Has the Real Estate Market Ever Been Bad?
A young person asked me that question a few months ago, and I was a bit taken aback. Now having lived through the okay, the bad, the really bad, and the better real estate markets in Charlottesville, I have learned just how crucial it is to hire the right Buyer Representation.
Some of what we’re seeing now in Charlottesville:
– Bidding wars
– Escalation clauses
– Seemingly low inventory
– Properties staying on the market longer than expected
– Properties going under contract in mere hours or days
The market in Charlottesville feels reminiscent of the market in 2004 – 2006…sellers asking seemingly silly amounts, buyers losing multiple houses in bidding wars, and inventories that feel lower than they did last year.
Note: this is not market-wide; this is happening in pockets around the Charlottesville area.
So my advice? Hire a great Buyer Agent.
Hire someone who will be looking beyond “the sale,” someone who will help you evaluate the Charlottesville market, and help you put the house into the appropriate context. When I say “appropriate context,” I mean someone who will help you look at what’s happening in the neighborhood. What may be happening beyond the neighborhood borders? How will the Wegmans affect us? (If at all.)
Your Buyer Agent should encourage you to ask and answer important questions…what happens if we overpay? Will this house fit us? Now, and in the future.
Remember, Buyer Agents are not sales people. We are advisors, consultants, questioners, and market analysts. Our job is to look out for the buyers’ best interests; often that means guiding towards walking away.
Don’t get caught up in winning.
All residential deals in Charlottesville and Albemarle for closed deals since 1/1/15
** Source: Charlottesville MLS (thanks, Keith)
Somewhat of an aside – I got this invitation in the mail the other day. They weren’t targeting just real estate professionals, either.