Apr 27, 2012

Tip 17-2012: The Spring Market -- Is It Heating Up?

Charlottesville Real Estate Attorney:

Tip 17-2012:  The Spring Market -- Is It Heating Up?

Recent national and local newspaper articles have commented on the improving real estate market.  USA Today recently headlined an article with "Spring Home Sales Could Be Omen," and followed it up stating:  "The spring home-selling season could be the strongest in years."  The Wall Street Journal also reported that climbing apartment rents combined with the decline in home prices and interest rates at near record lows are "boosting demand for homes at entry-level prices.

The Washington Post noted the real estate market is picking up across most of the country.  However, they cautioned that as the "robo signing" scandal has now been settled, banks may pick up the pace of foreclosures as well.

What does all this mean for our local real estate market?  The recent First Quarter CAAR Market Report is reporting a 9.2% increase in area home sales!  The Daily Progress, in a recent editorial citing the CAAR Report, was encouraged as a healthier housing market signals general economic improvement. In fact, one local real estate agent in describing the recent activity called it "unbelievably extremely strong."

Hopefully, as the weather continues to warm up, so will our local housing market.  In fact, it would not be surprising if six months from now we all look back and say "that was the bottom of the market." 

Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions, or visit our blog below for previous tips.  Thank you for allowing us to send you this email.    

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William D. Tucker, III 
Charlottesville 434-973-7474 | Lake Monticello 434-589-3636  
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