The Virginian-Pilot reported strong sales statistics for South Hampton Roads real estate in March with 799 existing homes sold last month, up 38 percent from February but 10 percent below the number sold in March 2008.

REIN (Real Estate Information Network) our local MLS service reported the median sale price in March was $214,000, reflecting a 7 percent increase from $200,000 in February, but a 4.3 percent decrease from $223,600 a year earlier. The median is the point at which half the prices are higher and half are lower.

South Hampton Roads Real Estate sales are typically lower during the winter months with spring being the strongest selling season.

Increased South Hampton Roads real estate sales are being fueled by near record low interest rates, moderate prices and the $8000 first-time home buyer tax credit.

Learn more about South Hampton Roads real estate by visiting ButlerTeamHomes.com.

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

Officially Earth Day is this Wednesday, April 22. Virginia Beach Earth Day festivities will take place on Saturday, May 3 at Mount t Trashmore Park, from 11AM to 5PM.

Events:

• Children’s activity area
• E-cycling - sponsored by Synergy Recycling
• Biking event
• Music and Entertainment
• Food 
• Environmental Exhibits
• Rain Barrels – purchases 
• Plastic Bag Recycling program
• Password Contest  

Getting to the festivities at Mt. Trashmore:
We are encouraging people to bike (see biking info), walk, take the bus, or carpool to the event.  If driving to the event, parking will be tight at Mt. Trashmore, so we are offering people the alternative to park at HRT’s Silverleaf Park & Ride on the corner of Holland Road & Independence. 

HRT will be offering free rides from the Silverleaf Park & Ride to the festivities at Mt. Trashmore on their a Hybrid Wave 35-passenger shuttle starting at 11:00am and going to 5:00pm.
For more information about the hybrid Wave shuttle go to: http://www.hrtransit.org/services/vbwave.html

As a result of many lenders abandoning their foreclosure moratoriums, Hampton Roads foreclosures rose to the highest point on record with 1,086 foreclosure-related notices in March, up 18 percent from February and 177 percent from year-ago levels, according to RealtyTrac, an online foreclosure-monitoring service based in Irvine, California.

During recent months, many of the nation’s lenders held off on repossessions to gauge the impact of federal programs aimed at rescuing troubled homeowners.

Foreclosure activity in March was also at its highest ever reported on a national level. 340,000 foreclosure filings were reported in March, reflecting a 17 percent increase form February and a 46 percent increase from March 2008.

March statistics show one out of every 626 Hampton Roads homes was in foreclosure in March. This figure does not include homeowners behind on their mortgage payments. Hampton Roads foreclosures were most prevalent in Suffolk, Portsmouth and Norfolk, each locality had a filing on at least one out of every 482 homes.

The RealtyTrac data suggest Hampton Roads foreclosure activity in the past year has grown faster here than nationally. Economists have attributed part of that spike to the increasing number of local homeowners being “underwater” in their mortgages as home prices have fallen. Being underwater – the amount of the mortgage is higher than a home’s value – is one of the leading precursors to foreclosure, economists say.

Hampton Roads Real Estate Values as reported by Realty Trac:

Chesapeake Real Estate Values – March 2009

Median Estimated Value: $238,986
12-month Change: -9.96%
Area Foreclosures: 751

Virginia Beach Real Estate Values – March 2009

Median Estimated Value: $242,198
12-month Change: -9.05%
Area Foreclosures: 1,242

Norfolk Real Estate Values – March 2009

Median Estimated Value: $178,871
12-month Change: -9.55%
Area Foreclosures: 839

Portsmouth Real Estate Values – March 2009

Median Estimated Value: $157,661
12-month Change: -8.16%
Area Foreclosures: 494

Suffolk Real Estate Values – March 2009

Median Estimated Value: $369,360
12-month Change: 0%
Area Foreclosures: 368

Learn more about Hampton Roads foreclosures by visiting ButlerTeamHomes.com.

Hundreds of Virginia Beach residents assembled at Town Center on a wet Tax Day for a Virginia Beach Tea Party rally protesting taxes and government bailouts.

The crowd attending the Virginia Beach Tea Party was estimated to be between 600 and 700 people and was watched over by mounted police.

“There’s a lot of folks that are not pleased with the stimulus packages and the bailouts, and feel that their representatives have ignored them,” said Karen Miner Hurd, one the the rally organizers. “We want the pork cut. We want taxes repealed. And we want our representatives to remember that they work for us; we don’t work for them.”

The Virginia Beach Tea Party took place at the fountain on Central Park Avenue in front of U.S. Senator Jim Webb’s office.

The deadline for mailing 2008 federal tax returns is Wednesday, April 15, 2009. No Post Office in the Hampton Roads area is providing extended retail hours. The Hampton Roads General Mail Facility, 600 Church Street, Norfolk, will have personnel collecting mail until midnight to ensure last minute filers receive an April 15 postmark on their federal returns.

All returns with Automated Postal Center (APC), or self-service kiosk, postage must be deposited prior to the last posted collection time, or the mail must be taken to the Hampton Roads General Mail Facility by midnight to receive a timely postmark, where kiosks are available 24/7. The APC label reflects the sale date which does not necessarily represent the mailing date, and an official postmark is required on returns.

Mailers are strongly advised to check the last pickup time posted on blue collection boxes before depositing their returns as mail deposited after the last pickup time will not receive an April 15 postmark. Mailers needing “proof of mailing” must use either a certificate of mailing, certified mail or registered mail obtained through a retail window employee.

