Selling Charlottesville real estate in Central Virginia since 1927
Check out this link from VAR http://www.varealtor.com/news/2011/01/virginia-home-sales-report-q4-2010-year-end and then read the blog postings here over the last couple of weeks. Everyone seems to be in agreement that real estate should get a little boost this year and be even better in 2012. Listing inventory and interest rates will be the wild cards in whether this happens or not.
http://www2.dailyprogress.com/business/2011/jan/11/report-housing-market-level-ar-766988/
When one looks at the entire CAAR report and then looks back on what was said at the end of 2009, you might feel that crazy feeling of deja vu. what was predicted actually occurred and the same might very well be written at the end of 2011. Inventory, Interest rates, and the overall Economy continue to hold the keys to whether the Charlottesville area will begin to experience a housing recovery over these next several months. The conclusion of the report provides great advice to sellers. Be very realistic with the pricing of your home and make sure the condition of your property is competitive with other homes in your price range.
Click on this link http://www.wina.com/play_window.php?audioType=Episode&audioId=5094280 and listen to this conversation with New American Mortgage Marketing Director, Jennifer Taylor. The playing field is changing not just for the consumer but for how real estate agents market themselves in today's market.
Check out the Charlottesville Area Association of Realtors' year end report which is attached. The bottom line? Sellers need to be aggresively priced and buyers still have many homes from which to choose. There may still be a slight reduction in home prices as we head into 2011 but the wild card will be interest rates. Buyers who hope prices will drop more will lose the benefit of the decrease if interest rates go up.
The year (2010) ended almost in lock step with 2009 but with a totally inverted curve. The 1st 6 months of 2010 looked much better compared to 2009 because the last 3 or 4 months of 2008 were atrocious. The 2nd half of 2010 pales in comparison to the 2nd half of 2009 therefore leaving us with almost identical year end data. The critical factors for 2011 will continue to be listing inventory. Until that number comes down significantly, a housing recovery cannot occur. Bank owned properties will keep our inventory above what is acceptable along with the shadow inventory of sellers who are waiting for the “market to improve”. Look for sales to increase as 2011 progresses but prices to go down a bit before they improve.
Right now a seller needs to be diligent about doing the right things to sell their home. Listen to http://www.wina.com/play_window.php?audioType=Episode&audioId=5089257 to understand what is necessary to get your home sold in this market.
The real estate market in the counties that surround Charlottesville is showing trends that gives one reason to hope. If you are thinking of buying a home, listen to this podcast fo find out what you need to know.
http://www.wina.com/play_window.php?audioType=Episode&audioId=5089243
http://www.virginia.edu/uvatoday/newsRelease.php?id=13816
UVA has again been named the 3rd "Best Valued" University in the country. The University's undergraduate program along with its Medical, Business, and Law School bring many people to Charlottesville. Once they get here, even if they leave after graduating, many choose to return here to live later.
