Hampton Roads #4 on "Sickest housing markets in America" list!

[goofy328]

Originally Posted by 2up2dwn

Came across this article. It says we're number 4 on the "Sickest Housing Markets in America" list.

Is the housing market in Hampton Roads THAT bad?

Only bad news if you're trying to sell a home or are in the business of selling homes. Housing costs entirely too much in this area. With the wages in this area you should be able to get a decent home for $75,000.

There's too much inventory in this area, and not enough to fill it in that enough are interested but probably cannot get a loan, do not have the cash on hand, credit scores, etc. Hampton Roads thought they were going to build a bunch of high-rises but the credit ran out, projects went unfinished, and so on and so forth.

The article already tells you what the problem is; a 12% disconnect between the cost of a home and incomes. Anyone who wants to make a quick buck and rent out these properties has already done so, but even still, renting isn't that much cheaper in this area. With the excess of inventory you should be able to find a decent rental for $700, like you would in a city like Harrisonburg, or Staunton, but instead they are charging upwards of $1,000 a month.

The situation is not going to change either. When the money starts flowing freely again, they will finish off those projects they started, throw in a few more high-rises, and move forward from there. The leadership of the seven cities does not want a sea of single story detached housing, they want everyone in high-rises so they can pack more people into this place and make it more urban, try to turn it into DC or Fairfax County. They way they see it, if you want single story detached housing you can move out into the suburbs.

[profesora]

How true about it being tough in HR right now if trying to sell or rent! Have a townhouse there; lost my teaching job due to budget cuts and moved to northern VA when hired here last August... only to be laid off HERE for the same reason. House still has not rented out and asking price is reasonable for the market... the article that was cited is correct about the pricing being out of line with the area salaries/economy in general. Am hoping I don't end up having to short sell since the house hasn't rented out yet.

[Randomdude]

Originally Posted by profesora

How true about it being tough in HR right now if trying to sell or rent! Have a townhouse there; lost my teaching job due to budget cuts and moved to northern VA when hired here last August... only to be laid off HERE for the same reason. House still has not rented out and asking price is reasonable for the market... the article that was cited is correct about the pricing being out of line with the area salaries/economy in general. Am hoping I don't end up having to short sell since the house hasn't rented out yet.

If your house isnt renting, either its not being advertised well,it is not reasonable, or their just is zero demand for rental property. My money is on one of the former two. If the price is low enough, people will live in even the most embattled warzones, so I doubt location really has much to do with it.