Modest near-term movement is expected in Virginia Beach 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 Chesapeake real estate market activity for this June.

Chesapeake June 2008 Sales Statistics

Residential sales in Chesapeake dropped by 29 percent in June compared to June 2007, causing the average market time to increase 31 percent, from 65 days to 85 days. The median sales price decreased 6 percent, while the average sale price decreased 8 percent to $286,055.

What do these statistics mean for Chesapeake 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 Chesapeake and Virginia Beach real estate listings or get the current market value of your Chesapeake home.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Chesapeake Market Report May 2008

A flat pattern in Virginia Beach real estate sales activity could continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®.

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 Virginia Beach real estate market activity for this April to see how the spring is looking so far:

The number of sold Virginia Beach real estate listings dropped dramatically this April. Sales were down 57 percent compared to April 2007, with 370 less homes sold. The median sale price dropped 8 percent or more than $20,000, while the average sale price dropped 9 percent or almost $28,000. Marekt times increased 28 percent to 80 days.

As you can see, Virginia Beach real estate sales have not started to rebound. This strong buyers market means Virginia Beach 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

Virginia Beach 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 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

A flat pattern in Virginia Beach real estate & South Hampton Roads real estate sales activity could continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®.

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

Suffolk VA experienced a decrease in real estate sales.

Suffolk VA experienced a decrease in real estate sales of 25 percent this February compared to February 2007. Market times increased 16 percent, 74 days vs 86 days. The average sales price decreased in Suffolk to $292,475 or 10 percent. The median price also decreased by 10 percent to $255,000.  

Now is a GREAT time to be buying a home in Suffolk VA. To learn more about Suffolk VA real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for southern Virginia homes, please use our complimentary MLS search. 

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. 

Related posts:
Hampton Roads & Virginia Beach Real Estate Market Trends

Portsmouth VA real estate market trends.

Portsmouth VA real estate sales decreased by 20 percent in February compared to February 2007, with market times increasing 40 percent. The median price increased stayed the same at $160,000 and the average sales price declined 7 percent to $164,715.
 

Now is a GREAT time to be buying Portsmouth VA real estate. To learn more about Portsmouth VA real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for southern Virginia homes, please use our complimentary MLS search. 

Interested in knowing what your Portsmouth VA home is worth? Visit HRHouseValue.com.
 

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

Related posts:
Hampton Roads & Virginia Beach Real Estate Market Trends

Norfolk real estate (residential) experienced a 31 percent decline.

Norfolk real estate (residential) experienced a 31 percent decline in sales this February compared to February 2007. Market times decreased 6 percent. The median price increased 2 percent to $205,500, while the average sales price decreased 11 percent to $224,438. 

Now is a GREAT time to be buying a home in Norfolk. To learn more about Norfolk and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for Norfolk homes, please use our complimentary MLS search. 

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. 

Related posts:

Virginia Beach real estate (residential sales) dropped by 4 percent in February compared to February 2007, causing the average market time to increase 17 percent, from 65 days to 76 days. The median price decreased 4 percent, while the average sale price remained relatively unchanged at $304,539.

Now is a GREAT time to be buying Virginia Beach real estate. To learn more about Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for southern Virginia homes, please use our complimentary MLS search. 

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. 

Related posts:
Hampton Roads & Virginia Beach Real Estate Market Trends

Hampton Roads & Virginia Beach real estate market to remain steady.

The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors®. 

Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits.  “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said.  “Therefore, a notable rise in home sales can be anticipated in the second half of the year.”

Let’s take a look at the sales statistics for our Hampton Roads cities in February 2008 to determine if the market is holding steady locally:

Virginia Beach real estate (residential) sales dropped by 4 percent in February compared to February 2007, causing the average market time to increase 17 percent, from 65 days to 76 days. The median price decreased 4 percent, while the average sale price remained relatively unchanged at $304,539.

Chesapeake real estate (residential) sales also decreased in February by 25 percent, with market times increasing 27 percent. The median price increased 8 percent, and the average sales price increased less than 1 percent to $291,549. 

Norfolk real estate experienced a 31 percent decline in sales. Market times decreased 6 percent. The median price increased 2 percent to $205,500, while the average sales price decreased 11 percent to $224,438. 

Portsmouth home sales also decreased by 20 percent, with market times increasing 40 percent compared to Feb 2007. The median price increased stayed the same at $160,000 and the average sales price declined 7 percent to $164,715.
 

Suffolk also experienced a decrease in sales of 25 percent compared to February 2007. Market times increased 16 percent, 74 days vs 86 days. The average sales price decreased in Suffolk to $292,475 or 10 percent. The median price also decreased by 10 percent to $255,000. 

Now is a GREAT time to be buying a home in Hampton Roads. To learn more about Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for southern Virginia homes, please use our complimentary MLS search. 

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.