We aren’t out of the woods yet; the local article mentions there is currently a 9.5 month inventory of residential homes on the market in the Hampton Roads area, just slightly lower from the previous month.  That is a lot of homes available to buy/sell.  Owners thinking of selling need to be aware of the competition and the possibility it may take longer to sell than they had hoped.  Buyers should recognize this as a great time to buy, especially with the low interest rates currently available and the Federal Tax Credit program.

So, take heart, the local real estate market is “In Recovery” and we can look forward to much better days ahead.  Give us a call or e-mail to let us know you have questions or are ready for our help in your home buying or selling.  Would you like a copy of our book we co-authored: “Get the Best Deal When Selling Your Home… Hampton Roads, VA Edition”? You could be working with the Agent who wrote the book on real estate!

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. 

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

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

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

Portsmouth Prices are still slightly down but the increase in the number of homes sold is outstanding! 

Chesapeake These numbers are terrific!  Let’s hope this trend continues well into the new year and beyond. 

Suffolk The greatest increase in the number of homes sold this month is Suffolk!  WOW, look at the difference a year makes! 

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.

Norfolk	Sold Listings	Median Price	Average Sale Price	Average Days On Market	% Change in Units	% Change Median Price
April 2009	150	$180,000	$204,314	89	-18.48%	-16.86%
April 2008	184	$216,500	$246,094	94
Virginia Beach	Sold Listings	Median Price	Average Sale Price	Average Days On Market	% Change in Units	% Change Median Price
April 2009	427	$244,000	$280,791	86	-19.28%	-2.36%
April 2008	529	$249,900	$297,618	74
Portsmouth	Sold Listings	Median Price	Average Sale Price	Average Days On Market	% Change in Units	% Change Median Price
April 2009	73	$152,650	$153,189	115	-33.03%	-12.77%
April 2008	109	$175,000	$180,589	73
Chesapeake	Sold Listings	Median Price	Average Sale Price	Average Days On Market	% Change in Units	% Change Median Price
April 2009	194	$240,000	$258,177	91	-17.45%	-11.33%
April 2008	235	$270,656	$295,225	76
Suffolk	Sold Listings	Median Price	Average Sale Price	Average Days On Market	% Change in Units	% Change Median Price
April 2009	88	$234,000	$255,453	110	-8.33%	-9.75%
April 2008	96	$259,290	$261,091	101

Norfolk-The average days on market is five days shorter than last year, the median price decline is highest vs last year among our 5 cities. 

Virginia Beach prices seem to be holding pretty well with an average median price decline of only -2.36%. 

Portsmouth home owners seem to be holding on to their homes this year; we are seeing 33% less homes on the market from last year. 

Chesapeake is sitting right in the middle of our 5 city analysis showing declines in both change in units sold and median price.

Suffolk appears to be relatively calm; home prices and the change in homes on the market are both only down less than 10% as compared to the same time 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. 

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 Virginia Beach real estate is worth?  Visit HRHouseValue.com.

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.

“We fully agree with President Obama’s emphasis that housing is the backbone of our national economy,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “As he said, when a family buys a home, workers are hired to build it. Those workers spend money and open businesses. As a result, investors return. In short, housing is the key to revitalizing America and we pledge to work with him to help jumpstart our economy.”

Let’s take a look at Hampton Roads real estate sales statistics for January to see how the new year started off:

Virginia Beach	Sold Listings	Median Sales Price	Average Sale Price	Average Days On Market	% Change in Units	% Change Median Price
January 2009	224	$230,000	$280,259	88	-43.86%	-8.00%
January 2008	399	$250,000	$318,946	73

Chesapeake Real Estate Sales Statistics

Chesapeake real estate sales declined 17 percent in January, as did the median and average sales prices. The median price dropped 17 percent and the average price 15 percent. Market times increased by 9 days or 11 percent.

Chesapeake	Sold Listings	Median Sales Price	Average Sale Price	Average Days On Market	% Change in Units	% Change Median Price
January 2009	140	$212,500	$238,672	92	-16.67%	-18.17%
January 2008	173	$259,700	$280,229	81

Norfolk Real Estate Sales Statistics

Norfolk real estate sales were also down in January. 42 percent fewer homes sold and stayed on the market 6 days longer than January 2008. The median sales price dropped by 11 percent and the average sales price dropped by 8 percent.

