L, Home Seller in Virginia Beach, VA

Hello. I have a few questions based on the buyer's perspective.

Asked by L, Virginia Beach, VA Mon Apr 22, 2013

1) Historically when are the most houses on the market in VA Beach? 2) When do sellers typically start dropping their prices (i.e. become nervous, school starting etc)? 3) In recent times, it seemed as if one could get a foreclosure for well below list price, but I've noticed a couple this month (Kings Grant area) for instance getting at or above list price. What is the logic there? Is it just a Spring occurence or based on area? TIA

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Hi L,

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
Web Reference: http://www.kkgerman.com
1 vote Thank Flag Link Mon Apr 22, 2013
Thank you...especially to KK and Kevin for their detailed responses!
1 vote Thank Flag Link Tue Apr 23, 2013
L, KK is a fabulous agent, I have worked with her on several deals, she is a pleasure to work with. Not that all of the other respondees are not, I am sure they are excellent as well! If you or your son have any questions or would just like some input and my personal thoughts about VB (where you do and do not want to be, convenience factors and where the bargain deals are feel free to reach out to me via phone or email, I'm not an agent who is going to drive you crazy with calls and emails, I don't care who you use for your transaction, by all means you do not have to use me in order for us to have a brief & candid conversation regarding what to avoid and where to go based upon your sons needs and desires. Offer stands at anytime, call/email me at 2 am, 5 am, 7pm anytime you want, doesn't make a difference to me, I work 87 hours per week so feel free to reach out if you have any interest at all in some quick advice and opinions, otherwise, I wish you & your son the absolute best!! :)
Flag Tue Apr 23, 2013
Market is improving drastically, I specialize in these types of transactions and would be happy to discuss with you in detail. The logic behind all of this is actually very simple and the window to get that "great deal" everyone always wants is closing by the minute. CALL ME.

Tyler Spruill
REALTOR, ABR, SFR
Rose and Womble Realty Co.
757-739-9119
tspruill@roseandwomble.com
1 vote Thank Flag Link Mon Apr 22, 2013
Historically; it takes a major thing to make housing prices drop;
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.
0 votes Thank Flag Link Mon Apr 22, 2013
L,
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, REALTOR®, ABR®, SFR®
2012 Circle of Excellence Winner
ABR® = Accredited Buyer’s Representative Designation
SFR® = Short Sales and Foreclosure Resource Certification
William E. Wood At The Mall
Cell # 757-735-2628
Fax # 757-473-0187
0 votes Thank Flag Link Mon Apr 22, 2013
I can't comment on the Va Beach market area but will comment on Bank owned homes (the correct name for what you call a foreclosure since the bank now is the owner and can sell it). Banks sell their property at what they can get for it, often they list it at or below current market values. They get appraisals on them and know what market value is. Let's say they assume the market value is $250,000. They might list it for $220,000 which means offering less is not going to get their attention unless it has been out there for months with no offers. A savvy buyer might see the value and make an offer of $230,000 to be sure to get it in case a couple offers come in on it because they know someone will come in below list price. Don't assume it will not sell for more than list and often there are multiple offers which does tend to make the final sales price over list price sometimes.
0 votes Thank Flag Link Mon Apr 22, 2013
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