Housing Market Predictions for Hampton Roads? (Virginia Beach, Norfolk: sale, apartment complexes, mortgage)

[meeshee1]

Hi all!

My fiance and I live in Hampton & we're planning to sell our townhouse around August or September. It seems that the market has been picking up, but a realtor friend of mine in Virginia Beach says it's been terrible for her. Are there any indications that you see that would indicate the housing market would be doing well for sellers in particular? Maybe it's a Peninsula vs. Southside thing? I see this area growing rapidly and there are a ton of new developments around my area, so it seems to me that there is an increasing demand for buyers... any insights or opinions welcome!

[TN Lily]

I am in Newport news. Most of the houses in my neighborhood that have been on the market have sold pretty quickly.
Good luck with the sale of your townhouse.

[fmac]

I am a Realtor and would suggest the housing market is good at certain price points in certain areas. Homes in the 1s and 2s that are in good condition move in a reasonable amount of time. I would suggest you ask your Realtor friend to do a CMA for you to include average time on market in your area of Hampton. This will give you an idea of what your property is worth now and how long it may take for you to sell based on the current average. Please tell her of any recent improvements you have made (roof, hvac, other upgrades etc) as this obviously adds value to your home. You can also have a pre listing appraisal done which will also help you price your home correctly.
Good luck

[citydweller]

My cousin sells on the southside and seems to be swamped at times. Just today an excoworker who is now flipping homes says also he's quite busy

[Spazkat9696]

Originally Posted by fmac

I am a Realtor and would suggest the housing market is good at certain price points in certain areas. Homes in the 1s and 2s that are in good condition move in a reasonable amount of time. I would suggest you ask your Realtor friend to do a CMA for you to include average time on market in your area of Hampton. This will give you an idea of what your property is worth now and how long it may take for you to sell based on the current average. Please tell her of any recent improvements you have made (roof, hvac, other upgrades etc) as this obviously adds value to your home. You can also have a pre listing appraisal done which will also help you price your home correctly.
Good luck

1s and 2s?

[meeshee1]

Thanks guys, it seems to be on the upswing, I just hope it stays that way till early fall

[fmac]

Originally Posted by Spazkat9696

1s and 2s?

Sorry...100,000 and 200,000 price range

[Lockdev]

Over here in Grafton they're going like hotcakes. Not surprise there though. Mortgage rates are down again, and it's that time of year when everyone is thinking about moving.

My neighbor just sold his place for a little over 400k. That's well over the price it would have gone for during the 2008 bubble.

It's a good time to sell and a terrible time to buy, so if you're selling, I'd move forward.

[goofy328]

Prices are still high. And a lot of apartments are going up, and I doubt it is because people are looking for urban living I believe it is because people cannot afford homes. A lot of these apartment complexes are going up in suburban areas that are not going to change any time soon. I am specifically speaking about the construction in Virginia Beach and Chesapeake. Although in Norfolk, they'll throw up a project next to a poor neighborhood or somewhere outside of Ghent and try to pass it off as urban living. Like the project that cleared ground next on Monticello over a year ago, the project on Church Street or the clearance of the old tobacco factory on Princess Anne Rd. These projects get you to closer to what's happening but they don't necessarily put you in the middle of the action.

Of the homes that do exist, they aren't selling for cheap. The 2s are not unusual in areas people generally do not want to live at. Granted the properties are large, usually 3 bedrooms or more, but knowing what those neighborhoods are like I'm not sure why anyone would want to pay to live there. In their own defense the city is doing a lot of construction on the roads; you should have seen the underpass on Tidewater and Little Creek when I first moved here.