Hampton Roads deflates a bit more in the housing market

This Podcast was brought to you by Alison Creamer: This podcast is a summary of Real Estate information for the Hampton Roads area. REIN stats show the Median Home Sale price for South-side Hampton Roads dropped again. The median sale price in Jan 2008 was 224.9 this Jan 2009 it is at 194k This is about where the levels were in 2005. My podcast is a reminder in 2005 the prices might have been lower but the rates were not. If you are a VA buyer , Military person or someone who plan on being in the area for sometime now is a great time to buy. Seller are flexible, rates are low and prices have dropped. It will be interesting to see what February numbers bring. It appears that in 08 prices dropped in February but peaked in July. I think that means if the trend happens again this is the lowest point for prices and we might expect to see a small rise in median sale prices as we go in to the summer months. Are you currently looking to buy a home in Hampton Roads ? I would like very much to talk with you about the options and trends. If you are a seller in this market you need someone who will give you the hard facts about what to expect. Its not always an easy job to deliver bad news or news we know the client does not want but this is not a time to ignore the facts. I spend a lot of time communicating what is going on. I will ensure you are aware of the market and allow you to make changes with your listing that will keep you ahead of the curve.