Over Inflated Va homes? (Williamsburg: real estate, new house, investment)

[Stonecoldharbours]

It is now a buyers market, does this mean the values of homes around here will go down now? Anyhow know what is going on with the market? Any real estate agents here? I would personally like to know if homes in Williamsburg will keep going down, if they will soon stabalize or perhaps pick up? I would appreciate the feedback!

[kcrossley]

Originally Posted by PghPaNative

It is now a buyers market, does this mean the values of homes around here will go down now? Anyhow know what is going on with the market? Any real estate agents here? I would personally like to know if homes in Williamsburg will keep going down, if they will soon stabalize or perhaps pick up? I would appreciate the feedback!

That's news to me. The new house I signed a contract on a year ago has already gone up 15% and we haven't even moved in. Your best bet is to wait for an answer from Mr. Williamsburg. He's a local real estate agent and has a good handle on the market. In fact, he told me that him and a few of his colleagues were looking to invest in Williamsburg property because it's on the rise again.

[Stonecoldharbours]

Thanks Crossley, I would be very interested in what he has to say, since he is a local realtor here! Glad to hear you bought a home here! Yes, we also enjoyed a nice increase on home as well this past year, but when I had contacted some agents, they all warned me that its a buyers market and to be prepared, so I wondering what this means?

[Mr Williamsburg]

The market depends on what price range your are asking about.
in Feb 07 there were 167 home sales in the Williamsburg Va MLS. In Feb 06 there were 174. Jan 07 153 sales, Jan 06 155 sales. That's really not much of a difference. Homes selling for $350,000 and under are still doing well. There is a lot more inventory then there was a year ago so homes are taking longer to sell. In March of this year there were 1925 homes listed on the market. In March of last year it was 1235. In light of this we are still selling homes quickly if they are priced right and in good condition. Is it a buyers market ? Yes.

[williamsburgfan]

you can't compare the entire State - or even a large area. In JCC inventory is higher, takes longer, still sells - just not appreciating as fast. prices have stabilzed - and that is good. I am actively in the market and always look for buying opportunities, look for ahome that may be in bad shape with the "right things wrong" and you can do well. Will we continue to see 20%+ appreciation a year? Of course not - and we shouldn't. Will we always be able to sell a well-priced property in the right location in W-JCC? Yes - people want to live here.

[saganista]

The OP's question was whether, in a buyer's market, the values of homes will now go down. It may seem like quibbling, but I'd suggest that the value and the price are actually two different things. If you will, perhaps value is the trend line around which the price curve might oscillate. In those terms, what we've seen of late has been merely one of many points of inflection that are expected to occur in the price curve. There is another one coming, the only question is when. As for the underlying trend line of value in this area, I think there are many who would agree that nothing has happened to it at all. All of the factors that have caused home values here to rise over just about any recent time interval one might care to choose seem still to be present and fully operational. Hence, there would seem little reason to suspect that recent price swings are an indication of anything much more significant than their confirmation of the fact that price swings do indeed occur over time...

[kcrossley]

Does anyone know what the 10 or 20-year home value trend has been in the Williamsburg and surrounding areas, as compared to the national averages? I'm told that Williamsburg has a tendency to be somewhat isolated from the rest of the country, and is a pretty good bet when it comes to real estate. What say ye experts?

[williamsburgfan]

KC - we have told you often over the last few months - RE is a good, sound investment her. always has been, always will be

[kcrossley]

Originally Posted by williamsburgfan

KC - we have told you often over the last few months - RE is a good, sound investment her. always has been, always will be

Sorry. Old age. Bad memory. Thanks for restating that.

[Stonecoldharbours]

I had an agent call me last night, she told me that its slow here, a buyers market and to keep that in mind. I had another agent email me and tell me that we could alot more for my home than we first thought, since it is under 250 and there is a lack of affordable homes in JCC...they were rather way off in agreement in how I should price my home, by about ten grand. Any one have any thoughts on this? They both did a CMA for me on my home, both feel that I can make at least 15 grand after only being here a year, cause my home did appreciate well due to the fact that we are in the JCC school system and that my home is in mint condition...I just want to get out, and not owe any money...I may try another agent too.