VB Real Estate Market (bank owned, sales, 2013)

[citydweller]

I was wondering if any of the real estate professionals out there can give me a clue on how they feel the market is doing there. I have been reading that sales are up a bit but it seems the median home price keeps sliding at the same time. I am concerned that a property I bought there is going to be underwater and I am wondering when the market may begin to stabilize.

[Coconut1]

Originally Posted by citydweller

I am wondering when the market may begin to stabilize.

If somebody could tell you that then they would be very rich.

The truth is nobody really knows. The main economic engine of this region, the government, is (supposedly) cutting back, thus it is not good news and gives a bleak future outlook. There has to be some other catalyst for growth and right now I don't see what that could possibly be.

Of course that's just my two cents. Like I said, nobody really knows. You'll have to gather the facts and make a decision for yourself.

[citydweller]

I have a pretty good pulse on what is going on.. from a far anyways. I was hoping perhaps an agent could tell me on what is going on with the market at least from their perspective.

[rtandc]

Local market has yet to hit bottom, the number of sales have increased slightly from last year ( which was a totall bust) just due to large network of bank owned homes being sold well below market value. Really no one knows what the true local market is right now so that still has many people holding off on buying. With rates expected to stay very low over the next 2 years no one is in a rush to buy real estate at this time and most "experts" still expect a downward trend in prices at least for the next 18-24 months

[Mr Williamsburg]

We should start to see a stabilization of prices in the $500k and under sometime in late 2012 or mid 2013. Upper end will take longer...
IMHO

[citydweller]

Thanks for your replies everyone. Looks like a ways to go....