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I essentially agree with some of the points Brad makes. The exception is the comment on the military. I am military and I have discussed the buy vs rent issues several times with lots of folks. The market has overtaken earnings- even for all us highly paid military folks (that is a joke). Most of the guys I know moving out are either renting out their homes here in Hampton/ Yorktown. Those coming in are looking to rent. Our BAH will cover almost all rentals right now. I also think the market had overheated here. It took longer to hit because of the military market. The reality is DoD just doesn't have that many folks able to afford to but a 475K house but we do have lots who can afford to rent one. - Mon Apr 7 2008, 18:08

I am a buyer and wondering the same thing- now or wait. There is so much confusing information out there regarding the market. I can say that the homes I have looked at in the Yorktown area are way overpriced. The resale market is SLOW and there will be a downward adjustment in asking prices as the summer continues. I will watch the market and look for a deal. If you see something you like but it is, in your opinion, overpriced put in an offer you think it is worth. Lots of professionals think they determine the price through CMA and other methods but the real market price will be driven by the buyers. The buyers ability to pay is driven by the economy which is in trouble. The result should be lower prices. My two cents- wait and watch the sellers sweat out the summer then scoop a great deal in late July or August. - Sat Apr 5 2008, 08:03

Prices in the tidewater area are still overpriced- way overpriced! All the talk about having the military and a strong local economy is just realtorspeak. As a military member I will not buy. This is the same feeling with lots of folks I know PCS into the area this year. There are loads of rentals which my BAH will cover. The market will drive the prices not a realtor or other professionals. All the talk about undervalued homes is rubbish- they are a commodity like anything else and subject to supply and demand. J.J. in Baltimore actually nailed the real problem. The housing bubble caused such a rapid increase in prices they overtook earnings. Housing prices will continue to fall, likely around 10 to 15% as a market correction. If homes are sitting for nine months the problem is simple- they are over priced. Go with an offer YOU think is reasonable. Owners and realtors will take all offers now the tables have turned. - Sun Apr 6 2008, 17:53

I am looking in this area also. Prices are still way too high- if PCS to the area rent unless sellers wake up and smell the coffee. I think there will be a ton of rentals available at close to our BAC. - Sat Apr 5 2008, 10:04