Answer: A lot.
The past few weeks have been the most active stretch since 2005 or early 2006. For the first time in years, we’re hearing the terms ‘multiple offers’, ‘escalation clause’ and ‘is this house still available?’
So what do we think is going on?
1. Some positive national real estate news has spurred interest in real estate again. Some have called the bottom of the market and the Oracle of Omaha is talking about buying residential real estate.
2. Interest rates continue to be at record lows.
3. More sellers have become realistic with pricing and are now pricing their homes to meet demand.
4. Investment dollars are coming back to real estate because a) interest rates are low and b) the rental market continues to be strong.
All of these factors have spurred a bit of a sense of urgency in buyers. It’s not just happening in Charlottesville. It’s happening in other markets throughout the state and the country.
Here’s some quick stats on the Charlottesville area real estate market…(data is from 1/1/12 to 2/26/12)