Interesting VIEW of our LOCAL Real Estate Market from New Area Residents!

By
Property Manager with Gibson Management Group, Ltd.

I REALLY  LVE working with new residents to the Central Virginia area.  Many are coming here for employment or to put down roots after a military or teaching career. 

Over the last week, I have met with a couple moving from Hawaii for his new job at the UVa Medical Center who are interested in buying EVENTUALLY and want to rent for at least 2 years and I have met a couple who sold their home (in 120 days) in Eastern Washington state and who want to hold on to their CA$H for the next 3 to 5 years and THEN decide if they want to buy a home or move for his work.

Both cases tell me that the DREAM of homeownership is no longer the DREAM - both of these couples have GREAT income and one certainly has the $DOWN$ payment and the other has a HIGH INCOME job so he would have a fairly easy time of buying  with a reasonable $DOWN$ payment saved over a year from his salary. 

Both of these couples would be EXCELLENT home purchase candidates 5 years ago.  Now they see home ownership as an ULTIMATE goal; however, they know they will be staying for a while once they DO buy!



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Rainer
345,048
Charlie Dresen
Steamboat Sotheby's International Realty - Steamboat Springs, CO
Steamboat Springs, CO e-Pro

Hmmm all we need now is for mortgage interest to no longer be a tax deduction and there will be no incentive to fulfull the 'dream' of home ownership.

Sep 28, 2011 12:41 AM #1
Rainmaker
1,240,246
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Charlie * the DREAM needs to be PROPERTY ownership - whether as a landlord/investment owner OR HOMEowner

Sep 28, 2011 12:44 AM #2
Rainmaker
420,748
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Wallace, 

Great picture.  Folks are CHOOSING NOT TO BUY a lot in our Buckhead/Sandy Springs Market area.  Makes for fantastic tenants and strong rental demand.

All the best, Michelle

Sep 28, 2011 05:27 AM #3
Rainmaker
925,849
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

Interesting in that they don't want to buy now with interest rates so low.  But, what do I know?

Sep 28, 2011 06:05 AM #4
Rainer
30,538
Chase Green
Pursuit Troop - Logan, UT
Utah SEO & Internet Marketing

Wallace, For me it's all about what happens after the election, and many of my friends are the same. Everyone is scared to spend until we see what happens with a new president or what Obama will do if he gets re-elected with a democratic congress who can actually do something. One thing is for sure, they are killing the American Dream, and they are to blame, more people should voice their outrage... 

Sep 28, 2011 09:01 AM #5
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Wallace - What a sad testimonial on the housing industry.

Sep 28, 2011 09:43 AM #6
Rainer
205,520
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h
In California the recovery is uneven and painfully slow. So, we too see a mixed bag of some folks buying with low prices and low inflation while others sit on their money with plans to buy in the future.
Sep 28, 2011 04:22 PM #7
Rainmaker
1,240,246
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

We are VERY fortunate to have a VERY STRONG rental market (demand) because of an ENLARGING government security facility and 2 medical facilities which are also expanding

Sep 28, 2011 10:57 PM #8
Rainmaker
1,041,555
Charles McDonald
Charlottesville Real Estate Solutions - Charlottesville, VA
REALTOR®, Blogger, Principal Broker®, Owner
We do have a strong area for rentals and sales as compared to a lot of areas. In talking with clients, many are more willing to rent while watching the market. This seems to be a sign of the times All the best, Charles
Sep 30, 2011 01:13 PM #9
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Wallace S. Gibson, CPM

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