The last mail pickup from blue collection boxes in larger Post Offices are listed below, and offices with an APC are marked with an asterisk:

CHESAPEAKE
*Chesapeake Main Office, 1425 Battlefield Blvd., N., 6 p.m. collection box deadline
*Great Bridge Station, 1100 Battlefield Blvd., S., 5:30 p.m. collection box deadline
NORFOLK
Norfolk Main Office, 600 Church St., postal personnel will collect returns until midnight

PORTSMOUTH
Portsmouth Main Office, 933 Broad St., 6 p.m. collection box deadline

SUFFOLK
*Suffolk Main Office, 445 N. Main St., 5:30 p.m. collection box deadline

VIRGINIA BEACH–All offices have a 5 p.m. collection box deadline. The following offices have an APC:
*23452 Main Office/Lynnhaven Station, 501 Viking Dr.
*23454 Hilltop Station, 550 First Colonial Rd., Ste. 308
*23455 Bayside Station, 2109 Thoroughgood Rd.
*23456 Princess Anne Station, 2509 George Mason Dr.
*23462 Witchduck Station, 4831 Columbus St.
*23464 Acredale Station, 1225 Kempsville Rd.

Before you make your final buying or selling decision, you should have the home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective Virginia Beach home inspectors:

1. Will your inspection meet recognized standards? Ask whether the inspection and the inspection report will meet all state requirements and comply with a well-recognized standard of practice and code of ethics, such as the one adopted by the American Society of Home Inspectors or the National Association of Home Inspectors. Customers can view each group’s standards of practice and code of ethics online at www.Ashi.org or www.Nahi.org. ASHI’s Web site also provides a database of state regulations.

2. Do you belong to a professional home inspector association? There are many state and national associations for home inspectors, including the two groups mentioned in No. 1. Unfortunately, some groups confer questionable credentials or certifications in return for nothing more than a fee. Insist on members of reputable, nonprofit trade organizations; request to see a membership ID.

3. How experienced are you? Ask how long inspectors have been in the profession and how many inspections they’ve completed. They should provide customer referrals on request. New inspectors also may be highly qualified, but they should describe their training and let you know whether they plan to work with a more experienced partner.

4. How do you keep your expertise up to date? Inspectors’ commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important in cases in which a home is older or includes unique elements requiring additional or updated training.

5. Do you focus on residential inspection? Make sure the inspector has training and experience in the unique discipline of home inspection, which is very different from inspecting commercial buildings or a construction site. If your customers are buying a unique property, such as a historic home, they may want to ask whether the inspector has experience with that type of property in particular.

6. Will you offer to do repairs or improvements? Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest. Contact your local ASHI chapter to learn about the rules in your state.

7. How long will the inspection take? On average, an inspector working alone inspects a typical single-family house in two to three hours; anything significantly less may not be thorough. If your customers are purchasing an especially large property, they may want to ask whether additional inspectors will be brought in.

8. What’s the cost? Costs can vary dramatically, depending on your region, the size and age of the house, and the scope of services. The national average for single-family homes is about $320, but customers with large homes can expect to pay more. Customers should be wary of deals that seem too good to be true.

9. What type of inspection report do you provide? Ask to see samples to determine whether you will understand the inspector’s reporting style. Also, most inspectors provide their full report within 24 hours of the inspection.

10. Will I be able to attend the inspection? The answer should be yes. A home inspection is a valuable educational opportunity for the buyer. An inspector’s refusal to let the buyer attend should raise a red flag. 

Are you a Virginia beach home buyer with questions concerning home inspections? Give me a call. I’m happy to answer all your questions. Also, visit ButlerTeamHomes.com to learn more about buying a Virginia Beach home.

Search all Virginia beach homes for sale.

Information is courtesy of Realtor Magazine with permission by the National Association of Realtors.

Many consumers today are understandably worried about their nest egg. For many of them, however, their “nest” is the best investment they can make. 

Not only does owning a Virginia Beach home help people build long-term wealth, but also it provides shelter and security for their families and fosters involvement in community life. In essence, homeownership is the cornerstone of a healthy community.   

U.S. Census Bureau data shows that Virginia Beach homeowners move less frequently than renters. This stability is important in creating strong foundations for both families and communities. 

A recent NAR research study shows that Virginia Beach homeowners are more likely to vote, volunteer time for civic events or participate in local crime prevention programs because they’re invested in what happens in their neighborhoods. 

If you are considering buying a Virginia Beach home to build your nest, visit ButlerTeamHomes.com or give me a call. I’m glad to guide you through the process. 

Search all Virginia Beach homes for sale.

Many Virginia Beach home sellers look at the first offer on their home as just that, the First Offer with many more to come. You know what they say, ‘A bird in the hand is worth two in the bush.’ And in the current Buyers Market, offers are few and far between. Virginia Beach home sellers will want to consider the first offer very seriously. Here are reasons why: 

• An early offer (if you’re lucky!) doesn’t necessarily mean buyers are lining up to follow suit. It could just mean that your home meets the needs or preferences of that one particular buyer who made the offer.
• Your home will get the most interest from buyers just after it goes on the market. The longer it stays on the market, the more “desperate” buyers will think you are, prompting lower and lower offers.

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The Forbes.com 11th annual survey of Best Places For Business And Careers has ranked Virginia Beach 56 among 200 metro areas.

The rankings are determined by a series of metrics established by Forbes ranking factors including local colleges, educational attainment of residents, and quality of life offerings.

Virginia Beach ranks 29 for ‘Cost of Doing Business,’ 56 for ‘Projected Job Growth,’ and 111 for ‘Educational Attainment.’

Metro Area Population: 1,657,000

Billionaires: Frank Batten Sr, Winnie Johnson-Marquart

Best Big Companies: Dollar Tree, Norfolk Southern

Best Small Companies: Portfolio Recovery Associates

Congratulations Virginia Beach!!