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Old 03-09-2018, 12:39 PM
 
6 posts, read 9,527 times
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We’re moving to VB this summer and are coming from the DC metro area, where real estate is crazy, it’s a seller’s market, the best houses go under contract in days and sometimes with bidding wars. It’s so odd to see how many houses just SIT in VB.

I’m assuming it’s a buyer’s market in VB. Even though we don’t move til this summer we found a house we like and want to put a lower offer in on. I’m nervous because I’ve never done that before. Do people list high and then negotiate?

It’s also early in the season and I’m assuming the market will be flooded with military families selling this spring/summer. Is that the case? Does the VB market get hotter in the summer?

We’re looking at houses in the $400-500 range. Great and Little Neck areas. And we will likely want to sell it in 4 years. I also don’t want to get trapped and not be able to sell.
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Old 03-09-2018, 05:45 PM
 
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For one thing you need an experienced agent to inform you, walk you through the process and make sure your interests are taken care of.
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Old 03-09-2018, 09:54 PM
 
6,292 posts, read 10,557,906 times
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If only 4 years, why not rent?
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Old 03-10-2018, 06:32 AM
 
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I am a Realtor. This is a sellers market. Statistics as of February show that there is less inventory on the market than buyers. My last two listings were multiple offers. If a home is priced right for location and condition of home, it usually moves in a reasonable amount of time. Reasons that keep a home on the market longer, besides not being priced right, is unique style of the home; school district; unwillingness of homeowners to repair what might be wrong with the home; flood insurance requirements to name a few. Homes in the areas you mention rarely sit on the market for a long time.
As for pricing, it is not uncommon for buyers to ask for a discount in either price reduction and/or closing cost assistance. But also your Realtor should do some "homework" and see if the home is priced right based on comparable home sales adjusted for home improvements such as a new roof/hvac/windows etc. While everyone "wants a deal", unless a buyer is paying cash, the appraisal for the mortgage will again consider comparable recently sold homes adjusted for improvements in deciding what the property is worth at that particular point in time. Spring is a busy time of the year as a rule due to both military and business transfers.
As for selling in 4 years, you will need to do the math in terms of what you pay in closing costs against tax breaks and what it will cost you to sell. In 4 years, you will not pay down a large part of the principle on your mortgage. Unless you sell yourself, you can expect to pay a percentage of the selling price for Realtors (although there are some companies here that will set for a set fee) plus additional closing costs and any concessions you may give a buyer. Based on the past few years, you can anticipate that the worth of your home would increase but may not grow enough to cover the costs of selling. And any major improvements you make to the home will not result in a 100% return on investment when you sell.
As petsandgardens suggests, an experienced Realtor can walk you through the process and explain in greater detail than I can in this small space, all of the pros and cons, and give you the knowledge you need for making the best decision for you. One last thing, is that all of the real estate websites (Zillow, realtor etc) get their information from our Multiple Listing Service. But they do not tell you when a home goes under contract, nor do they always tell you if a property is a short sale or in the fore closure process, which would explain in part why a home seems to be sitting with no activity. If I may be of further assistance, please let me know (DM) and also know that there are a number of folks who monitor these threads who are happy to share their experiences. Good luck with your move.

Last edited by Yac; 12-02-2020 at 02:34 AM..
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Old 03-10-2018, 06:47 AM
 
795 posts, read 1,003,042 times
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Quote:
Originally Posted by Dishshan View Post
We’re moving to VB this summer and are coming from the DC metro area, where real estate is crazy, it’s a seller’s market, the best houses go under contract in days and sometimes with bidding wars. It’s so odd to see how many houses just SIT in VB.

I’m assuming it’s a buyer’s market in VB. Even though we don’t move til this summer we found a house we like and want to put a lower offer in on. I’m nervous because I’ve never done that before. Do people list high and then negotiate?

It’s also early in the season and I’m assuming the market will be flooded with military families selling this spring/summer. Is that the case? Does the VB market get hotter in the summer?

