Yes, however, the two biggest real estate co. have an impressive, almost arrogent, hold on the market here in Norfolk. Even in a buyers market, if you look at their listings you have the same old houses still on the market and still over priced, if the do sell rest assured it's not the locals or educated that are buying them either. The houses that are selling are renovated, PRICED right, and the seller is generous with closing cost assistance and other consessions. The seller is not nickle and diming the buyer over petty issues. I had one deal where the sellers had overpriced their house despite being advised against it and wanted to charge the buyers for the oil left in their tank, dollar for dollar. The deal fell apart because the appraiser did his job, the greedy sellers did not want to be realistic, and the buyer were not going to overpay. Buyers, if a seller/ agent starts to pressure or play with you in any way then somethings not right and run away from that house. Don't settle for less to make the sell, in this market make the seller and agents work for you.

Since Sarah asked if it's declining and several of you said it depends on what areas can you tell us what areas are/are not declining. I live in Wards Corner/Rose Gardens and am trying to sell, been on the market only 55 days but am getting anxious. Sarah do you live in Restmere? That's close to the same area. Do you Pros think that area is doing okay? it's close to bases.

Easy answer....it depends on the neighborhood and price range. When they say real estate is local, it's local to that state, that region, that county, that city, that neighborhood, that price range.

In short - anything under 250k going great! Prices above that don't fair as well, but that's always the case, smaller the buyer pool the hard to sell homes. Simple supply and demand.

I think Hampton Roads has overpriced itself. The jobs in the Hampton Roads region aren't generally challenging or good. Most of my younger friends (Most make $60K - $130K salary range) are looking to leave the area. One is halfway done with his Google interview now. The area doesn't have the jobs to support the housing costs, and even the "better" jobs tend to not be as good or challenging as similar positions in other markets. For instance, a friend that works for a well known well respected gov't contractor has noticed that employees in the offices outside of Hampton Roads (Boston, Seattle, etc) are threated better. They have more fun at the other offices. Hampton Roads isn't a good place for young people. The old people will talk about attracting young talent, but the companies don't want to pay. They just want the young people to buy their overpriced homes. So with this in mind, I think Norfolk will be a declining market if it isn't already. They are building tons of apartments, and most of them will probably be at the top of the market -- which isn't what is needed.

My hat is off to Tina. Well researched! Just wanted to add that more criteria is needed to fully address your question. 1. What type of property? (e.g. residential, attached/detached, investment, income, commercial) 2. What price range? Absorption rate analysis shows us that certain areas (as in price range) of the market are actually doing very well, showing activity, lower days on market, and stable pricing. Other areas are still experiencing well over 12 months on market and price declines.

Hi Sarah,

Right now prices are still slipping a bit. I recently closed on two of my listings in Norfolk for full list price with some closing cost assistance. Not sure which side of the fence you're on, buying or selling. If you're considering selling make sure your property is priced right and the best perceived value when compared to the competition. If you're buying, make sure you have an agent to run a CMA to make sure you're prospective purchase is a value for that particular area. Basically, doing your homework up front will save you money on either side of the fence. Best wishes to you!

The Virginia First Quarter Housing Market Report came out just a few days ago. While Virginia is definitely doing better than the nation as a whole (economic growth was an anemic .6 percent in the 4th quarter of 2007), most local economists predict a recession for the 1st half of 2008. The word "uncertainty" sums up our housing market. Between the 1st quarter of 2007 and the 1st quarter of 2008, pending sales dropped 28% in our area and 21% overall in Virginia. That being said, sales activity in Northern Virginia has picked up and they have a very high amount of inventory on the market (including foreclosures) - we usually trickle down a quarter or so from the NOVA market so we too, should see a slight improvement through the spring/summer.

In my opinion it depends on where in Norfolk you are referring to! Sencondly, I think this area of the country is not declining like other parts of the country, we are still doing really well actually! This is a great time for buyers to buy and for sellers the market is definitely picking up and holding it's own! The military has a lot to do with this in my opinion, the constant ebb and flow of folks coming in the area nad the people leaving the area will always make this a great place to be! If you're waiting to buy or sell because you think it's going to tank or bottom out...I do not believe that will happen. There are great deals out there for everyone and I personally think this area will bounce back and continue to thrive! Call me if you'd like to discuss further ot need any help with your housing needs! I'd be happy to talk with you.