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Real Estate Appraiser Review

April 18th, 2013 11:25 AM
Market trends appear to be improving. Although appraisal opinions are driven by recent historic sale data, trends suggest that available listings in many market segments are shrinking relative to sales. This is a good sign, no matter what the underlying reasons-low interest rates and investors buying at bargain prices. In the Lynchburg area, this has not translated in a noticeable way into price increases but it may be a harbinger of future price increases. Lynchburg is usually a couple of years behind national trends. It took a couple of years after the housing bubble burst in places like Florida for the decline in values to start showing up in Lynchburg. Now that Florida and other areas are showing real signs of improvement, it will take some time for the effects to be noticeable in and around Lynchburg. Having said that, there already is real activity noticeable in new construction in and around Lynchburg. Wintergreen has new construction of single family second homes. Charlottesville appears to be back, with prices that seem reminiscent of years ago on recent listings and agents soliciting houses for ready buyers. What do you think? I would love  to hear what other people think about the current market.   

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Posted by James Tracey on April 18th, 2013 11:25 AMLeave a Comment

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