SDP Partners LLC

Virginia had the 15th highest foreclosure rate among the 50 states and the District of Columbia in the first quarter, according to figures released yesterday by RealtyTrac, an online resource of foreclosed properties.

One in every 246 households in Virginia — or a total of 13,151 — received notices of default, auction sales and bank repossessions from January through March, up 526 percent from the same period a year ago.

The report showed that the Richmond region had the 24th lowest foreclosure rate among 100 cities. Yet, the number of notices here rose 1,341 percent from a year ago to one in every 425 households, or a total 1,182, properties in some phase of foreclosure.

Source: InRich.com

From the February 14, 2008 Richmond Times Dispatch:

Richmond joins record drop in home prices

Richmond was one of a record number of U.S. metropolitan areas where home prices fell in the fourth quarter, according to a report just out from the National Association of Realtors.

The report released this morning shows the median sales price for a home in Richmond was $225,700, a decrease of 1.6 percent from $229,400 in the fourth quarter of 2006.

The foreclosure rate in Virginia remains fast and swift.  However, in a nationwide ranking, Virginia ranked right in the middle.  I guess that is good news.

Study says Va. ranked 24th in 2007 foreclosures - News - inRich.com

Hopefully, our ranking will go down with some of the loan modification agreements that the major lenders are working on.

I’ve seen huge surge in people calling us to sell their house to avoid foreclosure. 

Here is a summary of the national housing market in 2007.  Housing prices fell nearly 4 percent in ‘07 / nwi.com

Real Estate is highly local.  National trends are simply averages of the whole nation. Each state has its own board of realtors, and each state is different.

Every month, the Virginia Association of Realtors releases a report about the state of the housing marketing and housing prices in Virginia, and then on a monthly basis, the Richmond area has it’s report of their housing prices.  Check the category Virginia Market to read recent reports.

Want to know what is happening in Northern Virginia Real Estate Market?  Check out this analysis

Read All About It: Arlington Virginia Housing Market a Hot Spot for Sales | Virginia Real Estate News

Here is a take on real estate in the Williamsburg area from January 26, 2008  Virginia Gazette.

The Virginia Association of Realtors said home sales statewide fell 15% from 2006 to 2007. While home values continued to grow, by a little over 1%, they grew at a slower rate than they have on average over the last 30 years, more than 6%.

Indeed, during the housing boom of the last few years, the state experienced double-digit growth in home values.

Time on market in Virginia increased from 70 days to 88 days statewide, still below the historical average of 90 days.

Locally, the median price of a home in greater Williamsburg fell from $318,745 in 2006 to $295,000 in 2007 (see box).

Sales were off 12.5%.

However, average days on market hadn’t changed, it was 71 days each year, still up markedly from 56 days in 2004.

Linda Kinsman, executive director the Williamsburg Area Association of Realtors, put things in perspective.
“ Over the last five years the average price of a home here has increased 29 percent,” she said.

Hard times seem to be on the way — VAGazette.com

Here is a recent update on the "Housing Market" in Richmond.  The Richmond Times Dispatch January 25, 2008

Highlights:

The housing market in central Virginia is not likely to improve until the end of this year, housing experts say.

House sales in Virginia and the Richmond area fell last year — 15 percent for the state and 12 percent for the region — much like they did nationally, according to figures released yesterday by the Realtors’ association.

The median price of a single-family home fell to $217,800 in 2007, down 1.8 percent from 2006. The median is the midpoint, with half the homes selling for more and half for less.

Houses statewide stayed on the market an average of 88 days, up from 70 days in 2006. In the Richmond area, it took an average 58 days to sell a home, up from 46 days in 2006.

Source: Housing outlook unchanged - Richmond, Virginia, Business News and Financial Information - inRich.com

In the Dec 23 Richmond Times Dispatch, there was an article entitled: Virginia Foreclosures Rising. 

Here are a few quotes:

The number of foreclosures in Virginia is expected to rise to about 14,000 this year, up from 4,354 in 2006, and could hit 20,000 next year, according to Housing Opportunities Made Equal Inc., a housing advocacy group in Richmond.

Virginia has one of the fastest foreclosure processes in the country, said Connie Chamberlin, president and chief executive officer of HOME.

Once a lender notifies a borrower of the intent to foreclose, a person can lose their home in as quickly as two weeks, she said. "For many people, that means they don’t have time to deal with the issue."

Because Virginia’s process is so fast, there is very little time to deal with it.  Selling your house Fast is one quick way to address the foreclosure process.  You can Get offers from us in 24 hours.

It’s a Buyers Market. People Are Taking Their Time Looking – Because They Can

I talk with a lot of sellers who just can’t sell their homes anymore.  Inventory is way to high, and sellers are still asking for last year’s prices.  Check out this article about the Virginia housing market

The Washington Post reported that the median price for a house in the United States has declined 4.5%.  Read it at ‘No Real Positive News’ Seen As Home Prices Continue to Fall - washingtonpost.com. 

We talk with sellers on a regular basis that want to sell their house fast. 

However, a home sellers expectation is sometimes the full price at last year’s market value.

Simply put, that’s not economically feasible for us. 

How do we put a price on a house?  It’s simple.  We deal with people who know what they want.  If that price is doable for us, its a fair price. 

A house is worth what two people agree its worth when you have to sell your house fast.

If we can’t come to an agreement, but you still want to sell your house without an agent, visit our sister website – FISBO TIPS , and you’ll notice 3 downloadable ebooks for sale. I also offer a “9 Tips to sell your house FSBO” course that you can sign up for if you wish.