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