Here in the Charlottesville, Virginia area we are starting to see a good response to the market. More traffic through open houses, more buyers calling for showing, plus more contracts. Whew....had me worried for a while.
However, a new problem is starting to present itself and I was wondering what the rest of the Active Rain community was seeing.
Some of our agents are starting to see really low appraisals coming in. Not close to the selling price, which we can handle, but way out of line $35,000 or more. Of couse the agents go back to the market information and can't figure out where the appriasers are coming up with their price. A few have even called and run into a wall. Comments like "depressed neighborhood" or "depressed community" "to many houses on the market to support the sale price" have been used.
Are you running into this? If you are how are you responding? How should we or can we use this information to help educate future seller when pricing?
I don't know about the rest of Virginia, but the market here in Charlottesville seems to be picking up a little bit of steam. The number of contracts coming into my office has shown a surprising increase in February and March is showing promise.
Buyers seem to be getting off of the fence with the low interest rates and more sellers pricing their homes properly. In the Charlottesville, Virginia area now is the time for buyers to stop watching the national news and jump over that fence. With interest rates in the 4% range they should take the plunge.
It is definitely a buyers market.
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![]() Real Estate III Dave Shockley 500 Faulconer Drive Charlottesville, VA 22903 434-242-1769 Click To Email Me Charlottesville Area Real Estate VISUAL TOUR CLICK HERE About Me ![]() |
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