Once again, I am grateful to WCAV for calling me to discuss the state of the Charlottesville real estate market. One point of clarification regarding this:
Duncan says that people should wait to sell their homes if they can. Otherwise, he suggests selling it for less than market value in order to compete.
What I think I said (or at least what I meant to say) is that some sellers may need to sell their homes for less than they think it’s worth – the market will determine the value.
See this recent discussion for more on how some buyers try to ascertain market value.
On the foreclosures data, we’re working on some interesting numbers right now. Stay tuned.