Sold in 3 Days!

I had three closings in September! Or rather, three of my clients had September closings. I helped two clients purchase homes and one client sell - the home sold in three days. Condos and townhomes tend to sell more quickly than detached homes, and this one was no exception, except that it sold even more quickly than is the norm. And this in a "slow market." Hampton Roads' home market and economy tend to be protected by the military presence - there are always folks buying and selling. Not only do our home values not have the extreme highs and lows seen in other areas, such as NYC or LA, our market does not even reflect the situation in Northern VA. The biggest shift in value happened when many Hampton Roads properties doubled in value between 2003 and 2005, but the much publicized recent national drop in values that has affected some Northern VA properties by as much as a 40% decrease in market value does not correspond to Hampton Roads, where we see many properties holding value and others dropping by say 10% at most. What does this mean? It's still a good time to buy or sell in Hampton Roads. Buyers - you can find a bargain. Sellers - be prepared to price it right, so it will sell, not sit. It's still a buyers' market, meaning that there are plenty of homes for buyers to choose from, so there is always the possibility that buyers will pass your home by for a comparable one with more updates and a more reasonable list price. The above condo is a perfect example - there was one in the same development that had been on the market before it. My listing, however, was furnished, showed well, had laminate flooring, and was priced slightly lower than the other, so my listing sold in 3 days while the other listing continued to sit.