Virginia Beach Real Estate

Chesapeake Real Estate Market Report

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 Chesapeake real estate market activity to see how sales are increasing locally.

Chesapeake July 2008 Sales Statistics

Read more »

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

Read more »

1408 Bayberry Court S, Chesapeake VA for Sale

This Chesapeake VA home, located in Bayberry, has room for everyone with over 3300 sf ft with 4 bedroom and 3 baths in the main house and a 1 bedroom 1.5 bath in-law suite. In-law suite includes a fully applianced kitchen, bedroom with walk in closet and a generous living room and dining area.

This house has been totally remodeled within the last four years include a 3 zone heating and air system, vinyl siding , windows and roof. This truly is a move in home with nothing left for you to do but enjoy! The fenced in back yard has an above ground pool and patio with plenty of grassy area for all your outside enjoyment.

For more information about this Chesapeake VA home for sale or Chesapeake and Virginia Beach real estate, visit ButlerTeamHomes.com.

Chesapeake 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 Chesapeake real estate market activity to see how the spring market is shaping up.

Chesapeake May 2008 Sales Statistics

Read more »

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, Chesapeake, Norfolk, Suffolk and Portsmouth, Smithfield and Isle of Wight for this May.

South Hampton Roads May 2008 Sales Statistics

Read more »