Home Sale Question: Currently thinking of selling home in Oak Grove Meadows, Chesapeake 23320.

Asked by Thomas, ALOIA Thu Apr 22, 2010

Understanding the market at the present time, knowing that and not having a crystal ball, call anyone give me some general advice if I should wait to sell another year or put for sale? Understand this is a vague question but noticed sales are few and far between. I am motivated due to reduce in income and do not want the value to drop any further and lose more money on the sale later. Current value: (Approx 290-299K) Owe: 300K I do have an condo empty that is less mortgage and possibly need to sell and move back. (Can not handle double morgage) Thank you in advance ladies and gents!

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Don Maclary, Agent, Virginia Beach, VA
Sun Oct 24, 2010
If your numbers are close to correct you would have to bring money to the table. Do you have more equity in the condo? If so sell that one and stay where you are. Moving in itself costs money and the empty one is not your first choice to live in or you would already be there.
After the sale of the condo you may be able to refinance the one you are in creating a lower payment.
1 vote
Peggy Moses, Agent, Chesapeake, VA
Fri Apr 23, 2010
I hope you received many suggestions that are helpful. I would be happy to sit down with you and assist you in weighing your options in order that you make the decision that is right for you
call,text or e-mail me
0 votes
Bryan, , Chesapeake County, VA
Thu Apr 22, 2010
Great Question!!! You really want to look at both properties as there is the possiblity that one over the other may sell for a larger profit at this time. The profit of the one home could be leverage to refinance the second property to lower your payment to meet your reduced income. This decision requires good understanding of each property and your present debt as relates to each property.

You are fortunate to have the two properties to provide you the opportunity to look at both the financial benefit and the family needs for housing. If you need me to talk with you, call me at 580-6546.

God Bless!!!
0 votes
Peggy Moses, Agent, Chesapeake, VA
Thu Apr 22, 2010
It sounds like you need to sell one of your properties the price of homes appears to continue to go down. Is renting the condo an option for you to help temporarily? There are 5 homes listed in your neighborhood currently in our MLS system and one pending. I am available to meet with you tomorrow after 10am or anytime Saturday. We can explore your options and you decide.call, text or e-mail me
0 votes
Mary Jo Harr…, Agent, Chesapeake, VA
Thu Apr 22, 2010


Mary Jo Harrell
The Real Estate Group
1112 Eden Way North Suite F
Chesapeake, Va. 23320
0 votes
Tom Ward, Agent, Chesapeake, VA
Thu Apr 22, 2010
Hi Thomas -

I can understand your dilemna and concern about the potential for a further drop in value. Having a financial background (I'm also licensed as a CPA, but no longer practicing), I would be more concerned about your cash flow position than holding out for a faster sale or trying to bet on the market. Given a reduction in income, you may not have the luxury of waiting and the calendar may decide for you. My best advice in that matter is to develop a plan that keeps you from getting painted into a corner while the clock keeps ticking.

I've been a landlord for 18 years and can advise you from personal experience the pro's and con's of renting your home as well as selling. I would be happy to help you develop a plan to help you look at your alternatives - be they selling, renting or some combination. I also hold the SFR designation meaning I have been Cerified as a Short Sales and Foreclosure Resource.

In order to help you, I would need to see the two properties and sit down with you to help you evaluate your options. As much as I'd like to give you a quick answer, the only way to give you the right one is to meet and lay things out on the table. Just like a doctor, I believe that we must first diagnose before we can prescribe a solution.

Please give me a call on my direct line at 757-377-4500 or email me at Tom@TomWardRealEstate.com and I would be happy to assist you in any way.

I wish you the best in developing a plan!


Tom Ward, CPA, ABR, GRI, e-Pro, SFR
Rose & Womble Realty
300 Cedar Lakes Drive
Chesapeake, VA 23322
0 votes
Mary Jo Harr…, Agent, Chesapeake, VA
Thu Apr 22, 2010
Hi Thomas;

I am Mary Jo Harrell with The Real Estate Group and have been serving all of Hampton Roads real estate needs for over 14 years. I just listed 2 properties and they sold in 10 days. WANT TO SEE IT SOLD? CALL Mary Jo Harrell and Team at 343-5672. I too am listing 2 properties today. I will be available after 6:00 today to see your property. I also know of some grant money that will help you sell your home fast. I specialize in listings and buyers, so I may have a buyer in your price range.

Best regards;

Mary Jo Harrell
The Real Estate Group
1112 Eden Way North Suite F
Chesapeake, Va. 23320
0 votes
Lisa Burrow, Agent, Seattle, WA
Thu Apr 22, 2010
Hi there Thomas..

I'm in the middle of putting a home on market this morning in VA Beach but will research once I get back in office if you can provide me some more information. It's not fair to any property to do a CMA without having the actual address and viewing the properties..all properties are not equal.. One down street might have sold but been in dire need of maintenance updates, etc..or even been an as is property.. I see a lot of this on the market and if only one sale over a certain timeline..an appraiser will use comparable neighborhoods closeby..so little bit of research it sounds to determine actual price on yours..

I'll be back in office this afternoon. I'd love to evaulate your properties.. If you'd like to email me the addresses of both, I can do at least a general cma based on tax records sold and mls and also view the properties. I'm also a home stager..and provide that as part of a free service to anyone that lists with me. My email to send property addresses is lisaburrow@remax.net. My website is below for reference as well. My direct line is 757-650-9560.

Lisa Burrow
RE/MAX Allegiance
Realtor and Home Stager
Web Reference:  http://www.surfallhomes.com
0 votes
Kathryn Magu…, Agent, Chesapeake, VA
Thu Apr 22, 2010
In the past 90 days, there is one closed sale and one pending sale in your subdivision. The pending sale was listed at $280,000 (2465 square feet) and the closed sale closed at $290,000 (2401 square feet). Therefore, with commissions, buyer concessions and closing costs, you would likely have to bring money to the table in order to sell your home. Depending on your circumstances, there is the potential that your lender might consider a short sale. If you would like to discuss the further, I can be reached at kmaguire@roseandwomble.com or 757-560-0881.

Best of luck to you!

Kathryn Maguire
Realtor, MBA, SFR, ABR, e-pro
0 votes
Lili Cox, Agent, Virginia Beach, VA
Thu Apr 22, 2010
You could put both properties on the market and see which one sells first and then continue to live in or move into the other. In my opinion, I would try to sell the one that you were not going to lose money on. If that is the case with the condo. I would be glad to assess both properties for you and give you a better idea of the market conditions in for each. Just give me a call at 434-4110.
Thanks, and I hope to hear from you soon
Web Reference:  http://www.lilicox.com
0 votes
Frank Bigans…, Agent, Newport News, VA
Thu Apr 22, 2010

If your home offers approx. 2,300 sq. ft., 4 bedrooms and 2+ baths, then recently sold properties show it should sell for about $315,000, or about what your home is currently assessed for. Of course this is a completely vague answer and if you can provide more info about your place, including year buolt, that'll help a lot.

I feel it's a good time to sell as interest rates for buyers at truly at an all time low, and experts are reporting that rates will climb to over 6% by the year of the year (see NY Times report: http://finance.yahoo.com/news/Interest-Rates-Have-Nowhere-ny…

Provide us with more info about your home and that'll help.

Frank Biganski, Realtor
Reliance Realty, Inc.
0 votes
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