residential real Estate

Residential Real Estate : VALS rri A W e n Homes that satisfy

Everyone’s Taste and Lifestyle

Wide open Spaces at Sleepy point, Suffolk

CoUrtEsy oF City oF sUFFolK

one of the most anxiety-ridden parts of relocating is buying a home. What home options are available? What type of home do you want? What price range can you afford? Where do you want to live? What amenities are important? these are just a few of the real estate questions that fill the minds of newcomers.

Virginia was ranked among the BEST in the country for Economic Development.

• No. 1 for Unmanned Aerial Systems • No. 2 for Best Business Climate • No. 2 for Cybersecurity Growth

Potential • no. 3 for Economic growth Potential • no. 5 for Workforce training leaders • No. 6 for Tech Job Employment leaders • Norfolk/Hampton Roads, VA is ranked no. 4 in the U.s. among top 10 Cities for industrial real Estate sales growth

For 2020, the HrPDC Economists expect to see the region’s economy continue to grow. Expected gains in the retail and Construction industries will assist civilian employment in Hampton roads. the unemployment rate is likely to continue its slow decline, while increased budget certainty will help propel retail sales. Building permit activity and motor vehicle sales are expected to continue to experience strong growth in the coming year.

old Dominion University’s E.V. Williams Center For real Estate and Economic Development reported that new construction in Hampton roads had risen in the double digits. the upward trend has continued in local economy investments into early 2020.

Homebuyers have a lot of options throughout the region. While singlefamily, detached homes are the most popular, there are also townhouses and a variety of condominiums to choose from. Because of Hampton roads’ long history, new residents can choose old farmhouses with Colonial charm, as well as unique 19th-century homes built in every decade for the last 100 years. one neighborhood in Hampton,for example, features vintage Victorian homes with high ceilings, parlors, fireplaces in bedrooms and walk-around front porches. a short distance across the James river in smithfield, are numerous, older historic homes built in the Colonial, Victorian, Federal or georgian fashion. Hilton Village, in newport news, is on the Federal register of Historic sites. its single family and duplex stucco homes were part of the federal govern-

ment’s first attempt to provide housing, built after World War i for the influx of military and workers at the nearby shipyard. on the other hand, there are more contemporary homes in newer subdivisions as well as a number of planned communities with various amenities to suit everyone’s tastes and pocketbook. Many of these communities are in suburban and even more rural settings. However, the return to a more urban lifestyle is opening opportunities for downtown living where you can walk to restaurants, shopping, entertainment, etc. those seeking starter and fixer-up homes will also find a number of options to consider. it is still a buyer’s market, and inventory seems to be increasing although fairly stable. the recovery in Hampton roads is due in large part to the fact the region has a large number of defense contractors as well as a “defense-driven economy”. add to that a mild climate, an ocean front and numerous waterways, plus historical sites reflecting the birth of our nation, and you have a formula for solid growth which keeps new residents coming into the area.

Each individual or family should do some homework before beginning a house search. that homework should include: • Determining housing needs and wants. For example, a family may need four bedrooms and want to live near the water. • Determining what type of housing is wanted. • Determining how important it is to live near work sites and/or near schools. • Getting financial affairs in order. Develop a list that includes all bank accounts (with numbers and amounts), all debts (including to whom owed and the amount), and all income. • Determining how much can be spent on a home. individuals may want to consider pre-qualifying for a mortgage.

the greater Hampton roads realtors association (gHrra) and the Virginia Peninsula association of realtors (VPar) are good resources in beginning any house search. Feel free to call either association for advice on the housing market or to obtain a listing of member realtors who subscribe to a strict code of ethics.

Hampton roads realtors association http://www.hrra.com/

virginia peninsula association of realtors http://vpar.realtor/

Williamsburg area association of realtors www.waarealtor.com 473-9700

599-5222

253-0028

BASE RESIDENTIAL TAX RATES*

(tax rate per $100 of assessed value)

Chesapeake $1.040 Franklin $1.030 gloucester County $0.695 Hampton $1.180 isle of Wight County $0.850 James City County $0.830 newport news $1.210 norfolk $1.250 Poquoson $1.130 Portsmouth $1.300 smithfield $0.160 southampton $0.895 suffolk $1.110 surry $0.770 Virginia Beach $1.018 Williamsburg $0.600 York County $0.795

* Weldon Cooper Center Virginia local tax rates e-Book

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