There is a lot of concern in the Central and Southwest Virginia areas right now. Norfolk Southern is leaving for Atlanta, which will result in the loss of a significant number of jobs. In July, the post office is also closing, which will only add to the number of jobs lost in our area.
I have friends and clients who are
trying to "time" the market: they want to wait until a bunch of homes hit the market so they can find a deal. The problem with doing this is it's like timing the stock market. Any expert will tell you it's futile to try to time the market; you need to buy stock consistently over time before it will do you any good. The same logic applies to purchasing property: timing the market is futile.
All we know is that interest rates are low NOW. There's no knowing what's going to happen when Norfolk Southern leaves town. It's been rumored that they're not offering very good incentives for employees to move with them, so there's a chance there won't even be that many homes on the market once they leave. There's a good chance the market won't react the way many think it will, and prices won't drop substantially if they drop at all. We're not sure this is going to happen, but it's likely, and would be good for the market and the economy if it does.
If you have any questions about our changing area, or if you need real estate assistance of any kind, give me a call or shoot me an email. I would love to hear from you!
Also, if you're interested in what's going in our marketplace, check out our new website. There are a lot of neat features the other website didn't have, and we think you'll enjoy it!
I have friends and clients who are
trying to "time" the market: they want to wait until a bunch of homes hit the market so they can find a deal. The problem with doing this is it's like timing the stock market. Any expert will tell you it's futile to try to time the market; you need to buy stock consistently over time before it will do you any good. The same logic applies to purchasing property: timing the market is futile. All we know is that interest rates are low NOW. There's no knowing what's going to happen when Norfolk Southern leaves town. It's been rumored that they're not offering very good incentives for employees to move with them, so there's a chance there won't even be that many homes on the market once they leave. There's a good chance the market won't react the way many think it will, and prices won't drop substantially if they drop at all. We're not sure this is going to happen, but it's likely, and would be good for the market and the economy if it does.
If you have any questions about our changing area, or if you need real estate assistance of any kind, give me a call or shoot me an email. I would love to hear from you!
Also, if you're interested in what's going in our marketplace, check out our new website. There are a lot of neat features the other website didn't have, and we think you'll enjoy it!
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