Virginia Beach Real Estate

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:

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The proposed Chesapeake VA develoment of 420 acres near Stumpy Lake had been denied by the Army Corp of Engineers because too much environmental harm would result. Read the full story.

Let's hear it for wetlands preservation!

For other Chesapeake VA real estate and new homes information, visit ButlerTeamHomes.com.

Chesapeake residential home sales decreased in January, compared to January 2007, by 22 percent, with market times increasing 28 percent. The median price decreased 2 percent, as the average sales price decreased 4 percent to $289,581.  

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

Also read Virginia Beach market report and Chesapeake homes for sale.

Chesapeake Real Estate for Sale - 412 Peaceful Road

BEAUTIFUL AND RELAXING! Brick Georgian home on 3 acres, with attached apartment. Three acres, so you can have your horses right at home with you. Main house offers 4 bedrooms, 3 full baths, Formal Living room (Parlor), Formal Dining room with plenty of room for entertaining. Family room is open to the kitchen so the Cook will never feel left out of conversations. The kitchen is huge with plenty of room to work, talk and create those great family meals or entertain your guests ("My guests always gather in the kitchen"). All appliances remain, There is a large Island so while working in the kitchen you can still see what is happening in the family room. Beautiful Italian Tile floors accent the Kitchen and family room. Plenty of Hardwood floors as well. Although the home was built in 1984 you won't feel like you've gone back in time. The current owners have kept it updated and welcoming. There are solid wood doors, Beautiful wood details and fantastic crown moldings through-out. The kitchen cabinets were custom made. In an effort to stay fuel efficient the owners have replaced all (2 Zone) Heating and Cooling units in the last few years. Freshly painted inside and out in last three years. Driveway, new blacktop two years ago.
There is a large floored attic with permanent stairs leading up so you will have plenty of storage. The kitchen has 3 pantries and there are 3 linen closets in the home. Never a storage problem in this home. Every place you look, another closet! 3 phone lines, Cable and Internet hook-ups.

There is a great Civic League (Voluntary $50/year) that keeps the community connected with activities and friendliness! Living here will be home from the first day!

The Apartment has one Bedroom, Full Bath, Fully equipped kitchen, large living room. Plenty of storage. Private outside access or direct to primary home. The apartment has it's own Heat & Cooling units to allow total control of it's own environment. Both its Central Heating and Central Air were replaced in the last few years. If you have a relative who wants their privacy, yet wants to be close to the family this is it..... Independent living, yet direct access to the main house is readily available as well.

Not only is there room for horses here, there is already a nice barn with 3/4 stalls, tack room and huge loft the stall ceiling height is 10.5 feet! One of the stalls is a Brood Mare Addition. There is Electric, Water and a floor drain too. The pasture is fully fenced as well. Although there is currently not an electric wire around the pasture, the electric box is there should you wish to reinstall.

For more information about this home or other Chesapeake real estate, give us a call at 866-222-0158 #550 or visit our website, ButlerTeamHomes.com. Search all Chesapeake VA homes for sale.

Virginia Beach & Hampton Roads mortgage insurance requirements will tighten March 3. MGIC Investment Corp, the nation's leading mortgage insurance provider, plans to limit its exposure in a number of the weaker housing markets around the country by requiring higher credit scores and larger down payments. Virginia Beach and Hampton Roads are among the areas affected by the tighter standards. Starting March 3, MGIC will require at least 5 percent down on homes and a 10 percent down payment on condos. 

Mortgage insurance is required by lenders when buyers put less than 20% down on a home. If the borrower misses mortgage payemnts, the mortgage insurance company pays the lender. If homes end up in foreclosure, both lenders and insurers lose money. Read the full story.

Wondering how this tightening of lending requirements will affect your ability to buy a home? Give us a call to discuss your situation, 866-222-0158 #550, or visit our website, ButlerTeamHomes.com.