Monday, September 13, 2010

HousingStory Predicts 9% Decline in Housing Prices in 2010, Nationwide

HousingStory's mortgage guru Michael David White looked at the various price indices and came up with their prediction for a nationwide price decline.  In certain sectors of the Charlottesville Albemarle area market, however, the decline will actually be steeper, as the "market correction" is just getting underway.  Read.

3 comments:

Anonymous said...

From what I can deduce with spotty data, C'ville as a whole has come down about -12% in assessments and -10% in prices. Hard to fathom how Realtors/Sellers are still listing well above inflated assessments with no regard for what has happened nationally.

i.e.; Today there is a new listing for 1024 Morningside Lane in Redfields; MLS 481171. This home is listed at $324K. It's 2010 assessment is $268,700. It's highest assessment was in 2007 for $294,800. Using the assessors sq. ft. of 1700 (the list is 1800) gives an asking price of >$190 per sq. ft. for a home that is 14 years old. There was a sun porch added (115 s.f.) in '04 that the assessor valued at $7K. The original cost of the home in '96 was $158,950. The Seller is expecting about 5% annual compound return on the original cost of the home. Huh?!?!?!? This is typical for C'ville.

When is this community going to get real? I know of a home this size built in a popular area of Orlando, FL less than 5 years ago for $235K that is now assessed at $135K. What is propping this area up like this.

Anonymous said...

Pricing strategy: what did current owner pay? Add 6% agent fees and a few pts for inflation 717 Cargil
Last year's price $395k
This year's $425k

http://www.mycaar.com/(hzdhos2zdbhzw03wi3nprj55)/propertyDetails.aspx?mls=481280

Anonymous said...

last year's price? Cville records say they just bought it 2 months ago @ 395k

and now for sale? very weird

looks like a nice house though.