Real Estate Market Statistics

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Nearly 30% of Roanoke, VA Homeowners are Underwater or Have Negative Equity in Their Home.  REsolutions Real Estate Services Can Help. In May 2012 I posted an article on the negative equity problem in our market.  Although the real estate activity has picked up since then prices have only increased slightly and only in certain areas.  Many Roanoke home owners and Sellers cannot sell their homes because they have no equity and cannot afford to pay REALTOR commissions or even to sell at market value. As you can see by the Zillow.com heat map and the summary table I’ve made below, some neighborhoods have been hit harder than others due to the high number of foreclosures and short sales in the market as a result of buying at the peak of the market and having a reduction in income, job loss or an increase in the mortgage payment that lead …

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The 2nd Annual Roanoke MSA Real Estate Market Statistics Presentation is Here! In November 2011, after careful consideration of 6 Appalachian cities, I chose Roanoke, VA to be my new home and place of business.  I decided to start a real estate business just weeks after being dropped into a market I knew nothing about.  So, being the analytical guy I am I decided to pull all of the data I could get and quickly learn the market.  I pulled a list of closed transactions from RVAR MLS and Roanoke City GIS to get started.  After several hours of excel work I realized I had created a pretty good summary of the market that painted a clear picture. In January 2012 I was invited to present my findings to the Real Estate Investors Group of Roanoke so I pulled together a presentation to share what I had learned. Some of …

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www.Zillow.com has just released a new tool on their site which allows home owners across the US to see how their neighborhood ranks among others for the amount of negative equity in their homes.  For months I’ve been researching this and I’ve found that roughly 55% of homes nationwide currently have less than 10% equity and 27% are over leveraged.  I have not been able to find data at the local level until now.  This confirms that Roanoke is NOT insulated from the effects of the overall real estate market as so many professionals lead you to believe.  In my experience here in Roanoke, pretty much any home owner who originated their loan after 2006 who did not put 20% or more down is most definitely in a negative equity situation.  That is why REsolutions Real Estate Services has introduced our Rent To Own program. Through our Rent To Own …

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