Virginia Beach Home Living.... Is it for you?
On numerous occasions my clients have asked "What do we anticipate happening to the home market in 2006 and 200?. As none of us have crystal balls and therefore it is impossible to predict with any certainty what the future will bring. However from my observations and research in recent months, the real estate market in the Hampton Roads area will contine to boom. The Hampton Roads market includes (Virginia Beach, Chesapeake, Norfolk, Suffolk, Portsmouth, Newport News and Hampton). I do fully expect things to settle down and to return to a normal market for this area in the very near future. What is considered a return to normal? A normal market is when the supplies (listed homes) and demand (buyers) are breaking even.
I personally and many of my associates feel the rapid expansion of the market in recent years was driven by small investors buying a home, making a modest improvements and reselling at a much higher price. The quick turn-a-round market is definitely slowed to a snails crawl.
This slowing of the market has placed the market on the buyers side recently as noted by seller being required to kick in closing costs for quick sales. Just a few months ago a seller paying closing cost was almost unheard of.
There are still some bargain homes out there, but they require diligent search to find them..
An agent can help you navigate the market and help you find the right house for you.
