Local Housing Market in Rough Shape

Things are not looking good for the local housing market, Brian McNeill writes in the Progress, but few real estate agents will say that in so many words. Dave Phillips, CEO of the Charlottesville Albemarle Association of Realtors, actually claims that the market is “hot,” with the caveat that that’s in relation to Alaska’s temperatures. Pat Sury of Montague Miller says “we have stabilized,” and that “it’s a great time to buy.” And the president of CAAR, agent Judy Savage, says “we’ve hit bottom.” Real Estate III’s Pam Dent suggests that now is the time to buy a home in Glenmore because, really, who can commute all the way to a barn to see their horse? (It’s dreadfully inconvenient.) All of that tells me that we may have a lot farther down to go. Real estate blogger Jim Duncan is inclined to agree that, at least, there’s no way to tell whether or not we’ve hit bottom: you’ve got to start back up before you can know. Real estate agents are dropping like flies, expensive houses are being rented for a song, and houses are languishing on the market for months and months. True to its mission, the Bubble Blog says the bottom is nowhere in sight, and its proprietor has taken to drinking. So it’s a buyers market…as long as you don’t need a mortgage.

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