Dave 's Blog

Virginia Beach Real Estate: Second-Home Sellers Pay For Tax Credits

2008-08-15T09:49:59Z

Virginia Beach Second-home Sellers Pay For Tax Credits

You have probably heard, last week President signed into law the Housing Rescue and Foreclosure Prevention Act. This is the most comprehensive housing bill to be enacted in over a decade. The bill is designed to help more buyers of Virginia beach real estate realize their dreams, as well as, boast the struggling housing and mortgage markets.

One of the biggest benefits, and probably one of the most talked about provisions in this legislation, is the $7,500 tax credit to first time home buyers. Tax breaks are all well and good, but they have to be paid for somehow. While first time home buyers are getting a break, second home sellers will be paying for the $15.1 million dollars in tax cuts.

Up until the new legislation went into effect last week, homeowners could exclude up to $250,000 taxable profit on the sale of their home if they're single taxpayers and $500,000 if married filing joint returns. The catch being, they had to live the in house as their primary residence for two of the five years before it is sold.

Many second home owners took advantage of this by moving into a property that was once a rental or vacation home, live there for two years prior to selling and benefiting from the tax-free profit.

With the new legislation, owners selling on or after January 1, 2009 will have to factor out the period when the property was still a rental or vacation home and pay taxes on that portion of the profit.

Here's an example courtesy of BankRate.com:

Jim and Joan are in their 50s and next January buy a vacation home for $200,000. Ten years later, they retire, sell their old principal residence and make the vacation home their new principal residence. Fifteen years after that, Jim and Joan, now in their 80s, move to an assisted-living community and sell the vacation-turned-primary-residence for $700,000. That nets them a gain of $500,000.

Under pre-housing bill statute, Jim and Joan wouldn't face any tax on the entire $500,000 gain.

The new law, however, means that Jim and Joan can exclude only 15/25, or 60 percent, of the gain. That would give them $300,000 of nontaxable property sale profit and $200,000 upon which they would owe long-term gain taxes.

As you can see, the new legislation significantly affects second home owners and their retirement strategies. The second home market has remained strong in the last few years, but this may change dramatically in the near future....something congress may not have intended.

If you own Virginia Beach real estate and are in the middle of converting your second home to your main residence, you could be out of luck. If you don't have enough time left in 2008 to meet the two year lived-in rule and sell the property, when you do sell next year, you will pay.

If your need to sell your Virginia Beach home before January 1, 2008, give us a call at 866-222-0158 #550. We will help you get the highest price for your Virginia Beach real estate before the end of the year!

Get the current market value of your Virginia Beach home.

Also read:
Virginia Beach Real Estate: Housing & Economic Recovery Act
Virginia Beach: Top 10 Greenest Places To Retire
Things You Should Know About Moving To Virginia Beach
10 Things You Should Know About Today's Virginia Beach VA Real Estate Market

Virginia Beach Real Estate: Should You Rent Your Unsold Virginia Beach Home

2008-08-11T13:27:16Z

With Virginia Beach real estate sales slowing a bit for the summer, many sellers are left wondering if they may be better off renting their home out for the time being until market activity picks back up. If you have already purchased another home, this option is especially attractive as it allows you to cut down on the expense of paying two mortgages while you wait for your home to sell.

Below are some items to think about, courtesy of BankRate.com, before deciding to become a landlord:

Mortgage payments must be made regardless of if the property is inhabited.

Costly repairs and maintenance work cannot be delayed if they inconvenience the tenant.

Disputes with tenants could require legal representation and legal fees.

There are many costs involved in renting a home - it is recommended that landlords budget 25-30% of the rent to be used for maintenance, repairs, or emergency. This should be a key factor when deciding how much rent to charge in order to break even.

In addition to extra tax advantages (on top of the regular deductions of mortgage interest and taxes), renting out your property might also allow you to continue to build equity in your old home at the expense of the renter. You might even be able to make a profit from the rent, if your expenses are low enough!

If you are interested in buying or selling Virginia Beach real estate, please call us at 866-222-0158 #550.

Request a complimentary market analysis of your Virginia Beach home !

Virginia Beach Real Estate Market Trends June 2008 Sales Statistics

2008-08-08T08:40:03Z

Virginia Beach June 2008 Sales Statistics

Residential sales in Virginia Beach dropped by 23 percent in June compared to June 2007, causing the average market time to increase 18 percent, from 55 days to 65 days. The median sales price decreased 7 percent, while the average sale price decreased 7 percent to $318,784.

Virginia Beach	Sold Listings	Median Price	Average Sale Price	Average Days On Market
June 2008	562	$254,950	$318,784	65
June 2007	727	$273,000	$344,008	55

What do these statistics mean for Virginia Beach real estate?

