WILLIAMSBURG, VA, Dec 27, 2011 (MARKETWIRE via COMTEX) –
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.
Visit VonCannonRealEstate or EstatesInVirginia.com to view property
listings in Virginia. Or call 757-288-4685 to schedule some viewings.
Elaine VonCannon
757-288-4685
Email Contact
SOURCE: VonCannonRealEstate
http://www2.marketwire.com/mw/emailprcntct?id=D8FBB6EC1170E833
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