Virginia Beach Real Estate

Freddie Mac released the results of its Primary Mortgage Market Survey®. Virginia Beach interest rates on a 30-year fixed-rate mortgage averaged 6.01 percent, down from last week when it averaged 6.05 percent. Last year at this time, the 30-year FRM averaged 6.15 percent.

"Recent remarks by Federal Reserve (Fed) officials, which partly bolstered optimism that financial markets will recover later this year, helped mortgage rates ease up a little this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Fed Chairman Bernanke indicated in a speech on May 13th that the Fed stands ready to continue to add liquidity to the markets. On the same day, San Francisco Fed bank president Janet Yellen added that she anticipates inflation will slow as commodity prices level off in the second half of the year.

"Despite the bleak housing market, there was positive news on the overall state of the economy. Retail sales (excluding automobiles) rose 0.5 percent in April, over twice that of market forecasts, and there was a significant upward revision in March's figures as well. Also, the consumer price index for April rose less than expected, allaying some market concerns of inflation taking hold."

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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.

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Freddie Mac today released the results of its Primary Mortgage Market Survey®in which Virginia Beach interest rates remained steady. The 30-year fixed-rate mortgage averaged 6.05 percent for the week ending May 8, 2008, down very slightly from last week when it averaged 6.06 percent. Last year at this time, the 30-year FRM averaged 6.21 percent.

“Despite a weak housing market, mortgage rates remained almost unchanged this week based on better-than-expected economic data releases that indicated the economy still has some staying power,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Job losses lessened in April and conditions in both the manufacturing and service industry outperformed market forecasts. Worker productivity also rose in the first quarter as increases in labor costs diminished.

“The housing market is still struggling amid falling house prices and stricter lending standards. Coupled with higher delinquency and foreclosure rates, a smaller share of families own their homes this year. The national homeownership rate held at 67.8 percent in the first quarter of 2008, down from its recent peak of 69.0 percent in the third quarter of 2006 and was the lowest rate since 67.6 percent in the second quarter of 2002, according to the Census Bureau.”

Experts predict the Feds cut in interest rates last week is the last cut we will see for awhile due to a fear of inflation. With Virginia Beach interest rates holding steady and no additonal cut anticipated, this is a great time to buy a home in Virginia Beach. Interest rates are near historical lows, prices are flat and sellers are negotiable. Search Virginia Beach homes for sale or get New Listing Alerts and recieve email notification of new homes for sale as they hit the market.

We know that the Baby Boomers account for a large part of the Virginia Beach home owning population.  But did you know that they may be the latest trend-setters in Virginia Beach real estate also? 

Sounds unlikely, but it is very true!  As this article in the Wall Street Journal explains, designers and architects are catering more and more toward this fast-growing segment of the population. New innovations include: 

•    ¢ Stoves that monitor pots to prevent boiling over
•    ¢ Adjustable appliance control panels
•    ¢ Use of levers instead of knobs
•    ¢ Dishwasher drawers  

Redesigning products for aging consumers seems to make good business sense. There are 78 million U.S. baby boomers, and roughly one-third will be 62 years old or older by 2013, says AARP. 

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Virginia Beach Real Estate for Sale: Aeries On the Bay
3912 Whooping Crane Circle, Virginia Beach VA 23455 

Live at the Beach and vacation every day! Why just buy a place to live when you can get a Lifestyle?

This 3 bedroom, 3.5 bath townhome in Aeries On the Bay is just steps to the beach on Chesapeake Bay. It is in great condition and ready for the most discriminating buyer. 3912 Whooping Crane is an end unit at the back of the circle with no back door neighbors providing privacy galore! Walk to the beach, enjoy watching dolphins & pelicans, fish, swim, boat or simply relax and enjoy spectacular sunsets. There is no Property Owners Association. Just a great Civic League with voluntary membership. Aeries On the Bay offers unparrelled Virignia Beach living at a reasonable price!

For more information about this home or other Virginia Beach real estate, visit ButlerTeamHomes.com or give us a call at 866-222-0158 #550 for more personal service. Have a list of new Virginia Beach homes for sale as sent to your Inbox they hit the market.