It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. Search for all Virginia Beach real estate listings or get the current market value of your home.

Modest near-term movement is expected in Virginia Beach real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. "The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy," he said.

Furthermore, Yun said location has never mattered more than in the current market. "Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhoods exposure to subprime loans."

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Market Report May 2008

Virginia Beach Real Estate: South Hampton Roads Market Trends June 2008

2008-07-25T07:08:25Z

Modest near-term movement is expected in Hampton Roads real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Let's take a look at the South Hampton Roads real estate market activity, including Chesapeake, Norfolk, Suffolk, Portsmouth, Smithfield, Isle of Wight and Virginia Beach real estate for this June.

South Hampton Roads June 2008 Sales Statistics

Residential sales in South Hampton Roads dropped by 27 percent in June compared to June 2007, causing the average market time to increase 18 percent, from 65 days to 77 days. The median sales price decreased 6 percent, while the average sale price decreased 7 percent to $290,741.

South Hampton Roads	Sold Listings	Median Price	Average Sale Price	Average Days On Market
June 2008	1,301	$249,900	$290,741	77
June 2007	1,782	$265,000	$311,782	65

What do these statistics mean for South Hampton Roads and Virginia Beach real estate?

It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. Search for all South Hampton Roads and Virginia Beach real estate listings.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Market Report May 2008

Virginia Beach Real Estate Tip: Questions To Expect From Your Lender

2008-07-21T10:37:31Z

Before lending you a large sum of money to purchase a piece of Virginia Beach real estate, it is understandable that your lender will want to know a little bit about you and your ability to pay back the loan. If you are a first-time homebuyer, or if it has been a while since you last spoke with your lender, it is helpful to be prepared for some of the questions you may be asked and to have some responses in mind. Below are some general examples of questions you may expect to hear when applying for a home loan:

Employment and income
• Where do you work?
• How much do you make?
• How long have you been at your job?
• How is your income derived -- steady salary or irregular income? (if it's the latter, plan on providing more details so that you get a favorable interest rate)

Outstanding debts

• What recurring debts do you have?
• How much do you pay a month for auto loans?

• Credit cards?
• How much of your monthly pretax income do these debts consume?

Cash reserves and assets
• How much money do you have in the bank?
• How much will be left after you pay your down payment and closing costs?

Down payment
• How much money are you putting down?
• Is this your own money? A gift? A nonprofit agency grant?

Loan purpose
• Is this mortgage for a home buy or refinance?
• If it's a refinance, do you want to take cash out at closing to pay off other debts?
• If so, how much?

Property use

• Do you plan to live in the house?

• Is it investment property?

Property type

• A condominium?
• A duplex?

In order to get the best possible interest rate and gain the trust of your lender, you will want to be able to prove that you've had steady employment (preferably with the same employer or in the same line of work) for two or more years. You also want to avoid making any major purchases before applying for a loan - if a lender sees that you've just purchased an automobile last week, your debt-to-income ratio goes up and your ability to pay down a home loan goes down. It is preferable to be making a down payment of at least 5% of the sales price with your own money and to prove that you have at least two months' worth of mortgage payments in the bank; however, there are many programs such as Fannie Mae that require much lower down payments.

To learn more about investing in Virginia Beach real estate or for a referral to a reputable lender, please call us at 866-222-0158 #550 or visit ButlerTeamHomes.com. You may also begin searching the MLS!

Also read:

Virginia Beach Real Estate: FHA Frequently Asked Questions
Things You Should Know About Moving To Virginia Beach
Seven Tips For First-time Virginia Beach Homebuyers
Virginia Beach VA Real Estate: 7 Reasons To Own Your Own Home

Chesapeake VA Home For Sale

2008-07-16T12:51:09Z

1408 Bayberry Court S, Chesapeake VA for Sale

This Chesapeake VA home, located in Bayberry, has room for everyone with over 3300 sf ft with 4 bedroom and 3 baths in the main house and a 1 bedroom 1.5 bath in-law suite. In-law suite includes a fully applianced kitchen, bedroom with walk in closet and a generous living room and dining area.

This house has been totally remodeled within the last four years include a 3 zone heating and air system, vinyl siding , windows and roof. This truly is a move in home with nothing left for you to do but enjoy! The fenced in back yard has an above ground pool and patio with plenty of grassy area for all your outside enjoyment.

For more information about this Chesapeake VA home for sale or Chesapeake and Virginia Beach real estate, visit ButlerTeamHomes.com.

