Regional Real Estate Report Paints Bleak Picture

Updated: 9:23 AM Dec 23, 2008

Using data from the Charlottesville Area Association of Realtors, local realtor Jim Duncan has released his end of the year market report for the Charlottesville region and while there is some good news, the numbers are mostly lackluster.

Posted: 7:29 PM Dec 22, 2008
Reporter: Mark Tenia
Email Address: mark.tenia@wcav.tv

width:200 and height: 120 and picwidth: 200 and pciheight: 120

Font Size:

December 22, 2008

"I look at my report as being a guide, it gives an overview of what the region is doing, it means if you're buying or selling you need to do your analysis," said local realtor Jim Duncan.

And after doing an analysis of his own, Duncan says the news isn't great. Releasing a new report including the city of Charlottesville, Albemarle, Fluvanna, Greene, and Nelson counties. Saying that six months is a normal supply of homes, but year end numbers show the Charlottesville region with a 26 month supply.

"How long it will take to burn through what we have as far as existing inventory," said Duncan.

While the news isn't great for anyone that owns or is trying to sell a home. duncan says this could be a great time for buyers.

"From a buyers standpoint I think that with interest rates being 5%, if you're looking from a long term perspective, four to seven years minimum, I think now could be a tremendous time to buy. We're just seeing interest rates and inventory level we've never seen before," said Duncan.

But Duncan says if you want to, you can sell your home.

"From a sellers standpoint they have to price aggressively, They absolutely have to look at what the market is saying and price it accordingly," said Duncan.

He says look at how much your house can go for, and price it about 10 to 15% under, saying sellers need to do something in order to have their home standout from so many choices.

"so they need to be able to look at your house as a seller and understand that you're pricing it with the intent to sell," said Duncan.

And while the numbers aren't great, Duncan says it's important not to panic.

"If you can pull the emotions out of it by all means do so, because the sky is not falling but it's just a very different time and it's going to take some time to work through," said Duncan.

If you would like to see the report click here .

Click here to post a comment.