Suffolk real estate sales statistics for February 2009 show a 15 percent decrease when compared to February 2009 with 12 fewer homes sold. The averages sales price declined 22 percent and the median sales price declined 7 percent during the same time period. Market times increased 34 days or 41 percent.

Suffolk Real Estate Sales Statistics – February 2009

The National Association of Realtors reported an increase in existing-home sales in February, reversing losses in January. Sales activity, however, remains relatively soft, reflecting additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect.

Suffolk real estate sales did not reflect the national figures, making this a great time to buy a home, if you are looking for a long term investment. Now is not the time to buy and flip…but to buy and hold for 3,4 or 5 years. 

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

Interested in knowing what your Suffolk home is worth?

Visit HRHouseValue.com. 

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

Portsmouth real estate sales statistics for February 2009 show a 14 percent decrease when compared to February 2009 with 11 fewer homes sold. The averages sales price declined 5 percent and the median sales price declined 6 percent during the same time period. Market times increased 28 days or 31 percent.

Portsmouth Real Estate Sales Statistics – February 2009

The National Association of Realtors reported an increase in existing-home sales in February, reversing losses in January. Sales activity, however, remains relatively soft, reflecting additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect.

Portsmouth real estate sales did not reflect the national figures, making this a great time to buy a home, if you are looking for a long term investment. Now is not the time to buy and flip…but to buy and hold for 3,4 or 5 years. 

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

Interested in knowing what your Chesapeake home is worth?

Visit HRHouseValue.com. 

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

Norfolk real estate sales statistics for February 2009 show a 29 percent decrease when compared to February 2009 with 40 fewer homes sold. The averages sales price declined 23 percent and the median sales price declined 18 percent during the same time period. Market times increased 18 percent.

Norfolk Real Estate Sales Statistics – February 2009

The National Association of Realtors reported an increase in existing-home sales in February, reversing losses in January. Sales activity, however, remains relatively soft, reflecting additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect.

Norfolk real estate sales did not reflect the national figures, making this a great time to buy a home, if you are looking for a long term investment. Now is not the time to buy and flip…but to buy and hold for 3,4 or 5 years. 

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

Interested in knowing what your Norfolk home is worth?

Visit HRHouseValue.com. 

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

Chesapeake real estate sales statistics for February 2009 show a 26.88 percent decrease when compared to February 2009 with 50 fewer homes sold. The averages sales price declined 17 percent and the median sales price declined 11 percent during the same time period. Market times remained the same.

Chesapeake Real Estate Sales Statistics – February 2009

The National Association of Realtors reported an increase in existing-home sales in February, reversing losses in January. Sales activity, however, remains relatively soft, reflecting additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect.

Chesapeake real estate sales did not reflect the national figures, making this a great time to buy a home, if you are looking for a long term investment. Now is not the time to buy and flip…but to buy and hold for 3,4 or 5 years. 

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

Interested in knowing what your Chesapeake home is worth?

Visit HRHouseValue.com. 

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

Existing-home sales increased in February, reversing losses in January. Even so, sales activity remains relatively soft, reflecting additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect, according to the National Association of Realtors^®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.1 percent to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January, but are 4.6 percent below the 4.95 million-unit level in February 2008. Seasonal adjustment factors are more volatile in winter months, but sales rates over the past few months show dampened sales activity.

Now, let’s take a look at the numbers for Virginia Beach and see how February 2009 compared to last year. 

Virginia Beach Real Estate Sales Statistics – February 2009

100 single family Virginia Beach homes sold in February, a 75 percent decrease from February 2008. The average sales priced dropped to $261,882, down 14 percent from 2008. The median sales priced dropped to $234,700, a 24 percent decline. Market times decreased by 4 percent with market times of 77 days in 2009 vs 80 days in 2008.

Virginia Beach real estate sales didn’t follow the national trend of increased sales in February, making this a great time to buy Virginia Beach real estate, if you are looking for a long term investment. Now is not the time to buy and flip…but to buy and hold for 3,4 or 5 years. 

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

Interested in knowing what your Virginia Beach home is worth?

Visit HRHouseValue.com. 

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

How do most people tell when the bottom of the Virginia Beach real estate market was reached? How do most people know when the top of the market has been reached? Usually it is by looking back and saying “Oh, I wish I had Bought…. Sold back then!”  We may be reaching the bottom of the current real estate market and beginning to see the return of appreciation. Do Not Miss your opportunity.

Here is an “Interesting” excerpt from CNBC. I suggest you take it as a “For What It’s Worth”. There are certainly some good and some “Over the Top” comments in this clip:

Personally, I don’t subscribe to “Over the Top” commentary. I just think it makes sense to realize we are likely at or very near the bottom of the housing market and it IS a great time to buy a home! Rates are extremely low, Sellers are ready to sell and there is a large inventory of homes in all price ranges. The “Magic Three”…. Think about it…. Take advantage of it! Give us a call!

Learn more about Virginia Beach real estate by visiting ButlerTeamHomes.com.

Search all Virginia Beach real estate and homes for sale.

Sales of new homes rose in February for the first time in seven months, the Commerce Department reported Wednesday, another sign that the housing market is thawing.

Sales of new and existing homes are picking up month over month, and prices may soon follow. But the crosscurrent is whether unemployment will continue to rise, says USC real-estate economist Delores Conway. Stacey Delo reports…

Watch for local Virginia Beach real estate sales statistics in our next post.

Search all Virginia Beach real estate and homes for sale.

Virginia Beach Real Estate For Sale:

3904 Whooping Crane Circle, Virginia Beach VA 23455

Beach Living for Less!  Great opportunity for you in this Aeries On the Bay 3 bedroom townhome.

Seller’s loss is your gain.  Perfect condition and a short sale. 

Everything has been updated with top quality and pizazz!  Granite kitchen, bamboo and ceramic floors, stainless steel appliances, newer high efficiency HVAC system.  All this just about 400 yards to the beach!

Walk to the beach or relax in privacy on your deck or patio…AHHHHH!

Learn more about Virginia Beach real estate by visiting ButlerTeamHomes.com.

Search all Virginia Beach real estate and homes for sale.

Treasury’s new plan for toxic mortgage loans and mortgage backed securities is good news for Virginia Beach real estate. The move will help bring interest rates down even more and free up money for morrtgages. Read the release from the American Bankers Association:

Treasury Unveils Details of New Public-Private Investment Program
The Treasury Department today issued details on its Public-Private Investment Programs in conjunction with the FDIC and the Federal Reserve Board to buy troubled mortgage loans and mortgage-backed securities from banks. The programs will use $75 billion to $100 billion in Troubled Asset Relief Program funds and capital from private investors to generate $500 billion to purchase troubled assets, with the potential to expand to $1 trillion over time.

The PPIP has two components:  a “Legacy Loan Program” and a “Legacy Securities Program.” The Legacy Loan Program would encourage private investors to buy loans from banks in the following way:

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The Fed just announced they have committed to buy another $750B in Mortgage Backed Securities, and $300B in Treasuries. This is huge for Virginia Beach real estate according to Fred Levine, Branch Manager of Union Mortgage Group and here is why:

Federal Reserve Surprises Financial Markets

Here we go again, with the talking heads on financial news misinterpreting the impact of the Fed’s actions on home loan rates.

Here’s the scoop. What the Fed just announced is huge – they have committed to buy another $750B in Mortgage Backed Securities, and $300B in Treasuries.

But what does this mean and why do you care?

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