The Numbers are In.....

Published On: April 3, 2009

Well, the first quarter of 2009 has come and gone, and its probably no surprise to you that real estate sales numbers are down.  However, the good news is that there are still buyers in the marketplace.  They are looking for good values and quality properties.... and they are finding them.  In analyzing the quarter's numbers, its obvious that the completed sales were reliant on one thing.... and that was pricing.  As an average, all of the residential sales completed in the city limits of Fredericksburg were closed at approximately 95% of their tax appraisal.  Some areas of the city were much lower.  This means that we should be expecting tax appraisals to be reduced in the coming months, and that the days of expecting buyers to pay excessive prices above tax appraisals are over... at least for a while.  If you want to sell your property, you still can.... however, your pricing has to be realistic.  Buyers just have so many properties from which to choose.