CAAR Releases Year End Report for 2012

CAAR has published their report on the state of the Charlottesville Real Estate Market.
If you are Buying or Selling a home in the Charlottesville area, you should take a look!

The brief notes are as follows:

Prices are starting to climb. 
The median sale price was $260,000 for the fourth quarter of 2012, the highest fourth quarter showing since 2008.

Sales Volume is increasing. 
The fourth quarter of 2012 saw over 600 sales, nearly a full hundred transactions over the same quarter last year.

Overall, 2012 topped 2011 with an added 343 sales. Of note, Fluvanna had a 26.6% increase in sales, closely followed by Charlottesville with a 25.3% increase in sales.

Inventory remains low. 
As buyer confidence and access to credit increases, it is outpacing the number of home owners who have enough equity to make it profitable to list their home. Those sellers are out there, just not in as great a number as they were prior to the market collapsing.

So what does all this mean? 
If you are a buyer, the good news is that you can get credit and the home market is recovering - so the good investment of homeownership remains a great choice. However, you are not going to have your choice of homes out there that have similar appearance and amenities in a variety of neighborhoods. It's important that every home buyer be sure of what is truly important and necessary in their home and not get distracted by things that are not real "deal-breakers" as they search for their new home.

If you are a current homeowner and have some equity - the day to sale will continue to contract as more buyers enter the market and competition for your home will pick up. It also means that if you are looking to use that equity to upgrade - or even just get out of a home that you do not really like to get one you do - you need to start that process before the inventory drops low enough that you don't have a choice to go to.

For Complete Report go to: http://caar.com/files/market/01_2012/2012%20Year%20End%20CAAR%20Market%20Report.pdf

For assistance with Charlottesville Real Estate, Buying a Charlottesville Home or Selling your Charlottesville Home, call me and lets talk about your particular needs and wants and make a plan for what is best for you. One thing is certain, once mortgage rates begin to climb, you won't see them this low again for a long, long time. Those rates make this market a real bargain for those wanting a home or wanting to upgrade the home they live in.

Quinton Beckham
Keller Williams Realty
434.252.6212
www.buyorsellhomescharlottesville.com