Norfolk	Sold Listings	Median Sales Price	Average Sale Price	Average Days On Market	% Change in Units	% Change Median Price
January 2009	90	$181,305	$224,206	105	-42.31%	-11.56%
January 2008	156	$205,000	$242,450	99

Portsmouth’s January real estate sales also declined with 34 fewer homes sold or 42 percent. The median sales price dropped 22 percent while the average sales price dropped 21 percent. Market times remained relatively unchanged.

Portsmouth	Sold Listings	Median Sales Price	Average Sale Price	Average Days On Market	% Change in Units	% Change Median Price
January 2009	47	$142,000	$148,586	86	-41.98%	-21.98%
January 2008	81	$182,000	$187,150	85

Suffolk Real Estate Sales Statistics

Similar to other Hampton Roads cities, Suffolk real estate sales dropped 13 percent in January. The median sales prices and average sales price declined 13 percent and 12 percent respectively. On the flip side, market times improved by 25 days, selling in 83 days rather than 110 days.

Suffolk	Sold Listings	Median Sales Price	Average Sale Price	Average Days On Market	% Change in Units	% Change Median Price
January 2009	56	$227,500	$231,541	83	-13.85%	-12.83%
January 2008	65	$260,990	$264,218	110

These numbers are saying exactly what the national news is reporting, both sales and prices are down this January from last January.  Although all the sales prices are down, Virginia Beach homes seem to be holding more of their value than the neighboring communities.

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. 

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®

Let’s take a look at the South Hampton Roads real estate market activity, including Virginia Beach, Chesapeake, Norfolk, Suffolk and Portsmouth, Smithfield and Isle of Wight for this July.

South Hampton Roads July 2008 Sales Statistics

Residential sales in South Hampton Roads dropped by 18 percent in July compared to July 2007, causing the average market time to increase 13 percent, from 63 days to 76 days. Both the median sales price and the average sales price decreased 4 percent, dropping to $249,000 and $287,302, respectively.

What do these statistics mean for South Hampton Roads and Virginia Beach real estate?

Our market has not started to stabilize yet and remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Housing and Economic Recovery Act.

Also read:

Virginia Beach Real Estate: Housing & Economic Recovery Act
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008

To learn more about South Hampton Roads and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all South Hampton Roads and Virginia Beach homes for sale.

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

Modest near-term movement is expected in Hampton Roads real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhoods exposure to subprime loans.”

Let’s take a look at the South Hampton Roads real estate market activity, including Chesapeake, Norfolk, Suffolk, Portsmouth, Smithfield, Isle of Wight and Virginia Beach real estate for this June.

South Hampton Roads June 2008 Sales Statistics

Residential sales in South Hampton Roads dropped by 27 percent in June compared to June 2007, causing the average market time to increase 18 percent, from 65 days to 77 days. The median sales price decreased 6 percent, while the average sale price decreased 7 percent to $290,741.

What do these statistics mean for South Hampton Roads and Virginia Beach real estate?

It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. Search for all South Hampton Roads and Virginia Beach real estate listings.

Also read:
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Market Report May 2008

South Hampton Roads Real Estate Area Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the South Hampton Roads real estate market activity, including Virginia Beach real estate, Chesapeake, Norfolk, Suffolk and Portsmouth, Smithfield and Isle of Wight for this May.

South Hampton Roads May 2008 Sales Statistics

Residential sales in South Hampton Roads dropped by 4 percent in May compared to May 2007, causing the average market time to increase 30 percent, from 60 days to 78 days. The median sales price decreased 4 percent, while the average sale price increased 2 percent to $294,000.

What do these statistics mean for South Hampton Roads and Virginia Beach real estate?

It remains an excellent market for first time home buyers to get their feet wet. Market times have increased making sellers more negotiable and prices remain moderate with only a 2 percent increase over May 2007. 

Also read:

Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Hampton Roads Market Trends-April 2008
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about South Hampton Roads and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all South Hampton Roads and Virginia Beach homes for sale.

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

Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. “Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas,” he said. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.”

Let’s take a look at the South Hampton Roads real estate market activity for this April to see how the spring is looking so far:

The number of sold Hampton Roads real estate listings dropped dramatically this April. Sales were down 20 percent compared to April 2007, with 281 less homes sold. The median sale price remained realtively unchanged with an increase of only $1,000. During this same time period, the average sale price decreased 3 percent.

