Thursday, May 18, 2006

Hampton Roads Real Estate Market In Full Bloom

The Hampton Roads real estate market is in full bloom this spring with appreciation up 11% in April compared to April 2005. The average sales price last year at this time was $253,113 and this year it is $277,065. This is great news for local sellers and makes this spring an excellent time to put your house on the market.



Spring is usually our busiest market time. Folks are house hunting, hoping to find their perfect home so they can move during the kids summer vacation. And this spring is no different.
Now is the time when you will want to be represented by an experienced professional. Why would you settle for less?

We are Accredited Buyer Representatives and CRS's, Certified Residential Specialists. These two designations are the top in our industry. So, give us a call. Let us put our experience to work for you.

Statistics are based on information from REIN. They are deemed reliable, but not guaranteed.
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Wanting to buy or sell a home in Hampton Roads? Visit our website. Here you can view all homes for sale.

1 Comments:

At 9:55 PM, Blogger va beyatch said...

No offense, but I am skeptical about your statistics. Can you provide opinion on http://www.benengebreth.org/housingtracker/location/Virginia/Norfolk/ ?? His site shows the inventory as skyrocketing. He gets the data from a public for-sale site (Realtor.com I believe) and not the HR MLS.

Someone told me the data in REIN / HR MLS is very inaccurate. Can you confirm?

It's ironic that the Pilot recently reported that salaries haven't even kept up with inflation. A friend was doing some computer work at a business that is involved in financing and he said they were talking about how it's going to be total devestation in the Hampton Roads area in terms of Forclosures, as many of the buyers are over-leveraging themselves on loans that have teaser rates or balloon payments. In a year or two, the values of the homes should all be about 40% less.

Can you comment on how many of the people that are buying in the market are investors from out of the area? A friend (I told him not to buy) was thinking about buying a house and moving back here. When they looked at houses he said all of them were empty. As in, sellers either moved to a new place and haven't sold the original (bubble trouble) or investors bought them to flip (bubble trouble).

Can you comment on how many of the properties are flips?

How worried are people getting?

BTW, if your in Hampton Roads and like to discuss issues, there is a public forum at www.HRConnect.com ... Also you can listen to live police, fire and rescue... get an idea of how many shootings go down in the hood' your looking at moving to.

(They never respond to the comments on here... They don't seem to blog because they enjoy discussing things, they seem to blog as an advertisement, because it's the new way to reach the drooling masses). Kind of a bummer.

 

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