Old, slow and not too bright. Welcome to Hampton Roads? (Cleveland: renters, loan)

[DallasYankee]

This thread reaffirmed to me, why it was necessary for my family and me
to get out of Hampton Roads. From the week we arrived, it was clear to
us that we were in one of the most demographically challenged areas
of the country. My mother observed that the HR area
was strictly a stopover for Florida. We found the area very regressive,
culturally dreary, and economically undiversified. We were concerned
we would never get out of HR, but we transferred away. Gratefully.

I also noticed in this article that Denver is listed as a 'Next Frontier' region.
That is where we moved. We see that Denver is very progressive, unlike HR.
For example, light rail has existed already, for many years.

We've been gone from HR for 3 months already, and have not missed it once.
For us, it's a healthier, happier way of life.

[Anders15]

Sounds like OP has not been to Richmond. At least you guys get decent concerts and parties compared to here, we have to drive to u guys for this.

[Erma]

Originally Posted by DallasYankee

This thread reaffirmed to me, why it was necessary for my family and me
to get out of Hampton Roads. From the week we arrived, it was clear to
us that we were in one of the most demographically challenged areas
of the country. My mother observed that the HR area
was strictly a stopover for Florida. We found the area very regressive,
culturally dreary, and economically undiversified. We were concerned
we would never get out of HR, but we transferred away. Gratefully.

I also noticed in this article that Denver is listed as a 'Next Frontier' region.
That is where we moved. We see that Denver is very progressive, unlike HR.
For example, light rail has existed already, for many years.

We've been gone from HR for 3 months already, and have not missed it once.
For us, it's a healthier, happier way of life.

Glad to hear you are happy and you "moved on." Not every location is for everybody and those that feel comfortable and secure where they are, are happy. This is why I say, if you don't like where you live, leave. Move to an area that fits YOUR way of life and the needs you must have to be happy. If you are an inland person or require an area to be fast paced, or laid back, near the water or in a desert, you should live in that area.

[telemonster]

I think a lot of people are moving on. There are for rent signs everywhere.

Much more housing crisis coming down the pipeline. I have to laugh at the people with their crappy $400K condos with for sale signs.

[Randomdude]

Originally Posted by telemonster

I think a lot of people are moving on. There are for rent signs everywhere.

Much more housing crisis coming down the pipeline. I have to laugh at the people with their crappy $400K condos with for sale signs.

There is this person who lives near me. Two years ago, they tried to sell their place for about 6 months, and changed realtors 7 times, but didnt drop the price a penny, which was at least 50k over the neighborhood.

About 2 years later, they have that sign right back out there.

[rtandc]

Originally Posted by Randomdude

There is this person who lives near me. Two years ago, they tried to sell their place for about 6 months, and changed realtors 7 times, but didnt drop the price a penny, which was at least 50k over the neighborhood.

About 2 years later, they have that sign right back out there.

Sounds like these people are the problem not their house....no decent real estate agent is going to do a listing without a 90 to 180 day listing agreement in the contract....for someone to use 7 real estate agrents in 6 months should tell you something........( but I find that statement a little unbelievable)....the people are most likely underwater and cant lower the price....Because homes have been selling much better locally then I thought they would especially if they are priced right...... but this just sounds like another home that will never sale in todays market based off of what they want to get and not what the house is truely worth

[Randomdude]

Originally Posted by rtandc

Sounds like these people are the problem not their house....no decent real estate agent is going to do a listing without a 90 to 180 day listing agreement in the contract....for someone to use 7 real estate agrents in 6 months should tell you something........( but I find that statement a little unbelievable)...

I thought it was unbelievable myself. I wont claim to know anything about real estate contracts, but I can absolutely promise you, there was about 3 different companies, and 2 of the companies had multiple agents out on the sign. I drive by the house every single day on way to work, thats how I know. Some of the agents had big balloons in the yard, some had fancy crap on the signs. My fiance and I actually still joke about it to this day.

Originally Posted by rtandc

.the people are most likely underwater and cant lower the price....Because homes have been selling much better locally then I thought they would especially if they are priced right...... but this just sounds like another home that will never sale in todays market based off of what they want to get and not what the house is truely worth

Thats part of the thing about Hampton Roads......the only property owners who ever really want to move seem to be the military, because they get transfered. The rest of the people selling their houses are just trying to cash out, and if they cant, they are perfectly content sitting in their house. That isnt the first house Ive seen just sit there for months and finally take the sign off (my ex wifes mother tried to sell her house 20% over the neighborhood for about 3 months, mostly because her neighbor was trying to oversell the neighborhood by about 50%, and he also pulled his sign after about 6 months), but that is the first Ive noticed that changed so many agents.

[UHgrad]

Originally Posted by Randomdude

There is this person who lives near me. Two years ago, they tried to sell their place for about 6 months, and changed realtors 7 times, but didnt drop the price a penny, which was at least 50k over the neighborhood.

About 2 years later, they have that sign right back out there.

This area inflated tremendously during the bubble, which means it has a long ways to come back down after. A lot of folks are in denial but the HELOC/House Flipping days are over for a while and if you bought during the peak without a down payment you WILL be underwater soon (if not already). I know of areas in Chesapeake that sold for $120k in 2002 that were going for over $300k last year, anyone can tell you that it is not sustainable especially with the wages in the area. Things will come back to being affordable before too long, I am building my savings and waiting for the time being... even with the historically low interest rates it is still far cheaper for me to rent.

[telemonster]

Originally Posted by Randomdude

There is this person who lives near me. Two years ago, they tried to sell their place for about 6 months, and changed realtors 7 times, but didnt drop the price a penny, which was at least 50k over the neighborhood.

About 2 years later, they have that sign right back out there.

Go write on it with a marker, "OVERPRICED"

[telemonster]

Originally Posted by UHgrad

A lot of folks are in denial but the HELOC/House Flipping days are over for a while and if you bought during the peak without a down payment you WILL be underwater soon (if not already).

While they should be over, I'm sure there are still plenty of people with cash buying low end crap and turning it around. Remember, the military brings an endless supply of people that don't have good financial sense to the area (look at all the stores that are targeted only at them, such as USA Discounters, Freedom Electronics, Patriot Computers, and used auto dealers.)

As long as banks (backed by the gov't) will write people a loan for it, people will buy it for whatever.

So many people in this country are "how-much-a-month-ers" with no real financial education.

Look at people willing to buy and rent out places AT A LOSS.

I just saw a few friends move out of the area, and these are people with good $70K+ private jobs just cause the area is boring and other areas offer more.

I feel like there is finally starting to be a backlash. More young people should do more to fight the overpriced housing supply. Can help bring down the prices.