We’re looking at houses in the $400-500 range. Great and Little Neck areas. And we will likely want to sell it in 4 years. I also don’t want to get trapped and not be able to sell.
I've owned property here for over 30 years. Also owned several properties in NoVa over a period of time (inside the Beltway).

To me the market in VB is on average not very vibrant for buyers or sellers. Don't expect to sell in four years and make a big profit or profit at all.

We made a lot of money in NoVa going from house to house. Our property here has very slowly increased in value but nothing to compare with the NoVa market.

If you buy here invest carefully. With your price range you should be able to buy in a more desirable area for appreciation and future sales.

To answer your question I would say its more a buyers market and I would attempt to negotiate to a lower asking price.
As for future sales who knows. One things for sure, its not like the NoVa RE market.

Good luck with the move!
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Old 03-12-2018, 07:28 AM
 
979 posts, read 1,770,230 times
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Quote:
Originally Posted by Spazkat9696 View Post
If only 4 years, why not rent?
This. It's a seller's market here right now, so you're not likely to get much of a "bargain." Most of what I've seen recently shows that homes in good areas are selling at an average of 99% of listing price. Additionally, prices here are not changing very quickly, so after 4 years, you might be lucky to break even after considering closing costs and other investments such as any maintenance or updates. We have owned our home here for abut 3.5 years, and I don't think we'd yet break even if we tried to sell right now.
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Old 03-12-2018, 11:23 AM
 
795 posts, read 1,003,042 times
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I still have to disagree with other posters here. I ran a quick random check of recently sold (2018) houses in the 300K to 425K range. Only 2 of 25 sold (just) at list price. The rest, 23 sold 5K to 15K below list. This tells me they are being negotiated down a bit. Supply may be on the sellers side but sale prices don't reflect a great advantage.
If it is a sellers market in VB it's a very weak one.

Last edited by lovnova; 03-12-2018 at 12:11 PM..
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Old 03-12-2018, 01:49 PM
 
979 posts, read 1,770,230 times
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Overview of Virginia Beach Real Estate Trends
Calculated using the past 30 days
Median List Price: $290K
Avg. Sale / List: 98.0%
Median List $/Sq Ft: $154
Avg. Number of Offers: 1.3
Median Sale Price: $240K
Avg. Down Payment: 4.6%
Median Sale $/Sq Ft: $145
Number of Homes Sold: 464
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Old 03-13-2018, 06:50 AM
 
Location: Hampton Roads
3,032 posts, read 4,722,224 times
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Quote:
Originally Posted by jillybean720 View Post
Overview of Virginia Beach Real Estate Trends
Calculated using the past 30 days
Median List Price: $290K
Avg. Sale / List: 98.0%
Median List $/Sq Ft: $154
Avg. Number of Offers: 1.3
Median Sale Price: $240K
Avg. Down Payment: 4.6%
Median Sale $/Sq Ft: $145
Number of Homes Sold: 464
That's about what my sister saw as well when I was hunting in December.


Something about this area - if the house is not selling for the price they want, a lot of people will opt to rent the house out before accepting something they feel is too low ball. They will get the money in rent with the military coming in seeking rentals.
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Old 03-13-2018, 07:54 AM
 
795 posts, read 1,003,042 times
Reputation: 1475
Quote:
Originally Posted by randomlikeme View Post
That's about what my sister saw as well when I was hunting in December.


Something about this area - if the house is not selling for the price they want, a lot of people will opt to rent the house out before accepting something they feel is too low ball. They will get the money in rent with the military coming in seeking rentals.
Ultimately a house will sell for whatever someone is willing to pay for it.

Most sellers need the proceeds to buy another property. Regardless of rental demand. Not sure how often the average person can just switch from a sale to a rent option just because they feel they are getting low ball offers.
My references have been to negotiations with sellers, not low ball offers. The OP referenced a low offer. The seller can come back to counter or demand full price. If i were buying here again I would not put a full price offer in right off the bat.
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