South Hampton Roads Real Estate Area Market Report-Chesapeake Statistics
by: Dave.Macklin on Apr 20, 2008 @ 6:30 pm Leave a comment »
Chesapeake Real Estate Market Report - March 2008 Little change is expected in Chesapeake 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 Chesapeake real estate market activity for this March to see how the spring is looking so far: Chesapeake residential home sales also decreased in March by 39 percent, with market times increasing 30 percent. The median price increased 16 percent, and the average sales price increased 6 percent to $290,766. Chesapeake is the only city to see average price increases in March.
It is good news for Chesapeake homebuyers. Slower sales means higher inventory and more homes to choose from with reasonable prices. It is also a good time to buy if you are looking for a long term investment. Now is not the time to buy and flip¦but to buy and hold for 3, 4 or 5 years. As a Chesapeake homebuyer, you will get the best deal when you are represented by a real estate professional, working for you as a Buyer Representative and looking out for your best interests. We are glad to talk with you about how we can best represent your interests. To begin searching for Chesapeake homes, please use our complimentary MLS search. Also read: Chesapeake home sellers on the other hand, need to make their home stand out from all the other homes on the market. This is done with competitive pricing and being in tip top condition. With a volatile market, like the one we are in, market values chance quickly. A real estate professional can guide you in both pricing and preparing you home for sale. Learn the market value of your home by visiting HRHouseValue.com. To learn more about Chesapeake real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.
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To begin your search for the perfect home or to sell your home in the Virginia Beach area,
call Dave Macklin and The Butler Team at 866-222-0158 #550.
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