The local real estate market, while faring significantly better than most parts of the country over the past 5 years, has been far from “hot.” As prices have declined to their pre-boom values, we have begun to see some encouraging signs of heightened activity, signaling that confidence in the market is slowly returning. Aggressively positioned listings are enjoying
multiple offers (especially in the lower price points in the market), which is a phenomenon we haven’t seen much of since the boom market of 2003-2006.
In Williamsburg, there are two factors in that are primarily responsible for the trend: First, the stock market has rebounded, which has a direct correlation to willingness to buy, especially for retirees. 28% of sales in our Williamsburg Office so far this year have been cash, compared to slightly less than 20% in 2010. Second, prices have come down to a point where some of the values are simply too good to pass up. In several of our luxury gated communities, for instance, you can buy a detached home in the mid $300’s, which is $100,000 less than just a few years ago at the market peak.
On the Peninsula, a high percentage of “distressed” sales (short sales and foreclosures), have attracted a wave of investors into the market. According to REIN MLS, upwards of 30% of closings this year have been pre-foreclosure or REO. Of course, all buyers can take advantage of these good deals, as long as they are adventuresome enough to handle the process – it can be time consuming, and many of these sales transfer “as is,” with the buyer assuming the risk of repairs. Another opportunity for Peninsula buyers in the current environment is “flipped” properties; investors scoop up bargains that need major work, and are able to flip them for a profit after rehabbing. Buyers love the “good as new” homes, and some of our older neighborhoods are being revitalized as a result.
The combination of great values, a variety to choose from, and historically low interest rates makes this a very appealing market for most buyers. Based on the activity February and March so far, this is going to be a VERY busy Spring and Summer!
Are you thinking about buying? Email us at concierge@lizmoore.com or click below to complete our Buyer Interview and get started!
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Liz Moore & Associates is a boutique real estate agency renowned for having the region's top agents, with extensive market knowledge and local expertise that is only achieved through relentless training coupled with Liz's extremely high standards for professionalism. When you're buying or selling a home, experience matters.
