Entries Tagged 'Real Estate Market' ↓

Senate panel agrees to housing relief billA compromise between ranking members in the Senate Banking Committee helped advance a housing rescue bill to the floor of the U.S. Senate yesterday. President Bush has backed off of earlier veto threats, citing progress made on this bill, intended to help the ailing housing market and impose tougher standards on Government Sponsored Enterprises Fannie Mae and Freddie Mac. The bill is expected to pass the full Senate. To read the full report:

In an earlier Post we decribed this bill as it came out of the House Committee.

Where are we with our spring real estate market?  March thru May is often a busy time for both home buyers and home sellers in Central Virginia.  In 2007 38 % of Charlottesville and Albemarle sales took place during that time frame.  Who is on the move in the spring?  Medical residents get their appointments and begin the housing search.  Business relocation and faculty appointments fill the ranks of the movers.  Don’t forget that our area attracts many retirees. What factors are important to our local sellers?  Is my prospective buyer qualified to buy now?  Do they have a house to sell in this area or in another area?  How soon must they move?  Does their time frame line up with mine? Yes, Spring is a busy time for buyers, sellers and for their agents.

According to a posting on the Inman News Blog-a Blog which calls itslef the “First word in Real Estate,” an April 10th Reuters Zogby poll  53.8% of those surveyed felt it is a good time to buy. What about the 41.6% who say now is not a good time and those who are “undecided”?  When will the time be right?  When do stock investors buy stock?  Do people prefer to buy when prices are over heated or when there is a Buyers’ Market? Is it possible to find the bottom of any market?  From where I sit, now is a great time to buy because of the number of properties available and because the loan rates are very attractive. 

Launching a new Blog is exhilarating and daunting.  We want to get it right.  We want to bring the best information to you, share ideas, and have a dialogue.  Our authors will comment on relocation, life in  Central Virginia, the local real estate market and much more. Are there topics which interest you?  Let us hear from you.

As Percy Montague IV stated in our previous post …Despite headlines touting collapsing prices, the facts paint a different picture. House prices in Virginia per the Office of Federal Housing Enterprise Oversight show a 2% average annual appreciation during the 1990’s, a 12% increase annually duing 2000-2006 and a 3% annual appreciation in 2007. I personally would describe the real estate bubble in Central Virginia as “partially deflated” rather than “burst”.

What about opportunities in today’s market? The inventory of new and resale homes available for sale is at the highest level in many years. Market conditions have encouraged serious sellers to price their properties very competitively. All of these factors combine to make this the most attractive market for home buyers in the last decade. It is a particularly attractive market for first time home buyers or patient investors. For those with a home to sell, they will be both buying and selling in a more moderate market than the fast moving, overheated market of a few years ago. Conventional wisdom may suggest to “buy low and sell high”, but in reality most people buy and sell in the same market cycle, unless they are relocating from a hot market into a depressed area. The only strategy that I would discourage is a seller who chooses to sell and then wait on the sidelines. My concern is that they may end up reinvesting in an inflating market. Now Is A Great Time to Buy.

Percy Montague IV, Chairman, CEO, Montague, Miller & Co.

In his article, A Tale of Two Markets, Percy Montague IV, Chairman and CEO of Montague, Miller & Company, Percy says:

     “These are the best of times, these are the worst of times..depends on whether you are buying or selling.  After rocketing along in a crazy “Sellers’ market” for the first half of the decade, balance returned in the market briefly in 2006, before tipping into a definite “Buyers’ Market” in 2007.

     “DID The Bubble Burst?  Like the weather, all real estate is local and national perspective is often misleading.  To say that the national weather forcast for tomorrow is a high of 57 degrees is largely meaningless depending on whether you live in Bangor or Boca Raton.”  Mr. Montague goes on to describe the market results in Central Virginia as more moderate in ‘05 and ‘08.

     “The number of properties sold through the Charlottesville MLS which includes Albemarle, Fluvanna, Nelson, Greene, Madison, Louisa and Orange counties plus a few properties in Augusta, Buckingham, and Culpeper counties, was down 19% from 2006 to 2007…how did consumers fare?  Despite headlines touting collapsing prices, the facts paint a different picture.  Over the same time period, the average price declined slightly, about 3%, while the statistically relevant median price actually increased 2.6%.“    Stay tuned for future market reports.

The inevitable question from some folks who wonder why technology couldn’t be used to make a real estate transaction, “more efficient” is What Does an Agent Bring to a Real Estate Transaction? A recent article on Inman News wonders just that. From where I sit agents bring a good deal more than raw data and information to the process of buying and selling. Why should consumers use an agent? Consumers are not involved ,”all day everyday” with finance changes, loan rates, negotiation, property owner associations, lead paint forms, disclosure requirements, marketing, drafting offers, or home inspections. That is just the beginning. Even in the age of the internet, especially in the age of the internet,  we bring valuable expertise to the table. READ MORE

Montague, Miller & Company REALTORS began its real estate practice 60 years ago in 1948. The purpose of our blog is to bring to the Central Virginia Community and the world at large another view, another voice. What will we talk about? Our panel of real estate experts will tackle questions about the local real estate market, will provide timely information for home buyers and sellers, will report on current market conditions, and from time to time will reflect on life in our community. We also want to bring regional and national real estate news to this forum. Please let us hear from you.

Except this one. In an article in Time Magazine, February 25th, 2008, the author Dan Kadlec makes a strong case for making a move now. It is almost impossible to time your entry into the real estate market. As Kramer says on his Mad Money Stock Show, “Trying to catch the bottom of any market is like trying to catch a falling knife.”

Click here to read more about why now is a good time to buy.