There were 1,394 Virginia Beach foreclosure homes for sale with 316 new foreclosures in December 2009. The average selling price of a Virginia Beach home was $250,228 in December and the average foreclosure selling price was $224,827, a savings of $25,381, according to RealtyTrac.com.

Virginia Beach Foreclosure Activity and Home Price Index

Home price appreciation was 0.0% with 316 new foreclosures.

 
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. 

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The number of pending home sales fell in November after a surge of activity in preceding months. The surge can be attributed to first-time home buyers trying to beat the original deadline for the first-time home buyer tax credit, according to the National Association of Realtors®. Despite the drop in November figures, pending sales were still 15.5 percent higher than November 2008.

Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

Now, let’s take a look at the numbers for single family home sales in Hampton Roads for December and see how we are compared to last year.

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. 

Norfolk- The market is moving and it is moving up!  We are seeing very nice numbers throughout Hampton Roads! 

Virginia Beach—Positive numbers all around! Let’s keep these going in the right direction. 

Portsmouth Prices are still down but the activity is strong. 

Chesapeake These numbers are terrific!  Let’s hope we are on the upswing.  

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 home is worth?  Visit HRHouseValue.com.

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

Part III of your guide to homeowners insurance gives you information you hope you’ll never use–dealing with damage to your Virginia Beach real estate. Most likely your policy will explain how to file a claim, but here are the basic steps:

1.  If a crime has been committed, report it to the police. You should get a copy of the police report.

2.  Contact your insurance agent or company immediately.

3. If necessary, try to protect your property from further damage. Save your receipts.

4. Don’t dispose of damaged items until the adjuster has seen them.

5. Prepare a list of damaged items. Take pictures of the damage. (Now aren’t you glad you made an inventory list/video?)

6. Get the appropriate claim forms and fill them out completely. Return them within the time limit.

If you encounter problems (such as denial or inaction within a reasonable period of time) settling your insurance claim for your Virginia beach real estate, you can follow these steps:

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Just because you have purchased insurance for your Virginia Beach real estate, don’t think that your responsibility has ended there. It is important that you inventory your possessions and keep that list up to date, at least annually. In addition to making a list of items, it is wise to also photograph them–and even better, videotape entire rooms! (And do remember to keep the list, photos, and/or tape in a place where they can not be destroyed by fire, flood, etc. A bank safety deposit box would be ideal.) Suggestions for making a Virginia Beach Real Estate inventory include:

• Organize it by room.
• Describe each item, including make and model, and where it was bought. Record the serial number, if the item has one.
• Attach sales receipts, purchase contracts, and appraisals to your list.
• For clothes, count each type of item, such as pants, shoes, shirts, coats, etc. Particularly note those that are valuable.

Supplement your written list with photographs. Make sure you label the photos. *If you have a video camera, videotape each room. You can also add a narration as you tape.

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For you, as for most Americans, your home is your largest and most important investment. Homeowners insurance, required by mortgage lenders, protects you from losing the value of your home if disaster strikes and enables you to repair or rebuild the structure. It covers damage to your home (real property) and your personal belongings (personal property) for the hazards specified in your policy. It also covers your liability for any injuries and property damage that you or your family members (including pets) cause to other people.

Types of homeowners insurance:

HO-1 is very basic coverage, insuring against fire or lightening damage

HO-2, called “broad coverage,” also covers loss of or damage to property resulting from windstorm or hail, theft, explosion, smoke damage from vehicles and aircraft, glass breakage, removal of property endangered by covered peril such as fire, vandalism, malicious mischief, and riot or civil commotion. HO-2 also covers building collapse, freezing of or accidental discharge of water or steam from within plumbing, heating, or air-conditioning, falling objects, weight of snow, ice, or sleet, and rupture or bursting of steam or hot water heating system

HO-3, called the “special” form, insures your home and detached structures against loss or damage from any peril except for those specifically excluded in the policy. This is the policy most homeowners purchase. It is important for you to read your policy carefully to see what is excluded—you may want to cover exclusions with special endorsements.

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Baby, it’s cold outside! January has started out to be among the coldest on record. Below are tips for keeping your Virginia Beach home warm and saving energy recommended by the U.S. Department of Energy’s Energy Savers Consumer Tips Web site and their Energy Savers booklet PDF.

Use Furnaces and Heaters Wisely

• Set your thermostat as low as it is comfortable. Each degree you lower your thermostat can cut your heating costs between one and three percent. A common strategy is to lower thermostat settings to 68 degrees. The lower you set it, the more you’ll save.
• Turn your thermostat down 10 to 15 degrees during your sleeping hours or while you’re away, to save even more on your heating bill.
• Use a programmable thermostat with your furnace to adjust the setting while you sleep or no one is home.
• Clean or replace filters on furnaces once a month, or as needed.
• Clean warm-air registers, baseboard heaters, and radiators as needed; make sure they’re not blocked by furniture, carpeting, or drapes.
• Place heat-resistant radiator reflectors between exterior walls and the radiators.
• Bleed trapped air from hot-water radiators once or twice a season. If in doubt about how to perform this task, call a professional.

Weatherize – air leaks waste energy dollars year-round

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A simplified guide for buyers of Virginia Beach real estate.

 To a home loan shopper, there may seem to be an endless–and confusing–array of mortgage types. Of course you want to choose the option that is best suited to your current and future financial situation, but understanding the terminology, types, and monetary ramifications is not always easy. Mortgages generally fall into four categories (fixed rate, adjustable rate, step, and balloon) according to the interest rate and duration of the loan.

Basic terminology;

    Fixed rate–The interest rates do not change during the life of the loan, thus allowing you to know the amount of your payments.

    Adjustable rate (ARM)–the interest rate is tied to certain indexes plus a margin and can fluctuate up or down, thus affecting each payment,

    Step–the interest rate and monthly payment remain the same for a specified period of time. After that the interest will change to the prevailing rate and will remain there for the duration of the loan.

    Balloon–a loan payment that expands after a certain amount of time. Basically it functions similarly to a fixed rate mortgage in the earlier months/years with a delayed steep increase at the end.

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Are you tired of the same old promises you make to yourself every January 1^st but forget by February? Not this year! Here’s a 2010 resolution that’s so beneficial you simply must keep it: buy a Virginia Beach home! Now that the Home Buyer Credit Act has been extended and qualifying income levels have been raised, this is an ideal time to purchase a house. Generally advertised as a tax credit for first-time buyers, the new legislation actually benefits many current homeowners, also.

Basic facts:

• Changes: Originally slated to end in November 2009, the credit deadline has been extended to April 30, 2010. If you have a binding, signed contract and settle on a Virginia Beach home before July 30, 2010, you are also eligible.
• First-time buyers are those who have not owned a home in the last three years. They are eligible for a credit of 10% of the purchase price (not to exceed $800,000), up to $8000. Ownership of a vacation home or rental property not used as a prime residence does not disqualify a buyer as a first-timer.
• Repeat buyers, or those who have owned and lived in a principal residence for at least 5 consecutive years of the last 8, may qualify for a credit of up to $6500.

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