Hampton Homes for Sale Hold Value Since 2001, Despite Recession

Hampton, Virginia (PressExposure) May 28, 2009 -- “The housing market in Hampton, VA is performing better than most of the country right now,” reports real estate agent Todd King. “I think that we can attribute this primarily to the large base of military stationed here and other big employers, including the Northrop Grumman, Norfolk shipyards and major healthcare providers such as Sentara Healthcare.” He adds that Hampton Roads houses a number of families relocating for work each year and that the prices of Hampton homes for sale have been historically lower than other top metros. “I would have to say that Hampton Roads is almost a recession proof area because of the major employers and the strong housing market,” King explains.

The Hampton Roads homes were selling at an average price of $100,000 back in 2001. Area development, the rich job market and other factors caused Hampton homes for sale to appreciate quicker than the rest of the nation from 2001 – 2007, when houses had an average value of $210,700. Even though the housing market has had its share of stress and housing prices dipped back down, the value of Hampton homes for sale is still great. That $100,000 house that appreciated up to $210,700 is worth about $204,400 today, which is still over double the purchase price. “Even if there are some further price declines this year before the housing market turns up, the investment in their homes will prove to have been a sound and profitable investment – much better than their 401(k)s,” professor Roy Pearson of William and Mary’s Mason School of Business told the Daily Press.

Prior to the 2001 – 2007 spike in value for Hampton homes for sale [http://www.langleyafbhomes.com/], it had taken a steady seventeen years for home values to double. Since the peak, prices have decreased 20%, with another 10% drop forecasted by Moody’s Economy.com. However, the outlook is promising, particularly with the generous offers from sellers in this buyer’s market, the all-time low interest rates on mortgages for qualified buyers or the $8,000 government tax credit for first time homebuyers.

Some people don’t have the luxury to sit around and wait to see what happens with Hampton homes for sale. Some residents will be military personnel relocating their families for a new future at one of the local bases. “I am a prior military member who served in the US Navy and I am a military spouse whose wife is in the United States Air Force,” Keller Williams realty specialist Todd King explains. “I have been all over the world and lived in numerous types of housing markets, so I can relate to the process military members have to go through when making a permanent change of station (PCS) or change in duty station.”

With his real estate services, Todd King aims to give his clients a seamless transition between homes, without any loss of time or money in the Hampton homes for sale buying process. “I try to educate the first time homebuyers on the VA loan process and walk them through all the steps, from getting prequalified to the closing,” King says. “This is the part of the job that I receive the most satisfaction from. Military members want to know about the local schools, places of worship, retail establishments and things to do in the Hampton Roads area. I just try to provide them with enough resources and information to make them comfortable with the move and I will even check in with them over the months to make sure they are all settled in.”

As a data aficionado, Todd King specializes in analyzing trends to find his clients the best Hampton homes for sale, with all the amenities and for the right price. No matter where prospective homebuyers roost, Hampton Roads is blessed with a plethora of high-paying government jobs at the Norfolk Naval Shipyard and Langley Air Force Base, not to mention numerous retail centers from Wal-mart and Target to Farm Fresh and Food Lion. Sentara Health Care, the Portsmouth Naval Medical Center, the Bon Secours Hampton Roads Health System and Chesapeake General Hospital all ensure members of the community are safe. City public school systems in Virginia Beach, Norfolk, Portsmouth and Suffolk take care of area children’s educational needs, while manufacturing centers like Ford, Gwaltney of Smithfield Inc, General Foam Plastics Corp, Specialty Food Group and the International Paper Company take care of the family’s employment needs. Entertainment is also plentiful in the region, with so much waterfront property and so many state parks, auditoriums, sports centers, amusement parks, tourist attractions, botanical gardens and beaches.

No matter what the national housing market does, Hampton homes for sale will continue to be a strong and stable market, with ample career opportunities and amenities for families. Keller Williams Elite Realtors will be happy to help people relocating to the area find the niche where they are most comfortable.

About Hampton Homes For Sale

Todd A. King is a licensed real estate agent with Keller Williams Elite Realtors. He specializes in residential resale and military relocation. Todd can be reached at 4016 Raintree Rd., Chesapeake, Virginia 23321, at toddking@kw.com, or at one of the following numbers: 757-268-7683 (cell), 757-673-7488 (office), 1-888-454-4463 (toll-free).

Press Release Source: http://PressExposure.com/PR/Hampton_Homes_For_Sale.html

Press Release Submitted On: May 28, 2009 at 1:38 pm
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