Monthly Archives: June 2009

Hampton Roads weathering the economic storm

It seems that the Hampton Roads area of Virginia is one of the strongest metropolitan areas in the US according to a Brookings Institute report. I found out about this positive bit of news while reading an article at DailyPress.com entitled, “Hampton Roads showing signs of economic recovery”. This Brookings Institute ranking considered several factors including gross metropolitan product, unemployment, housing values and average salaries. According to this ranking, Hampton Roads has ranked 16th out of the top 100 metro areas in the US.

Hampton Roads’ gross metropolitan product has dropped 0.05% from its peak and was up 0.03% in the  first quarter of 2009, while the national average is down 3.3% from peak and down 1.6% in the first quarter of 2009.

In terms of employment, the US is down 2.9% from peak and 1.5 % down in the first quarter of 2009. Hampton Roads is only down 0.05% from peak and as of the first quarter of 2009, is down only 0.1% in the first quarter of 2009.

Housing prices across the nation are down 6.3%, in Hampton Roads, they are only down 3.2%.

Average salaries in the US are up by 1% in the first quarter, whereas average salaries in the Hampton Roads area are up by 0.8%

Overall, Hampton Roads ranked 16th out of the top 100 metropolitan areas, though some economists say it is too soon to celebrate, including Vinod Agarwal, an economics professor at Old Dominion University. According to professor Agarwal, we are doing better than other areas of the US, but he questions whether he Hampton Roads area will be able to continue doing so over the coming months. Because this is the Brookings Institute’s first metropolitan-area report and because it is only paints only several parts of a bigger picture, professor Agarwal says it’s too early to tell at this point.

While nationwide, home values have fallen by an average of 6.3%, Hampton Roads home values have only declined by 3.2%, which means that homebuyers still have the upper hand when it comes time to negotiate a final selling price for homes. However, interest rates are relatively low, the IRS is extending a tax break for qualified first-time homebuyers of $8,000 or 10% of the home’s value and home values have dropped by an average of 3.2%, so these factors should motivate buyers who have been sitting on the fence. Lower home values, lower interest rates and this tax credit for first-time buyers should help to stimulate our market and bring us back to historic levels.

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Filed under For home sellers, For homebuyers, Hampton Roads real estate

Hampton Roads and the surrounding areas June 2009 Events

  • June 10, 2009 – No Doubt with Paramore and The Sounds at the Virginia Beach Amphitheater, located at Verizon Wireless Virginia Beach Amphitheater in Virginia Beach.  For more information call 757.368.3000 or visit the event website.
  • June 11, 2009 – Kayaking at First Landing State Park, located at First Landing State Park in Virginia Beach.  For more details on this fun family event call 757.480.1999 or visit the Kayak Nature Tours official website.
  • June 12, 2009 – 6th Annual ABNB Fishing Fest to Benefit CHKD, located at the Virginia beach Fishing Center at Rudee Inlet in Virginia beach, call 757.523.5300 or visit the 6th Annual Fishing Festival website for more details.
  • June 13, 2009 – Great Dismal Swamp Narrated Bus Tour, the tour departs from Suffolk Visitor Center in Suffolk.  Witness the aftermath of the 2008 wildfire and learn about the swamp’s ecosystem.  This is a great event for the family.  For more information call 757.514.4130.
  • June 14, 2009 – 10th Annual Phelps Brothers Music Festival Free Event, located at Lakeside Park in Chesapeake for more information on this music filled event call 757.467.2149 or visit the Phelps Brothers website.
  • June 18, 2009 – Annual June Jazz Garden Party, located at the Norfolk Botanical Gardens in Norfolk. Come out and enjoy jazz, food, and dancing under the stars.  For more information call 757.889.9421 or visit the Cultural Alliance of Greater Hampton Roads website.
  • June 20, 2009 – Gold’s Gym ForKids 5K Run for Homeless Children Free Event, come out and help homeless families and children in Hampton Roads.  The race will start at Norfolk Botanical Gardens in Norfolk, for more information call 757.622.6400.
  • June 20, 2009 – Virginia Beach SPCA’s Summer Solstice Celebration, come out with the entire family for this fun filled event to benefit all the animals.  Located at The “View” – southeast of Rudee Inlet in Virginia Beach, call 757.427.0070 ext. 14 or visit the Virginia Beach SPCA website for details.
  • June 25, 2009 – Kenny Chesney with Miranda Lambert and Lady Antebellum, located at the Verizon Wireless Virginia Beach Amphitheater for more information and details call 877.598.8698.
  • June 26 – 28, 2009 – 19th Annual Afrikan American Festival Returns to Downtown Hampton come out for this fun event and donate $3.00 (admission) for Peninsula Association for Sickle Cell Anemia.  This event will be held at Mill Point Park in Hampton, for more details call Alton Blackley at 757.817.6513

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Filed under For home sellers, For homebuyers, Hampton Roads real estate