Mindy,
You’re certainly getting some bang for the buck here! Lots of good points and non realtor is making me accountable for my earlier statements and assumptions…which is a good thing!
First you asked about Virginia Beach market values…Hampton Roads and Virginia Beach are not one and the same. Hampton Roads contains the 7 cities, Norfolk, Portsmouth, Chesapeake, Suffolk, Hampton, Newport News and Virginia Beach. Today on the local MLS, Virginia Beach had a total of 3,642 active listings, not 15,000! Also…go to CNNMoney at
http://tinyurl.com/5myj95 for the real numbers on our area and there you will find the median income to be close to $70k and the median home value to be just under $250k. As far income being relative to how much one can afford, that can only be determined by the amount of debt one has not the income alone.
Regarding the declining market, we have been in the current shift since August 05 and according to my sources in the mortgage industry we have already seen the worst of the resetting loans here in fact I have been told that Fannie Mae and Freddie Mac have had VB off the “declining market” status for some time now!
Mindy non realtor is right, supply and demand does rule here too however we are starting to see strength in the low end of our market around $200k and below. In fact I recently crunched the numbers and Bank Owned properties in VB are selling at 98% of their list prices which I found to be amazing. Also…I recently listed a Bank Owned home for a major financial institution and sold it in 23 days with multiple offers turning away 5 contracts! I agree with Drew...the investors are back in our market and are buying in our market heavily...that's a great sign! I just talked to another buyer tonight that wants to buy a townhouse for his daugther at the beach...he's a sophistocated buyer and is eager to pull the trigger!
I guess the big lesson here is your going to get a lot of opinions online from interesting sources from a variety of places with a variety of agenda’s.…Know who you are getting your advice from…this is my market, I am trusted and respected in our community with lots of references available. We are not completely immune from the crisis at hand but real estate is a local business and there are many reasons why we are stronger here than elsewhere.
- Tue Oct 28 2008, 20:03