Hampton Roads is experiencing a most difficult time.....along with the entire USA. Buyers have lost confidence and sellers are under pressure, in many instances. Prices are most inviting for the buyer who is approved for financing. However, market volatility can be expected from time to time.
The US government has taken a needy step to stabilize home prices and help lower mortgage interest rates with a new $800 billion spending plan.
The market slid down over many months and will probably recover in an extended time as well. All markets recycle eventually.
Demographics
Occupationally, the 1.6 million-person market contains a diverse population of service industry employees, technology workers, military servicepeople, contractors’ employees, government employees and self-employed individuals. It is, for the most part, a skilled work force with a wide range of education levels.
Income levels are slightly below the U.S. average. This is primarily because of the preponderance of military servicepeople in the region. Nevertheless, the housing boom has produced a level of home ownership far higher (75%) than the national average (68%).
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