The current economic climate has created an extremely competitive market for Virginia Beach home sellers. High inventories and the abundance of deals on foreclosures puts to pressure on Virginia Beach home sellers to have properties in showing condition and to be priced right. Many sellers want to initially price their property on the high end of the market and underestimate the costs of having a property sit on the market unsold. Maintenance costs, taxes and insurance are ongoing. Another thing to consider is the benefits of having invested the money that can be made with a fast sale vs. the cost of sitting on the market for a long period of time. 

The saying ‘time is money’ is never more true than when selling a Virginia Beach home, For example,

In January, you put your property on the market for $500,000. In February, your agent recommends a price reduction of $10,000 to $490,000, but you decide to wait out the market a little longer. Assuming your monthly payment on the property is $4,000-5,000 per month (including mortgage, property taxes, and insurance), and it hasn’t sold in six months, by June you have spent $24,000-30,000. This $30,000 expense has lowered the property value from $500,000 to $470,000. If you had lowered the selling price in February to $490,000 and obtained a faster sale, you would have had ended up with more money in your pocket. 

Virginia Beach property values recently have been declining 5-10 percent a month. A property that might have sold in January or February for $490,000, will most likely only sell for $440,000-465,000 in June. So how do you sell your Virginia Beach home faster and for more money? 

Read the rest of this entry »

There were 1,95 Virginia Beach foreclosure homes for sale with 285 new foreclosures in August 2009. The average selling price of a Virginia Beach home was $276,664 in August and the average foreclosure selling price was $226,847, a 18% savings of $49,817, according to RealtyTrac.com.

The estimated median value of a Virginia Beach home was $234,234, down 7.01 percent from July 2008.

Virginia Beach Foreclosure Activity and Home Price Index

  
Virginia Beach foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Read the rest of this entry »

Now is a GREAT time to be buying a home in Hampton Roads, 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.

South Hampton Roads Real Estate Sales Statistics – August 2009

Norfolk-Homes are selling in Norfolk.  Although the prices were down it appears folks just have decided to get it done.

Virginia Beach is the only one of our cities showing a decline in both activity and prices from last August.  Still, that’s over 41 properties a month trading hands; not too bad!

Read the rest of this entry »

In today’s real estate market Virginia Beach home owners trying to sell on their own get discouraged when it comes to getting their homes sold. What they may not realize is that in the modern market selling a home takes a lot more than just sticking a “for sale” sign in the front yard. Traditional real estate marketing tactics have evolved into a variety of more complex and effective strategies. The internet has become the most popular and successful aid in setting up successful home-selling campaigns. 

According to the National Association of Realtors, almost 90% of home buyers do their house hunting online. The fact that the internet is taking over many traditional methods, makes it imperative for Virginia Beach home owners to move their campaigns to the web. Consumers are becoming more independent in the home buying process, relying on the internet for real estate market information and shopping for their perfect home. The quantity of home buyers who ended up purchasing a home they found using the Internet has significantly increased from only 8% in 2001 to a soaring 32% in 2008. However, buyers only account for half of the real estate equation that results in using the internet. 

Internet Marketing for Your Virginia Beach Home

Read the rest of this entry »

It doesn’t matter if you are buying your first Virginia Beach home or are a veteran home buyer, you will have list of ‘wants’ and ‘needs’ for your new Virginia Beach home. The ‘wants’ are things that would be nice to have such as a gas fireplace or granite counters. The ‘needs’ are things like, well a ‘bathroom’ or the number of bedrooms to suit your family. It is rare that you will get all your ‘wants’ and needs’ in the home you buy.

The key to maximizing your Virginia Beach home investment today is distinguishing between the types of ‘wants’ and ‘needs’ you’re better off buying as part of the property, and those you could add later without too much trouble and expense. Here’s some information to help you prioritize the amenities on your list.

Location:

Location is the one thing you can’t change about a property. Location is about being in a desirable neighborhood and close to (but not necessarily next to) valued amenities or planned ones — employment opportunities, good schools, shopping, public transportation, major highways, parks and recreation, cultural activities, etc. A good location is also about not being on a high-traffic street, near noise, next to run-down properties, in a flood plain, etc.

Read the rest of this entry »

Virginia Beach Mortgage Market Recap – September 7, 2009
Courtesy of Fred Levine, Union Mortgage Group

A few months ago, we felt as if we were the only ones on the hilltop shouting, “buy.” That is no longer the case, as others have taken up the charge, evinced by the fact that more people continue to buy. Further proof of purchase activity was offered last week when signed contacts to buy homes in July increased 3.2%, marking the sixth straight monthly increase and the longest continual streak since record keeping began in 2001.

