General Real Estate
Bacon’s Rebellion: Housing Bubble Watch:
Land developers say that the need to comply with environmental requirements, zoning laws, and delays in putting the necessary infrastructure in place – roads, water, electricity and sewer lines – limits residential lot development and thus the number of area houses being built. They tell us that it can take upwards of three years or more to take a housing project from start to finish.” (For details click here (no longer available).)
So long as there are more buyers than sellers, (in my un-economist opinion) there is no bubble. Real estate is local. I love watching CNBC (archived: 2009) every morning, because invariably there will be a housing bubble watch story. Prices are inflated. Lending is risky. Many people are getting in over their heads. But bubble? I just don’t see it in this market, especially when new construction prices are being bumped up in increments of $5 every couple of weeks when properties don’t sell … and then they do! So long as buyers buy …
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Jim Duncan has been helping buyers and sellers in Charlottesville’s neighborhoods for 25 years. Get local insight born of experience.
Dig Deeper
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