There were 1,739 Virginia Beach foreclosure homes for sale with 403 new foreclosures in April 2010. The average selling price of a Virginia Beach home was $266,599 in April and the average foreclosure selling price was $214,453, a savings of $52,146 according to RealtyTrac.com.

Virginia Beach Foreclosure Activity and Home Price Index

Home price appreciation was 0.00% with 403 new foreclosures.

Virginia Beach foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Virginia Beach Foreclosure Geographical Comparison

February Virginia Beach foreclosure activity was lower 0.03% lower than national statistics and 0.02% higher than Virginia statistics.

Virginia Beach Foreclosure Activity by Month

The number of Bank-Owned Virginia Beach homes decreased in April from 118 homes in March to 82. The number of Auctioned Virginia Beach homes increased from 194 to 321. The six month Virginia Beach foreclosure trend is rising.

Are you or someone you know behind on your mortgage payments and facing a Virginia Beach foreclosure? You do have options. A foreclosure is not the only way. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE). I have the training, knowledge and experience needed to help save your Virginia Beach home from foreclosure. The clock is ticking. Don’t hesitate. Give me a call for a private consultation.

Learn more about selling your Virginia Beach home by visiting ButlerTeamHomes.com and ButlerTeamHomes.net.

What’s your Virginia Beach home worth?

Although the terms pre-qualification and pre-approval are often used interchangeably, the two differ greatly in the process involved in obtaining them and in the benefits they provide when buying a Virginia Beach home. Here’s what you need to know about each of them:

Pre-qualification:

This is a lender’s informal way of estimating how much you may be able to borrow. It is based on the information you provide (often by phone), none of which needs to be verified or documented. Since a letter of pre-qualification gives you an idea of how much house and the amount of mortgage payments you can afford, the best time to get pre-qualified is as soon as you decide you want to buy a Virginia Beach home.

You supply to the lender unverified information about your income, assets, debts, and possible amount of a down payment. There is no cost involved in obtaining pre-qualification, and there is no commitment for either party. Understand, however, that a letter of pre-qualification does not mean you will get a loan; it is simply a ballpark figure of the amount you can afford to spend on your Virginia Beach home and an indication that you might qualify for a mortgage in that amount.

Pre-Approval:

Read the rest of this entry »

There were 1,635 Virginia Beach foreclosure homes for sale with 312 new foreclosures in March 2010. The average selling price of a Virginia Beach home was $250,842 in March and the average foreclosure selling price was $217,846, a savings of $32,996, according to RealtyTrac.com.

Virginia Beach Foreclosure Activity and Home Price Index

Home price appreciation was 0.00% with 313 new foreclosures.

Virginia Beach foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Read the rest of this entry »

There were 1,550 Virginia Beach foreclosure homes for sale with 333 new foreclosures in February 2010. The average selling price of a Virginia Beach home was $263,110 in February and the average foreclosure selling price was $193,305, a savings of $69,805, according to RealtyTrac.com.

Virginia Beach Foreclosure Activity and Home Price Index

Home price appreciation was 0.81% with 333 new foreclosures.

Virginia Beach foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Virginia Beach Foreclosure Geographical Comparison

Read the rest of this entry »

Considering a Reverse Mortgage for Virginia Beach Home

There may come a time when, after exploring all your real estate options for the future, you decide that you really don’t want to sell your Virginia Beach home and that you’d rather “age in place.” In that case, you should investigate applying for a reverse mortgage, also known as home equity conversion mortgage (HECM). As with any program or plan that is financially based, there are many pros and cons to be considered before you make a final decision.

Eligibility: you must be at least 62 years of age, own your own home (or have a very low balance that can be paid off), and be living in it as your primary residence. Your Virginia Beach home must meet FHA property standards, and you must provide on-going maintenance and pay property taxes, association dues, and insurance. In addition, you must also agree to attend an information counseling session

Amount: Factors used to determine the amount of your eligibility include your age, interest rates, and the value of your home. Most reverse mortgages provide you with a monthly payment. The are online websites that allow you to calculate/estimate the amount. Go to AARP.com, USAReverseMortgageAdvisor.com, or ReverseMortgageGuides.org for assistance.

Read the rest of this entry »

The National real estate market is trending toward improvement, but more importantly the Local market is improving too.  Sometimes we need to take Baby Steps or look for the little things that give us hope as we look towards the future. 

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.

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.

Distressed Property Institute CEO Alex Charfen explains the three must-have qualifications for a distressed Virginia Beach home owner to qualify for a short sale. Learn what most banks and servicers are looking for when considering this option.

If you or someone you know are in a distress situation, don’t hesitate. Call me at 866-555-0158 #550! Every moment counts. I am a Certified Distressed Property Expert, specializing in Short Sales and I can help save your your home and your family!