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Hampton Roads area Chesapeake - Hampton - Newport News - Norfolk - Portsmouth - Suffolk - Virginia Beach
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Old 06-13-2018, 09:48 PM
 
Location: Virginia Beach, VA
11,157 posts, read 13,935,390 times
Reputation: 14935

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Quote:
Originally Posted by The Dissenter View Post
Well, I will say that those are two pretty well kept homes in two pretty good areas. But definitely not $250k good IMO. Fool’s market may be the most polite way to describe that situation.
I don’t know much about Newport News aside from it doesn’t show nicely from the highway. As big a city as it is I’m sure there are some nice areas but my goal is to never have to get off the freeway there as I’m passing through. Both of those houses looked nice, though as I shopped houses down there more than ever before I was reminded how a good photographer can really play tricks on you. I don’t know enough about that part of the Hampton Roads market to know if those prices are good or bad.

My wife and I struggled to find a place we felt good about spending our money on. We did put in offers on 3 different homes. On all 3 the sellers had multiple offers. On one the sellers went with another offer. We were actually relieved of this because that home had an HOA that was obscenely expensive but was in our estimation very little value added. Another house didn’t appraise for the offered price and the sellers were only willing to budge if we paid full closing cost. Yeah..good luck with that. (About 10 days later they asked us to reconsider but once I move on I don’t go back.) The third house had a pool and the inspection unveiled some issues we worried would be a chronic money pit so we were actually the ones who backed out of that one. What struck me about a lot of these houses was how fast offers would go in on places. We were competing with offers on all three of these. The thing is, we were a little “meh” on all 3 of them. I feel like when you’re about to buy a home you should be excited about it. We had a “good enough if it’s the best we can find” attitude toward all the places we saw and bid on. We were looking because we felt we had no choice. That’s no way to shop for a home especially in a hot market.

I will say this, though. I believe in the classic definition of value: that something is always worth what someone else is willing to pay for it. I don’t understand the market dynamics in Hampton Roads but for whatever reason it is a pretty hot market right now. I feel fortunate to have scored the find I did get down there. And my wife and I are both excited about the new place we found here in Fredericksburg. These next few years will be challenging but they’d probably be even worse if we were spending top dollar on a house we didn’t even truly like.
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Old 06-18-2018, 12:10 PM
 
6,293 posts, read 10,542,774 times
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Quote:
Originally Posted by The Dissenter View Post
Well, I will say that those are two pretty well kept homes in two pretty good areas. But definitely not $250k good IMO. Fool’s market may be the most polite way to describe that situation.
Looking at the school ratings there is no way I’d pay that much for those homes. You can be in a better school zone in VAB for less.
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Old 06-22-2018, 03:22 PM
 
Location: Hampton Roads
3,032 posts, read 4,716,820 times
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I just bought off of Shore Dr. not too long ago and after reading your posts, I feel very lucky that I was able to purchase my home in December when there were very few other people out looking.
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Old 06-22-2018, 06:21 PM
 
Location: Virginia Beach, VA
11,157 posts, read 13,935,390 times
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Originally Posted by randomlikeme View Post
I just bought off of Shore Dr. not too long ago and after reading your posts, I feel very lucky that I was able to purchase my home in December when there were very few other people out looking.
Good for you! I hope your new home is everything you were looking for!

It’s a trade off I guess. Buying at the slow time of year means less competition but also fewer options. It’s doable though. We bought our home in Fredericksburg (the home we just sold) in November with a closing date in early January and that worked out well for us.
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Old 06-25-2018, 01:53 PM
 
Location: Hampton Roads
3,032 posts, read 4,716,820 times
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Quote:
Originally Posted by iknowftbll View Post
Good for you! I hope your new home is everything you were looking for!

It’s a trade off I guess. Buying at the slow time of year means less competition but also fewer options. It’s doable though. We bought our home in Fredericksburg (the home we just sold) in November with a closing date in early January and that worked out well for us.
I got super lucky and so far I still get the email notifications from my real estate agent with homes, none of it is as good as the house I bought in December. So I think I just lucked out a lot that the right one was there at the right time.


Good luck!
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Old 07-08-2018, 06:49 AM
 
Location: Virginia Beach, VA
11,157 posts, read 13,935,390 times
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I’ll be closing on the house tomorrow. Seems like this process has taken forever!

The place appraised lower than the initial list price of $225,000 and the final price is now $215,000. I’ll take t at that price every time. Especially after all the different challenges and setbacks we’ve had along the way. We also have most of what we need to furnish a second home, at least for the initial weeks, so moving in should be a breeze.

The home we bought in Fredericksburg is closer to being a fixer-upper than we initially thought. No big deal, we wanted to make a lot of updates anyway. We’re just glad this move is winding down to a close!
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Old 07-09-2018, 01:50 PM
 
1,791 posts, read 6,494,765 times
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Congrats and I hope your closing went well. A few years ago I was looking to buy a home and really wanted to live in Thalia but at the time houses were selling for a premium so I ended up living a few miles west. I really like Thalia because it feels like you’re living in the country with all the trees but it’s in the middle of town and convenient to everything. When I lived near town center, about 10 years ago, there was little decent retail (mainly just the now defunct KMart on Constitution) but now there are a lot more choices especially with town center really coming into it’s own.
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