Residential Real Estate |
Homebuyers have a lot of options throughout the region. While single-family, detached homes are the most popular, there are also townhouses and a variety of condominiums to choose from. Because of Hampton Roads’ long history, new residents can choose old farmhouses with Colonial charm, as well as unique 19thcentury homes built in every decade for the last 100 years. One neighborhood in Hampton, for example, features vintage Victorian homes with high ceilings, parlors, fireplaces in bedrooms and walk-around front porches. A short distance across the James River in Smithfield, are numerous, older historic homes built in the Colonial, Victorian, Federal or Georgian fashion. Hilton Village, in Newport News, is on the Federal Register of Historic Sites. Its single family and duplex stucco homes were part of the federal government’s first attempt to provide housing, built after World War I for the influx of military and workers at the nearby shipyard. On the other hand, there are more contemporary homes in newer subdivisions as well as a number of planned communities with various amenities to suit everyone’s tastes and pocketbook. Many of these communities are in suburban and even more rural settings. However, the return to a more urban lifestyle is opening opportunities for downtown living where you can walk to restaurants, shopping, entertainment, etc. Those seeking starter and fixer-up homes will also find a number of options to consider. It is still a buyer’s market, and inventory seems to be increasing although fairly stable, but the demand should begin to catch up with supply by 2011 as the national economy recovers and as the long term interest rates start to climb back up to a relatively normal 6.5-7.5% range for a 30 year mortgage. The recovery in Hampton Roads is due in large
part to the fact the region has a large number of defense contractors as well as a “defense-driven economy”. Add to that a mild climate, an ocean front and numerous waterways, plus historical sites reflecting the birth of our nation, and you have a formula for solid growth which keeps new residents coming into the area. Each individual or family should do some homework before beginning a house search. That homework should include: • Determining housing needs and wants. For example, a family may need four bedrooms and want to live near the water. • Determining what type of housing is wanted. • Determining how important it is to live near work sites and/or near schools. • Getting financial affairs in order. Develop a list that includes all bank accounts (with numbers and amounts),
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all debts (including to whom owed and the amount), and all income. • Determining how much can be spent on a home. Individuals may want to consider prequalifying for a mortgage. The Greater Hampton Roads Realtors Association (GHRRA) and the Virginia Peninsula Association of Realtors (VPAR) are good resources in beginning any house search. Feel free to call either association for advice on the housing market or to obtain a listing of member realtors who subscribe to a strict code of ethics. Greater Hampton Roads Realtors Association 473-9700 www.centerforrealestate.com Virginia Peninsula Association of Realtors 599-5222 www.vpar.com
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