They’ve interviewed me, Michael Guthrie with Roy Wheeler and Greg Slater and have asked some outstanding questions, the answers to which I’m looking forward to (I’ll post mine here in a couple days).
This is Part One of their series, and these are the questions they asked. I know I spent a lot of time researching, linking and answering these excellent questions. One of the reasons I write as often as I do is because it forces me to study and learn the market; this was no exception.
Starter: What’s your comment on the RealCentralVA post about sellers trying to “wait out the market” V. cutting prices as per WSJ article/video?
1. In reviewing the Virginia Housing Development Authority Presentation to the CAAR, what jumps out at you?
2. Do you have an understanding of the jobs situation in the C’ville Area? Any hopes for housing getting a lift from jobs?
3. What are your hopes or fears for what’s being rumored in the mortgage pipeline… 3% interest rates? Do you think more buyers will wait for this? (word is 6-9 months from now)
4. In your experience, OTHER than economic need (i.e., liens, other debts) why don’t/won’t sellers who CAN, lower their prices? Is there anything you can say/do to convince them of market realities?
5. Care to speculate on where the PRICE bottom is in this market? What quarter? Year?
5a. Care to speculate on when Inventory may be balanced again, neither in favor of buyer or seller?
6. Are there any national economics websites or news sources that you direct buyers or sellers to, in order to assist with an asking or offer?
7. Got any PIIGS/ Euro fears?
8. Any comment on new HARP program, or the rumor of principal reduction that could come with the Attorneys General settlement over MERS / robo-signing? Will this help or hurt the market?
9. In many parts of the US, well-priced NEW construction is pushing the prices down of “used,” existing homes. But not in the City of Charlottesville, and not in much of Albemarle (even when seller has equity). Comment?
10. Care to speculate on the proposed Western Bypass and impact on market?
Photo courtesy: ©2011 David C. Pearson, M.D