Suffolk, Smithfield & Isle of Wight Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Suffolk, Smithfield & Isle of Wight real estate market activity to see how the spring market is shaping up.

Suffolk, Smithfield & Isle of Wight May 2008 Sales Statistics

Residential sales in Suffolk, Smithfield & Isle of Wight dropped by 53 percent in May compared to May 2007, while the average market time climbed 26 percent, with market times of  107 days vs 85 days. The median sales price decreased 1 percent and the average sale price decreased 3 percent to $307,316.

 What do these statistics mean for Suffolk, Smithfield & Isle of Wight real estate buyers and sellers?

Suffolk, Smithfield & Isle of Wight residential sales have not started to pick up. This is good news for buyers, as sellers remain more negotiable.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Suffolk, Smithfield & Isle of Wight and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all Suffolk, Smithfield & Isle of Wight and Virginia Beach homes for sale.

Find out what your home is worth.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Portsmouth Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Portsmouth real estate market activity to see how the spring market is shaping up.

Portsmouth May 2008 Sales Statistics

Residential sales in Portsmouth dropped by 49 percent in May compared to May 2007, while the average market time remained relatively unchanged, with market times of  57 days vs 58 days. The median sales price increased 14 percent and the average sale price increased 6 percent to $195,657.

What do these statistics mean for Portsmouth real estate buyers and sellers?

Portsmouth residential sales are starting pick up, which is good news for sellers and buyers should get into the market before prices jump even more.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Portsmouth and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com.

Search all Portsmouth and Virginia Beach real estate homes for sale.

Find out what your home is worth.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Let’s take a look at the Norfolk real estate market activity to see how the spring market is shaping up.

Norfolk Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Norfolk real estate market activity to see how the spring market is shaping up.

Norfolk May 2008 Sales Statistics

Residential sales in Norfolk dropped by 15 percent in May compared to May 2007, causing the average market time to increase 24 percent, from 58 days to 72 days. The median sales price remained the same, while the average sale price decreased 5 percent to $244,396.

What do these statistics mean for Norfolk real estate buyers and sellers?

Norfolk residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008
Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Norfolk and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com.

Search all Norfolk and Virginia Beach homes for sale.

Find out what your home is worth. 

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Chesapeake Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Chesapeake real estate market activity to see how the spring market is shaping up.

Chesapeake May 2008 Sales Statistics

Residential sales in Chesapeake dropped by 14 percent in May compared to May 2007, causing the average market time to increase 30 percent, from 63 days to 82 days. The median sales price decreased less 5 percent, while the average sale price decreased 4 percent to $282,514.

 What do these statistics mean for Chesapeake real estate buyers and sellers?

Chesapeake residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers.

Also read:

Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Chesapeake and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all Chesapeake and Virginia Beach homes for sale.

Find out what your home is worth.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Residential sales in Virginia Beach dropped by 25 percent in May compared to May 2007.

Virginia Beach Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the Virginia Beach real estate market activity to see how the spring market is shaping up.

Virginia Beach May 2008 Sales Statistics

Residential sales in Virginia Beach dropped by 25 percent in May compared to May 2007, causing the average market time to increase 323 percent, from 51 days to 74 days. The median sales price decreased less than 1 percent, while the average sale price increased 9 percent to $338,609.

 What do these statistics mean for Virginia Beach real estate buyers and sellers?

Virginia Beach residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers. The good news for sellers is Virginia Beach real estate fared better than South Hampton Roads with a 9 percent increase in prices compared to a 2 percent increase for the region as a whole.

Also read:
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all South Hampton Roads and Virginia Beach real estate homes for sale.

Find out what your home is worth.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Let’s take a look at Virginia Beach real estate and South Hampton Roads real estate market activity.

South Hampton Roads Real Estate Area Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the South Hampton Roads real estate market activity, including Virginia Beach real estate, Chesapeake, Norfolk, Suffolk and Portsmouth, Smithfield and Isle of Wight for this May.

South Hampton Roads May 2008 Sales Statistics

Residential sales in South Hampton Roads dropped by 4 percent in May compared to May 2007, causing the average market time to increase 30 percent, from 60 days to 78 days. The median sales price decreased 4 percent, while the average sale price increased 2 percent to $294,000.

What do these statistics mean for South Hampton Roads and Virginia Beach real estate?

It remains an excellent market for first time home buyers to get their feet wet. Market times have increased making sellers more negotiable and prices remain moderate with only a 2 percent increase over May 2007. 

Also read:

Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Hampton Roads Market Trends-April 2008
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about South Hampton Roads and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all South Hampton Roads and Virginia Beach homes for sale.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Mortgage bond prices fell pushing Virginia Beach real estate mortgage interest rates higher.

Market CommentMortgage bond prices fell pushing Virginia Beach real estate mortgage interest rates higher. Inflation fears were fanned once again by Fed Chairman Bernanke with warnings that the Fed may have to begin raising rates sooner than most analysts expected. Stronger than expected retail sales figures piled on an already battered mortgage bond market pushing bond prices lower and rates higher. Oil prices remained volatile, which continued to fan inflation fears. For the week, interest rates on government and conventional loans rose over a full discount point.

The producer price index Tuesday will be the most important event this week. Housing starts, industrial production, capacity use, and leading economic indicators data may also move the market. Expect oil and stocks to continue to factor into trading, as inflation fears remain.

