Declining markets (Richmond, Chester: mortgage broker, loans, broker)

[bizybee1027]

Anyone know about areas/zip codes around Richmond that are NOT in a declining market? This information seems difficult to find.

[jhrichmond]

Are you talking about units, volume, price, days on the market, or what? The market here has pretty much stabilized in all of the areas I am familiar with.

[bizybee1027]

My husband is a medical resident and to get 100% financing throught a doctor loan the house has to be in a non-declining market....and looking online there seems to be no unified list of these areas. From what I am finding it looks like none of the Richmond area falls into this, but people have told me otherwise and I would like to actually see how this is determined.

[mrstewart]

23221's market does not seem to have had a steep decline but not sure what you are able to spend.

[sls76]

We bought in 23059. We were told last Spring it was not considered declining. Don't know if that's still the case. Can't your mortgage broker tell you what is and what isn't?

ETA: This link might help.
https://www.ugcorp.com/rates/DecliningMarketsList20100126.pdf (broken link)
I see no mention of any part of Central VA as declinining, but maybe I'm missing something. Again, this is where a really knowledgeable mortgage broker helps.

[jhrichmond]

Originally Posted by sls76

We bought in 23059. We were told last Spring it was not considered declining. Don't know if that's still the case. Can't your mortgage broker tell you what is and what isn't?

ETA: This link might help.
https://www.ugcorp.com/rates/DecliningMarketsList20100126.pdf (broken link)
I see no mention of any part of Central VA as declinining, but maybe I'm missing something. Again, this is where a really knowledgeable mortgage broker helps.

Awesome link... Like I said, we aren't declining in the Richmond area anymore

[KevSween]

Hello, I am a loan officer in the Richmond area and can tell you we are not in a declining market. An awesome Realtor that i work with told me about this site and in particular, this question.
For every appraisal, the appraiser notates 'neighborhood characteristics' as well as 'housing trends' (see below). I have yet to see an appraisal in the metro richmond area where marketing time has been "over 6 months" or in "Declining Market."
[SIZE=1][SIZE=1][LEFT]Location: Urban Suburban Rural
Property Values: Increasing Stable Declining
Built-Up: Over 75% 25-75% Under 25%
Demand/Supply: Shortage In Balance Over Supply[/LEFT]
Growth: Rapid Stable Slow
Marketing Time: Under 3 mths 3-6 mths Over 6 mths



[/SIZE][/SIZE]

[PickPatrick]

THanks for that perspective Kev - good info for sure ... especially for the doc loans

[MWLiving]

I'm not a realtor, but everything I have read about Chesterfield County projections for 2010 is that overall values are expected to decline. Here is an example from the local newspaper reprinted online: Chesterfield property values expected to decline next year : Richmond BizSense

The good news seemed to be the surge in lower price points.

[sls76]

Originally Posted by MWLiving

I'm not a realtor, but everything I have read about Chesterfield County projections for 2010 is that overall values are expected to decline. Here is an example from the local newspaper reprinted online: Chesterfield property values expected to decline next year : Richmond BizSense

The good news seemed to be the surge in lower price points.

It's a technical term in the mortgage business that the OP is asking about. Central VA has not been considered declining. We have a house down the steet from us that just sold for over $100k less (about 20%) than it sold for 18 months earlier, but it's not a declining market! Prices on the high end in my neighborhood are down over 25% and I doubt they're stable, but technically we're not declining (even moderately declining). I guess it puts in perspective how bad it is in other places (the entire state of FL is declining).