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.


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

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.