TI - In my professional opinion, the best answer to that can only be determined by knowing if the property is priced correctly. Pricing properties correctly are what is key in this market. Our Region is not as dormant as so many others throughout the country right now; people are still buying and selling houses. However, as you know, inventory levels Region-wide for the most part remain high and overpriced houses are not selling. Moreover, even if an overpriced house does manage to go under contract, the chances are strong that the buyer's loan will not go through because the house will not appraise at such contract price. If the house is priced correctly and the market perception from such pricing is that it may represent a perceived value and good buying opportunity, then that house can be expected to have a shorter market time than others. I'd be happy to discuss this further with you if you would like to; you may contact me at email@example.com. Thanks.
Virginia Beach City assessments are currently meaningless, and many are absurdly elevated. But they will slowly come back to reality after a few more years of annual city budget disasters.
The city is currently facing a $49M 2010-2011 shortfall before lowering assessments. Last years shortfall was only $22M before some stimulus money was obtained. Serious trouble coming for VB City.
Like the RE agents say, if it's priced right the market responds. If you are hanging on to delusions of grandeur, you have to wait for like minded folks. Also, $650K price range inherently has a little longer market time in out area.
TI, we've had 4 sales between 600 and 700 in the last six mos in Little Neck...is this where you are? Three in Middle Plantation in about 3 mos, and Hurds Rd was on for a while, then off, then relisted and sold pretty quickly... Where are you? I live in Little Neck and know the areas pretty well. Want to talk? I can give you help and opinions, even with no strings attached if you like.