South Hampton Roads Real Estate Market Report March 2008
by: Dave.Macklin on Apr 18, 2008 @ 10:33 am Leave a comment »
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: Residential sales in South Hampton Roads dropped by 30 percent in March compared to March 2007, causing the average market time to increase 30 percent, from 64 days to 83 days. The median sales price decreased 1 percent, while the average sale price decreased 4 percent to $273,512.
What do these statistics mean for South Hampton Roads real estate? It is good news for Hampton Roads 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 South Hampton Roads 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 southern Virginia homes, please use our complimentary MLS search. Also read: South Hampton Roads 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 Virginia Beach 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. Related PostsSchools Are Important When Buying Virginia Beach Real EstateVirginia Beach & Hampton Roads Loan Limits Increase Virginia Beach & Hampton Roads Tax Rebates - The Facts Virginia Beach Real Estate: Hampton Roads Market Trends-April 2008 Hampton Roads & Virginia Beach Real Estate Market Trends 
|
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.
This site is proudly sponsored by