2006: A Good Time for Property Investment

Presently, realtors in Southeastern Virginia seem to be noting a shift from a seller's market to an even playing field or leveling out in pricing. "This gives real estate investors the chance to analyze and make profitable investment choices," says Brandi Brand, Sales Director for Breakwater Mortgage in Virginia Beach. According to Brandi Brand, who is also a real estate investor, "The real estate market is still very strong despite this small decrease in activity.  During the summer many home buyers are on the market, but in December, January and February real estate investors are busy looking for great deals."

Rehab and Resell Real Estate Investments

Marcia Adair, a Realtor with Wainwright Real Estate in Virginia Beach, concurs with Brandi Brand on the Hampton Roads real estate market and notes a positive trend in Hampton Roads for the real estate investor. "It is clearly time to buy property. There are some good bargains right now.  They are mostly in distressed areas of Hampton Roads. This is where you can find houses that need to be rehabbed and resold." Adair notes houses ranging from $60-70,000 can sell for $100,000 with rehabilitation.

Private Real Estate Investor

One private real estate investor, Monica Curtain, owns seven homes in Chesapeake Virginia with her husband. "I have not found myself concerned with the market here. No matter what is happening with the real estate market, there is always something good in it for the real estate investor, whether it's a seller's market or a buyer's market. There are a lot of military in the Virginia Beach area, which is also a resort. People are always moving and leaving here. There is not much concern about property rentals. I'm able to rent property very quickly, with minimal advertising.  I don't even need to advertise in the newspaper. Word of mouth is enough.".

Real Estate Investors & Property Inspections

On another positive note, real estate investors can look forward to more time and information to consider their potential investment. Brandi Brand comments, "When it was a seller's market contracts were signed on homes and properties before anyone had a chance to think the purchase through fully.  Now, investors can price out necessary repairs and renovations to get the best price and most return out of the property." During the height of the invigorated real estate market, home buyers requested inspections, but there was no time to consider these documents in negotiations. Now, there is time for the real estate investor.

E-mail Brandi@breakwatermortgage.com for more information on real estate investments in Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Newport News, Hampton or Williamsburg.