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.

Congress has voted to extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present loan limits would expire at the end of 2009 and revert to previous lower limits. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time,” said National Association of Realtors President Charles McMillan.

“Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets,” McMillan said.

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

Norfolk - Interestingly, even with the increase in the number of homes sold the market time was virtually the same. 

Virginia Beach - Wow, homes sales were definitely up for the month of October, hopefully with the extension of the stimulus package into Spring we’ll continue to see these numbers. 

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Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.Now, let’s take a look at Hampton Roads real estate sales statistics (singel family homes) for September 2009 and see how we are compared to last year.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.

Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”

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- Prices appear to be pretty stable from September 2008, with just a slight decrease.  Maybe we are turning a corner here. 

Virginia Beach  Even with the number of sold homes increasing by a substantial amount, the market time to sell a house is just about the same as last September. These stats are looking better every month. 

Portsmouth Unfortunately we still have a slightly down market in all our numbers; more days on market, the number of homes sold and the median sale price. 

Chesapeake Great increase in the number of homes sold this month in Chesapeake!  Prices were still down but that wasn’t appeared to deterred folks from moving. 

Suffolk Wow, it appears people in Suffolk were on the move in September!  Prices were still a little down although Suffolk is right in the middle of all our cities in that area. 

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.

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!

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Finally, according to many recent news reports as well as our experience with the local market, the South Hampton Roads real estate market is showing some real positive signs of returning to “normal”.  Will it ever return to the incredible high values we saw just a few short years ago?  That really depends upon the “expert” speaking.  We hear anything from:  “Never will we see those prices again” to “Prices will soon return to and then exceed what we’ve seen previously”. 

Personally, I expect us to return to a more reasonably rising market.  We will more likely see a slow but steady rise in prices (Value).  The market should return to a more balanced inventory of homes available for sale versus number of buyers.

Does this mean all the bad times are behind us?  NO, I doubt that, as much as I wish we could say (and believe) that it is all behind us.  Never does a market just go “back to normal” without a few bumps in the recovery.  So, stay alert, stay focused and remain Cautiously Optimistic!

The South Hampton Roads real estate market never reached the lows of many other parts of the country.  We did, most certainly, experience a slowing of our real estate market, people lost jobs due to downsizing, businesses closed.  There were many bad experiences during the last few years, but overall we have much to be thankful for since we weren’t as heavily hit. 

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Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, is hopeful about the gain. “The increase in existing-home sales occurred in all major regions of the country,” he said. “We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions. Despite the rise in closed transactions, many Realtors® are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year.”

Now, let’s take a look at the numbers for single family home sales in Hampton Roads real estate sales statistics and see how June sales compared to last year.  

Norfolk-Is the only city showing a decline in the number of home sales, however, the decline in median sales price is less than all the other reported cities. 

Virginia Beach- People are on the move!  Home sales increased over 21% from this same time last year. 

Portsmouth- Also shows an increase in sales volume, although the decline in sales price is still in the double digits. 

Chesapeake – Is still showing a double digit decline in median sales price. 

Suffolk The average days on market appears to be in line with last year but they have had a significant decline in median sales price, ouch! 

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. 

To learn more about Hampton Roads 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.

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.

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