The price decline will be even sharper when CoreLogic reports for February 2011: The median YoY price declines were Charlottesville at 38%, and Albemarle at 14%.
Buyers: Nobody needs a "crystal ball" to understand that on a local and national basis the "asking price" is not the offer price or selling price. A buyer needs to be prepared to stay in the home as prices continue declining.
Sellers with equity can price their homes below what a real estate agent will determine is a "comparable" property, and therefore have more of a chance to sell. This strategy is impossible for those who bought in this area between 2004-2010. As of Q4 2010, 30% of Virginia mortgage holders are at or near negative equity.
*The Charlottesville Metropolitan Statistical Area: Albemarle, City, Greene, Fluvanna, Nelson (CAAR typically adds Louisa).