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Mom Organization Skills 101

There is no greater reward than being a mother, but believe me, for all those expecting moms out there, you sure do have your work cut out for you in order to earn that reward. It was only when I had my second child that I realized, being prepared for any scenario was better…

How Do I Choose the Best Professional Cleaning Service

Keeping your home clean can be an exhausting task, especially if you have to squeeze it in between the chaos and work and keeping your family in line. And if your life feels like it’s nothing but cleaning and tedious chores, perhaps it’s…

How to Keep Your Pool Clean Without Using Chemicals

The weather is getting hotter and hotter, and if you haven’t done it already, you are probably getting ready to open your pool and start the swimming season. Having a pool in your backyard is wonderful, but it requires quite some effort before you…

It's an interesting time for the local real estate market in Hampton Roads, VA.  I track the local economic factors for trends in Virginia Beach, Chesapeake and Norfolk.  What I have found is that we are in a transitional time where it is neither a buyers market nor a sellers market.  However, buyers think it's a buyers market and sellers expect full price offers. The result is indecision.  Buyers are afraid to pay too much and sellers want to wait it out for better offers.

The great thing about Hampton Roads is that our real estate isn't as affected by the economy as other areas of the nation.  We have a transient area with the military moving in and out of our cities. 

The latest data shows me that 50% of homes on the market are selling.  Three years ago, with the housing value plunge, we saw that less than 30% of homes on the market were selling.  Once we hit the 50-60% mark, we are in a transitional period and over 60% is a seller's market.  Many economists in our area confirm this in recent articles pertaining to our inventory supply. 

This summer produced multiple offers for sellers, but sellers were paying 3% closing costs for their buyers.  When you add up the expense of selling, you are talking 9% of of the purchase price.  On a typical Virginia Beach home that adds up to $40,000 fast!  If you purchased your home in the past five years, you don't have $40K to spare.  But sellers will pay and are paying less with the shrinking inventory.  It's all about supply and demand, and as we head into our final quarter, our supply is not keeping up with the demand. Read more on Real Estate in Virginia Beach on my blog www.jenniferziemer.com

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