It’s a good thing buyers are buying, because those easy deals could soon be a memory. Clear Capital’s Home Data Index, which features data compiled through August 25, showed that prices increased 7.3%, while the saturation of real estate owned properties dropped three percentage points to 30.1% over the past four months compared to the previous three months. On a metropolitan basis, 28 of 30 major markets saw improving REO saturation rates when compared to a month earlier. In a prepared statement, Clear Capital President Kevin Marshall said, “Buyers are getting nervous that they are missing the bottom of the market, so they’re choosing to get in the market now. These factors greatly increase the chances of a springtime recovery next year.”

We agree with Mr. Marshall’s assessment, except we think a recovery is occurring now. Better housing data, such as a rise in the S&P/Case-Shiller index, have helped stocks extend a heady rally. (The Dow Jones Industrial Average – a reliable leading indicator – is up over 40% since early March.) Meanwhile, the one-time government tax credit for first time buyers and seasonal demand for homes have added a timely boost to the economy.

Yes, concerns remain. Demand remains weak for homes in high price categories. The NAR says just 2.5% of the 460,000 homes sold in July cost $500,000 or more. Five years ago, such homes accounted for 11.2% of the total. Negative equity remains an issue as well. According to First American CoreLogic, the national average has 32% of mortgagors underwater.

Of course, unemployment is the greatest concern. The cycle of high unemployment numbers leading to a downward trend in the housing market is nothing new or complicated to comprehend. On that front, the U.S. jobless rate jumped to 9.7% in August as employers cut another 216,000 jobs. The increase in the unemployment rate exceeded forecasts, but the cut in actual jobs was smaller than anticipated. What’s more, it is a substantial improvement from earlier monthly job cuts this year, which totaled as high as 700,000.

Get more Virginia Beach mortgage info at ButlerTeamHomes.com.

Search all virginia beach homes for sale.

Installing a new insulated garage door is a simple home improvement project that has many benefits. This simple change adds desirable curb appeal and increases the value of your Virginia Beach home. The best part is, it also saves energy and tax credits are given to homeowners who install approved garage doors. 

There is a list of manufactures of approved insulated garage doors that make homeowners eligible for a federal tax credit, which is more valuable than a tax deduction. Homeowners who purchase and install one of the garage doors on their Virginia beach home in 2009 or 2010 could receive up to a $1,500 federal tax credit. However, this is not a new idea. The legislation to award homeowners for installing specific garage doors was originally passed in 2008. Then, the maximum amount possible for homeowners to receive from the tax credit was $500 or 10 percent of the product’s cost. The new federal stimulus plan put in to action in February 2009 made installing a new garage door even more worth while. The new legislation promises triple the amount the original legislation offered. The maximum federal tax credit is now 30 percent of the product’s cost, or up to a maximum of $1,500. 

Another way installing an insulated garage door can help pay for itself is through energy savings. More than often people find that rooms next to or above the garage are the coldest rooms of the house in the winter and the hottest in the summer. This is because old garage doors that are not insulated allow brisk winter and scorching summer air to flow in to the house. The inefficient garage doors can also allow heated and air conditioned air to escape, like money flying out a window. Installing a new qualified, insulated garage door will help reduce energy bills year round and make your Virginia Beach home more comfortable. 

The new and improved garage doors are more attractive to the eye, which increases the curb appeal and value of your Virginia Beach home. Garage doors take up a considerable amount of space on the front of a home. The front of the home is the first thing homeowners, guests, and people passing by get to see when approaching the house. A typical white or almond colored garage door can make a house look plain and boring. It also makes the home blend in with every other house on the street. New garage doors found on the approved list offer a variety of the latest styles, including a carriage house or country look, sleek and contemporary, steel doors with real wood grain panels. No matter what the style of your home, there is sure to be a garage door that compliments and completes the picture.

Learn more about curb appeal and your Virginia Beach home at ButlerTeamHomes.com.

What’s your Virginia Beach home worth?

We all want to get the best deal when buying Virginia Beach real estate. In the current buyers market, this usually translates to buying when the market hits bottom. Ken Rosen of the Rosen Consulting Group and UC Berkeley recommends buying Virginia Beach real estate for shelter and not as a short term investment. Listen to what Ken has to say:

Learn moare about buying Virginia Beach real estate by visiting ButlerTeamHomes.com.

Search all Virginia Beach real estate and homes for sale.