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By Laura Ruby Rappahannock N*ws Staff Writer
Though the real estate market probably hasn't quite hit bottom yet, now is a great time to buy—if you are qualified.
That’s the opinion of Alvin Henry a real estate appraiser with more than 20 years experience in Fauquier. Rappahannock, Culpeper, and surrounding counties.
In his time on the job, Henry has evaluated loads of properties and seen the market rise and tall.
“Every cycle is different,* he said recently from his office on Waterloo Street “In this cycle, local builders haven't been hurt. They had low inventories and not a tot of spec houses. It was the homeowners — the people who went out and bought — who were hurt this time.
“I've never seen this mass of foreclosures, this large quantity of bank-owned properties that we re seeing now. This is far reach*,ig. It's across the board. This is big/
In previous housing market downturns. Henry witnessed price drops of 10 to 20 percent. “Now we're seeing 20 to 40 percent treductionsl than the peak of the market/ he said.
From Henry's perspective, the market peaked in late 2003, through 2004 and remained high through most of 2006.
“This time, the market changed on Sept. 1, 2006. That's when Katrina hit and it was the first time that gas went to $3 a gallon/ Henry recalled. “The market stopped. It lost air. It faltered then, and early in 2006 it started going down, and it's been progressing downward/
Land values have also dropped, he said, though they held value lunger and didn't start to come down until last year. Although it was delayed, the value reduction has been significant, he said, noting that 10-acre lots that sold for $350,000 are now moving for $250,000 to $275,000 and five-acre lots that peaked at $275,000 have
The tall wits as dramatic its the rise, Henry said, pointing out that as recently as 1996. five-acre lots near Orlean could be purchased for $50,000.
As the market has dropped, so has Henry's business. At the height of the market. Henry, along with a second appraiser in his office, was doing about 20 appraisals a week. Now he's down to eight to 12. “I'm
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