Jan 30, 2012
“New Normal” = “Normal” in the Real Estate Market
30 Jan 2012
Posted by VAR
“Normal” is “now”.
- Human settlement patterns (where people are living and working)
- Gas prices
- Expectation of permanence/transience
- Interest rates
- Property tax rates
- Monetary supply
- The internet’s availability and impact
Those are just a few of the ways that 1999 differs from 2011, and makes application of “normal” challenging.
Here’s something that hasn’t changed – people need homes. Buying a house is a choice, and one that comes with greater responsibility than renting – you’re accepting on the maintenance, the permanence, the mortgage, the community, the risk. If you’re not ready for those, don’t buy a house. If you’re ready to buy a home, do your due diligence and consider it.
Guest post by VAR member and Charlottesville Realtor® Jim Duncan. Originally posted at the Charlottesville real estate blog, RealCentralVA.com.