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By Monty Tayloe
Rappahannock News Staff Writer
Last year, Rappahannock County and Northern Virginia experienced a surge in real estate sales. Referred to in the media as a real estate “bubble,” this surge created a seller’s market.
Prospective home buyers found themselves in competition with each other for houses, driving prices far above their usual levels. Now, home sellers and real estate firms are experiencing a “slowdown” and indications seem to show that the “bubble” has popped.
How much does the real estate situation in Northern Virginia affect Rappahannock, and what will a slow down mean for the future? Market statistics and the experience of local realtors seems to indicate that the real estate market would be better analogized as a series of self correcting waves rather than a popping bubble.
According to Sam Snead, a longtime student of Rappahannock real estate, the market is correcting itself, not blowing away.
“Eventually it just got down to the point that people recognized that things had gotten out of hand,” explained Snead, who runs Sam Snead Realty.
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