Thursday, March 23, 2006

What A Difference A Year Makes

A lower level of home sales expected this year will create a more level playing field for buyers and sellers on the heels of a five-year sellers’ market, according to the NATIONAL ASSOCIATION OF REALTORS®. This is certainly true for the Hampton Roads real estate market! February home sales dropped 63% from February 2005 and the average market time has almost doubled.

Sellers in today's market will need to understand how things have changed over the past year. They must be competitively priced and have their homes in excellent condition to be able to compete for the limited number of buyers. You can have the current market value of your home emailed to you by clicking here.

Buyers will want to take advantage of the services of a Buyer's Representative agent who understands the current market, will look out for their best interests and help them negotiate the most favorable terms.

Are you thinking of buying or selling real estate in Hampton Roads in 2006? Give us a call, 866-222-0158 #550, or drop us a line. We can help!


At 1:35 PM, Blogger va beyatch said...

How many distressed buyers are you seeing? Any estimates on how long before buyers can offer at 2001-2002+5% prices (for those that can actually secure financing?)

In terms of new home construction, how much is coming online that could compete with existing home sales?

Can you confirm that there was a high level of speculators/investors in the Hampton Roads market?

As an individual who makes more than the average family in the region, I think I'm fairly confident that the job market in Hampton Roads cannot sustain the high home values.


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