Rent. I have been relocated in VB for two years and still renting. House price in this area is not bottom yet.
Wait and price will go down.

Whatever you do, be mindful of your moving options. What I mean is, once you've decided, get your stuff all planned out otherwise you'll end up with a huge hassle on your hands. There are a bunch of great moving guides to be found on the internet, I would recommend reading them.

This is your market! My buyers know right away before showings, what the tax assessments are, the length it has been on the market, and a summary of what has actually sold in the last 3-6 months in that neighborhood. Location, school distirict, and a good deal. That is what you should be looking for. Close to bases and close to lifestyle brings in new buyers and new renters. If you are handy, a diamond in the rough is a beautiful thing in this market. But new construction deals are abound as well. I am actually excited for buyers when we do showings because I know this is their time-with low interest rates,government tax breaks and motivated sellers.

I still like my job!
Anja Howard
Oceanfront REALTOR
ahoward@gsh.com

Definatly RENT. Home values in this area have no way near bottomed out yet plain and simple. They continue to fall. And with mostmortgage loans not foreclosing over the holidays it is hard to say what will happen com Jan- March.

If you are only going to be here for 3 years or less just rent, but if 4 years or more it should always be better to buy. This is the advice I have been giving for over 15 year when buying in our area, and it is still true today. Just let me knowif you need help purchasing a home in this area.

Hi Michelle, I just moved here a few weeks ago and looked at several homes wanting to buy. The truth of the matter is that the "deals" the agents claim are out there just never seemed to materialize. Sellers are still way too high on there asking prices and every time we asked our agent to write up an offer she'd laugh and say "don't listen to the media hype, sellers are getting their asking prices and you'd be lucky to get closing cost." My wife and I were able get a good rental for several hundred dollars less than our BAH in the school district of our choice. To buy in this district would have cost us almost twice that much. The reason why rentals are so plentiful is because people can't sell there homes and are forced to rent them. Don't listen to the rhetoric, prices AND rates are going nowhere but down. Rent for a year, get to know the area, and when sellers and agents come back down to earth on their asking prices then buy.

you should buy if you are going to be here for more than 2 years, not only will the home go up in value but you will have good tax benifits also. The Va loan is a good thing now with no down payment and today the intrest rate is 5%, with the market being what it is you can find some very good deals, and in 2 to 3 years the value will esclate a lot.

Michelle:

A lot of the answer depends on how well you manage to get out of your current house. I hope you do well.

I looked on Zillow.com just now and it looks like New Bern is an area with substancially lower housing costs than VA Beach. Of course VA Beach is a very large city with a wider range of costs than New Bern, so depending on where you are willing to live, you may not be too disappointed with the higher costs.

Which base do you want to live near?

I generally agree with all the salespeople who responded, there are some really good deals around here. It is a good time to buy depending on your situation The good and bad thing is that prices are still dropping.

We are also losing a carrier to Mayport, FL and that will end 5,000 jobs and send an estimated 3,000+ people to Mayport. That will probably also dampen local real estate conditions in the near future.

As far as renting, I seem to see more rental signs now than ever, you would have a very easy time finding a nice to extremely nice rental, but I have no idea about rental costs.

Good luck.

Good morning Michelle,

VA rates are now as low as 5.375%! More reason to buy now...look at my answer below and the savings would be greater. Let me know if I can be of assistance!

Kindest regards,

Alvin Lapitan
Sr Mortgage Specialist
Toll Free: 877-534-7420
alapitan@cavaliermortgage.com

Buy! I was in ninth grade when we got stationed to VA Beach in 1997. My parents a house from a couple that was splitting up. The area was right where General Booth and Princess Anne meet up. The couple offered to sell the house to my parents but they didnt want to own knowing it was only a 3 year tour. Before we left that house appreciated over 100k over what the couple offered.

I am not married, did my active time and continue to do my active time as a national guardsman in the Army. the nature of the job I chose causes us to travel jsut like active duty. I am currently living in Chicago and will be living in GA for about a year while I do advance school down at Fort Benning. This is following a deployment so I dont want to be away from my family, so they will come with me. We will buy even though its that short a time.

Virginia Beach is strong buy area becuase the Navy is not leaving anytime soon. As long as you buy the right house the right way, you will find another military to either rent or sell your home to when it is time to move on. Owning definitely has its hassles, but they are worth it. Even if you have to rent when you first arrive. Do not buy under pressure and you will lessen the chance of having to try to sell a house under pressure.

You should never walk into a house that you dont feel comfortable you can walk out of when the next duty station calls.

Good Luck!

P.S. where in NC is your home> Near asheville?

Raymond K Roberts
raymond.roberts@phaistosgroup.com

My advice is to check out the area you would like to live in and look at homes that are for rent and for sale, compare. I had 2 militairy families that relocated (3 year stay), they both wanted to rent first, I showed all the homes for rent in their price-range then what was for sale. After talking to a loan-officer they decided to buy, the mortgage payment was actually less then a simulair home they looked at for rent. . If you have any question, e-mail me I'll be happy to help you find a home.
cynthiaskurka@kw.com

You have 15,000+ houses to choose from in this area. That should tell you something. This market has barely started declining. It probably has years of pain ahead of it. Rent. It's safe. You can always buy later. As you already know, you can't always sell so easily. Good luck.

Of course the realtors are going to say it's a great time to buy. It's a great investment, bla, bla, bla. I think you already have first hand experience that currently shows real estate is a horrible investment.

Hi Michelle,

Definately purchase a home. Historically, property values increase over time. Currently we are experiencing a much needed "market self correction" since lots of homes sold for more than they were worth during the sellers market we experienced just before this current market. Within 6-18 months, the national housing market should begin to "heal".

Hi Michelle - for a minimum of 5 years - I advise you to buy as well. 1-2 years - rent, 3-4 - maybe, 5+ definitely. Reason being that VB has always had a positive increase in home values throughout any long term period. Even if the market flatlined, and you took out a $300k mortgage, for a 30 year fixed, fully amortized payment at 6.25%, you would owe $279,600 on the balance, and have at least that much in equity. Also realize that the potential tax benefits alone would put money in your pocket annually that you wouldn't get with renting. As long as you get a good deal, and pay down your principal on your mortgage, it should work out. Give me a call to discuss any financing options, I've been in Virginia Beach for over 25+ years, and specialize in all types of loans, especially VA loans!

Thanks,

Alvin Lapitan
Sr Mortgage Specialist
Toll Free: 877-534-7420
alapitan@cavaliermortgage.com

Michelle: I cant guarantee you that you would have a LOT of equity in 5 years, that is always a gamble, but if you rent, you would have NONE. My husband and I are both Navy and we waited 9 years here and regret it all the time. We are finally building our own home. Please email me if you have any questions. cheyshasky@verizon.net

I believe NOW is a GREAT time to buy since it is a buyers market! Especially since you will be here for 5 yeras, in my opinion it would be crazy to rent for that period of time. The market here in Hampton Roads has definitely slowed down a bit but what is happening around the country isn't happening here! There are so many great buys around this area, I would tell you to buy! My husband and I are also in the military and if it were me, I'd buy as well! We did!!! If you have more questions, please let me know, I'd be happy to help!