Market Conditions in 20155>Question Details

Peter, Other/Just Looking in Gainesville, VA

what is the predition about real estate market? value will furhter goes down?

Asked by Peter, Gainesville, VA Wed Sep 26, 2007

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Peter, One person responded that the market in a local issue and he/she is correct. If you are in the PWC area then I can say we have turned a corner. We had a 24 month inventory not to long ago and we are currently running at 6 to 7 months inventory. If priced right, the houses are selling. We had a listing in Dominion Valley that was priced right and we had our first offer in 10 hours and 4 more over the next 24 hours. The low end is selling, we are seeing houses less than $450,000 are moving much faster than above that. If you have any further questions call me.
Ron Tardif
Weichert, Realtors - The Gainesville Team
ImreadyRU.com
703-472-5967
0 votes Thank Flag Link Tue Jun 17, 2008
Peter...
We're in a very normal real estate market. We've just gone thru one of the greatest real estate booms. What sellers are not used to is... having to adjust their prices, it taking longer to sell and less demand.
Value is relative to every individual area and property. And a "good deal" is different for everyone. A house is a commodity and markets are just adjusting to all these changes.
It is a great time to buy. A buyer has the best of everything..choices, time, motivated sellers and extremely low interest rates. And as a seller, homes that are priced competitvely and in great condition are selling. Plus if they're buying another home, their usually making up any perceived loss on their next purchase. It all balances out.
Jeff Mays
Sales Manager
Coldwell Banker
Vaughan and Company, Inc.
0 votes Thank Flag Link Thu Nov 1, 2007
Hello,

Good question. The easy answer is "it depends", it depends upon your location. I represent clients in Charleston SC Metro Area and we have some price pressures in our market but up the road in the Columbia there market is up this year. The old saying holds true in this market and that is location, location location.
0 votes Thank Flag Link Mon Oct 1, 2007
The Northern Virginia Association of Realtors just had their annual Economic Summit. This is a half day of economists speaking to Realtors about what is happening in our local housing market. Be careful listening to national news accounts of what the market will do. Real Estate is truly a local market. I understand that compared to Northern Virginia, some areas of the country are booming, and some are having much bigger problems than we are.

I wrote a three part summary of the Summit which you may be interested in reading. I have given the link for part 1 below and it will have links to the rest.
0 votes Thank Flag Link Mon Oct 1, 2007
I agree with J R, it is simple supply and demand economics. There is a large number of homes on the market right now and a great deal of those are highly motivated to sell. The buyers are out there but just sitting on the sideline waiting on lower prices. Once prices get low enough they will begin to come out of hiding and at that time inventory of listed homes will fall and prices will stabilize. My crystal ball is a little hazy on when this will take place, so I do not want to venture a guess yet.
0 votes Thank Flag Link Mon Oct 1, 2007
I am neither optimistic nor pessimistic about the market. I base my opinion of the market on the data. Where I am we have a 24 month supply of houses. Prices are coming down. I believe they still have a way to go down, and that once the hit bottom they will not shoot back up. My personal prediction is that prices will continue to slowly decline at least for the next year. After that I think they will level off for a time, but I have no idea for how long.
0 votes Thank Flag Link Wed Sep 26, 2007
The prediction that I like to read is that by this time next year the market will have settled down. I prefer reading optomistic guesses to pessamistic ones. My opionion is that home prices are already starting to level out. Sellers are beginning to understand that in order to sell their homes in a reasonable amount of time they need to price their homes right (a realtor should be able to tell you what the right price is). Buyer are buying homes, they just are not in a hurry. The frenzy is over.
If you are in the market to buy a home. Do your research, interview and pick a good realtor , and have fun picking your home from the many that are available, at a good price with good interest rates.
0 votes Thank Flag Link Wed Sep 26, 2007
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