Virginia Beach Real Estate: 3 Tips For Buying Foreclosed Homes

2008-07-10T04:40:17Z

Banks are not in the business of owning Virginia Beach real estate and are motivated sellers. Often, you can get a decent price for a foreclosed property, but here is what you need to know before you shop. These tips will save you time, money and lots of headaches!

According to RealtyTrac, lenders repossessed 28 percent more homes in May than April 2008 and 158 percent more than May 2007.

Although banks don't want to be in the real estate business and will sometimes accept ridiculously low prices to get rid of their inventory of foreclosed homes, buying such properties has drawbacks.

Here's what you need to know.

1. Search the Internet

The Internet can help you locate foreclosed homes. You can search national websites, such as Foreclosures.com, ForeclosureListings.com, ForeclosureNet.net or RealtyTrac.com. These sites have Free Trial periods, but then require a subscription. Or, you can search locally at no cost and even sign up to have a list of foreclosed properties emailed to you as they come on the market.

2. Use a Realtor

Getting a lender to deal with you directly is like pulling teeth (lenders typically deal only with pros) or at auction (you may get caught up in the excitement of the moment and bid more than you should).

Work with a Realtor who knows the ins and outs of working with the banks. The majority of the time the banks use Realtors to sell their homes and are used to working with them. Once you've identified which properties are foreclosed REO (Real Estate Owned or bank owned), you'll know those are the ones for which less than stellar offer is more likely to be accepted. You'll get the best deal with houses that have been on the market for over 90 days.

3. Keep an Eye on Repair Costs

Bank-owned houses typically need a lot of work. People facing foreclosure usually have other things on their minds and maintenance is not a top priority. Many take appliances and fixtures with them when they leave and often take other frustrations out on the house....meaning causing damage for damage sake.

Never buy a foreclosed property without an inspection, and be sure to factor repair and remodeling work into your offering price. It is a good idea to present your repair estimates to the bank with your offer, so the bank understands where you are coming from on your price.

We have helped numerous families buy foreclosed properties, negotiating excellent deals with the banks. But foreclosures are not for everyone. You have to be prepared for the sweat equity that will be involved. If you think buying a foreclosed house is right for you or you at least want to explore the possibility, contact us at866-222-0158 #550or Info@ButlerTeamHomes.com. We are glad to help!

Also read:

Search all Virginia Beach real estate foreclosures!
Virginia Beach VA Real Estate: 7 Reasons To Own Your Own Home 6 Ways To Beat The Stress Of Buying A Virginia Beach Home
Seven Tips For First-time Virginia Beach Homebuyers

Virginia Beach Real Estate: Chesapeake Market Report May 2008

2008-06-25T19:29:50Z

Chesapeake Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It's the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. "Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it's unclear if they are investors or owner-occupants," he said.

Let's take a look at the Chesapeake real estate market activity to see how the spring market is shaping up.

Chesapeake May 2008 Sales Statistics

Residential sales in Chesapeake dropped by 14 percent in May compared to May 2007, causing the average market time to increase 30 percent, from 63 days to 82 days. The median sales price decreased less 5 percent, while the average sale price decreased 4 percent to $282,514.

Chesapeake	Sold Listings	Median Price	Average Sale Price	Average Days On Market
May 2008	274	$259,950	$283,574	82
May 2007	318	$275,000	$296,313	19

What do these statistics mean for Chesapeake real estate buyers and sellers?

Chesapeake residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers.

Also read:
Virginia Beach Real Estate: Market Report May 2008
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Chesapeake and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com and AllVirginiaBeachRealEstate.com.

Search all Chesapeake and Virginia Beach homes for sale.

Find out what your home is worth.

Virginia Beach Real Estate: Market Report May 2008

2008-06-20T08:00:54Z

Virginia Beach Real Estate Market Report

Let's take a look at the Virginia Beach real estate market activity to see how the spring market is shaping up.

Virginia Beach May 2008 Sales Statistics

Residential sales in Virginia Beach dropped by 25 percent in May compared to May 2007, causing the average market time to increase 323 percent, from 51 days to 74 days. The median sales price decreased less than 1 percent, while the average sale price increased 9 percent to $338,609.

Virginia Beach	Sold Listings	Median Price	Average Sale Price	Average Days On Market
May 2008	481	$254,000	$338,609	74
May 2007	639	$256,500	$311,353	51

What do these statistics mean for Virginia Beach real estate buyers and sellers?

Virginia Beach residential sales have not started to pick up, which means more inventory for buyers to choose from and motivated sellers. The good news for sellers is Virginia Beach real estate fared better than South Hampton Roads with a 9 percent increase in prices compared to a 2 percent increase for the region as a whole.

Also read:
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008 Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com or AllVirginiaBeachRealEstate.com.

Search all South Hampton Roads and Virginia Beach real estate homes for sale.

