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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.

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