Spivey76

What you don't pay in taxes you almost (but not quite) make up for in home-owners insurance. Most people don't know that Moyock doesn't have the infrastructure in place (emergency services) in place that insurance companies like to see.

Also most housing doesn't have city/ county provided trash pick-up. They have community dump sites you take your trash to. Or you can pay an independent company to come pick it up.

My advice to you would be to wait another year and look at the market. If you need an example, take a look at this house here -

http://www.trulia.com/property/1041977628-404-Johnstown-Rd-C…

It's been on the market for over a year, and the seller has yet to lower the price. - Mon Jun 23 2008, 09:51

Have you decided what you are doing? Please update, curious minds want to know. - Mon Jun 23 2008, 06:56

It depends. Most of Chesapeake is over priced if you ask me, and I've lived there since 1990. Incomes in the entire area are lower (yes, the military has a big part to play with that) and unless your going to work for a government contractor you'll have a hard time making what you might somewhere else.

That said, here is what is going to become of Chesapeake once this bubble has deflated all the way. This area is one the more expensive (in terms of what you get for your dollar)....

http://norfolk.craigslist.org/apa/620292009.html - Mon Mar 31 2008, 05:37

So your saying the lots just get passed around until a home buyer picks it up? Doesn't that create an artificial price value? It sounds like racketeering to me. - Fri Dec 28 2007, 20:50

I find it funny 3 real estate agents have said the same thing all agents said all last year and at the end of 2006, yet the market still hasn't even started to recover.

The funny thing about Hampton Roads is the heavy military saturation. Every year real estates agents look forward to military transfer time, which does give a little bump to the market. Slow winter? Just want until the spring when service families start transferring. This gives the 3.4% figure mentioned by one reply a little credibility, but in no way are things getting any better for sellers.

I've lived and grown up in this area. While it is a nice place to live, it's also expensive. Back in the late 80's and early 90's the style of house that had dark wood, carpet throughout, and 3 beds with 2.5 baths was all rage. If you look at most of houses now, the only think the sellers did was add wall paper - when they first bought the house. Nothing updated, nothing renovated....just over sellers expecting to much. Not all houses are like this, but most are.

My advice would be to wait. Rent something - save your down payment because I think there are going to be some big changes over the next year. After another military transfer cycle takes place and the market is still dead, then we'll see some changes. Agents don't like to think about this - lower housing prices mean lower commissions. Remember, they have to think about their pockets also. - Fri Dec 28 2007, 12:09

To Connie - it looks like your in a pickle. Anyone trying to sell a house in the next year or two is going to have a hard time, just because the lenders aren't giving out the crazy mortgages any more. The median income per household (read HOUSEHOLD, not per person) is around $60K. Do you think this area is full of wage earners that can pay $315K towards a mortgage?

The second issue is it looks like your close to Oceana, and that means jet noise. That might not be a problem if BRAC relocates Oceana, but if they do the hole left by all the service men and women would push real prices even lower than they are already going to go.

Before you think of a selling price, think about those first 2 points and ask yourself if it's really worth it right now.

To the original poster - that's how it is right now. To many people either bought to high with 0 down and need to recoup the cost, or they refi'd the heck out their house and bought 3 new cars and a camper. Look at the prices again after the summer (When the spring bounce turns out to be a flop) and then consider. I believe prices with drop 40%-50%. - Wed Jan 9 2008, 05:07

You can look at CMAs all you want. The bottom line is a house is worth what someone is willing to buy it for. Some houses are selling here, but most are not because the prices are over-inflated for what you get. - Fri Dec 28 2007, 12:35

Chesapeake is a nice area. It sounds like what you are looking for would be south Chesapeake (the 23322 zip code). As long as you can shop in the $300K - $400K price range, you'll be okay. - Fri Dec 28 2007, 12:33