More signs of a housing market recovery in central Virginia are emerging. A new real estate report shows continued positive trends across the board but there are still some challenges ahead.
You cannot declare an all-out recovery until you have a continued trend of good news but without jumping the gun completely, Nest Realty's third quarter report says it seems a recovery is underway.
We have seen three straight quarters of positive trends in the market, which is due to a variety of factors. First, the number of homes on the market right now is extremely low, with the lowest inventory levels since 2005 in Charlottesville and the surrounding areas. Consumer confidence is on the upswing and more homebuyers are seeing more value, feeling ready to jump into the market.
The report says it is too soon to declare a recovery, but we are on the right track.
Jim Duncan of Nest Realty said, "At this point next year, if we're having a similar or better conversation, I'll be completely comfortable saying that the fall of 2012 is where we felt confident that we were in the middle of a real estate recovery."
The report did list some things to look out for as the market recovers. Homebuilders have seen an increase in supply costs, as demand for building materials increases both here in the U.S. and internationally, which will make it difficult for builders to keep costs down on new homes.
But overall this is a very positive report and we have reason to feel optimistic about the return of the real estate market.
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Ed joined the NBC29 news team in May, 2011. A Charlotte, NC, native, he graduated from the University of North Carolina at Chapel Hill with degrees in journalism and political science.Full Story
Ed joined the NBC29 news team in May, 2011. A Charlotte, NC, native, he graduated from the University of North Carolina at Chapel Hill with degrees in journalism and political science. Email/Follow on Twitter/ Full Story