Find out what your home is worth.

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

Virginia Beach #2 For Raising Families

2008-06-19T06:36:30Z

It is no surprise to those of us who live here, that Virginia Beach is a great place to raise a family. Best Life Magazine agrees, ranking Virginia Beach #2 in its Best Place to Raise A Family survey.

Honolulu, HI took #1 place honors, while Clarksville, TN came in last. The survey considered schools with favorable student-teacher ratios, above-average test scores, and respectable budgets. Also looked at were the number of museums and parks, commute times, housing costs and number of divorced families.

Data from the U.S. Census Bureau, National Center for Education Statistics, FBI, American Association of Museums, National Center for Health Statistics, and American Bar Association was also used to evaluate 257 cities.

Other honors for Virginia Beach include:

Top 10 Greenest Places to Retire by US News and World Report

Sixth Best Big City by Money Magazine

Best Place to Live in America by USA Weekend magazine

#1 American City by Ladies Home Journal

Most Stroller Friendly City by Fit Pregnancy magazine

Being recognized nationally not only reinforces what we locals already know, but is also a boom for Virginia Beach real estate. National attention puts Virginia Beach on peoples' radar for possible relocation, creating more demand for housing and keeping Virginia Beach real estate values up.

If you are considering relocating to Virginia Beach, you can search all Virginia Beach real estate for sale or get a list of new homes for sale as they hit the market...automatically and for FREE! For all other Virginia Beach real estate information, visit ButlerTeamHomes.com.

Also read:
Virginia Beach Best For Retirees
Virginia Beach Tops For Having A Baby

Norfolk VA Home For Sale With Boat Slip: 9524 8th Bay

2008-06-18T05:14:10Z

Norfolk Home For Sale With Boat Slip

9524 8th Bay Street, Norfolk VA 23518

Vacation every day! This is not just a house, this is a lifestyle. This 4 bedroom, 2.5 bath house is on the channel to Pretty Lake and has a boat slip with a 10,000# boat lift. Set sail from your boat slip and within minutes you're on The Chesapeake Bay. Fantastic views of Pretty Lake from either deck, cathedral ceilings and skylights add to the airy and comfortable feeling of this transitional style house. Fireplace, eat in kitchen, separate master suite level, 2 zone HVAC, utility room, and a home warranty too!

For more information about this home or other Virginia Beach and Norfolk real estate, visit ButlerTeamHomes or give us a call at 866-222-0158 #550 for more personal service. Search all virignia Beach and Norfolk home for sale.

Things You Should Know About Moving To Virginia Beach

2008-06-09T11:02:26Z

Making a move to Virginia Beach, or any other Hampton Roads locale, can be overwhelming. It doesn't seem to matter if your are moving across country or across town the details are endless. It pays to be oprganized and have your ducks in a row, so nothing falls through the cracks. Below are suggestions to help make your Virginia Beach move more manageable...

Subscribe to Virginia Beach's local newspaper, The Virginian Pilot, in advance of your move. It usually contains a large real estate section, which can be very helpful in giving you some idea of the type of housing available in the new city, as well as other useful information. Arrange for a house-hunting trip to your new city. When looking for a new home, take along a tape measure and a list of the exact dimensions of each of your major appliances and other large pieces of furniture. Measure the areas provided for them to be sure your appliances and furniture will fit. Establish credit in the new city. Ask your banker for a referral to a correspondent bank and to act as a credit reference.

Preplanning Your Move

Plan your move to Virginia Beach as early as possible. If you are able to move at any time of the year, don't wait until summer, the peak-moving season. Consider also that the first and last few days of the month are extra busy. If you plan to sell your house, get it on the market as soon as possible. If renting, give your landlord timely notice of your moving date. Keep a record of all expenses related to the move, some of which may be tax deductible. Fill out the Personal Household Inventory for each room. This is important for establishing the amount of declared valuation for the shipment and as a permanent inventory for insurance purposes. List, as nearly as possible, the year of purchase and original cost of each item. Attach any invoices or records of purchase to the completed inventory. Prepare a separate high-value inventory if the shipment will contain articles of "extraordinary" value. The following list includes items that might fall into this category:

* Antiques
* Art Collections
* Cameras
* China Collections
* Computer Equipment
* Crystal
* Figurines
* Firearms
* Jewelry
* Manuscripts
* Oriental Rugs
* Silver
* Stones Or Gems
* Tapestries
* TVs Or Stereos

Estimate of Virginia Beach Moving Costs

Unless you have been given a binding estimate where a firm cost is established in advance, the exact cost of a move cannot be determined until after the shipment has been loaded on the van and weighed. The weight on which charges are based is calculated by weighing the van before and after loading. The total cost of the move will include transportation charges, any charges for declared valuation, plus charges for any extra services performed at your request. All of these charges are based on tariff rate schedules.

