Virginia Beach Real Estate

Virginia Beach and Hampton Roads soft market conditions are forecast to continue for existing-home sales in the months ahead, with improvement expected by the second half of this year if loan limits are increased, according to the latest forecast by the National Association of Realtors®. 

Lawrence Yun, NAR chief economist, said sales activity is expected to remain soft through the first half of the year despite a generational low in mortgage interest rates.  "Existing home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices," he said.

This would seem to indicate that now would be a great time to be a home-buyer in the national marketplace. Let's take a look at the sales statistics for our South Hampton Roads cities in January 2008 to see how the year started off:

Residential sales in Virginia Beach dropped by 26 percent in January compared to Jan 2007, causing the average market time to increase 13 percent, from 67 days to 76 days. The median price decreased 3 percent, while the average sale price decreased 9 percent to $305,348. 

Now is a GREAT time to be buying a Virginia Beach home. To learn more about Virginia Beach 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. 
 

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

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