As you can see, South Hampton Roads real estate sales have not started to rebound. This strong buyers market means Hampton Roads sellers need to price their homes competitively and have them in tip-top condition for buyers to think twice about buying.

For Sellers:
How Long Does It Take To Sell Virginia Beach Homes?
Selling Your Virginia Beach Home: Add Curb Appeal
Virginia Beach VA Real Estate: How To Get Your Home Sold Fast
Selling Virginia Beach Homes For Top Dollar

Hampton Roads home buyers have all the balls in their court. Inventory is high. Prices are moderate and interest rates are near historic lows.

For Buyers:
6 Ways To Beat The Stress Of Buying A Virginia Beach Home
10 Things You Should Know About Today’s Virginia Beach VA Real Estate Market
Virginia Beach VA Real Estate: 7 Reasons To Own Your Own Home
Seven Tips For First-time Virginia Beach Homebuyers

Read more about Virginia Beach real estate and South Hampton Roads real estate market trends:
South Hampton Roads Real Estate Market Report March 2008
Hampton Roads & Virginia Beach Real Estate Market Trends
Virginia Beach Real Estate Market Report-Feb 2008

Little change is expected in South Hampton Roads real estate sales of existing homes over the next few months, before notably improving during the second half of the year, according to the latest forecast by the National Association of Realtors. 

Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. ’Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,’ he said. ’The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.’

Lets take a look at the South Hampton Roads real estate market activity, including Beach, Chesapeake, Norfolk, Suffolk and Portsmouth, for this March to see how the spring is looking so far:

Residential sales in South Hampton Roads dropped by 30 percent in March compared to March 2007, causing the average market time to increase 30 percent, from 64 days to 83 days. The median sales price decreased 1 percent, while the average sale price decreased 4 percent to $273,512.

What do these statistics mean for South Hampton Roads real estate?

It is good news for Hampton Roads homebuyers. Slower sales means higher inventory and more homes to choose from with reasonable prices. It is also a good time to buy 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.

As a South Hampton Roads homebuyer, you will get the best deal when you are represented by a real estate professional, working for you as a Buyer Representative and looking out for your best interests. We are glad to talk with you about how we can best represent your interests. To begin searching for southern Virginia homes, please use our complimentary MLS search. 

Also read:
Virginia Beach Mortgage Market Recap-April 14
Seven Tips For First-time Virginia Beach Homebuyers
Schools Are Important When Buying Virginia Beach Real Estate
Virginia Beach VA Real Estate: 7 Reasons To Own Your Own Home
10 Things You Should Know About Todays Virginia Beach VA Real Estate Market
6 Ways To Beat The Stress Of Buying A Virginia Beach Home

South Hampton Roads home sellers on the other hand, need to make their home stand out from all the other homes on the market. This is done with competitive pricing and being in tip top condition. With a volatile market, like the one we are in, market values chance quickly. A real estate professional can guide you in both pricing and preparing you home for sale. Learn the market value of your home by visiting HRHouseValue.com.

Also read:
10 Tips To Sell Your Virginia Beach Home For The Most Money
Virginia Beach VA Real Estate: How To Get Your Home Sold Fast
Virginia Beach Real Estate: Whats The Value Of Your Home
Hampton Roads & Virginia Beach Real Estate Market Trends
Selling Your Virginia Beach Home: Add Curb Appeal 

To learn more about Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

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

The details of the plan are still being worked out, but below are some of the facts:

• To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000.  These filers will get rebates up to $600.
• Joint filers must have Adjusted Gross Income below $150,000 and are eligible to receive rebates of up to $1,200.
• Parents will receive $300 rebates per dependent child and there is no cap on the maximum number of children eligible.
• Filers who do not owe income taxes because of various credits and deductions but who do have at least $3,000 in income (can include Social Security or disability payments) will get $300 rebates per person or $600 per couple.
• The rebate is a one-time tax cut – an advance on a credit you’ll receive on your 2008 return.

If you make the IRS deadline and file your taxes by April 15, you can expect to receive a check sometime between May and July.

Why not put your 2007 tax rebate toward the purchase of Virginia Beach or Hampton Roads real estate?  To learn more about Hampton Roads real estate, please visit ButlerTeamHomes.com or begin searching for Hampton Roads real estate.  For more personalized service, please call me at 866-222-0158 #550.