Has the market hit bottom yet? Actually the answer is yes and no. If that sounds like an evasive answer, let me explain.
Just like we hear all of the time that the real estate market is local, we even need to break it down further beyond states or towns or neighborhoods to specific properties.
Rick Harper has written an article in RisMedia Real Estate News that proposes this idea, Have Real Estate Prices Hit Rock Bottom.
If you look at the real estate market from the perspective of specific properties, it makes sense that all homes won't hit bottom at the same time. From this point of view it becomes apparent that some individual homes have hit bottom and they have sold; others will never hit bottom because their sellers will decide that they are unwilling to go any lower and they will withdraw their home from the market; and there are still other homes that may drop further in price and thus have not yet hit bottom.
According to Mr. Harper "the trick is identifying the bounce and when to buy a specific property." He advises that " you must only consider how you will benefit from that specific property. You must ignore everybody else and their investments." If you follow this train of reasoning, the question of when the market hits bottom becomes irrelevant. All that matters is the timing as to when you can purchase the home that you want at the best price.
If you would like to talk about buying or selling a Charlottesville home, please give me a call. For sellers, I am happy to perform a free cma so that you can see what your home might bring in today's market. Properly priced homes are selling, so it is important to price your home correctly from the beginning. If you are considering the purchase of a Central Virginia home, lets talk about how I can help you find the best home, for the best price.
Or perform your own search of Charlottesville and Central Virginia homes.
Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, Virginia
434 960-0161
Charlottesville Homes
Charlottesville Horse Farms
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