Virginia Beach Real Estate

Portsmouth 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.’

Lets take a look at the Portsmouth real estate market activity for this March to see how the spring is looking so far:

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The centerpiece of Congress' recent $170 billion economic stimulus plan is tax rebates, but few Virginia Beach & Hampton Roads real estate owners and taxpayers actually understand what the rebates mean or how they'll benefit.

The details of the plan are still being worked out, but below are some of the facts:

• To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000.  These filers will get rebates up to $600.
• Joint filers must have Adjusted Gross Income below $150,000 and are eligible to receive rebates of up to $1,200.
• Parents will receive $300 rebates per dependent child and there is no cap on the maximum number of children eligible.
• Filers who do not owe income taxes because of various credits and deductions but who do have at least $3,000 in income (can include Social Security or disability payments) will get $300 rebates per person or $600 per couple.
• The rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.

If you make the IRS deadline and file your taxes by April 15, you can expect to receive a check sometime between May and July.

Why not put your 2007 tax rebate toward the purchase of Virginia Beach or Hampton Raods real estate?  To learn more about Hampton roads real estate, please visit ButlerTeamHomes.com or begin searching for Hampton Roads real estate.  For more personalized service, please call me at 866-222-0158 #550.

Schools are important when buying Virginia Beach real estate - even if you don't have kids!

Most families with children are concerned about schools, whether public or private, making the school district a Virginia Beach home is in one of their top priorities. But even families without children need to be concerned with the area schools. Virginia Beachproperty values are influenced be the school system that services your neighborhood.

You can take the same house and put it in two different locations with two different schools and the house feeding into the better school system will appreciate faster. The resale value of your home will definitely be influenced by the schools in the area.

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Portsmouth VA real estate sales decreased by 20 percent in February compared to February 2007, with market times increasing 40 percent. The median price increased stayed the same at $160,000 and the average sales price declined 7 percent to $164,715.
 

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

Interested in knowing what your Portsmouth VA home is worth? Visit HRHouseValue.com.
 

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed. 

Related posts:
Hampton Roads & Virginia Beach Real Estate Market Trends

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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