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. 

Read the rest of this entry »

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.

The National Association of Realtors^® expressed support of President Obama’s broadened focus of the nation’s economic recovery that stresses housing stability and making health care an important component of his economic revitalization strategy, in addition to “restarting lending” and preventing foreclosures.

“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:

Read the rest of this entry »

Norfolk July 2008 Market Report & Sales Statistics

Residential sales in Norfolk dropped by 21 percent in July compared to July 2007, causing the average market time to increase 22 percent, from 64 days to 78 days. The median sales price decreased 1 percent, while the average sale price increased 6 percent to $260,274.

 What do these sales statistics mean for Norfolk real estate buyers?

The Norfolk real estate market has not started to stabilize, however, values are appreciating and remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Virginia Beach Real Estate: Housing & Economic Recovery Act.

National Association Reports Sales Increase

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®.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Re-capturing the American Dream With Virginia Beach Real Estate
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Norfolk Market Report June 2008
Virginia Beach Real Estate: Norfolk Market Report May 2008

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

Search all Chesapeake and Virginia Beach homes for sale.

Find out what your home is worth.

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

Norfolk June 2008 Sales Statistics

Residential sales in Norfolk dropped by 26 percent in June compared to June 2007, causing the average market time to increase 12 percent, from 68 days to 76 days. The median sales price decreased 7 percent, while the average sale price decreased 5 percent to $253,847.

What do these statistics mean for Norfolk 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. 

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.”

Search for all Norfolk and Virginia Beach real estate listings or get the current market value of your Norfolk 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: Norfolk Market Report May 2008

Let’s take a look at the Norfolk real estate market activity to see how the spring market is shaping up.

Norfolk Real Estate 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 Norfolk real estate market activity to see how the spring market is shaping up.

Norfolk May 2008 Sales Statistics

Residential sales in Norfolk dropped by 15 percent in May compared to May 2007, causing the average market time to increase 24 percent, from 58 days to 72 days. The median sales price remained the same, while the average sale price decreased 5 percent to $244,396.

What do these statistics mean for Norfolk real estate buyers and sellers?

Norfolk residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers.

Also read:

Virginia Beach Real Estate: Chesapeake Market Report May 2008
Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

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

Search all Norfolk and Virginia Beach homes for sale.

Find out what your home is worth. 

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

Downtown Lifestyle – A Taste of Downtown Living, features tours of 18 homes

Norfolk Downtown living may mean less square footage and lack of a private garage, but it also means great restaurants, shopping and entertainment are all within walking distance.

More and more people, from young professionals to retirees, are becoming enamored with Downtown living. The number of Norfolk downtown residents has grown to 3,800…1,000 more than in 2000.

Downtown Norfolk council wants to show off what all the hype is about with a daylong Open House on Saturday, May 17 from 10AM to 6PM.

“It’s an effort on our part to highlight the ease and attractiveness of the downtown urban lifestyle,” said Stephen Fuschetti, DNC chairman. “We want to help people visualize what the downtown lifestyle really looks like.”

The event, Downtown Lifestyle – A Taste of Downtown Living, features tours of 18 homes plus free classes and demonstrations. Tickets cost $8 in advance and $12 on Saturday.

Everything from traditional Freemason townhouses to airy lofts above Granby Street will be open. The tours include:

 Rotunda Building, a former office building on St. Paul’s Boulevard,

The Rotunda, a 66-unit condo complex in downtown Norfolk. Prices run from $300-400K to $700-$900K.

Franklin Condominiums, Brambleton Avenue, which once housed the city’s human services department.

Designed exclusively for 19 affluent families with discriminating taste and a desire for downtown living at its finest.

Enjoy the convenience of living within moments of such attractions as the Chrysler Museum, Harrison Opera House, and MacArthur Mall, then dine in some of the finest local restaurants on Granby Street.

 Harbor Heights, off Boush Steet.

Priced from the low $300s to $1.5 million. Luxury loft-style living with private parking, just minutes for dining, shopping, cultural venues, water activities and other recreation.

Tours will also include many occupied homes, and other model units.

Sale prices downtown range from $225,000 to $2 million. Monthly rentals go for $1,100 to more than $2,000.

Free shuttles will be available between tour sites.

Panel discussions and seminars will focus on the basics of downtown living. Among the topics are dog walking, trash pickup, parking, car washing and historic tax credits.

Other classes include decorating downtown residences and floral design. Tours of downtown churches and the Pagoda and its gardens also will be held. Many restaurants are offering specials.

Downtown Norfolk has continued to thrive, in spite of the housing slump in suburban areas. It is an exciting place to live! You might want to stop by, even if you aren’t considering a move.

For more infomation about Downtown Norfolf living, visit our website, ButlerTeamHomes.com or give us a call at 866-222-0158 #550.

The Spectrum condo project in Norfolk’s Willoughby neighborhood has lost it’s funding.

The Spectrum condo project in Norfolk’s Willoughby neighborhood has lost it’s funding.

Although 50% of 2-3 sections of the project are pre-sold, the $200 million dollar project has been affected by the recent slowdown in the real estate market. Read the full story.