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Market Conditions in Virginia Beach : Real Estate Advice

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  • Local Info80
  • Home Buying187
  • Home Selling34
  • Market Conditions30

Activity 28
Thu Sep 5, 2013
Robert H. Ashburner, Jr. answered:
For insight into the direction of mortgage interest rates you could pay for a subscription to the http://www.thegartmanletter.com/ or http://ratelink.com/ both Virginia market forecasters. Or you could sign up for the best service available for FREE while it last at http://www.mbshighway.com/. Not only is MBS Highway free it is perhaps the best source for the direction of mortgage interest rates.

Robert H. Ashburner, Jr. NMLSR 607856
Monarch Mortgage
300 32nd Street, Suite 300
Virginia Beach, Virginia 23451
(757) 652-5851
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0 votes 4 answers Share Flag
Mon Mar 25, 2013
Anthony Alleva answered:
This home at 1508 Arctic Avenue is not listed for sale? 1504 Arctic Ave sold back on 7/13/2012 for $325,000.00? Can you please let me know what you are looking at?

Best Regards;
Anthony Alleva, CSSA
Certified Short Sale Agent
REO REALTOR®
License #0225-205922
Allison James Estates & Homes
601 Dinwiddie Street
Portsmouth, VA 23704
Toll Free (800) 215-0211
Email: info@anthonyalleva.com
Website: www.AnthonyAlleva.com
... more
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Tue Mar 12, 2013
Edith Karoline Jasser answered:
What is your question?
Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
... more
0 votes 1 answer Share Flag
Wed Mar 20, 2013
Robert H. Ashburner, Jr. answered:
I am being asked to constantly adjust my pre-approval letter for buyers. So I would say activity is on the up swing.
0 votes 3 answers Share Flag
Tue Jan 15, 2013
KK German answered:
The Fed had made the announcement to keep rates low through 2014, but I found this article from September 2015 saying NOW they expect to keep rates low through mid-2015.
KK German, Wainwright Real Estate ... more
0 votes 4 answers Share Flag
Mon Jan 14, 2013
Kevin Monette answered:
Email me or call me and i will email you everything on the market that meets your requirements. The range veries because of short sales, repo's, and normal market sales. I will just quickly send you everything and let you see what is out there at this time.

Kevin Monette
monette_55@yahoo.com
William E. Wood At the mall
757-735-2628
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0 votes 5 answers Share Flag
Thu Sep 6, 2012
Lisa Cicchetto answered:
The association fee for that address is $230/mo.
Lisa Cicchetto, Realtor
Rose & Womble Realty
757-477-4580
www.yourchesapeakevarealtor.com
0 votes 4 answers Share Flag
Sat May 11, 2013
Deirdre Love answered:
Hello. Unfortunately, this property is already under contract. However, there are many other similiar properties that are priced lower with a higher equity stake in this current market. Making money now only helps ensure profit in the future.
If you would like me to send those to you, please let me know.
Thank you
Deirdre Love
Realtor
Keller Williams
dlove@kw.com
757-633-7350
... more
0 votes 4 answers Share Flag
Wed Nov 13, 2013
Marie Souza Team answered:
Depends on your location. Ask your agent. They can best help guide you.
0 votes 5 answers Share Flag
Tue Aug 20, 2013
Phil Rotondo answered:
You can ask a local real estate agent to perform a market analysis of your property based on recent comparable sales in your neighborhood.
And it's free!!!
0 votes 3 answers Share Flag
Tue Mar 8, 2011
Vicky Chrisner answered:
I am in a different market entirely, so can't comment on things there. The article doesn't give too many specifics, so its easy to question. While a "lie" is a possibility, I suppose, it is more likely they haven't properly qualified the statistics. Stats can be spun anyway you like.

Having said that, in Northern Virginia, the market is fairly strong. Yes there are short sales and a few REOs, but far less than before and builders are selling again. Our market (speaking specifically of Loudoun County here) peaked - activity wise in 2005 (May 17th, 2005 in Leesburg there was a noteable turn - I remember the day as if there'd been an earthquake). Prices continued to be strong, even maybe increasing in some submarkets through part of 2006. But then...oh then... it got ugly. It was hard to sell ANYTHING in 2007. In 2008 the market bottomed (in most segments - particularly lower end price points) and since has been stable and increasing... there have been a few ups and downs, but overall prices and activity have been steadily improving, especially when you take out the activity levels attributed to expiring tax credits for first time home buyers. Now we're in a relatively healthy market. Of course, if you own a $1.5m home and are trying to sell you may not agree, but other than that... in segments with prices of up to about $500K, sales are steady if the home looks good and is priced right. This does NOT mean prices are back in line with 2003-2006 prices... and when you consider inflation I am not sure we'll ever see that VALUE again (note: value not price).

