Tuesday, August 16, 2011

How Tough Is It to Sell a House in the Charlottesville Area Market?

 With City of Charlottesville sales dropped 42% from June to July, and Albemarle County sales dropped 43% for the same time period, plus Mid-Year Area sales at decade-low levels, it's a tough time to sell a place.

How tough?  RealCentralVA has an example:
  • "Nice" house 
  • Under $250k
  • Priced less than in 2006
  • on a couple acres in Eastern Albemarle County
No buyer.  And now the sellers are looking for prospective buyers who were interested five years ago.  Read.

But these sellers aren't alone in their difficulty.  A quick spot-check of local listings will show a number of houses listed for less than what the current seller paid a few years ago.  Compare the listing with the previous sale price: City and County. Many of these sales are not "short sales," where the mortgage lender has agreed to take less than what is owed on the property.  These are sales where the seller will lose $$ out of pocket.

Locally and nationally, it's the "new normal:" prices continue declining and home buying demand remains weak, despite historically low interest rates.

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