Virginia Beach VA real estate listings and homes for sale, home buying, home selling information – Hamilton's Realty

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Why NOW is always the best time to purchase real estate, even in an economic downturn.

March 9th, 2008 12:12 AM

"The way to make money is to buy when blood is running in the streets" - John D. Rockefeller

I am often asked the question: With the economy looking gloomier by the day. When should I buy real estate? The answer is always: NOW! Yes, the economy has its ups and downs. And yes, the current economy is currently in a slump, but history has proven that the housing market has always continued to rise even through the toughest of times. The world has a natural order to it, and when things shift towards one extreme beyond that of normal, it will always correct itself back to its original state (i.e. What goes up, most come down). So, the housing market in 2002 went to one extreme (very high), and now it is settling back to it's norm. Fortunately, that norm has an average annual appreciation of approximately 7% (which is better than nearly all other investment vehicles).

The second problem with timing an economic cycle is that you never know when the cycle will change until well after it already has. Even the top analyst/forecasters cannot pinpoint the day, week, month, or sometimes even the year when an economic cycle will change. Remember that they started guessing when the bursting of the housing bubble would happen 3 YEARS before it actually happened. Therefore, if you are holding out on a purchase of real estate, because you want to wait until the the cycle is at its lowest point. Then most likely you will end up paying more than if you were to pay a higher price now, because you don't realize the bottom of the cycle until prices are rising. For all we know, now is the bottom of the cycle. Waiting, actually has many more consequences. One being, that once the Fed decides that the cycle has changed (which is likely to be well before you do), the first thing they will do is raise interest rates to combat inflation. Another consequence is that as prices being to rise, sellers will stop negotiating. Once sellers realize that they can get more for their property you can forget about talking them down on their price, or requesting closing cost assistance. So, not only do you pay more on the purchase price, you also don't get to negotiate favorable terms, AND you your payment is actually more than if you had paid thousands of dollars more during the cycle's downturn due to higher interest rates.

If you are currently on the fence about purchasing real estate, call Hamilton's Realty and get the guidance you want and need to make a smart decision. Don't miss out on the opportunities available to you, call Hamilton's Realty now at (757) 573-3367, or simply fill out a request on our "Buyers" page. Thank you for reading, and check back frequently for more.

Posted by Chris Hamilton on March 9th, 2008 12:12 AMPost a Comment (0)

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Hampton Roads, Virginia - A near reccession proof economy

March 29th, 2008 10:23 PM

With the media consistently presenting the "doom and gloom" of the current economy, many people don't know where to safely put their money. More than ever, they need someone to guide them. Hamilton's Realty is the someone, and Hampton Roads is the place. While the housing market in a large portion of the country is declining, Hampton Roads' property values have continued to increase. The media has reported increasing foreclosure rates across the country. Hampton Roads as enjoyed a foreclosure rate of less than 1% (one of the best rates in the country). The overall economy of Hampton Roads has not only shown great resilience, but has continued to grow.

Hampton Roads consist of Hampton, Newport News, Norfolk, Portsmouth, Chesapeake, and Virginia Beach.

The city of Norfolk is leading the charge with record growth with over 5 Billion dollars of new investment over 5 years. Located in one of the fastest-growing metropolitan areas in the United States, Norfolk, Virginia is booming. In its strategic spot on the mid-Atlantic Coast, Norfolk enjoys a powerful economy with a burgeoning retail, industrial, and tourism base. It’s beautiful downtown is experiencing yet another amazing expansion and redevelopment effort that includes mixed-use development of department stores, restaurants, a cruise ship terminal and more than 500 urban residential spaces, according to Norfolk Development. Companies such as Sentara, Trader Publishing Company, Blackhawk, Dominion Enterprises, Hilton Hotels, CMA CGM (3rd largest shipping company in the world), and the Social Security Administration's new regional office are contributing millions of dollars in construction. Over 2 million square feet of new Medical, Office, Residential, and Retail space, and thousands of new jobs are being added to the region. Also to be completed by the end of 2010 is Norfolk's new Light Rail Mass Transit System ("the Tide"). "The Norfolk metro area tied with New York City for second place as the best overall commercial real estate market in the country." – Moody’s Investors Service Quarterly.

Virginia Beach is already known for its large tourist industry. The new Convention Center and the "Dome" redevelopment project have added another dimension. Companies such as Stihl Inc., Amerigroup, and Lifenet have located their U.S. Headquarters in Virginia Beach. Having a large impact The Town Center of Virginia Beach is a 17-block, $500 million multi-phased mixed-use development located in the city’s Central Business District. It provides a mix of deluxe residential apartments and condominiums, Class-A office, multi-level upscale retail, business and luxury hotels and an array of cafes and restaurants. The Westin Hotel & Residences, Studio 56 Lofts and the Sandler Center for Performing Arts have recently opened. A five-story office building, Two Columbus Center, will open in Fall, 2008.

Hampton Roads is home to nine major military commands including the world’s largest naval base adding a well-trained work force, and thousands of Government Service jobs. The Federal Government consistently spends millions with Hampton Roads' ship builders, and defense contractors.

So if you are looking for a safe place to invest your money, or if you are looking for a great area to relocate give Hamilton's Realty a call at (757) 573-3367 or send us an email at Hamiltonsrealty@cox.net and let us be your guide. Thanks for your continued interest.

Posted by Chris Hamilton on March 29th, 2008 10:23 PMPost a Comment (0)

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