Owner's Responsibility

It is the owner's responsibility to see that your mechanical, electrical equipment and appliances are properly serviced for shipping prior to the arrival of the moving van. For safe moving, have these items prepared by a licensed or properly trained technician. This service may be performed by a technician of your choice or by qualified personnel of the moving company. If the owner has failed to have an item serviced, the van operator may load and haul it, but will mark the inventory sheet, "Not Serviced-Loaded at Owner's Risk."

Tomorrow read: Six to Eight Weeks Before Your Move to Virginia Beach.

Start your move by searching Virignia Beach homes for sale. Or have new homes for sale emailed to your Inbox as they hit the market with our New Listing Alerts. Visit our blog, AllVirginiaBeachRealEstate.com.

Seven Tips For First-time Virginia Beach Homebuyers

2008-04-03T16:22:35Z

The home buying process may seem daunting to someone who has never purchased a home before. But, with the assistance of an experienced loan officer and Realtor, a first-time home buyer can obtain a better understanding of their financing options, leading to a more positive home buying experience.

Whether you've been dreaming of owning a Virginia Beach home for years or you've just decided it would be a smart financial move to make, your first home buying experience will be a memorable one. It's important to learn about your financing options in order to find the mortgage that's right for you.

The following are tips for Virginia Beach first-time home buyers:

1. Educate Yourself About the Mortgage Process
By taking the initiative and learning about the mortgage process, you can be more confident in the financial decisions you are making. It's important to learn about different types of mortgages, how much you can afford, how your credit impacts your interest rate, and the benefits of home ownership. A mortgage tutorial is available at http://smartedgebygmac.com/, which breaks down the home buying process into easy-to-understand steps.

2. Save Just a Little Bit More
It's not only important to save money for the down payment and closing costs, but it's important to factor in some of the other costs of home ownership such as decorating, repairs and maintenance. Many mortgage lenders recommend that first-time home buyers have at least three to six months of additional savings in their possession in anticipation of these additional expenses.

3. Check Your Credit
An individual's credit score will have a significant impact on his or her mortgage loan approval and interest rate. A good first step in financing a home purchase is to check your credit history. You can request a free credit report from any of the three credit reporting bureaus: Equifax, TransUnion or Experian. Carefully review your report and contact the credit reporting bureaus to correct any inaccuracies.

4. Shop Around for a Mortgage Lender
As you start thinking and preparing for the home buying process, start shopping for the mortgage lender from whom you would like to obtain a mortgage for your new home. Because this process is new, it's easy to go with the first lender or loan officer you meet. Instead, take your time and shop around. Don't know a mortgage lender, contact us, 866-222-0158 #550 or info@butlerteamhomes.com. We are glad to give you a couple of references. When you've identified two or three loan officers, ask for references. In addition to pricing (interest rate and closing costs), focus on customer service as well as other services and tools that a mortgage lender may be able to offer you.

5. Get Pre-approved
Before you start working with a real estate agent, consider contacting a mortgage lender to obtain a pre-approval credit decision. A loan officer will review your financial status, including your income, cash flow and credit score, to help you determine the maximum monthly housing payment for which you may be able to qualify, and, if qualified, "pre-approve" your mortgage before you've found a home. Armed with a credit pre-approval, you can start searching for homes with a much better idea of your price range, and in turn save time as you will know the right homes to focus on. Obtaining a pre-approval may offer more confidence and certainty to home sellers in your ability to purchase the home.

6. Don't Be Afraid to Ask Questions
Once you've found your new home, the mortgage lender will help you through the details of the loan process. From application to closing, your loan officer will work through the financing process with you, just as your real estate professional should do in the home buying process. Throughout the process, read all loan documents carefully, and involve an attorney, if necessary.

7. Inspect
Before you commit to purchasing a home, don't forget to hire a licensed home inspector to conduct a thorough assessment of the property. An inspector can alert you to any major problems with the home, and/or help you understand potential short-term and long-term home maintenance issues.

Are you a first-time Virginia Beach home buyer...or want to be, but have lots of questions? Just give us a call. We can sit down with you and answer all your questions...no obligation!

Start your Virginia Beach home search by looking at homes for sale and get a list of new Virginia Beach homes for sale emailed to you as they hit the market.

