is becoming more balanced. This spring, both buyers and sellers can find advantages, especially when working with experienced agents like my team at Long & Foster Real Estate.



While these are some of the trends we’re seeing across the region, every market is unique and your neighborhood might be different. If you’re thinking about buying or selling, reach out to me for local insights and a plan to help you achieve your real estate goals in 2026.

02/02/2026

Housing-Related Tax Items to Consider

Tax Day is approaching fast. If you bought, sold or owned a home in 2025, here are a few housing-related tax items to keep in mind as you get your tax filing ready.

Mortgage Interest Deduction

Homeowners may be able to deduct interest paid on mortgage debt up to $750,000 (or $375,000 if married filing separately), provided you itemize your taxes and purchased your home after Dec. 14, 2017. Higher deduction limits ($1M) remain in place for mortgages that closed before Dec. 14, 2017.

State and Local Tax (SALT) Deductions

The cap on the SALT deductions for 2025 filings increased to $40,000 for taxpayers with adjusted gross income under $500,000. Previously, it was capped at $10,000, and this change benefits homeowners in areas with higher property taxes. You must itemize deductions to claim this benefit.

Mortgage Insurance Premium (PMI) Deduction

Homeowners can once again deduct mortgage insurance premiums (PMI) on their taxes. PMI is generally required when a home buyer makes a down payment of less than 20%.

Capital Gains Exclusions on Home Sales

If you sold your home last year, you may be able to exclude up to $500,000 of capital gains if married filing jointly (or $250,000 if single); however, you must have owned and used the home as your primary residence for at least two of the last five years.

These are just a few of the tax considerations for homeowners and sellers. Because tax situations vary, it’s always best to consult a qualified tax advisor for guidance specific to your circumstances.

If you have any real estate-related questions, whether about your local market conditions or how the national housing market is shaping up, I’m here to help.

Jim Miller

12/19/2025

11/04/2025

Don’t Miss These Year-End Opportunities

Think fall isn’t a good time to buy or sell? Think again—this season can offer some of the best opportunities of the year for those ready to act. Here are a few of the benefits to buying or selling in late fall or early winter.

Tax advantages. From mortgage interest deductions and capital gains exclusions to 1031 exchange opportunities, closing before Dec. 31 could make a year-end move financially strategic.

Motivated sellers and serious buyers. Often, buyers and sellers who are looking for a move this time of year are eager to get the deal done. For sellers, you can have confidence that buyers are seriously evaluating your property, and for buyers, you can potentially benefit from a homeowner who wants to move quickly.

Less competition. For those selling properties, you’ll find fewer homes competing against yours, and for those buying, you’ll have less prospective buyers shopping, giving you stronger negotiating power.

Potential price advantages. With fewer consumers shopping for properties, buyers could benefit from better prices or sales terms—such as covered repairs or credits, as well as a fast or flexible closing date.

As always, market conditions depend on where you live, but the best first step is working with a professional agent like me. As part of Long & Foster, I’ll provide in-depth local market knowledge and negotiation expertise, as well as connections to my partners in mortgage, title, insurance, inspection and moving—making it easier to buy, sell, rent and own real estate.

Let’s chat!

11/04/2025

Another Happy Client closed last Friday! Congratulations Kara and Kyle!

09/11/2025

Here are 6 of the 10 homes in the tour this weekend! More infor coming!

09/11/2025

Saturday we are participating in an open house tour along with9 other homes in the Madison/Greene county area! Come out and check out this mountain retreat on Mutton Hollow road! Close to great fishing spots, hiking and hunting at the base of the Blue Ridge and a stones throw off of Rt. 33 in Stanardsville! I'll be there from 11 am to 3:30 pm, and then all of us will be at Prince Michel winery on Rt 29 by 4 pm for wine and great conversaion.

***PRICE IMPROVEMENT***Picture yourself on the wrap-around deck overlooking Swift Run enjoying a glass of wine or a morning cup of coffee taking in the serene mountain atmosphere! Minutes from Charlottesville, the Blueridge Parkway/Skyline Drive, Elkton and harrisonburg, see this gorgeous custom ran...

08/07/2025

Real Estate Deductions for the Year Ahead

Real estate is ever-changing, as are legal policies and tax laws. Last month brought the passing of the “One Big Beautiful Bill Act,” and with it comes a few key new (and renewed) real estate-related tax deductions. These are more than tax changes: they’re reminders of how real estate remains one of the most powerful tools for building long-term wealth and financial independence.

State and Local Taxes (SALT) Deduction. Homeowners can deduct up to $40,000 in state and local taxes (previously $10,000). This is especially helpful in areas with high property taxes and applies to property taxes on your primary residence, a vacation home and undeveloped land.

Mortgage Interest Deduction. The existing $750,000 mortgage interest deduction limit is now permanent, allowing homeowners to deduct interest paid on the first $750,000 of their mortgage debt. Higher limits ($1 million) remain in place for mortgages that closed before Dec. 14, 2017.

Mortgage Insurance Premiums (PMI) Deduction. Homeowners can once again deduct mortgage insurance premiums, also known as PMI, on their taxes. PMI is generally required when a home buyer makes a down payment of less than 20%.

Incentives for Real Estate Investors.
Bonus depreciation and Qualified Business Income deductions have been made permanent—both valuable benefits for investors. Additionally, 1031 exchanges, which allow investors to defer capital gains when they exchange one like-kind property for another, remain in place.

Now’s the time to evaluate if your current real estate setup aligns with these advantages. As always, please consult your tax advisor for details on how these and other tax deductions may apply to you.

If you’re curious about your property’s current value or have any other real estate-related questions, please reach out. With my team at Long & Foster Real Estate, I can bring together everything and everyone you need—mortgage, title, insurance, inspection, moving and more. It’s the One!

Enjoy the rest of your summer!

07/07/2025

Your 2025 Mid-Year Real Estate Update

We’re more than halfway through 2025, and I wanted to share the highlights of what’s happening in the real estate market.

Modest Home Price Growth

We’re continuing to see home prices rising but at slower (and lower) rates than we’ve had the past few years. Nationwide, median home prices increased just over 1 percent compared to last year, according to the National Association of Realtors, but we’ve seen higher growth throughout the Mid-Atlantic markets.

Stable Mortgage Rates

Rates for 30-year fixed rate mortgages have remained relatively unchanged throughout the year, according to data from Freddie Mac. Rates peaked at just over 7 percent in early January, but as of the end of June, they’re back down to around 6.8 percent.

Relatively Low Supply Although Inventory Rising

Nationwide, inventory has grown from 3.8 months to 4.6 months of supply, but it remains below the 5 to 6 months’ supply that helps balance the market. Instead, low inventory has kept sellers in the lead. With fewer properties for sale, buyers face more competition.

If you’re thinking about buying or selling in the months ahead, let me know. While we’re seeing these trends at a broader level, your local market might be experiencing different shifts. I can help you uncover the local insights and determine your best strategy for real estate success.

Enjoy your summer and I’m here to help if you need anything!

07/02/2025

Congratulations, Linda, on your new Condominium! I know you'll love your new home and neighborhood!

07/02/2025

Congratulations Dusty, Julia and Winnie on your new home! It was such a pleasure helping you find your new place!