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More indications that the real estate market is looking up
As Danilo showed us in this earlier VARbuzz post, depending on where you work in the Commonwealth, the real estate market is bouncing back. In the DC area, one of the areas hardest hit by the changing real estate market, especially its outer suburbs, there is good reason for optimism. After all, what goes down must come up, and certain areas in Northern Virginia have gone way down.
Bouncing back might not be the right term for many areas of the state, as they have been somewhat insulated from the national housing slump. Many regions in Virginia, including Richmond and Hampton Roads, have maintained steady appreciation in home prices throughout the national housing slump. Here’s more evidence (some comical, some serious) that the market is looking up:
- The Richmond area continues to see moderate appreciation in average home values, based on expert economist analysis in the GMU/VAR first quarter 2008 home sales report.
- The Loudoun Times reports that the best REALTORS® have weathered the storm and are well-positioned to capitalize on the turnaround.
- Despite what his grandmother thinks, Frank LLosa isn’t broke yet.
- Blacksburg is tilting towards a seller’s market.
- The affordability index is coming back down to earth in Prince William and Loudoun.
Things aren’t looking quite so good for one Virginia REALTOR®, as you can see in this video:
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The video is hilarious! Love it that Brian couldn’t keep a straight face for more than a second throughout the whole thing.
Am a bit surprised to hear that prices in Hampton & Richmond have appreciated(?). Let’s hope we’re not making the numbers fit the argument. Don’t get me wrong - let’s hope the news (and #s) keeps getting better!
Jim, many areas of the state have been quite resilient! In the first quarter of 2008, average price of a home sold in the Richmond area increased 1% over the same period in 2007. The increase was 5% for Hampton Roads (average price, quarter over quarter).
Ben - thanks and good to hear. I need to do my homework - am sure there are other area economic indicators contributing to Hampton’s improvement.
Oh my gosh that is soooo funny! I should try to come up with my own version of that but then I’d just be copying….Bust!
Way to go Brian; I may have to post that on my blog.
Still laughing….
This past weekend:
My buyer had to “rush” to make a decision on a new const. condo in a complex that has sold 55 (now 56!) units since opening in March.
Another buyer had to compete against 2 other offers on a home that has been on the market since July 2007.
I received multiple offers on a home that I listed in April.
My seller was able to increase his price (successfully) in a counter offer to a buyer who wanted closing costs.
All of these homes were in Virginia Beach.
LOL. “no I’ve never sold a home in your community before” ” yes, your house is a mess”….”my wife is hungry” Great video.