6 Ways To Beat The Stress Of Buying A Virginia Beach Home
Virginia Beach VA Real Estate: 7 Reasons To Own Your Own Home
Virginia Beach VA Real Estate Market Is Different

Norfolk VA Real Estate For Sale - 627 W 34th Street

2008-03-26T02:42:17Z

627 W 34th Street, Norfolk VA 23508 - Norfolk Va real estate for sale!

Great property for the owner occupant; rent one unit and live in the other. This three bedroom over/under duplex in Park Place has been completely renovated including newer furnaces, air conditioning, appliances, kitchen cabinets, flooring, windows and doors. Looking to enter the real estate market? This turn key property is just the place. Looking for a hassle-free investment property where your 'Return On Investment' is in the black? This duplex is the perfect opportunity for either the first time buyer or the experienced investor.Each unit is three bedrooms and 1 bath. Each unit has a private front and rear entry. The front entry (keyed) has one exterior door that then allows entry to a small lobby area where each unit has it's private, keyed entry.

So, the appearance is a single family home, giving you a warm feeling rather than 'Just another apartment.' Once inside it is as though you are the only one there. Total privacy and comfort for each unit.

Why not let someone else make most of your mortgage payment for you rather than paying it all yourself? BUT, you get to reap the rewards of real estate appreciation. Then in the future you can move up to a new place and keep this one as a "positive cash flow property". OR, if you are looking strictly for an investment, here is the chance for positive cash flow from the very first day.

You see the TV shows touting smart real estate investing..... Here is YOUR chance to take part and Invest in Norfolk VA real estate! Show your friends your real estate savvy!! Give us a call today @ 866-222-0158 #550 to schedule your private viewing.

For more information on Norfolk VA real estate or homes for sale anywhere in Hampton Roads, visit our website, AllVirginia BeachRealEstate.com. Automate your Norfolk VA home search with New Listing Alerts.

Virginia Beach Radio Show and Podcast

2008-03-24T18:40:57Z

The Butler Team and Dave Macklin present the Virginia Beach Real Estate Radio Show and Podcast.

The March edition of the Virginia Beach Radio Show and Podcast covers Virginia Beach real estate market activity, as well as the new financing rules from Fannie Mae and Freddie Mac.

Features special guest Terri Murphy of US Learning.

Program length: approximately 6 minutes

download podcast mp3 file | subscribe to podcast feed

If you would like to learn more about investing in Virginia Beach real estate, please call us at 866-222-0158 #550 or visit AllVirginiaBeachReal Estate.com. You may also begin searching for homes here!

Hampton Roads & Virginia Beach Real Estate Market Trends

2008-03-19T05:26:58Z

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:

Virginia Beach real estate (residential) sales dropped by 4 percent in February compared to February 2007, causing the average market time to increase 17 percent, from 65 days to 76 days. The median price decreased 4 percent, while the average sale price remained relatively unchanged at $304,539.

Virginia Beach	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Feb 2008	421	$246,000	$304,539	76
Feb 2007	570	$235,000	$304,146	65

Chesapeake real estate (residential) sales also decreased in February by 25 percent, with market times increasing 27 percent. The median price increased 8 percent, and the average sales price increased less than 1 percent to $291,549.

Chesapeake	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Feb 2008	185	$264,000	$291,549	89
Feb 2007	246	$245,000	$290,286	70

Norfolk real estate experienced a 31 percent decline in sales. Market times decreased 6 percent. The median price increased 2 percent to $205,500, while the average sales price decreased 11 percent to $224,438.

Norfolk	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Feb 2008	146	$205,500	$224,438	73
Feb 2007	211	$200,900	$252,010	78

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

Portsmouth	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Feb 2008	86	$160,000	$164,715	94
Feb 2007	105	$160,000	$177,719	67

Suffolk also experienced a decrease in sales of 25 percent compared to February 2007. Market times increased 16 percent, 74 days vs 86 days. The average sales price decreased in Suffolk to $292,475 or 10 percent. The median price also decreased by 10 percent to $255,000.

Suffolk	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Feb 2008	84	$255,000	$292,475	86
Feb 2007	118	$282,325	$326,240	74

Now is a GREAT time to be buying a home in Hampton Roads. 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.

Interested in knowing what your home is worth? Visit HRHouseValue.com.
Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

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Norfolk Real Estate Market Trends-Feb 2008 Report

Virginia Beach Real Estate: What's The Value Of Your Home

2008-03-17T08:51:18Z

What's The Value Of Your Home?

Simple. Automated. Dependable.

Just go to VirginiaBeachHomeSellers.com and complete the required information on your home and you will receive a COMPLIMENTARY Computer Analysis, indicating your home's approximate present value on the market today. You will receive this information quickly, by email, and WITHOUT HAVING TO SPEAK WITH AN AGENT!

Interested in what's for sale? Start your Virginia Beach real estate home search here. Or give us a call at 866-222-0158 #550.

