2008 Yearend Market Report
The Charlottesville Area Association of Realtor's year end market
report is hot off the presses. As you would expect it does not paint a
pretty picture of the year's real estate activity. October and
November were particularly bad as a result of the worsening economic
picture and the uncertaincy over the election. December saw a slight
improvement possibly due to the low interest rates and relief that the
election in finally over. We are optomistic that this could signal a
slight upturn. In order for the market to stablilize we will need to
see a significant reduction in the inventory on the market.
For buyers there are many reasons to jump into the market.
- The lowest interest rates since the 1960's
- A lot of inventory on the market from which to choose.
- $7500 first time hmebuyers tax credit
- Sellers who are ready to negotiate
- An increased number of foreclosures which may offer a good deal
Click here to read the CAAR Report.