Why are there so many homes for sale in the Virginia Beach area?
We were looking to buy a home but noticed the amount of home for sale / is the flood insurance high /is there a high unemployment rate.
Simple..
People who had no business buying a house were either stupid or fooled into overextending. The banks have stricter lending now, the "teaser" interest rates are over, and the resale values are going down. It has nothing to do with flood insurance. It’s happening in communities all over the US.
So if you want to buy there, now (and next year) is the BEST time to buy since the prices will remain depressed until the inventory is cleared out. Personally, I would wait at least a year before buying real estate anywhere. I believe its still got a long way to go until this mess is over (and not just VaBeach).
Good Luck