Zillow Advice RSS: Question-Discussion-Guide,Housing Market,VA

Why is the nations housing market recovering while Portsmouth is still a sinking ship?

Fri, 18 Jan 2013 23:29:00 GMT

3 replies

Worth it?

Tue, 30 Apr 2013 18:27:00 GMT

I live in Zip 22172. I have a 4 bed 3 1/2 bath (3000 sqft) brick front in a nice neiborhood with a finished walkout level finished basement. appx 1000 sqft with full bath. Would it makes sense to add a legal bedroom in the basement 14'x18'? I don't currently need the room. Would it increase the value at resale? Also thinking about an irrigation system.

3 replies

Buyers advantage in a hot Arlington Virginia seller's market!

Wed, 24 Apr 2013 17:45:00 GMT

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0 replies

Low Inventories Indicate a Trend-Hampton Roads, VA

Wed, 03 Apr 2013 15:38:00 GMT

Low inventory is a relative term depending on how you're comparing it. Would the comparison be to total number of homes on the market last year, homes in a certain price range or homes in a certain area? In some situations, it's a combination of all of those things.

In any given market, inventories will fluctuate based on area and price range. The National Association of REALTORSÃ‚Â® considers a balanced market to be six months' supply of homes. If it takes longer than six months to sell, it is thought to be a buyer's market and less than six months, a seller's market. Most buyers and sellers probably feel inventory equilibrium is more like three month's supply of homes.

Inventory has a direct impact on price. During the housing bubble, demand decreased, supply ballooned to four million houses and prices dropped dramatically. Increased inventories due to foreclosures, bank' revised lending practices and builder's lack of new housing starts each contributed to the dramatically lower prices.

As the market has recovered, economic conditions have improved, banks have loosened their requirements, interest rates have remained low, foreclosures have slowed and gradually, the inventory has been reduced to approximately two million houses. When demand is constant but inventory is reduced, price tends to increase because the same number of people are trying to buy a smaller than normal number of homes.

Based on the low mortgage rates that have been inching up each week in 2013 and an improving consumer confidence level, most markets are experiencing some increase in demand. With inventory decreasing, buyers in the marketplace can see that prices are increasing.

Just as signs of spring can be seen to be just around the corner, it should be recognized what direction prices will be moving. Hindsight is 20/20 but we can't purchase or sell in the past. We need to make decisions today on what we think will happen in the future.

1 reply

Shirlington, VA Real Estate Market Report | Feb. 2013

Tue, 02 Apr 2013 16:31:00 GMT

Monthly stat overview: South Arlington is one of the only areas in Arlington that is the real estate market slowing down. Active listings are down only 9% in this location. New listings are up 65% from this time last year and buyer's are finally back in the driver's seat in 22206.

Stat that sticks out: Average sold prices are down 10% from this time last year.

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Alexandria City Real Estate Statistics | Feb. 2013

Tue, 02 Apr 2013 16:15:00 GMT

Monthly stat overview: Areas like Del Ray and Old Town Alexandria are lacking real estate inventory with active listing down 31% and days on the market down 22% from this time last year. The only reason Alexandria isn't seeing comparable increases in average sold prices (Up 5%) is appraisals can't keep up with market activity. Expect to see more sellers putting their home on the market over the next 30 days.

Stat that sticks out: 29 cash buyers (mostly investors) almost outnumber FHA and VA buyers combined (31 last month) in Alexandria city.

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Springfield, VA Real Estate Market Report | February 2013

Tue, 02 Apr 2013 15:19:00 GMT

Monthly stat overview: 22152/Springfield has had the strongest growth in the NOVA area. It's the epitome of a seller's market with active listings down 52% and days on the market down 52% from this time last year. If you are in the market to buy a home in Springfield be prepared for strong competition, over 80% of buyers used conventional loans to purchase in this zip code.

Stat that sticks out: Average SOLD price increased by 22% in 22152 from this time last year. (Just crazy numbers! This market can't continue on this pace.)

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Great Rental Property in Hampton Roads!

Fri, 29 Mar 2013 20:18:00 GMT

http://www.zillow.com/howto/GoodNeighborPolicy.htm

0 replies

how to get desk top appraisal

Sat, 16 Mar 2013 16:17:00 GMT

how do I get a desk top appraisal of my home

3 replies

Is now the time to sell your home?

Wed, 20 Mar 2013 14:56:00 GMT

The Hampton Roads market has had an awesome start to 2013. We are seeing soaring sales in Virginia Beach, Chesapeake and Norfolk. Our sales are up significantly! We appreciate all the referrals from our friends and clients.

The Virginia Beach metropolitan market (includes Virginia Beach, Chesapeake, Norfolk and the surrounding areas) continues to have significant appreciation. If you have owned your home 10 years the average appreciation is 53%, 20 years is 114%. The 10 year appreciation is ranked 9th out of 381 metropolitan markets nationwide. That puts us in the 97th percentile for all the metropolitan areas

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1 reply

How Low is Low in Real Estate Inventory for NOVA?

Mon, 18 Mar 2013 12:57:00 GMT

Inventories of homes for sale in the Washington, DC region are at historically low leves, and the current real estate market gives an advantage to current sellers as buyers face limited choices.

