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Decline in Hampton Roads market again

 REIN stats show the median home sales price for the south side dropped again . In Jan of 2008 we had a median sales price of $224,900 . January of 2009 that price is now $194,000. These are the levels for 2005. Are we at  PRE-BOOM prices?  Did the bubble bust or was the a slow deflation . In my opnion it was a slow deflation of prices.

If you are in the military and have VA eligibility this would be the best time for you to buy. In 2005 we did not have rates this low and there was not this much to choose from . From what I see your in the best position to get the home you want. Sellers are flexible and inventory is high.

If we look at history we should see some rise in median sales prices as we go in to the summer when demand rises. If your looking this next 30-60 days could be peak time to get a great deal

Sellers I'm sorry to give this bad news. I can only say you must look hard at what is your goal. It is money, time , or getting in to that next home. If you figure out what your main goal is and that goal is attainable via price or terms you must change your marketing to get there. Holding out is not going to get you to the end of the rainbow. Some sellers need a certain net to get to the next level, this I understand all to well. I currently have a few sellers in this position. If that is you then you need to reflect on current market and understand it might not be possible to get the sales price you need. I'm not saying don't try, I would suggest you take a look at the entire picture and decided that the stress of holding out might not be worth it. I have suggested to a few of my sellers to pull the home off the market and wait. I'm sure this seems odd but if the levels of inventory drop demand could go back up. If demand goes back up prices might start to stabilize or increase. 

 

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Alison Creamer, Realtor, ABR, CDPE
Direct 757.652.8880
Licensed to sell Real Estate in Virginia
Keller Williams Realty
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Sell Hampton Roads Homes

 

 

Comment balloon 0 commentsAlison Creamer • February 14 2009 08:48AM
Decline in Hampton Roads market again
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