Press release -
Charlottesville Home Sales Rise But Prices Fall Another 7%
But don't get too excited...they only rose by a measley 4% and according to CAAR, Charlottesville home prices are again worth what they were in 2004 & 2005.
Yes...that's what we said! And we speak from experience.
To be bluntly honest, my Charlottesville home is down 25% so what was once worth $800,000 in 2007 is now a deal at $550,000 (after broker fees and closing costs).
Sure glad I pulled out all the equity before The Fall. Probably one of the smartest moves I made in years.
Good for me, bad for my lenders who were forced to do a loan mod with me. My loan is 1% for 3 years then goes to 2.5% for the next 5 years!
Heads I win, Tails you lose.
If only Charlottesville home owners will face reality and adjust their prices to the market.
I beg you, don't wait until you are 30 days late. The next 60 days move very quickly and under Virginia foreclosure laws...90 days late and into foreclosure you is.
There are still many Charlottesville short sales and foreclosures available, and that is good news if you are a buyer.
Local Charlottesville realtors attribute the lackluster sales of Charlottesville homes to the numerous heavy snowfalls we had over the winter months...as did much of the country. I think it was also from shock and the lackluster effrots of lenders to lend.
Only Louisa Virginia homes (+16.1%) and Fluvanna homes increased (+2.4%) and this is probably because the areas are so affordable that it is hard NOT to buy now.
Luxury Charlottesville homes (homes over $2,000,000) remain stable & Charlottesville farms continue to blossom...(well only the fabulous ones).
The Charlottesville real estate inventory continues to decline slowly which is helpful to sellers not buyers.
So if you are in a buying mode, better come look now.
If you think about it, only 400+ Charlottesville homes sold in the last quarter and there are over 1000 Charlottesville realtors.
No wonder the Soup Kitchen lines are getting so long, and I'll be there soon if you don't visit us.
In summary, we are like almost 90% of the country. Pessimisticly hopeful!!!!
The majority of Charlottesville home prices will remain low, there is some evidence they might be stabilizing.
But before we start tooting our horns, this just in: Greece is coming to America (not a movie staring Eddie Murphy as the Prime Minister). So this could affect ALL of us again! Duck for cover...or lower you price
Charlottesville Homes Inc.
937 Tilman Rd
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Charlottesville Homes Inc