What is my Williamsburg home worth in today's market?

During the last few years housing values have dropped throughout the entire nation. Areas such as Florida, California and Arizona had more foreclosures than other states. The saying "All real estate is local" is truer today than it has been in years. It is vital for you to know your home's value in this market for many reasons including:

· Is your home adequately insured?

· Is your estate plan based on your home's ture current value?

· What is the equity in your home since home values have changed?

With this in mind you may be wondering "What is my Williamsburg Va home worth ?".

Our Williamsburg area housing market is unique; it has not always been in sync with the nation, the state or especially with the housing market in Hampton Roads. The disparity between the two markets may be due in part to the difference in demographics between the Williamsburg area and Hampton Roads.

For the last several years there were more home sales in the Hampton Roads area than there were in the Williamsburg area. Many of those sales were short sales, foreclosures or bank owned homes and the fact that more houses were selling is partually due to the large military population in Hampton Roads.  On the other hand, there were less short sales and bank owned homes in Williamsburg than in Hampton Roads.

In Williamsburg VA many homes are owned by retirees and investors; there are also many second homes and vacation homes in Williamsburg.  Retirees don't usually move as often as younger home owners. When the housing market started to decline investors and second home buyers pretty much stopped buying property in the Williamsburg area. So when the number of sales in Williamsburg VA dropped sharply the result was a sharp decline in home values.  

The good news is that sales in the Williamsburg area have increased substantially during the last few months despite the fact that the housing market is declining on a national level as well as in Hampton Roads area.

So if you are askin yourself "What is my Williamsburg Va home worth now?", perhaps you would like to receive a complimentary CMA for your Williamsburg area home, Contact me, Sybil Campbell REALTOR®; I will be happy to schedule a time to preview your home in order and give you a detailed and accurate CMA!