NBC29CAAR Releases Mid Year Report
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The real estate market is a tricky business these days and some say, now is the time to buy. According to the Charlottesville Albemarle Association of Realtors’ mid-year market report for 2009, that could be good advice, but only with a few warnings.
According to the report, home prices have steeply fallen by 20 percent, but sales are on the rise. Still, some realtors claim, there's a catch to that.
David Sloan is the co-owner of Sloan and Milby Real Estate. According to the mid-year market report, sales are up, but Sloan says even with sales on the rise, sellers need to be smart about their asking price.
Sloan stated, “If the prices tumble, people will be willing to buy. The problem has been how many folks are being realistic about what they want to sell their house for and I’m in the business of selling real estate and I would say if you don't have to sell your house, don't."
In fact, right here in Charlottesville, Sloan says the market is better than on the national level. This year, the median home sale price in Charlottesville is $247,000 opposed to the $278,000 from two years ago.
So when does Sloan expect you to make a profit from a purchase? Sloan said, “If I had a crystal ball as to when it would be, I’d be a very very very wealthy man and I wouldn't be sitting here right now.”
Sloan says that there are opportunities out there for buyers right now, but he warns, you need to engage the seller and not be deterred by the asking price.
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