Virginia Beach VA Real Estate: How To Get Your Home Sold Fast
10 Things You Should Know About Today's Virginia Beach VA Real Estate Market
Virginia Beach Real Estate Market Report-Feb 2008

Virginia Beach Real Estate Market Is Different

2008-03-16T06:38:07Z

Virginia Beach Real Estate Market Is Different

This was the headline of a recent advertisement in the VirginiaPilot...

Our Real Estate Market Is Different.

The ad continued to read:

It is important not to interpret current home prices and home price appreciation only in the context of the housing market of 2004-2005. Over the long term, home prices in Virginia have increased moderately -- and steadily.

In the 1990s, home prices in Virginia appreciated at an average of about 2% annually.
From 2000 through the 2nd quarter of 2006, average price increases were about 12% annually.
In the third quarter of 2007 (latest data available) the house price index for Virginia shows home prices up 3% compared to the 3rd quarter of 2006.

The average sales price for Virginia Beach real estate appreciated approximately 6% in 2007 compared to 2006. Read the full report.

Visit VirginiaBeachHomeSellers.com and have the current market value of your home emailed to you. And start your Virginia Beach home search here.

Virginia Beach VA Real Estate: How To Get Your Home Sold Fast

2008-03-14T11:50:00Z

Virginia Beach VA real estate is taking longer to sell in the strong Buyers market we are in, than it did a few years ago. Most Sellers are concerned about the longer market times and how they get get a fast sale. As they say, time is money and if a home sits on the market longer than the average market time, it ususally doesn't bring as high a price. Many Sellers want to know how can I get my home sold fast.

The most important decision you will make when selling your home is the agent you choose to work with. Their expertise and guidance from pricing, to marketing, to staging is invaluable and can make or break a sale.

Selling fast was important to Garen & Anna Marshall when they sold their home and moved to Northern VA. Here is what they had to say about Dave Macklin and the Butler Team:

"This letter is in reference to the superior service that we have received from Dave Macklin. Two years ago we walked into RE/MAX Allegiance in search of a house and were lucky enough to get set up with Dave Macklin. From start to finish the transaction went smoothly and we were very pleased.

Two years later when we decided to sell our home we knew there was no better person suited for the job than Dave, and he has certainly proved us right! In this tough market, we were nervous as to how long it would take for the house to sell, in fact there were several houses in our neighborhood that were on the market for months until the listings eventually expired. Dave assured us he would do everything in his power to get the house sold quickly and he did! We closed within a month!

We never had to worry about a single thing, because we knew Dave had everything taken care of. It was an absolute pleasure working with such a wonderful, knowledgeable agent and we can not say enough good things about him. Having worked with several other realtors in the past, we can honestly say agents like Dave are few and far in between. Dave is the definition of going above and beyond and you are very lucky to have him!"

The average market in Garen and Anna's neighborhood is 49 days. Dave was able to sell their home in 26 days, 402Rennie.com. Would you like results like this when selling your Virginia Beach real estate? Visit our website, AllVirginiaBeachRealEstate.com or give Dave a call at 866-222-0158 #302.

Interested in the current market value of your home? Visit HRHouseValue.com. A current market valuation will be emailed to you.

Also read: 10 Things You Should Know About Today's Virginia Beach VA Real Estate Market

Selling Virginia Beach Homes For Top Dollar

2008-03-13T06:45:47Z

Tips to ensure your Virginia Beach home sells for top dollar

The average market time for Virginia Beach homes is 78 days. If a home has been on the market for awhile and hasn't sold, the first thing many agents think is, the home is over priced, but this is not always the case. In today's competitive buyers market, condition may be the problem. Buyers are not as willing to accept a home that is not in tip-top condition, as they were a few years ago. The reason a home does not show well may have nothing to do with its appearance, but rather the impact it has upon a buyer's sense of smell.

Below are tips to ensure your Virginia Beach home sells for top dollar by passing the "odor test":

Try sprinkling a bit of baby powder on the pillow covers before putting the case back on.
For persistent smells, try lemon oil or spray on the carpet, curtains, sofas, and even mattresses.
Use a waterlogged sponge for bad kitchen odors such as those created from fried foods. On a plate, place a big sponge (natural or loofah) in very hot water. The vapor will replace the molecules responsible for the annoyance. Repeat as necessary.
Place a few cubes of charcoal in a container and put the container in the closet. It removes that damp, musty smell. Blackboard chalk will work, too.
Before throwing away orange or lemon rinds, toss them into a pot of simmering water on the stove to make the kitchen smell inviting and lift the cook's spirits. Combining them with cloves or cinnamon sticks is also very pleasing.
Use all of those candle stubs after burning the bulk of the candle. Melt the stub in an old pan over water (like a double broiler). Pour the melted wax over pinecones and use as fragrant fire starters.
To remove cigarette odors, put a saucer of white vinegar in the room. When the vinegar evaporates, the smell will be gone.
Sprinkle a few lavender bath beads into water waste receptacles in the bathroom and kitchen. The scent is more subtle than that of "air fresheners", but still quite pleasant.
Put a dab of vanilla on the tops of your light bulbs. Your home will smell delightful without agitating allergies with potpourri.
Rose water, when put in a steam iron, gives your linens a fantastic, fresh scent - just like they hung outside next to a rose bush.