BTW the norm here is that sellers get 98% of sales price..... that doesn't factor in seller paid closing costs which are 2-3% in many segments of the market. I have seen VERY FEW transactions where sellers were taking 20% of the asking price.... perhaps they adjusted their price down eventually to that level, but if they won't price that way they generally won't sell there - even for bank owned homes.
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Thu Mar 3, 2011
Robert Thompson answered:
Jeff, I disagree with you on this. I just pulled up all the info and it is clear to me that based on comps this house was way overpriced at 674 and still overpriced at 480. 399 is a fair price for that house. I dont think that prices are dropping at this piont. Business is booming for a lot of agents and not just meet. I know the market is strong when my home inspector is busy.I hope this helps.Thanks Bob ... more
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Tue Mar 30, 2010
Drew Hitt answered:
I see trouble on the horizon for the real estate market in our area. Unless the government continues to interceed in the market we're in for a decline in my opinion. Whether that be a decline in prices or a decline(increase) in days on market. The average buyers discount right now in the area is at least 5% off asking price, some areas it's as high as 11%. We are already working with a limited buyers pool once down payment assistance dried up, now with harder FHA lending guidelines that all banks are taking up, less and less people qualify for loans. The solution isn't to lower the guidelines, the solution is time. Time for people to get downpayments, time for people to have time on the job, time for old buyers to sell and new buyers to step in. We've forced as many people as we can into owning a house and now it's backfiring. It'll take a long level run to equal an increase in demand.

Just my thoughts on the matter.

-Drew Hitt
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0 votes 2 answers Share Flag
Thu Nov 4, 2010
Carole And Elton Lee answered:
In area 43, that is the Northeast section of Virginia Beach, there are currently 78 homes for sale in our listing service in this price range. This search area actually takes in part of the 23451 and 23454 areas. This year there have been 81 sales for this price range for this area. Hope this helps a little
Elton Lee
Prudential Towne Realty
Virginia Beach, VA
... more
0 votes 0 Answers Share Flag
Mon Jan 26, 2009
Mindy answered:
Hi All,

I read this article on washington post online. The link to the article is:
0 votes 0 Answers Share Flag
Tue Dec 23, 2008
Jeff answered:
You are looking at $30 to $100K.

There are lots of bulders and remodelers majorly hurting here. You can get rock bottom prices.

Try:
Terry's Home Modernization Center 757-340-4444
Caruana Custom Additions & Remodeling 757-426-8834
Monarch Building 757-717-0318
... more
0 votes 1 answer Share Flag
Tue Nov 25, 2008
Drew Hitt answered:
I have to disagree greatly with the information in the new article. I'm a real estate investor here locally, not an agent, so it doesn't matter what the market is doing, I make money so I don't need it to look rosey or not. I don't understand this quote "Virginia Beach homeowners who bought homes this year possess a paltry 5.2% of home equity, and 34.5% owe more on their property than it's worth, according to Zillow.com, a real estate research group." How is it that all owners who bought this year already have equity? and 34.5% owe more than it's worth? You can't have both it's either one or the other. The biggest problem is when you categorize all home prices together as a lump and not separate price points. You buy a million dollar home and the neighbor needs to sell and prices it to 900k. Yeah, you're now underwater technically. But the same doesn't go in all neighborhoods. I do not agree with anyone buying this year actually having equity. But to go with Zillow figures is like buying stocks because your friend told you it's a good choice. Zillow isn't hardly accurate, that's why they have a disclosure about it. Every city is the best place to ride out a recession, provided your real estate is still affordable when compared with the median income of the area.

California real estate is dropping because really, who can make 75k a year and afford a 750k house? You can't, so prices drop back to more affordable prices. And if no creative loan products ever exist again, prices will continue to decrease in my opinion. If you can't find new buyers at higher prices you'll never sell your house and move to anything else.

So Virgina beach is fine to ride out a recession in, but Hampton Roads is horrible as far as a place to buy rental property that cash flows without putting a ton of money down. There are better cities where your return on investment is substantially higher than Hampton Roads, and it's not anywhere close.

I have a link to that forbes article on my website if anyone is interested, it's under Local news.
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0 votes 12 answers Share Flag
Fri Aug 23, 2013
Alvin Lapitan answered:
Hi Mindy, doubt that low...I think we have flatlined, and will now move over to the more traditional/historical gains of 2-5% annually...but of course everyone has their opinions!
0 votes 31 answers Share Flag
Tue May 1, 2012
Bill Taylor answered:
There is one for $1675 with NO PETS OVER 20LBS, NO SMOKING & 3RD BEDROOM IS LOFT
0 votes 3 answers Share Flag
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