Tuesday, August 23, 2011
Charlottesville Area Real Estate: With Mortgage Rates Low For Next *2 Years,* Buyers Are In No Hurry...Unless the Price is Just Right
Pricing has been holding back Charlottesville Albemarle sales (understatement). Inventory remains high, dropping now due to seasonality, because sellers couldn't or wouldn't lower prices. Area sales are slow (recent data here and here and here)
But now savvy sellers are trying to get a contract before unemployment and the economy get even worse.
There's a shrinking pool of buyers in this area (see this and this) and sellers who aren't underwater can lower prices faster.
Price is the key. The CAAR has been saying this in quarterly reports for several years. But sellers are taking note now: especially those who tried to "wait out the market" for a couple of years, those who have seen neighbors sold prices, and those who actually have to relocate or are facing foreclosure due to job loss or life circumstance.