Why the Time to Buy or Sell in Hampton Roads Virginia is Now

Hampton Roads: an area rich with history, natural beauty, and a whole lot of fun! The entirety of Hampton Roads can include Virginia Beach, Norfolk, Suffolk, Hampton, Newport News, and Williamsburg (also known in Virginia as the Peninsula). This area is a booming place for real estate — especially for a potential buyer. Considering moving to Hampton Roads or the Peninsula? Here are some great things that it has to offer:

History: Colonial Williamsburg, Yorktown, and the Jamestown settlement are all located in Hampton Roads. Each provide excellent opportunities for families, couples, and singles alike to explore and learn more about Virginia AND what the United States was founded upon. The 400th Anniversary of the Jamestown settlement was celebrated in May of 2007 and features a lot of GREAT history about the first settlers in America. You can even see original foundations and artifacts left over from 1697.

Fun: The beach! Busch Gardens Williamsburg! The James River! Hampton Roads convention center! Virginia Beach Amphitheater! The Great Wolf Lodge (which houses a GIANT indoor waterpark)! All of these great places are located in Hampton Roads and are excellent for anyone looking to have a great time. What’s not to love about living 15 minutes away from FIVE exciting roller coasters or 30 minutes away from an incredible concert venue?

Education: The public & private school system in HR is one of the top in the country — but the area is also home to world class colleges and universities. The College of William & Mary, Christopher Newport University, Hampton University, Old Dominion University, and  are all located within the peninsula and provide a top notch education.

Accessibility: Not only are there Amtrak stations located throughout Hampton Roads, there are TWO airports – Norfolk International Airportand Newport News international Airport — both of which provide great accessibility to other parts of the country and very reasonable rates. Also, most places in Hampton Roads are no more than an hour away from Richmond, VA (the state capital).

So, we know that HR is a great place to be — but what does its housing market REALLY look like? Here are some statistics for the area of SOUTH Hampton Roads for APRIL 2009:

Virginia Beach:
427 sold listings with an average of 86 days on the market.
Median sales price: $244,000
Down 2.36% from 2008

Norfolk:
150 sold listings with an average of 89 days on the market.
Median sales price: $180,000
Down 16% from 2008

Suffolk:
88 sold listings with an average of 110 days on the market.
Median sales price: $234,000
Down 9.75% from 2008

What do these numbers mean? First: Virginia Beach seems to be the city holding it’s own and keeping rather steady as far as supply and demand is concerned. But what these numbers also mean is that NOW is the time to buy and make that long-term investment. It’s vital to get in while the market is accessible and on the rise.

As I’ve mentioned in earlier posts, other incentives such as the $8,000 tax credit for first time homebuyers and dropping mortgage rates have really pushed those who were on the fence about buying over to the other side. In fact, I was shown a great article recently which states that ONE in FIVE Americans will actually plan to purchase a new home in the next year or two DESPITE the current economic conditions. This is due, in large part, to the fact that home prices are dropping, rates are low, and there are multiple tax incentives for buying now. American’s really are optimistic about the future and are taking all of these factors into consideration when making that big decision to buy a home.

What about selling? Should you sell your home now? The short answer is YES. If you want to sell now, now is the time to begin that process. Economists incessantly say, “It’s a buyer’s market! It’s a buyer’s market!” Well guess what? In order for it to be a buyer’s market, there need to be homes available for purchase. It all goes back to that age old philosophy of supply and demand. Where there is demand, there needs to be supply — and vice versa.

So, if you are considering selling your home, NOW is the time to sell it yourself. List your home with us, Just List Em and save thousands of dollars on commission. NOW is the time to save money, not spend it.