Two questions, the answers to which will help drive a future post. Your answers (you can add your own, too) will be greatly appreciated. These questions are specifically targeted at buyers in the Charlottesville area market.
And …
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I have been monitoring the cville housing market for about a year now and I am still amazed at some of the prices that some people and builders are asking for their property. I realize that Cville is far from a poor city and I know that their is a lot of wealth in the area, but I truly think that a lot of sellers are being unrealistic in their asking price. I believe it will be a “game of chicken” to see who will blink first. The seller that is still trying to turn a profit, or the buyer not willing to miss out on a good property at a good price. Fortunately for me, the advantage is to the buyer. With so many empty properties in the area, it’s smarter to rent a house at half the price you would spend on a mortgage and invest the difference until you get a good deal. Although owning my own home is something that I am very keen on doing, in this market, the best deals will go to those who are vigilant and prepared to move quickly. They say that timing the market is a very tricky thing to do, and I would tend to agree with that. But when a 4 bedroom house in Cville is still going for 500K plus, with no parking and only 10 feet of room on either side (Belvedere) that tells me that there is still room to maneuver. I can wait.
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