Are you wondering what is going on in Hampton Roads ? I have been saying this for a few months we are FLAT ! To me that is not to say you wont find a steal hear and there when it comes to shopping. It means that the over all market is slowing up and the major decrease in price is I think almost at bottom. Yes there are tons of foreclosures and lots of homes to choose from still, but sellers who can offer the buyer closing cost repairs and updates on a home are not having to drop the price. Im seeing more and more buyers just don’t have the cash to do all the repairs, and do the closing cost and down-payment. It seems to me when you have a seller who is still in control of the home and able to make decisions for the sale. These homes will start to get snapped up faster. Junk homes still will not sell for top dollar and if you have a dog of a home on the market be prepared to take a big hit on price. Im talking more about homes that are seller occupied with some equity. Of course that is common sense I know anytime you have a seller willing to be flexible its a win win for all. The REO and Short sale homes are just becoming more sticky and I think many of my buyers just don’t have the “as is ” stomach to deal with the banks. Im doing my best to educate the buyer on the pros and cons of these homes. I know there are some that are in great shape and a heck of a bargain but can the buyer take the risk of an “as is” then have to deal with all the closing cost as well as the down payment. Lets not forget trying to get an answer in less than 60 days if the offer will even be accepted.
Bottom line :
I think the market is becoming flat
There are great bargains if you have your money in order
If your impatient DONT write an offer on a short sale
If you looking for any safety net Don’t write on an REO
This is just my opinion, its not set in stone and could change if the banks would start to convey homes with repairs and some closing cost assistance for the buyer. I think it would even put a stop to the decline almost over night !