Virginia Beach Real Estate

March 2007 sales statistics shows it takes an average of 80 days to sell Virginia Beach homes. It is possible that some will sell in just a few days and some may take several months. There are six factors that influence the time it takes to sell Virginia Beach homes. Lets examine them.

1. Product 
The product, of course, is the property. If the property shows poorly, or has major defects which cannot be or are not corrected, a sale may not take place until the defects are corrected or until the price is adjusted to compensate for them.

Currently, Virginia Beach is experiencing a strong Buyers market and Buyers don’t want to buy a home that needs repair. They want a home in tip-top condition and all they have to do is move right in. so, I highly recommend taking care of any defects BEFORE putting the 'For Sale’ sign in the yard.

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Suffolk Real Estate Market Report - March 2008

Little change is expected in Norfolk real estate sales of existing homes over the next few months, before notably improving during the second half of the year, according to the latest forecast by the National Association of Realtors. 

Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. ”Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. ”The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”

Let’s take a look at the Suffolk real estate market activity for this March to see how the spring is looking so far:

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South Hampton Roads Real Estate Area Market Report

Little change is expected in South Hampton Roads real estate sales of existing homes over the next few months, before notably improving during the second half of the year, according to the latest forecast by the National Association of Realtors. 

Lawrence Yun, NAR Chief Economist, said the market will come into clearer focus this summer. ’Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,’ he said. ’The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.’

Lets take a look at the South Hampton Roads real estate market activity, including Beach, Chesapeake, Norfolk, Suffolk and Portsmouth, for this March to see how the spring is looking so far:

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Spring has sprung and so has the Virginia Beach real estate market. Spring is our busiest market time in real estate and now is when you will want to spruce up and get your home ready to sell. One of the best investments you can make when preparing to sell your Virignia Beach home is to improve its 'curb appeal. We have all heard many times¦you only get one chance to make a good first impression. This holds true for real estate. If buyers arent impressed by the outside of your house, you will never get them inside. And it is pretty difficult to sell a house you cant get people into!

Here are the top ten things you can do to add 'curb appeal to your Virginia Beach home:

1. Get out the paint! There is nothing like a fresh coat of paint. Paint the siding, paint the trim or, at least, paint the front door. And dont forget the prep work, like sanding off worn and chipping areas and priming, can make an exterior paint job last a lot longer and look better.
   
   
2. Change out-dated light fixtures ” or add lights if you dont have some already. Light up your doorways and walkways. Lowes and Home Depot have great selections in outdoor lighting at reasonable prices.
   
   

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We have all heard and read the daunting news about the ongoing rise in the foreclosure rate. Realtytrac reports Virginia foreclosure filings jumped 18% in March compared to February figures, while the number of homes repossessed by lenders jumped 31 percent.

Many Virginia Beach homeowners are lulled into believing that it cannot or will not happen to them, but would you know what to do if you could no longer pay your mortgage?  It is important for Virginia Beach homeowners to know their options so that they can make an informed decision on the best way to move forward in a stressful situation such as foreclosure. 

This article from FreddieMac.com does a great job outlining the terms associated with foreclosure and the steps to take if you think you may soon be facing foreclosure.  Among the topics covered in this helpful article:

• What to do if you can not pay your mortgage
• What if you can no longer afford to keep your home
• Beware of scam artists

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