As you can see by the trending line in the graph, our Months of Inventory has been steadily increasing since May of 2007. This is the exact same trend line Northern Virginia saw from 2006 to 2007. This is the first example of why I think our Market is heading the same way Northern Virginia has already gone. The Real Estate Market there is dominated by REO's (bank-owned properties) and short sale. Charlottesville needs to get ready for the short sales. It is coming fast and its about time people stop trying to fight it. Over the next couple of posts, we will look at other trends that tell the same story and just as frightening.
Charlottesville Real Estate Agents: Please don't mislead your clients telling them the market is getting better or rebounding. The agents that look their friends, family and clients in the eye and tell the truth are the ones that will be standing when this is over.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com/
http://www.forestlakesliving.com/
http://www.charlottesvillevarealestate.blogspot.com/
http://www.charlottesvilleshortsale.com/
http://www.theaverygroup.com/
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