Two days after I was installed as President of the Charlottesville Area Association of Realtors our year end market report came out. Suddenly I found myself as the source for this vital information for all the media outlets in and around Charlottesville. I had my first bout of red light fright when the cute, local TV gal popped the first question that wasn’t on my notes. I stared at the camera for what seemed like an hour then ducked aside to make them start over. I was OK after that and felt downright snappy with my answers by the end of the day. By Friday evening I think I really was the expert they had been hoping for but all my interviews were done.
This is the jist of it. 2013 marked the second year in a row of increased number of sales, increased median prices, lower days on the market, happier clients and happier Realtors. It’s nice to bring such good news forward but Channel 29 didn’t even call on the report. Not only is much of the drama missing from real estate news with foreclosures and short sales down but “Real Estate Back to Normal!” doesn’t make a very good headline.
Tomorrow morning our Realtor Association is hosting Dr. Lawrence Yun, the National Association of Realtors Chief Economist who will address our membership and share with us his expectations for our nations economy and how it will affect real estate. We expect to hear more of the same. It’s not a great headline but it’s real good news.
UPDATE: Our Charlottesville Area Association of Realtors hosted Dr. Lawrence Yun this morning and was all ears as he gave us a broad perspective about economic trends that will affect the housing market. We should expect a trend of rising interest rates, continued supply deficits and reliable appreciation of housing stocks. One of the most impressive statistics was the relationship of individual net worth of home owners vs, renters indicating that home ownership is at the core of personal financial security in America.