After the stock market's roller coaster ride of the past week or so it seems perfectly reasonable to ask the question whether that has changed our market dynamics. There really isn't much of a way to know right now. The people who have been looking for property continue to look. I think that what is significant here is that our market is still a buyer's market. In other markets where the tides have turned so thoroughly that this has become a seller's market, well yes, that stock market hit would probably take more of a toll.
What seems to be important here is that you can often get a lot of value for your dollars. When looking at having money in the stock market or placing it in a property that would have cost you 20 or 30 or 40% less as recently as 7 or 8 years ago....well that should cause someone to pause and seriously consider a purchase....if they've been in the market.
We still have low interest rates. The cost of gas is low and no longer a big factor in getting to and from the Northern Neck. And as I look around I see an area which is really so beautiful as to be hard to resist. Although I do believe this place feels a little big like nowhere, we aren't far from lots of somewheres. There is Richmond and Fredericksburg and DC really. Those aren't so far away. Then Norfolk, Virginia Beach, even places like Annapolis are reasonable for a quick round trip for an event.
Where I grew up, outside of New York City, the idea of owning a waterfront home within 3 hours of the city and not paying a zillion dollars would be laughable. Here there are properties within three hours of DC that are waterfront and under $400,000 or even under $300,000. This is really something! So time will tell if people are becoming more cautious (I'll compare the fourth quarter of the previous five years once that data is in....have to put it on my calendar for the end of the year....otherwise it won't happen), but after years of caution and with prices at what well may be the all-time low, the Northern Neck is an area to strongly consider. A different type of lifestyle that has real value. And by the way, numbers update tomorrow.