Virginia Real Estate Blog: July 2009

Sailing tonight on Willoughby Bay, also known as Little Bay. Norfolk (all of Hampton Roads) is a great area for water sports of all kinds and sailing is just one of them. What makes Norfolk fun? Playing on the water. The Thursday night series is broken into Spring and Summer series. The fall series is on Sundays to accommodate for the earlier evenings.

Here is our boat (sometimes referred to as the USS Bethany, formally known as FINE) on a recent Thursday.(This photo is by Dave Baxter, a local Sailmaker. He provided the MAIN for FINE!  Pretty!!!  We are lucky enough to have Dave out on most Thursdays documenting the fun and the mishaps!)

I wish the photo would have the OSPREY in it!  The osprey gets louder as the boats get closer and eventually 'sails' away to return after the mark has been rounded.

And of course, there is great opportunity for waterfront property in Norfolk and Hampton Roads. Great for investment or summer vacations!

Just did some preparing for a listing appointment. I wanted to have some information available on market time for this potential listing. I took a look at recent sales and current listings to determine some estimated absorption rates for this particular property...

This is an area of GHENT in Norfolk VA. It is a great residential area, close to shops, downtown, dining, schools, etc.  The information from my analysis varies depending on criteria used - no surprise there! 

Looking broadly in GHENT Norfolk VA, there are about 132 homes for sale including single family detached and attached. In the past 6 months, 64 homes have sold for a 6 month month rate of about 10 per month.  That means, simple math here, that it will be about 13 months before all homes are sold in my selected area.

Since the above review was broad, I wanted to highlight the exact zipcode for this property.  In 23507, there are 39 attached single family homes for sale and 71 total homes for sale. Looking at the totals, 39 are pending or sold in 6 months with a target rate then of 6.5 homes per month. With 71 homes to sell, that is about 11 months to absorb the current listings.

For just the attached listings, 22 have been pending or sold in 6 months for a rate of 3.66 homes sold per month. With 39 current listings, the absorption of those homes could take 10 or 11 months. 

This is food for thought for my potential sellers.  The key will be to price it right from the start!

www.buyanorfolkhome.com

There is so much buzz out there about the First Time Home Buyer Program I wanted to share a link to a great information source.  Start with this website, then contact your lender to learn more about your particular situation. If you are in the Hamton Roads Real Estate market or searching for a home in cities like Norfolk, Chesapeake, Virginia Beach, Portsmouth, or Suffolk, I would be happy to provide contact information for local lenders. 

Dont forget, some cities offer their own home buyers programs and some programs may offer even better opportunities than the first time home buyer credit. You wont know until you ask! 

Start with this site:  http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit?lid=ronav0019

Then, call me for more information on homebuying in Hampton Roads!  I am happy to help!

I had so much fun helping my clients sell their first home and purchase their 'move up / forever' home!  This lovely family had certainly outgrown the 1600 square foot cape cod in Norfolk!  Their home for 8 years, they welcomed 2 children to the house and made many improvements such as a new kitchen that  suited them, and the house, perfectly. That home has now become the first home for a Navy lieutent and his fiancee. I wish them the best!

The home purchase in Chesapeake is a delight!  New construction in the Great Bridge area on a quiet street with a large yard for the children!  I can't wait to see it all dressed up and personalized by the family. 

If you, or someone you know, is looking to sell or buy a home, please contact me!   I can help buyers or sellers in Hampton Roads with Real Estate needs in Norfolk, Chesapeake, Virginia Beach, Suffolk, or Portsmouth!  I look forward to hearing from you!