Mac, Other/Just Looking in Virginia

Homes for Under $100K?? ---

Asked by Mac, Virginia Wed Nov 10, 2010

I just read this article on Yahoo Real Estate... when will the house prices in Virginia Beach reflect what is going on in the rest of the country?
Article link below:
<http://realestate.yahoo.com/promo/homes-for-under-100k.html>

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Answers

12
A home under $100,000 usually reflects the condition of the home as well. As to the rest of the country we are not the rest of the country here. Many places are selling under $100,000 you can read that in any newapaper. What they forget to print is that many areas of the country were selling under $100,000 when prices were at the peak.
Apples to Apples Oranges to Oranges. You can't compare the foreclosed home on the news missing appliances, toilets, kitchen cabinets and ruined carpets in rural America. To a well maintained beautiful beach home with stainless and granite.
Spend a day with a Realtor, Look at 2 nice clean properties and 2 foreclosed properties that need lots of work.
Then sit at the Lowes counter and add the price of a kitchen, carpet, appliances and other things needed. In most cases the price gap will close considerably. Then factor time and labor against move in ready.
Bottom line is for some foreclosures are great! For most who do not have contractors blood:) Buy one already done.
1 vote Thank Flag Link Fri Nov 12, 2010
all real estate is local. specific areas do not necessarily move in conjunction with the overall nation
0 votes Thank Flag Link Sun Dec 11, 2011
0 votes Thank Flag Link Thu Mar 3, 2011
$100K is too low a price point for a good house in any nice area of Virginia Beach. But if you mean when will VA Beach see dramatic price drops, well some areas/homes already have, but dont expect anything more than the continued slow erosion (-%5) of values for the next 2 years or so.

In the 5-year out future when the military presence in the area has been substancially reduced, prices may take a dip further. But I am not suggesting to wait, just to be aware whatever you buy into you will most likely be stuck in for quite a while.

2011 (or early 2012) - JFCOM total closure - at least 1,000 homes on market (6,000 lost jobs)

2012 - Carrier to Mayport - Should put 2,000 homes on market
http://www.navytimes.com/news/2010/12/ap-mabus-carrier-move-…

2014/16 - FA18 phased out to F35 - Oceana is a FA-18 base. The F-35 (not ready) is the replacement jet. Oceana is not suitable for the F-35, so they are moving to a CA base. Essentially, Oceana is out of business at that time. Should put 5,000 homes on market.
0 votes Thank Flag Link Mon Feb 28, 2011
Thanks to the military there will always be more turnover and employment stabiltiy in Virginia Beach and Hampton Roads in general. Times have been pretty tough, but there are still people buying and selling houses every day. By the way, there are some really great deals out there, even if they are not under 100K (it's all relative, isn't it?)
0 votes Thank Flag Link Mon Feb 7, 2011
Fortunately, we live in a great area - one of the most healthly regions in the country. Virginia Beach last year was ranked the #1 city in America to raise a family. When compared to the US, our local economy remains strong by virtue of the military presence (we love our military members!!). We do not suffer from being a one horse town, like Detroit when the car industry crashed so did the real estate.

You can find properties under $100k but remember that LOCATION - LOCATION - LOCATION should be the most important factor in making your decision as that will effect future value. Remember, real estate is like marriage.........easy to get hitched & hard to get unhitched! Be sure to do your homework...........first, with the agent you'll hire to represent you (interview at least 5 agents) & next, with the property analysis (condition, fair market value, etc).
Web Reference: http://www.teresabrooks.com
0 votes Thank Flag Link Wed Jan 26, 2011
As with everything,EVERYWHERE, the location reflects what the trend will be. Here in the Hampton Roads/Virginia Beach area, we have a constant turn over of people. The military is a huge factor in this, so as they transfer out and a replacement, transfers in, well you get the picture.
Homes in the Virginia beach area have come down in price, however they are steady. Just like the rest of the country, people here have purchased during the height of the market and once they had to leave, they could not sell. The Hampton Roads area and the rest of the country is full of Repo's and short-sales, so you can get a home/townhome/condo for $100,000 but its not going to be in good condition or you would have to wait FOREVER on the short sale process (It should be called LONG, Draining and emotional sale).
There is good deals everywhere! Thank for the question.
0 votes Thank Flag Link Wed Nov 17, 2010
It might take some time, Mac, considering those other markets. Wow, $90K buys a 3800 tudor home in DETROIT, and I was talking with people a few months back about Detroit and how bad it has become there.
I would not want to WISH that on Virginia Beach, I believe we ALL would be in dire straits or feeling economic straitjacketed if prices plummet THAT far.
BTW, 2 of the houses that Bill Byrd posted are mobile homes, so I think that's only TWO houses in all of Virginia Beach for $100K. But there ARE a lot of townhouses under $100K, so if you'd like that complete list just shoot me an email. Virginia Beach is townhouse heaven, so I think there's got to be some diamonds in the rough in a batch of 60.
Best, KK German, Wainwright Real Estate, kkgerman@gmail.com
Web Reference: http://www.kkgerman.com
0 votes Thank Flag Link Fri Nov 12, 2010
I've bought four single family homes in Virginia Beach this year for under $100,000. But they needed a lot of work.

Prices here do reflect what's going on in the rest of the country. 25% of sales are foreclosures or short sales. We've lost 10 - 15% of the tops in the market in the median price range. We're definitely seeing it. It's only going to go worse as credit dries up further.

Just wait for the new FHA guidelines to go into effect.

Drew
0 votes Thank Flag Link Wed Nov 10, 2010
Hey Mac! Click the following link and you'll see the only 5 homes in Virginia Beach under $101k. Once on the site you can customize your search further. Need any help I'm just a phone call away 757-285-6416. http://www.mlsfinder.com/va_rein/billbyrd?action=newsearchse…

And...check out the article I just posted on our Facebook Team Page at http://on.fb.me/cAYp0h

Happy house hunting...!

Bill Byrd
ByrdRealtyGroup.com
email byrd@kw.com
0 votes Thank Flag Link Wed Nov 10, 2010
All real estate markets are different. A homes value is based on what a seller is willing to pay for that home. The REIN MLS statistics from last month show that home prices actually edged up a little bit. As long as buyers are willing to pay these prices, home prices are not going to drop significantly anytime soon.
0 votes Thank Flag Link Wed Nov 10, 2010
Depending on you city thier are several under $100k,HOWEVER if they need work to pass apprisal in order to get a loan you may have to go too a 203K rehab this could make your loan amont go over 100k so it depends what your MAX qualifing loan or what you want your max payment too be would be based on what your needs are as a owner or investor.Call me and set up appointment to go over all these options to get your free education call me at 757-735-2791
Web Reference: http://Jimaleemorris.com
0 votes Thank Flag Link Wed Nov 10, 2010
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