Under $2,000 houses In Virginia Beach??? How??? (Norfolk, Chesapeake: for sale, real estate, apartments) - Hampton Roads area - (VA) -Chesapeake - Hampton - Newport News - Norfolk - Portsmouth - Suffolk - Virginia Beach - City-Data Forum

gottajam · 04-12-2007, 11:26 PM

Hi~~

I've been doing a preliminary search for the cost of free standing houses in VB. So far it's looking like I could get more for my money there than on the west coast or north east coast. Which is great - so considering a trip to look around. But can someone tell me why I have seen some houses listed for under $2,000???

At first I thought it must be a typo. But then I saw other houses down there (online also) for under $2,000. What gives? What's the catch? None of these listings said these were even down payment amounts or anything else indicated. They were just listed among all the other more 'normally' priced homes.

They definitely appear to be free standing houses, the ones I remember sort of appeared to be small from what I could see. Otherwise nothing else stood out. If anyone can shed some light on this mystery of such a low price please fill me in. I still have no idea where I will move to but I'm open to checking things out down there. Would love to be at or near a beach in an affordable and pleasant locale.

Thanks.

The Dissenter · 04-13-2007, 05:02 AM

those have got to be private rentals. that may be a house for rent not for sale. realtor.com usually does it.

Lethal_Poison · 04-13-2007, 07:41 AM

I dont know who told you that you get anything for your money in Virginia Beach, but they misinformed you. Youd probably be safer sticking to the northeast coast unless you have a lucrative job waiting for you down here, because if you are coming here expecting to find one, its not happening.

gottajam · 04-17-2007, 10:16 PM

Hey,

Thanks for responding, guys. So they were likely rentals? Well those prices then seem kinda outrageous. I guess compared to what I would expect it to be genearally. Really I've been comparing the cost of homes to the west coast, where I hail from originally. And yes, not sure but I may have been on realtor.com.

So okay, the pricing would make more sense then. That these would have been rental listings tossed in among purchase prices. What's strange, to me thought is that the cost of a rental is much higher than I would have thought when looking at the cost of houses overall. Homeowners are raking it in it looks like, if the profit margin is as high as it seems it could be (guestimating what mortgages would be) for a homeowner renting out their place. This may just be a superficial interpetation, though, since I have more to see and learn about the housing market in Virginia Beach.

And no - no job waiting. I left my previously chosen career path a few years ago with no plans to return so I have a new/different budget to consider as well.

Thanks again for your repsonses. Can't wait to find out where I'm going to live next, lol!

shellytc · 05-03-2007, 09:27 PM

They could also be timeshares for sale. Sometimes they are listed with the regular sales and you have to weed through them. I know as I am a realtor in the area.
shelly

gottajam · 05-09-2007, 09:27 PM

Ah! Okay, thanks shellytc.

I always wondered about timeshares as they never really made sense to me, do not really seem like a very good investment at all.

I'll keep you in mind and PM you if I get as far as really looking at homes in that area.

Take care

JLROhio · 05-13-2007, 08:56 PM

Quote:

Originally Posted by shellytc

I know as I am a realtor in the area.
shelly

Shelly,

Since you are a realtor...could you give me an honest answer please?

I'm moving there this summer. I've been researching homes and have specific neighborhoods in Va Beach and Chesapeake picked out.

What I have found out is that homes I'm looking at, have had a HUGH run up in prices over the past 3 - 4 years. For example, one home I'm looking at sold in the Fall of 2003 for $195,000. In Feb/Mar it was on the market for $375,000...now it's on the market for $349,900.

What's going on there as far as the single family home market is concerned? Have you hit the plateau in home prices there finally? Do prices there tend to be coming down over the past month or two?

Maybe the home I'm looking at is priced a little high...but the comps are similar...so either Realtors are just pricing based upon what comps are with some thrown in inflation or they are just trying to keep the housing game running there.

Like others who are looking...we can't see any reason why home prices there jumped so much over the past couple of years....the only ones who really benefited were the Realtors and mortgage brokers. Even the folks we want to buy from have told us that they could not even afford to buy their house!

For military folks that are transferring into your area...we don't get paid that kind of housing allowance to be able to afford a mortgage there...unless we come in with 30% down and buy a home for under $250,000...which you know puts us in a shi*ty neighborhood like Green Run or some other has been neighborhood from the 60's and 70's. Now I know why military folks seem to be heading out to buy in Suffolk.

