From my broker’s( Liz Moore ) Blog Post
Last week, the Daily Press featured a story on the front page of the paper with the headline “Area Home Sales Down 23%!” Reporter Chris Flores went on to regale the grim state of the declining local housing market. If, and only if, you read the article very carefully, you might pick out the nuggets that really should have made the headlines:
Hampton Roads Virginia Makes Top Ten List of LEAST Riskiest Markets for Foreclosures!
Despite National Housing Slump, Local ( Peninsula) Median Sales Prices Remain Steady!
Peninsula Real Estate Market Outperforms both the State ( VA.) and the Nation!
But no. Flores chose to lump together Peninsula housing statistics with Southside statistics, resulting in a far worse picture than the truth. Here is what you need to know: On the Peninsula, closings are down approximately 14% over last year, the result of a sluggish fourth quarter of 2007, and a slow start to the year. Pending sales are only off 8%, suggesting that the market is beginning to rebound.
Sellers: Despite a drop in the number of units sold, values are holding steady. This is key, and means that there is still time to capitalize on the equity growth that we all experienced during the boom cycle. Realistic expectations about market time and aggressive positioning are critical; however, if you are thinking about moving up, there is definitely an upside in the current market climate.
Buyers: It’s truly a great time to buy. Plentiful inventory, low interest rates, and sellers frightened by the onslaught of media hype about the market create an ideal market environment for buyers.
Given the mortgage liquidity crisis that stalled the national economy last August, and the volatile economy that resulted, our Peninsula housing market is *definitely* a bright spot in the big picture.
Consumer confidence is a key ingredient to balance in both the economy and housing market, so please help me spread the good news!
For further information about real estate in Williamsburg, James City, New Kent or York County Virginia contact:
John Womeldorf/ REALTOR
Liz Moore & Associates
757 254 8136
John@MrWilliamsburg.com email
www.MrWilliamsburg.com/ website
www.MrBurg.com website
www.MrHamptonroads.com/ website
www.MrTidewater.com/ website
www.MrVaBeach.com/ website
Williamsburg Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH
CLICK HERE FOR Real Estate Home Search Tidewater Hampton Roads Va
My other area Real Estate and Information Blogs for Hampton Roads/ Tidewater/ Williamsburg Virignia and surrounding areas
Williamsburg Real Estate Blog II
Williamsburg Happenings/ Events Blog
Filed under: Real Estate information | Tagged: ahmpton roads, hampton, james city, newport news, real estate statistics, tidewater, williamsburg, york county | Leave a comment »
