LYNCHBURG VIRGINIA - AUGUST 2010 REAL ESTATE MARKET REPORT

AUGUST 2010 -  LYNCHBURG REAL ESTATE MARKET REPORT

 Houses for Sale        (current MLS)            2137

New Listings for September 2010                 206

Houses Sold in August 2010                       149

       Currently there is a 13.87 month supply of Homes for Sale.

(UP from July 2010)

MULTIPLE LISTING DATA:

•Ø     We sold 91 Less homes in July 2010 than July 2009.

 •Ø     We sold 30 Less Homes in August 2010 than August 2009.

 •Ø     This continues to be a BUYER'S MARKET - BUT - the Inventory continues to drop by about 1% each month for the last 2 months.

 •Ø     We have Closed or Have Under Contract 351 homes since Sept 1, 2010.

 •Ø     Generally our homes sell for 98.6% to 95% of the List Price

 Interest Rate Quotes for today vary from 3.87% to 4.5%

(rates vary based on credit score, type of loan, length of loan, etc)

 Notes & Observations:

 •Ø     Housing Prices have gone down about 10% from last year. 

•Ø     Buyers want a "TURN KEY" transaction - MOVE IN CONDITION!!!

 •Ø     Sellers are finding that Homes must be in excellent showing condition, they must be willing to           negotiate and be flexible with terms.

 •Ø     Buyers without a House To Sell are the most Active & successful Buyers.

•Ø     Buyers with a House To Sell are finding it difficult to purchase because Sellers want clean offers.  Neither Foreclosure nor Relocation Cos are accepting House To Sell Contingencies from Buyers.

 In the past several months I have seen my Buyers get some Unbelievably Fantastic Deals on Beautiful Homes! AND I have seen clients pass up good offers because of unrealistic expectations for this Real Estate Market.  To be successful in this Market we are all learning that the Past is the Past & we must deal with the Market as it is Today.  Sellers whose homes are overpriced are trying to catch a ball that is rolling downhill.

 This information is taken from statistics for single family homes provided through the LAR MLS & analyzed by Kathy Carson- There can be variables that affect my analysis.  I supply this information for my customer, clients & business associates.