(Williamsburg, VA) Reduced pricing on real estate listings in Williamsburg and surrounding areas indicates many sellers are still over leveraged and experiencing some sort of financial hardship. Divorce, death and the necessity to relocate also create a need to sell quickly. In Virginia, there are many opportunities to find luxury homes, waterfront estates, historic homes and estate properties. Farms, farmettes, equestrian properties, homes with acreage and waterfront properties are also listed. Many properties are priced to sell and are a good value.
The pressures of the new economy are affecting real estate listings over $500,000. According to Virginia Association of Realtors (VAR), median home values in the Chesapeake Bay and Hampton Roads region of Virginia declined 9.8% since last year; homes prices in Norfolk, Virginia Beach and Chesapeake are reduced 15.9%; and in Richmond, there are 6% decreases. Northern Virginia median home sales prices have increased by 1%.
Foreclosures and short sales are plentiful in luxury real estate. Coldwell Banker recently unveiled a new program for luxury buyers and sellers: Coldwell Banker Previews. This allows luxury buyers a detailed look at exclusive properties. Many real estate professionals recommend casting a wider geographic area for a home search to find the best deals.
Elaine VonCannon, a Coldwell Banker REALTOR, recommends taking a closer look at homes for sale in several areas of Virginia. “Look at waterfront homes in Chesapeake Bay Country and estates and historic homes in Williamsburg, James City County and York County. In York, Henrico and Chesterfield Counties, buyers will find horse farms and estates with equestrian facilities for sale. High end home buyers in these areas of Virginia will find excellent bargains right now,” said VonCannon.
“Interest rates are historically low, at approximately 4% for well-qualified buyers,” said VonCannon. “This, combined with the sharp reduction in prices for luxury homes in Williamsburg, Richmond, and Tidewater Virginia, creates an excellent opportunity for home buyers,” she added.
Although median sales prices for homes are declining in some Virginia real estate markets, the number of home sales across the Commonwealth is stabilizing, according to VAR QE3 2011 report. In Richmond, Southside Virginia, Chesapeake Bay and Hampton Roads, the number of home sales has increased, indicating many real estate investors see now as a good time to buy and find values.