Housing Market in Roanoke (Lynchburg: for sale, rentals, sex offender)

[mikeregister]

Hi, I am currently scheduled to be relocating to Roanoke around September. I have been looking at houses and initially I wanted to rent a house. I currently own my house that I bought in 2011 in Moreno Valley, CA and I am going to be selling it and it's looking like I'm gonna make around $50,000 on it which is awesome. Looking at the rental market in the Roanoke area is less than thrilling it seems there is not much to choose from. So, now I am contemplating buying another house. I want to see what some of you locals think about this. I have never been to Virgina and know nothing about the area. I will likely only be living there for around 3 years and I will probably sell it once I leave (if I'm not going to lose anything) or rent it out if it's looking like I would lose money selling it. Mostly I am wanting to know what do you guys think of the housing market and if I were to buy are there any up and coming areas that would be somewhere that would potentially be a better seller's market in a few years than now or a good area that someone would easily rent? I currently live in a 2,500 sqft house with a 3 car garage, and 3 large bedrooms built in 2004. I am looking for something similiar preferably a newer house from the 2000's preferably, older is fine as long as its nicer. My budget would be no more than $200,000ish. I see lots of houses for sale that are very nice that fit my families needs/wants in the 24018 area. I will be working in the 24019 zip code I don't mind a 20 minute drive to get to work but prefer to be close. I also have a wife, 4 year old and a dog. Any thoughts or opinions would be great.

[Watchful]

Yeah the chatter I hear is that the rental market for houses can be pretty tight, but that the sales market is still pretty soft, so I think that might be worth considering.

Three years is a pretty short time to think about buying and then selling....

I'm sure others will have more helpful advice on this. GOOD LUCK!

[Watchful]

Oh I guess I would add that my PURELY UNEDUCATED GUESS is that if housing values did take a hit over a 3-year stay in Roanoke, it would be more related to national trends than purely local trends.....things do not seem to be overpriced locally.

With a 20 minute radius, it should be VERY easy to find an acceptable property, and since you have a 4-year-old, making sure that the school situation is a good one will be a definite consideration! (My wife has subbed at Burlington Elementary - which is 24019 - and she loves it there.)

[CapsChick]

I'm not sure I'd buy if I were only going to be in town for 3 years. Then again, I'm hardly an expert. I don't know what areas are up-and-coming in terms of the housing market, other than rentals. I was in South Roanoke last weekend and there were several "For Rent" signs, so I think there are decent rentals to be had. I hope you have the opportunity to visit Roanoke before you decide whether to move here and whether to rent or buy.

[roanoker 4]

If you listen to Suze Orman the housing market looks bleak for the foreseeable future. In other words, housing should be seen as just shelter and not a long term investment as in years past. Rental houses are not common in the 24018 area. Check with
A local realtor to help. Good luck in your move!

[mikeregister]

Thanks everyone for the replies. I appreciate it. I am looking for something similar to this and in this price range.

809 Harmon Cir, Roanoke, VA 24019 is For Rent - Zillow

However, I am certain that house won't be available by the time I make it there.

Roanoker 4 why are rental houses not common in that area? Is it because it is a newer housing area and most houses have owners who bought them when they were built new?

[Watchful]

I hear it said on this board a lot that a lot of rentals are done just by putting a sign in the yard - so you might not know about 'em just doing a search. GOOD LUCK!

[badger74]

Housing is too local to use blanket claims. Anyone that did not buy a couple years ago in SF, LA, Seattle, DC, Austin etc missed out on a great profit already. But Roanoke is slower most of the time and if your plan is just 3 yrs I'd rent. Rentals are there but harder to find. A few brokers have most listings but may not advertise the good ones as much. My realtor in Lynchburg has about 100 she manages but rarely advertises. Drive neighborhoods and look for signs.

[IrieC]

Buying is probably better for you, especially with a family. You may want to stay or invest that property after your 3 year period.

In 3 years time based on the data I have and have been using the "buyer's market" in Roanoke is shaping to come to a halt and become a seller's market; because the prices for homes in Roanoke has consistently risen since 2008.

Rent is very high for a 2 to 3 bedroom house. Trust me, I'm looking for houses to rent for a few millennials and the range is from $1025 to $3250 for just 2 to 3 bedroom houses to rent.

Source: Me, a Realtor.

[titaniummd]

There are a few houses I have seen in the 24018 area. Check Craig's list.

Factoring in the closing costs for buying and selling, unless you're getting a property at a distressed price in a hot market, you're better off renting for that short term interval. The market here is cool to cold here. Not a lot of turnover because of the stability of the population in this area. Houses in the $200k and below range seem to sell quicker than houses priced in the $500k and up by my observation.

I rented for a year before buying. It allowed me to see a variety of places and not make a rash decision. I could also judge relative commute times and it allowed me to watch which directions prices were going in that interval.

24018 is a nice place and crime rates are lower. If you have a family, I suggest cross checking with the Sex Offender registry in your prospective address. I've done that in every state I've ever lived.

I'm sure you've already found a place, given the timing of your post. But, welcome to the area. People are very nice. The commute will spoil you, as will the beautiful changing of the seasons.