It does seem we are having a 'mini-bubble' in Virginia Beach. When you say 'historically' maybe you are meaning to say 'seasonally'?
Seasonally our hottest months for sales are right now, April and May.
In the Kings Grant/Kings Forest bank foreclosures, repos, REO's, whatever you prefer to call them, have fetched 95 to 100% of list price over the past year. If you are following the market, though, you may have seen the one on Little Neck Road that was listed for $187,000 and actually sold for $227,000 cash. So we are seeing multiple offers for hot properties now. The logic? Demand is outstripping supply.
If you have a house to sell in that area I would be interested in hearing from you. I help German NATO families looking in that area and right now a dearth of rentals, but I have an investor willing to buy my next incoming family a house in that area.
KK German, Wainwright Real Estate
REALTOR, ABR, SFR
Rose and Womble Realty Co.
What are you anticipating? A war in the Middle East? got that. Bad unemployment? Already there. Political unrest? Oh Hum. Interest Rates rising? Already started. Shortage of Inventory? Big problem!
Is Virginia Beach a desirable location? Check.
Good employers? Check
Good climate. Check.
Buy as soon as you can.
Great questions. One by one here is my answer's.
1. When kids get out of school, there is always a big BUZZ to sell and buy homes in Virginia Beach. Also the first couple months of each year are also hot.
2. Sellers drop as needed. If there is no room to drop, they will not, but if they have room, usually every 30 days or so, the agent will advise them to drop their price. Again if there is no more room, then most sellers will just keep it on at the List price.
3. It is based on the areas the bank owned properties are in. Across the board right now, however we are out of "good" inventory, which is sending buyers to the only good homes, which is the normal "supply and demand" issue. The market is moving and that is forcing buyers to come in at close or at asking price. Good agents will advise their clients to do this, if the buyers really like the home.
Thanks for the question and if you would like to meet with me and go over the market a little deeper, contact me.
Kevin Monette, REALTORÂ®, ABRÂ®, SFRÂ®
2012 Circle of Excellence Winner
ABRÂ® = Accredited Buyerâ€™s Representative Designation
SFRÂ® = Short Sales and Foreclosure Resource Certification
William E. Wood At The Mall
Cell # 757-735-2628
Fax # 757-473-0187