Walker’s Wholesale Houses

A new ethanol plant is coming to Hopewell, according to the Richmond Times Dispatch on November 23, 2008.  Along with that will come new jobs and the need for housing the new employees. 

Also according to the RTD on November 25, 2008

The National Association of Realtors reported yesterday that sales of previously owned homes fell 3.1 percent in October from a strong gain in September, and down 1.6 percent from the same month a year ago.

October figures were unavailable for the Richmond area. However, the median price here in the third quarter — with half the houses selling for more and half for less — was $217,900, down 8.8 percent from a year ago, according to a report released last week by the industry group. The report covered the 20 localities in the Richmond area.

On November 22, the RTD Published “Housing Slump Felt in Richmond” which also refers to the “State of the Housing Market” describes

• House sales 2008 vs. 2006 down 37.22%
• Entire Region Price per sq. ft runs average $123
• 8.47 month supply of houses (6907 in inventory)
• In Richmond’s West End, it takes 5.5 months, compared with nearly 15 months in Goochland County, according to MLS data.
• A forgotten jewel is the Petersburg-Colonial Heights-Hopewell area, White said. The area will benefit from an expansion at Fort Lee and the pending arrival of a Rolls-Royce jet engine testing and assembly plant in Prince George County.
• The Richmond area has 15.9 percent of all mortgage loans underwater, he said.

Basically, Real estate is local.  Local, and local.

The Richmond Times Dispatch, Nov 19, 2008 Reports in

Housing Prices decline 8%

House prices in four out of five metropolitan areas in the nation — including the Richmond area — fell in the third quarter from the same period a year ago, according to the National Association of Realtors.

The median price in the Richmond region, with half the houses selling for more and half for less, was $217,900 in the quarter, down 8.8 percent from a year ago, according to a report released yesterday by the industry group. The real estate report covers a broad portion of the 20 localities in the Richmond metropolitan area.. . . .

Foreclosures are having a bearing on the local market, but only in some neighborhoods, said Brian Liggan, principal broker and owner of Virginia Capital Realty in Richmond, which deals exclusively with foreclosures.

Foreclosures in Church Hill and Highland Park, for example, are pushing prices down in those neighborhoods. “But they are having virtually no effect in Henrico County’s West End. Nor are they affecting Glen Allen.”

Source: Homeowners Delusional On Values – More Dangerous Than Banking Crisis? 

Rob Blake reports on a Zillow survey showing in fast relief just how out of touch the average home owner is when it comes to evaluating their own home’s value.  He takes a spin wondering if that will lead to a real estate freeze, not because of lending requirements, but because no one wants to pay an inflated price.

According to the Richmond Times Disptach, title company Land America is laying off 120 workers because of

The title insurance company and real estate services provider has been hurt by the housing downturn.

Source: LandAmerica lays off 120 workers

November 2, 2008.  Richmond Times Dispatch:

Prices Move Homes

The average house for sale in the sale in the city of Richmond and the counties of Chesterfield, Henrico, Hanover, Goochland and Powhatan sits on the market for 66 days, twice as long as the area’s average in 2005, according to data provided by Joyner Fine Properties.

Sales of modestly priced homes helped lift sales 1.6 percent in this year’s third quarter over the same quarter last year in Richmond and the counties of Chesterfield, Hanover and Henrico, according to the Richmond Association of Realtors.

But in central Virginia, which includes Richmond and 15 surrounding localities, sales fell 3.8 percent in the third quarter from a year ago.

“Some corridors sell quicker than others and at a higher price,” White said. “The near West End of the city, for example, has moved a little faster with less inventory than other areas of the market.”

Houses in Richmond’s West End sell on average in 49 days compared with 35 days in 2006. By comparison, houses in Goochland County, which has seen significant new house construction, currently stay on the market an average of 80 days, up from 58 in 2006.

But central Virginia’s real estate market has not seen the highs and lows that Northern Virginia has, and the Richmond area’s house prices have remained flat.

Joyner’s White expects that the next few months will see a continuation of the current market. “We won’t see a large increase in sales per month,” he said. “We’ll see a stabilization in prices, but we won’t see an increase for 12 to 18 months.”

Are you a real estate investor looking:

• For pre-foreclosure homes in Richmond VA?
• For sub2 deals in Richmond?
• For deals with owner financing in Richmond?
• Low priced houses to rehab to keep as rentals
• Cheap Houses under 50K in Richmond VA?

How much time do you spend looking for houses?  Combing through the real-estate wanted ads?  Searching through the junk on Craigslist?  Hoping to find the motivated FISBO?

We take the hunt out of the equation for you so you can focus on what you do best.

We find those homes where foreclosures are coming, and we can bring them to you with creative owner financing or deeply discounted for cash. 

See what we currently have in our inventory, or grab our feed or signup for our email alert system to get instant notification when we have a new home for you.  It might or might not be in foreclosure.

We do not handle REOs, after they have gone back to the back.  We deal only in pre-foreclosures.  If you are looking for REOs in Richmond, I can refer you to a realtor who has helped me deal in houses.