NORFOLK, Va. (WAVY) – If you are in the market for a new home in Hampton Roads, you may need to act fast. Homes are selling without inspections and sometimes sight unseen.
This frantic market movement begs the question: how long will it last? An overview of local real estate demands out-of-town perspective.
Nicole and Kevin Franqui moved to Norfolk just over a year ago from San Diego.
“We realized how much we were spending for an apartment in Southern California, and we started looking at what we could get for a lot cheaper out here,” said Kevin Franqui.
The couple paid $283,000 for their home in Norfolk, sight unseen, and $3000 over the list price, and they have plenty of company.
“It’s the wild wild west out there,” said realtor Taylor Lennox with COVA Collective Realty in Chesapeake. “It’s a multiple offer situation. People having to put in over appraised value. But those people that purchased this time last year could then turn around and sell their properties this year for a really good profit.”
That’s because inventory, or the number of homes for sale, is at historic lows. The Hampton Roads REALTORS Association says our area had only a month and a half supply of homes in November. That’s a 12.5% drop from the same time a year ago. The median price for a single-family home is $300,000, up 6.4%.
“You can sell your house and make a fortune. I don’t care who you…