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Market Conditions in Virginia : Real Estate Advice

  • All318
  • Local Info16
  • Home Buying193
  • Home Selling30
  • Market Conditions5

Activity 503
Thu Jan 4, 2018
Loribella Greene answered:
You can get property comps online fast from a new website that has a national network of real estate agents ready to pull your comps today. It's easy, fast and affordable at ... more
0 votes 41 answers Share Flag
Mon Jul 17, 2017
A. K. answered:
In 2013 no realtor wanted to list my property because they said with no comparables, a bank wouldn't loan on it. They all walked away.

Fast-forward to just 2 years ago when the market here boomed and they were all on me like sharks on a bucket of chum! NOW they claim they can "franken-comp" it with pieces of other properties, but I'm not seeing much to honestly compare.

Fast-forward again to last month and another realtor tells me I must price it by the tax assessment and my 100K garage is only valued at 10K... Uh, no. I don't think so. The tax assessment of the house jumped almost 50K and that is always a low amount. And with the tax assessment saying my garage is 425sq ft, I think they forgot that one burned down before I bought the place...

I'm too the point where I don't trust ANY realtor anymore. Their promises and predictions are all over the map and no two can tell me the same thing. I am reluctantly willing to eat 100K of my investment, but losing 150K? They don't care whatsoever. They get paid no matter what. I am retired on SS and can't afford an appraisal but the only comp I had appraised 55K higher than it sold for (mine has more features, younger, new roofs...etc..and should appraise much higher) Now I'm told it can't be used because it was 3 years ago??? ARGGG!!!!
... more
0 votes 13 answers Share Flag
Wed Jul 5, 2017
Michael Ipock answered:
Whatever you do stay away from Innovative Home Group Jonathan Harris 813- 235-0937. He has stolen $3000.00 from our family when we tried to rent to own a home and he did not do the repairs required to move in and refused to refund our down payment. We are seeking legal ramifications at this time. The house was 27700 breakers drive, wesley chapel, FL ... more
0 votes 15 answers Share Flag
Mon Apr 24, 2017
Team answered:
The appraisal process is based on looking backwards and in hot markets, it is hard to find comparable sales. I wish I had a better answer.

As a seller, one of the keys is to make sure the purchaser is less sensitive to a missed appraisal. If a Buyer A is putting down 25% and Buyer B is putting down 5%, you might be wise to select Buyer A and try to get them to waive part, if not all, of any appraisal contingency.

Similarly, as a buyer, don’t get in bidding wars if you are a Max FHA buyer. You will cost yourself inspection and appraisal fees, as well as time, and likely miss out on other opportunities. The lack of inventory is driving pricing up but unfortunately, sometimes the rising prices outpace the appraiser’s ability to find the supporting sales.

With anything, preparation is key. Knowing when an appraisal is likely to come in low allows you to put contingency plans in place to handle it if/when it happens.
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Mon Mar 13, 2017
Amanda Hardesty asked:
136 Creekwood Circle, Topping, VA 23169
4881 Warwick Road, Newport News , VA 23224
4887 Warwick Road, Richmond, VA 23224
4893 Warwick Road, Richmond, VA 23224
21 S West Street, Petersburg,…
0 votes 0 Answers Share Flag
Tue Nov 22, 2016
Jennifer Daube answered:
A lot of investors tend to have their leases June-June to minimize vacancies, however, I would do July-july to give time to for families to finish school.
0 votes 1 answer Share Flag
Mon Apr 11, 2016
Recordjg asked:
I tried to update the information on the house we own at 5883 Flowering Peach Lane in Providence Forge, VA and the page will not let me update.
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Sat Dec 19, 2015
NCS answered:
Lisa, yes, high vacancy rate. There are many absentee owners who visit only occasionally or not at all. We have rented here for nearly 3 years. Contacted owners of "not listed for sale" and they were uninterested in selling or wanted too high, unrealistic prices for homes that need extensive repair and updates. A number of rentals too that remain un-rented. Then, there are homes for sale that have been on the market too long, again because they need so much work. Or, folks want the pre-housing crash price. ... more
0 votes 5 answers Share Flag
Mon Nov 23, 2015
Robert Pickles answered:

I actually live 2 minutes from Butts Station and agree with you that it is a beautiful place to live. We are just a few minutes drive from great shopping, and if you are a "good" runner, you can pass the mall on your run. While both Butts Station and Pleasant Grove have good schools, most would argue that the Grassfield school district will have a higher "pull" than the Greenbrier schools. So when I think about what interests "me", with my kids no longer in school, I prefer the Greenbrier area because it is so central. Folks, that place a higher emphasis on schools, might lean towards the Grassfield area.

