Housing market in Petersburg undervalues properties’ value

PETERSBURG, Va. (WRIC) — Joyce Navary sells houses in Historic Petersburg. She is fond of the historic architecture of the buildings.

Navary admits, however, selling houses in Petersburg can be a challenge.

“People hear the news, they read the newspapers and all of that has an impact on their thoughts on where they want to live, Navary said.

According to Navary, many of the houses that are being sold are being purchased by investors. She added that the sellers are really feeling the brunt of the city’s financial woes.

“Sellers are taking a beating. They, of course, want to get the best price on their house. Assessments in Petersburg are pretty high-value. The market doesn’t match the assessments. In almost every case, houses sell for less than the assessed value,” Navary said.

A few blocks away, the real estate agent is having another house renovated, but just across the street is a boarded up house.

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“Six years ago, this house was totally renovated, updated, painted, landscaped. It was beautiful. It was listed for sale and it didn’t sell,” Navary said.

So, does Navary have plans to sell the place across the street?

“Well, let me ask you. Would you buy a house next door to this?” she asked.

Another real estate agent told 8News over the phone that people don’t want to buy homes in Petersburg because they don’t trust the city’s leaders. She said it is like foxes watching a hen house.

8News reached out to city officials to get their thoughts about the city’s problems, but so far calls have gone unreturned.

The mayor of Petersburg did respond to emails and said that he was inundated with work.

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