Tuesday, August 30, 2011

The Short-Term Buyer, 5 Years or Less, Has Vanished From the Charlottesville Albemarle Housing Market

With 30% of this area's population transient, the 1-5 yr short term buyer was a market mover in condos, townhouses, and "starter homes."    Now buyers have to plan to stay put 6-10 years.

The math just doesn't work when you know home prices are going to continue declining.

Just a small drop in price wipes out years of mortgage payments.

Helps explain the healthy single-family-home rental market in Charlottesville Albemarle.

No comments: