Notes from the frontline

Writing about the Charlottesville real estate market requires a “boots on the ground” viewpoint. For the past week, I have shown most of the inventory in the $300k-$550k price range in the City of Charlottesville and the urban ring.

1) Appraisals from four, six, eight months ago do nothing other than lead the seller astray. Psychologically, they are not able to come to terms with the fact that their “$500k house is actually worth “$450k.” (and, no, I do not necessarily see this as a “price drop” – it is the non-realization of unreasonable expectations.
2) Negotiating from what you “need to make” is an untenable position. While completely relevant from an individual financial point of view, this position is not relevant from a market-value point of view.
3) As a seller, you might not get a better offer.

You got to know when to hold ’em, know when to fold ’em,
Know when to walk away and know when to run.
You never count your money when you’re sittin’ at the table.
There’ll be time enough for countin’ when the dealin’s done.

4) There are a lot of buyers in the market – they simply have more to choose from and often times, there is more than one “right” house for them.
5) Summarizing the broader Charlottesville market is impossible. As I have said before, there are pockets where multiple offers still exist.
6) Buy smart, with quality representation all the way around. Assembling a good team is crucial.

Teresa had a market snapshot that could have been written about Charlottesville’s market (archived: 2008).