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.