In our industry we get asked that question on a daily basis........sometimes more than once! What I tend to think is that it already ended, but it began before any of us remember it beginning? Make sense? Well, I understand............you have no idea how many brain cells I've exhausted trying to "figure" out this market. And here is what I have to say..................the market we have now is a "typical" Hampton Roads market.............what we had BEFORE the slowdown was "not typical". I think the values of homes are right where they should be..........and they are where they would've been even if we hadn't had the feeding frenzy we had a couple of years ago.
If you really thought about it, WHY would someone pay $20,000 more for a home than it was worth at the time they purchased it? Yep, I know that's the extreme, but it happened! And now they don't understand why that value hasn't increased to meet up with the amount they paid for it???? Well, that's just plain silly! What happened to make a buyer even think of paying more than the appraised value......and then what happened to make them think they should get it for 50% less?
Well, folks, it is what it is........and it will be what it will be. Hampton Roads is one of the greatest places in the United States to live, not only geographically, but financially! The employment and family opportunites here are endless....the cost of living is reasonable.....and we live in a community that is so highly desireable that we'll never really suffer like other areas....and it has always been that way!
So.....it's is the end...and it's the beginning!