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Spring 2012 Market Update
If you can qualify, now is an exceptional time to buy a home in Norfolk. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 757-289-6933
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| Average Home Price | $250,000 - View Graph Trend |
| Average Price Compared to Last Year | Down 0-5% |
| Average Time on Market | More than 120 days |
| Best Selling Price Range | $200,000 - $249,000 |
| Worst Selling Price Range | $700,000 - $749,000 |
| Prices As % of Asking Price | 95-100% |
| Existing Home Prices for the past 90 days are? | Decreasing |
| Market Trend | Increasing |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Buyer Activity for the past 90 days in Norfolk is | Increasing |
| Seller Activity for the past 90 days in Norfolk is? | Increasing |
| Multiple Offers? | No |
| Multiple Offers Commentary | Sellers are making sales concessions to attract buyers. |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 15-20% |
| Is Financing Available For Qualified Buyers? | Yes |
| Comments on Financing For Qualified Buyers | Though the lending market has tightened in recent months, interest rates are at record low levels, and lenders are offering incentives to attract qualified buyers. |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | Housing inventory has been increasing, especially foreclosures and short sales. Sellers are agreeing to sales concessions in order to sell their homes. |
| Greatest Activity | Repeat Buyers |
| Reason to Buy/Sell | Lower prices with good selection and competitive interest rates creates a perfect time to buy in Norfolk! |
| Nearest Metro Area | Norfolk |
| Housing Hot Spots | Norfolk, Chesapeake |
| Average Sold Price | $250,000 - View Graph Trend |
Norfolk Local News
News for Norfolk, VA - November 23rd, 2010 11:00am
Norfolk, VA is still a buyers market! There are currently more sellers than buyers, however with interest rates are record low levels, demand remains strong. Sellers are making concessions in order to move their homes, and significant contribution toward buyer closoing costs is to be expected. Call or mail today to recieve a daily updated list of properties for sale. 800-279-5552 frank@mangumrealty.com
Contact Information
Frank Mangum
757-289-6933
Request More Information Let me answer your questions!
Ask Me!
Mortgage Rates
– May 28th, 2012 –
---------------------------------
30 yr. fixed rate: 3.82%---------------------------------
15 yr. fixed rate: 3.11%
30 yr. jumbo rate: 4.38%
15 yr. jumbo rate: 3.61%
Home Values
StreetZip Code
Agent quarterly survey shows growing optimism toward a housing market recovery
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
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Request More Information Let me answer your questions! Ask Me!
Frank Mangum
Frank Mangum Realty, Inc.
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 757-289-6933
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