Here in Hampton Roads, now is a GREAT time to both buy and sell! Although the media reports the eminent 'bust', according to REALTOR^® Magazine and information gathered from the National Association of REALTORS^®, as of August 30, 2006, home prices in Virginia Beach, Norfolk & Newport News were up 23.6% from a year ago. Our home inventory has more than doubled, increasing the marketing time, but with only a slight overall drop in sales prices. We are returning to a more 'traditional' real estate market.

For buyeres, there are many more homes to choose from, while still having historically low interest rates! Contrary to last year's scarce inventory and buyer frenzy, today's buyers can take their time to make wise, informed decisions...with most sellers once again allowing Home Inspection and other buyer concessions such as paying closing costs or offering decorating allowances.

For a statistical analysis of marketing time and housing prices in a particular neighborhood, contact Sue.