LOOKING AHEAD

Weather

The mortgage interest rate markets are subject to an enormous number of factors. Most analysts agree that weather can have an effect on market activity. Although the effects are seldom long lasting, they can be quite significant.

The United States is the world’s largest exporter of corn. Relatively rainy weather recently across the Midwest portions of the United States has delayed planting of corn. This caused corn prices to escalate. Wheat and other staples are also in high demand amid reduced supply, causing prices to rise. Couple these factors with rising energy costs and the picture does not look pretty. Higher commodity prices result in heightened inflationary fears. Many analysts predict the food price increases already seen most everywhere will continue.

The weather also has the potential to directly alter fuel prices. As we enter the hurricane season, many oil and gas fields in the Gulf along with refineries along coasts are susceptible to damage. If this were to occur, oil prices would almost surely rise sharply. Rising oil prices would do little to help mortgage bond prices already pressured by inflationary fears. The result would most likely be higher rates.

The economic effects of various weather occurrences may cause only temporary changes in economic activity. However, those times of change can have a lasting impact on people obtaining mortgages. Despite the rate increases seen recently, mortgage interest rates remain historically favorable for borrowers. Now is a great time to take advantage of rates at these levels.

Information provided by Fred Levine, Union Mortgage Group, (757) 287-0551.

For more information on Virginia Beach real estate, visit ButlerTeamHomes.com. Start your Virginia Beach real estate home search.

Virginia Beach loft living will never compare to Manhattan’s Soho, Chelsea or Tribecca, but 2 loft style condo communities in Virginia Beach offer stylish contemporary options to those not inclined to cutting grass and spending lots of time in the car. 

Studio 56 at Town Center has an urban sophistication, while Old Beach Village blends a traditional ‘old beach’ atmosphere with loft style living. So whether you are a culture buff or a beach bum, there is loft living designed just for you. 

Studio 56

Studio 56, located at Virginia Beach’s Town Center, the four story building is a stone’s throw away from the newly opened Sandler Performing Arts Center, a variety of restaurants, shops, movie theaters, gym, and Pembroke Mall. Access to I-264 is less than a mile away for easy commuting anywhere in the area.

 There are 14 units on each floor, ranging in size from 675 to 1,095 square feet. All units include track lighting, window coverings, all major appliances in stainless, granite counters, ceramic flooring in the baths, hardwood flooring, 11 ft ceilings with exposed conduit and sliding glass doors opening onto balconies. Then it is up to you to create your own masterpiece.

Sample units available:

1,029 square foot unit on 3^rd level for $364,264 or 4^th level for $377,581.
870 square foot unit on 2^nd level for $297,320, or 5^th level for $316,200
732 square foot unit on 4^th level for $256,272.

Old Virginia Beach Village

Old Virginia Village is a few short blocks for the breathtaking Atlantic Ocean, the Virginia Beach boardwalk, shopping and entertainment. Buyers can enjoy loft style living with open, spacious floor-plans or 3-4 bedroom ‘flats’ with a more traditional flair.

The Lofts feature living, dining, kitchen areas and one bedroom are completely open, allowing for uniquely divided living spaces or customize with your choice in wall options.

The Flats include open living, dining and kitchen areas for casual elegance and extreme livability.

Sample units available:
1,381 square foot Loft unit with 2 bedrooms on 2^nd floor for $369,900
1,472 square foot Loft unit with 2 bedrooms on 2^nd floor for $409,900
1,688 square foot Flat unit with 2 bedrooms on 3^rd floor for $469,900
2,490 square foot Flat unit on with 4 bedrooms on 5^th floor for $649,900

For more information on Virginia Beach real estate and loft living, call 866-222-0158 #550.

Images courtesy of Studio 56 and Old Virginia Beach Village.

Search all Virginia Beach real estate and condos for sale.

This is not just a house, this is a lifestyle.

Norfolk Home For Sale With Boat Slip

9524 8th Bay Street, Norfolk VA 23518 

Vacation every day!  This is not just a house, this is a lifestyle.  This 4 bedroom, 2.5 bath house is on the channel to Pretty Lake and has a boat slip with a 10,000# boat lift.  Set sail from your boat slip and within minutes you’re on The Chesapeake Bay.  Fantastic views of Pretty Lake from either deck, cathedral ceilings and skylights add to the airy and comfortable feeling of this transitional style house.  Fireplace, eat in kitchen, separate master suite level, 2 zone HVAC, utility room, and a home warranty too!

For more information about this home or other Virginia Beach and Norfolk real estate, visit ButlerTeamHomes or give us a call at 866-222-0158 #550 for more personal service. Search all virignia Beach and Norfolk home for sale.

When we think of termites, most of us think they are only active in the spring and summer months.   Although this is not the case, they do tend to swarm and become more active in most parts of the country this part of the year, and it is when most Virginia Beach real estate owners start thinking about them. 

Termites can silently and secretly destroy a home before you even see the first sign of evidence that these hungry home wreckers are even present.  And, contrary to popular belief, they don’t just eat wood!

Check out this article to learn more about termites and the kind of damage they can cause.  This article is a great resource if you think you might have termites and aren’t sure what to do about them. 

To learn more about Virginia Beach real estate, please call us at 866-222-0158 #550 or visit ButlerTeamHomes.com.  Search all Virginia Beach real estate homes for sale!