Home prices in Newport News
Great you want to know the prices of homes in Newport News! The home prices in Newport News are really on an upward swing. For the Month of December 2012 some homes sold for almost $40,000 more then their asking price! how the heck is that happening?
In this market it is not uncommon for home owners to know have multiple offers on their home and in some cases even have buyers bidding blindly. One of the reasons this is happening is due to a housing shortage in some areas of the market. Now I know we here that we have all these foreclosures and short sales so how could we possible run out of homes. Well let's keep in mind that while the banks did stop foreclosures due to the government stepping in and forcing them to process all the paperwork correctly for every foreclosure. Now keep in mind that the bank did not really stop foreclosing on homes they simple applied a pause button and now moving forward the homes that will be foreclosed on is in the range of 700k-just over a million files that are in one stage of the foreclosure process.
So until these homes are released the market will still be constrained to what is readily available and most of the time when the homes come available the homes are not in the best of condition and they may not be in the area of town you want. If your investor and your looking for a great deal then Hampton Roads is a great place to by. Rent is going up while if your an investor with cash you would be better off.
Home prices in the following zip codes