Anyway, just wanted to vent a little and see if any realtor was willing to share reality with us...cuz, I'm sure like many other out of towners who are communicating with Realtors there...we feel like we are getting fed a line of BS. Every other day, a realtor I'm working with, E-mails me and tells me that things there are just so busy and she acts like she's selling 2 homes a week and doesn't have enough time to deal with me. Yet, I keep seeing the same homes, day after day, for the the past couple of months on the MLS database website (REIN).

Can you offer your opinions on home prices and where you see things heading based upon what you've been seeing over the past month, two-three?

Thanks!

ashbrn4 · 05-14-2007, 04:23 AM

Quote:

Originally Posted by JLROhio

Shelly,

Since you are a realtor...could you give me an honest answer please?

I'm moving there this summer. I've been researching homes and have specific neighborhoods in Va Beach and Chesapeake picked out.

What I have found out is that homes I'm looking at, have had a HUGH run up in prices over the past 3 - 4 years. For example, one home I'm looking at sold in the Fall of 2003 for $195,000. In Feb/Mar it was on the market for $375,000...now it's on the market for $349,900.

What's going on there as far as the single family home market is concerned? Have you hit the plateau in home prices there finally? Do prices there tend to be coming down over the past month or two?

Maybe the home I'm looking at is priced a little high...but the comps are similar...so either Realtors are just pricing based upon what comps are with some thrown in inflation or they are just trying to keep the housing game running there.

Like others who are looking...we can't see any reason why home prices there jumped so much over the past couple of years....the only ones who really benefited were the Realtors and mortgage brokers. Even the folks we want to buy from have told us that they could not even afford to buy their house!

For military folks that are transferring into your area...we don't get paid that kind of housing allowance to be able to afford a mortgage there...unless we come in with 30% down and buy a home for under $250,000...which you know puts us in a shi*ty neighborhood like Green Run or some other has been neighborhood from the 60's and 70's. Now I know why military folks seem to be heading out to buy in Suffolk.

Anyway, just wanted to vent a little and see if any realtor was willing to share reality with us...cuz, I'm sure like many other out of towners who are communicating with Realtors there...we feel like we are getting fed a line of BS. Every other day, a realtor I'm working with, E-mails me and tells me that things there are just so busy and she acts like she's selling 2 homes a week and doesn't have enough time to deal with me. Yet, I keep seeing the same homes, day after day, for the the past couple of months on the MLS database website (REIN).

Can you offer your opinions on home prices and where you see things heading based upon what you've been seeing over the past month, two-three?

Thanks!

During the time frame you're quoting most of the country had large increases in home prices. Northern VA had even larger increases in prices during that time. There's no "conspiracy" or collusion. It's just what home prices did during those years. Supply and demand. I have some family down there and I used to live there years ago. The housing market there was flat for a while and now has adjusted up. Overall it's a very inexpsensive place to live. And, 25 years ago I lived in "Green Run". It's looking better now than just a few years ago. It was a great and safe neighborhood then. We bought our first townhouse there, brand new and loved living there as it was convenient to a lot. We were a miliary family and depending on your rate/rank you can easily afford to live there, much easier than up here in NOVA where there's a lot of military also and they seem to manage just fine. The housing allowance has never covered the entire cost of housing. The Norfolk and VA Beach area has always had a lot of homes on the market and some stay on the market for a while due to location and the shape they are in.

beach kat · 05-15-2007, 02:46 PM

Hey! I suggest anyone rent on a short term basis and have a look around. You can learn a lot about the area in a few months and start working with a realtor. That is what we did when we moved down here. If you decide to rent be sure and check out any apartments at apartmentratings.com for real tips and experiences on rentals in the Virginia Beach area. Good luck!

shellytc · 05-17-2007, 06:01 PM

Hi, Shelly here. And I do give honest answers!! This area (Tidewater/Hampton Roads) went through tremendous appreciation over the last 3 years. You have done your homework. Previously we were a little under appreciated. What happened? The real estate craze that caught the country on fire went crazy. We are boxed in with Rivers and Bays and Oceans, and so land is precious. If only so many can be here, prices start escalating.

Now, currently we are experiencing a leveling off. Homes under 300k are still moving. A little slower, but still moving. The military is still moving folks in, and they need a place to live. Between 300k and 400k, a little slower... over 400k very slow! A buyer can get the best deal on the upper priced homes. However, right now most sellers are willing to negotiate (not give their home away) and listen to offers.

If you are priced at around 250k, you can get a decent home in a decent neighobrhood, You just need Moderator cut: realtor advertising/soliciting