The measure of relative leannest of the housing supply is months of inventory, measured by dividing the existing inventory of homes for sale by a monthly average of sales. By this metric, the inventory in the Northern Virginia area is shockingly thin. There were a total of 4,075 homes listed for sale in January 2013. On average, there were about 6,154 sales per month in NOVA in 2012. So, in NOVA there is 0.66 months of inventory -- that is, it would take just 0.66 months to completely draw down the current supply.

The National Association of Realtors and others often equate six months of inventory with a "balanced market". More that six months of inventory indicates a buyers' market, while less that six months of inventory gives sellers the advantage. This statistic is screaming a sellers' market.

Inventory measures drop even further when you consider the neighborhood and product type, particularly townhouses. There is just a half-month's supply of townhouse inventory available in Arlington County. In Fairfax County, the existing inventory of townhouses for sale could be depleted in 0.7 months.

So sellers, what are you waiting for? Sell you home NOW! Buyers are looking and competing with each other for the limited homes on the market in Northern Virginia. your home needs to be the one for which the submit offers!

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January 2013 Shirlington Real Estate Statistics

Tue, 26 Feb 2013 19:04:00 GMT

Shirlington real estate overview: Shirlington real estate continues to the be the one of the most active housing markets in Arlington. Active listings are down 50% from this time last year which is great for anyone thinking about selling in south Arlington but average sold price remains pretty flat at a 3% increase since last year which is great for buyers.

Real estate stat that sticks out in Shirlington: Cash purchases last month were equal to FHA and VA combined last month.

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Janruary 2013 Kingstowne/Alexandria Real Estate Statistics

Tue, 26 Feb 2013 18:48:00 GMT

Kingstowne real estate overview: These real estate numbers are just nuts in 22315. Active listings in Kingstowne Alexandria are down 60% and days on the market decreased by 51% from this time last year. Can you say sell...sell....SELL! Mark my words, the market will never be better to sell your home in Kingstowne and maximize your profit.

Stat that sticks out in Kingstowne: Only one FHA was used to buy a home in 22315 last month. Only one! That's tells us the buyer profile is very strong in KTowne.

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January 2013 Arlington, VA Real Estate Statistics

Fri, 22 Feb 2013 16:45:00 GMT

Monthly real estate overview:

Arlington yearly stats point to a very strong market for sellers. Active listings are down 40% from this time last year. Good luck buying a home in Rosslyn, Shirlington or Ballston, there's just not much inventory to buy. Sellers need to take note and sell your home in Arlington while the market is still in your favor.

Area to watch: Crystal City is still the hardest hit real estate market in Arlington. Will upcoming budget cuts officially kill the Crystal City real estate market?

Stat that sticks out: Average sold price down 7% from this time last year...Average sold price in Arlington is still $522k.

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Is there a market for older, dated home?

Mon, 11 Feb 2013 22:20:00 GMT

How is the market for selling to a DIY or property investor in 22405? My family is looking into options for what to do with my grandmother's house, which was built in the 50s and looks like it. If the house is sound, the furnace, A/C, and water heater are good, and the price is below market to make up for the dated interior, will it sell?

2 replies

Crystal City, VA Real Estate Statistics DECEMBER 2012

Fri, 25 Jan 2013 17:18:00 GMT

Overview: This the only area in Arlington that has seen average days on the market increase from this time last year. It tells us that the real estate market in Crystal city is changing -- drastically changing! Average days on the market went from 45 days to 87 days (93% increase). By comparison Rosslyn decreased by 47%. We think that BRAC is really starting to negatively affect the Crystal City. If you haven't sold your condo in Crystal City you might want to off load it quickly or hunker down for the long haul.

Stat that really stick out: New Listing up 57%. Many sellers are hurrying to put their condos on the market.

Fore more information on Crystal City [Promotional hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]

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Alexandria/Kingstowne Real Estate Statistics DECEMBER 2012

Thu, 24 Jan 2013 15:47:00 GMT

Overview: KTowne, as we locals call it, is still one of the strongest and fast moving markets in the Northern Virginia area. Active listings are down 53% from this time last year, and sellers are still in the best position. Average price isn't increasing due to low appraisals, but it's still the best time to a move a home in 22315 or 22310.

Stat that sticks out: VA loans (hot link deleted by Zillow moderator) make up over 35% of all loans used in Kingstowne. BRAC is having a positive effect on this area. Wait until the Wegmans opens. KingsTowne will be CRAZY!

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average # of days a house is on the market in Va. Beach

Fri, 21 Sep 2012 04:21:00 GMT

primarily in the subdiv of Ocean Lakes, And best time to put said house on the market--

1 reply

The information pretaining to my property is incorrect, how do I edit listing

Tue, 05 Jul 2011 21:23:00 GMT

Wrong number of bedrooms / incorrect heat source

3 replies

I am looking for a great agent to sell my home and help me find my future home any recommendations?

Tue, 10 Apr 2012 17:33:00 GMT

Hello I need to sell my home in teh Hickory area of Chesapeake and am looking for a good realtor I have contacted two companys but have not had any response from the agents that they put me in touch with. Can anyone help?

11 replies