ALL REAL ESTATE IS LOCAL BUT THE MEDIA IS NATIONAL
We have all heard that real estate is local and that the three most important features are location, location, location. At the same time the major media pundits are national. What is wrong with this picture?
Every time we turn on the national news there is some “expert” giving their sage advice about the housing market, most of which has been “gloom and doom” lately. What is a person to think? I heard it on the tv so it must be true. Thus the buyers are spooked.
The problem is…these experts are talking in generalities and this is not a “one size fits all” situation. Yes there are areas in the nation such as Florida and California where the housing market is in serious trouble. In the Charlottesville Virginia market we are lucky to not have those extreme problems. Yes, we do have a lot of inventory and it is a buyers market. But prices have come down to a more realistic level and interest rates are at all time lows. Its a great time to buy and real estate is still an excellent investment, particularly if you are going to be keeping it for five years before having to sell. Charlottesville and Albemarle County are seeing very few forclosures, unlike some other parts of the country.
Since the first of the year real estate in the Charlottesville area has been seeing a flurry of activity. Several things are driving this. Many people who have been waiting to buy and sell just can’t wait any more. Also one of the things that I have seen over and over in my business have been out of state buyers who want to move to Charlottesville, but have a home to sell in another state where the market is worse that ours and nothing is selling. Additionally given the volatility of the mortgage industry some buyers are making the choice to take advantage of the low interest rates before they go up
All of the above factors have contributed to a local real estate market that is “alive and well”. In Charlottesville, Virginia I believe that we have seen the worst and despite what is happening in other areas our “patient” is definately in recovery.
Pam Dent
Real Estate III
Charlottesville, VA
434 960-0161
pam@JumpintoGreenerPastures.com
www.JumpintoGreenerPastures.com
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