For buyers who had $215,000 to spend last year, the Norfolk-area market this year is not that different, says Reece. But in the past year, there have been "more first-time buyers out, thanks to the tax credit," he says.
In the fall of 2008, the median home price in the area was $228,000, according to the National Association of Realtors. During the same period in 2009, it was $215,000.
For the median price, buyers are generally going to see homes that are 1,000 to 1,400 square feet, built in the 1970s and 1980s, Reece says. They will also generally find older homes in Norfolk and Portsmouth and newer ones in Chesapeake and Virginia Beach, he says.
In that price range, lots are often a quarter-acre or less, and updates will include items such as new carpeting or flooring and new paint, Reece says. Buyers targeting a town house or condo can generally get a newer home with more amenities, but must often forgo a garage, he says.
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