Monthly Archives: September 2007

Plans for Affordable Housing in Suffolk

While reading PilotOnline.com, I ran across an article entitled, “Affordable-housing planned for former Suffolk festival site”. Where the Tidewater Fair Downs once held their annual crop, harness racing and livestock competitions every year, there will soon be a 171 home affordable housing project for low-income homebuyers. Lawson Homes, a Virginia Beach development company plans to undertake this $20 million dollar project named October at Fair Lawns, which will include 72 condominium-style units, 38 multi-family buildings, 13 single-family homes expected to sell between $150,000 and $200,000 and 48 town homes. The estimated annual income required to buy in October at Fair Downs is expected to be in the neighborhood of $50,000 to $62,000.

Even though home prices are dropping in most areas due to the lack of qualified homebuyers compared to the number of homes for sale, many low-income families still cannot afford the average home cost in Suffolk of $250,000. October at Fair Lawns will be a welcome, low cost option in housing for families and individuals who qualify. While providing this great opportunity for low-income buyers this new venture will bring needed development to a “depressed section of the city”. Though many say that when compared to the average household income of $44,000 in Suffolk, the median home price of $250,000 is still far too high, for at least 171 families, October at Fair Lawn will be a welcome addition to this community. Let us hope that this ambitious project by Lawson Homes will be the first of more to address the current housing cost problem in Suffolk.

Advertisements

Leave a comment

Filed under For homebuyers, Hampton Roads real estate

Unwelcome advice

If you are a home seller in today’s market, this is not going to be welcome news.  But if you are serious about selling your house in a buyer’s market, I recommend you read an article in HamptonRoads.com entitled, “Selling a home?  Time to ‘get real'”.

This will not be what home sellers want to hear; unfortunately, it is the cold, hard facts, if you want to sell your house, price it so that it will sell.  If you want to sell your house fast… well, as the article says, “Set the asking price 5 percent below the lowest and most recent comparable sale in the neighborhood,”
The article goes on to mention that even though sellers in the Hampton Roads area are getting less than they are asking, they are generally getting more than they were at the same time last year, four percent more on average.  So things are getting a little better at least.

The article also mentions some of the reasons for the drop in home values, click to read the entire article, “Selling a home?  Time to ‘get real'”.
Some homeowners are not subscribing to this theory, however.  Some are pricing their homes between the highest and lowest sale prices in their area and counter offering lowball offers.  In some cases, this is showing good results.
Lately, some folks who are serious about selling their house and want to get the most they can, have been turning to staging companies to professionally prepare and “stage” their houses.  These companies take a holistic approach to preparing and showing homes.  They will make your home more pleasing to buyers’ senses using new appliances, decoration, music and scents to make the house more appealing so that it will “feel” good to potential buyers and attract higher offers.
In short, not all is lost.  There are other options to help you sell your house, but at least for the time being, if you want to sell it fast, price it right.

Leave a comment

Filed under For home sellers, Hampton Roads real estate