Written by admin on July 11th, 2009. Filed under REO Network, foreclosed, foreclosure, gloucester, hampton, home buyer, homes, james city, mortgage, mortgage crisis, new kent, newport news, norfolk, poquoson, reo, reo agent, reo broker, reo hampton, reo hampton roads, reo listing, reo marketing, reo network agent, reo newport news, reo service, taxes, virginia, williamsburg, york county, yorktown and tagged with downpayment, for sale, foreclosure, homes, market conditions, property, real estate, reo, taxes.
I posted the following on a real estate website in answer to the question: Is buying a home in Williamsburg in the 23185 zipcode a good idea?
Curious if the stats would bear this out, I went to the Williamsburg MLS and pulled some figures.
Here’s the stats for the past three months in the 23185 zipcode from the Williamsburg MLS. Homes are selling for an average of 94% of list price. I don’t think 20-30% is going to be a realistic starting point.
3-24-2009 to 6-24-2009
103 homes, townhomes and condos sold over the last three months in 23185.
Average list to sale price is 94%
Average list to sold (days on market) 144 days
Average price (sold): $334,901
Average cost per sqft (sold): $145.46
Same period in 2007
Average list to sale price is 97%
Average days on market: 82
Average cost per sqft: $159.33
Same period in 2005
Average list to sale price is 99%
Average days on market is 61
Average cost per sqft is $149.04
Some distressed properties, usually foreclosures, can be had for less but they will generally require fixing up and the bank will rarely agree to do any repairs. Foreclosures are all in the Multiple Listing Service as well. The biggest variance on list to sale price is found in the high end market. Right now we are the market in homes under 300K is doing really well.
I heard today that some in Congress are trying to get the mortgage guidelines relaxed a bit. I believe the banks have the money to loan but the Fed credit requirements right now are pretty restrictive. Whether thats right or wrong I’ll leave it to others to decide. The housing market is the engine of the American economy and it needs to get moving again for all of our sakes.
The ‘Days on Market’ at 144 is of concern but from what I’ve seen this year alone, I would say the tightening of the mortgage guidelines has a lot to do with it. Every week we see people who are otherwise well qualified be denied at the last minute by an underwriter who has once again been given new stricter federal guidelines.
EXIT Realty Deierling & Assoc.
Williamsburg, VA
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Licensed in the Commonwealth of Virginia
©2009 Troy Deierling
Foreclosure and REO outlook in SE Virginia
Written by admin on April 16th, 2009. Filed under 757, 804, Uncategorized, area code, bpo, bpo agent, bpo broker, foreclosed, foreclosure, gloucester, hampton, homes, james city, new kent, newport news, norfolk, poquoson, reo, reo agent, reo broker, reo hampton, reo hampton roads, reo newport news, reo service, williamsburg, york county, yorktown and tagged with 757, 804, Add new tag, agent, bpo, broker, foreclosed, foreclosure, hampton, homes, house, investor, listing, management, newport news, norfolk, properties, property, reo, smithfield, suffolk, va, virginia, york county, yorktown.———————————————————————————————————————————
At this time, we seem to be approaching another wave of foreclosures with the lifting of the foreclosure moratorium. Williamsburg hasn’t seen a large number of foreclosures yet. We are seeing a fair number of REO listings in Hampton, Norfolk and Newport News.
Investors do appear to be coming back into the market. This should clean up appropriately priced properties and homes quicker than we’ve seen in the past year. If a REO home is not priced right, it will sit.
Be sure to give us a call if you have assets you need to sell. We will give you a fair market valuation oriented to your sales timeframe.
Primary Service Area: Hampton VA, Newport News VA, Yorktown VA, York County VA, Williamsburg VA, Gloucester VA, Gloucester County VA, New Kent County VA, Charles City County VA, Hopewell VA, Lanexa VA, Toano VA, Norge VA, Poquoson VA.
Secondary Service Area: Norfolk VA, Virginia Beach VA, Portsmouth VA., Suffolk VA, Surry VA, Mathews VA, Chesapeake VA.
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