There are a lot of things that effect pricing, Both areas you mentioned have a fair amount of new construction going on, but I think that there is more expansion & building further out from the center of Chesapeake, which includes Pleasant Grove. New construction comes at a premium, and can push the values/prices of surrounding neighborhoods a bit. Butts station is in a zip code 23322 that has seen ~2.5% positive value movements. Pleasant Grove's zip code is 23320, and has only seen a ~2% positive movement.

If you would like I can set you up a market snapshot for both of these communities, so that you can see what sells, and for how much. It would come to you weekly. Just shoot me an e-mail to If you want to look around these communities, here is a link where you can search sub-divisions, or neighborhoods, or if you really want to drill in, you can do an advance search by schools, new construction, foreclosures . . .
... more
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Sun Aug 30, 2015
Watergatelandmark answered:
The current board is not pet friendly. They spend all of their energy discussing pet poo and its threat to the environment. We currently have four pet areas where pickup is not mandated. The City of Alexandria inspectors have stated that our regularly clean up sessions that clean the pet areas is suffice and is in no way is the city going to mandate pickup(as we are a public property) However, the Board is on an, I know more than you do, so as a board member I will do whatever it is I want. 8/2015 ... more
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Sun Aug 16, 2015
Ahyeah answered:
Typically retailers move in if the area is under served.
0 votes 2 answers Share Flag
Thu Aug 13, 2015
Robert Pickles answered:
Hi MJ,

There were 932 townhomes sold in Virginia Beach in the last six months. I'm excluding condominiums, and specifically speaking about SIMPLE ownership type homes. I don't have a medium figure for you, but I was able to get stats on the average. Obviously this is different, so take the information accordingly.

The "average" home was 2br, 1 bath, 1432 sq ft. Average list price was $159K, and average sales price was $156K. Simple math would indicate the average sq ft price to be $108.00.

You should know, that Virginia beach is very diverse and that the same home could vary substantially depending on community. Also, keep in mind when looking at averages, that they include totally renovated homes and really run down homes. If you are considering a purchase as an investment, a rental, then your search criteria will favor homes in a great rental location, price to give you a good cap rate. If you are considering a home to live in, then you might choose a totally different community altogether.

You can search for townhomes at, or e-mail me ( your specific search criteria, and I'll do the work for you.
... more
0 votes 1 answer Share Flag
Thu Aug 6, 2015
thinz answered:
Good Morning...thanks for all your service! My recommendation is to look at the following links -

Also -

For investing, I would recommend you go to (Fannie Mae foreclosures) or (hud foreclosures) to find listings available in your target area. I've had a lot of success with homepath and that would be worth checking out. Many times you can find homes for sale already rented out generating an income. Make sure that you or someone managing the homes for you check out and inspect before you make an offer.

Good luck and email me direct at if you have specific follow-up questions.

Tom Hinz
... more
0 votes 1 answer Share Flag
Sat Jul 18, 2015
Angelluislucena asked:
Would you happen to know the median Cap Rate and Gross Rent multiplier of the area?
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Mon Jul 13, 2015
Amrish Pinto answered:
Hello, it depends which community. In general pretty well. Prices still not back up to the 2004-5 peak at most communities. My Park Crest listing a month ago only took two weeks to get off the market. Had a Colonies listing earlier this year that took a bit over a month to sell. Right now my Gates of Mclean, only on the market 2 weeks is getting quite a bit of interest. You can check out current listings here or feel free to message me and I can do a quick CMA for you. ... more
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Wed Jun 24, 2015
Edson answered:
Hey there, I have a great opportunity for you to buy a short sale condo near "dunn loring metro" 2Bed 1Bath 1/2 Bath under 200k. Great location. Email me to get you the address. This is the kind of properties that an investor will jump on without hesitation. The property just hit the market.

Edso Magallanes
Realtor, Short Sale Coordinator
Jennifer Young Homes INC
Keller Wiliams Realty
... more
0 votes 12 answers Share Flag
Wed Jun 10, 2015
Cole Whisenhunt answered:
If the market is really hot (a seller's market) than the seller is expecting either a cash offer, or someone who is willing to make up the difference in their mortgage in cash. For example (for simplicity sake), if the bank is willing to loan 90% of a 500K appraisal. The buyer must bring the 10% cash to closing which is 50K and they must also cover the extra 29K over appraised value. In this case the seller would expect buyers to have at least 79K to bring to closing. Hope that helps. ... more
0 votes 1 answer Share Flag
Wed May 6, 2015
Connie Saltarelli answered:
You need to have your home looked at by a pro. There are many variables to pricing than what you mentioned. There are a lot of homes on the market that are over priced. ... and of course those remain. Most neighborhoods have only seen less than 6% increase, since last year. Let me know if you would like me to send you a market update for that area. Thanks. ... more
0 votes 7 answers Share Flag
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