Interested in the current market value of your Virginia Beach home? Visit HRPropertyValue.com. Your home valuation will be emailed to you. Also stop by, AllVirginiaBeachRealEstate.com for Virginia Beach VA real estate information and homes for sale.

Virginia Beach Real Estate Radio Show

2008-03-11T15:40:31Z

This month's edition of the Virginia Beach Real Estate Radio Show covers Virginia Beach VA real estate market activity. We'll talk about how low interest rates and higher housing inventories make today one of the best times in recent memory to invest in real estate.

Our special guest speaker is Terri Murphy of US Learning.

download podcast mp3 file | subscribe to podcast feed

Virgina Beach VA Homes for Sale - 2221 Arklow Road

2008-03-07T08:01:39Z

Virgina Beach VA Homes for Sale - 2221 Arklow Road, Virginia Beach, VA 23456

Everything you've been looking for and never thought you would find all in one home.... In your price range too! Located in Princess Anne Woods. All brick. Six bedrooms. 3 full baths. Nine foot ceilings on the first floor and a 2 story foyer too. Fantastic Kitchen with tons of cabinets and storage. 42" wall cabinets, a walk-in pantry and island. A home should always be this nice! Master Suite with Trey Ceiling. Master Bath has an oversize jetted tub, large shower (with seat) and when you see the closet..... You'll think it could be another bedroom! Three zone HVAC system. Huge, back of the court, lot gives you plenty of room for whatever you want to do. Large deck, gazebo & patio. We've covered all the bases here too. Friendly neighbors, active Community Association so you will be able to get involved easily and quickly. Love these neighbors! Ready for your personal touches....As I always say, "A house is only a house, until you make it your home".

This one is wonderful, very well maintained and all the well thought out design features you could want.... but of course you will want to make changes....Everyone does. You won't have to do them until you are ready though. Ready to show your family and friends immediately and let them admire your good fortune. View the Virtual Tour.

For more information about this home or other Virginia Beach VA real estate, visit our website, ButlerTeamHomes.com. Or give us a call at 866-222-0158 #550 for more personal service.

Virginia Beach/Hampton Roads Market Trends-Feb 2008

2008-02-22T06:03:17Z

A continuation of soft market conditions is forecast for existing-home sales in the months ahead for Virginia Beach and Hampton Roads, 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.

Virginia Beach	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Jan 2008	357	$247,300	$305,348	76
Jan 2007	465	$254,900	$321,964	67

Chesapeake residential home sales also decreased in January by 22 percent, with market times increasing 28 percent. The median price decreased 2 percent, as the average sales price decreased 4 percent to $289,581.

Chesapeake	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Jan 2008	171	$259,900	$289,581	82
Jan 2007	218	$266,500	$300,595	65

Norfolk experienced a 35 percent decline in sales. Market times increased 73 percent. The median price declined 1 percent to $208,225 and the average sales price decreased 8 percent to $247,699.

Norfolk	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Jan 2008	130	$208,225	$247,699	107
Jan 2007	200	$210,125	$262,803	62

Portsmouth home sales also decreased by 30 percent, with market times increasing 67 percent compared to Jan 2007. The median price increased to $180,950 or 5 percent and the average sales prices remained relatively unchanged.

Portsmouth	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Jan 2008	60	$180,950	$183,625	95
Jan 2007	86	$172,460	$183,098	57

Suffolk also experienced a decrease in sales of 32 percent compared to January 2007. Market times increased 57 percent, 107 days vs 68 days. The average sales price decreased in Suffolk to $295,724 or 9 percent while the median price increased 4 percent.

Suffolk	Sold Listings	Median Price	Average Sale Price	Average Days On Market
Jan 2008	63	$269,900	$295,724	107
Jan 2007	92	$258,700	$325,388	68

Now is a GREAT time to be buying a home in Hampton Roads. 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.

Virginia Beach Tops For Having A Baby

2008-02-15T02:41:56Z

Fit Pregnancy looked at everything from doctors and hospitals to doulas, midwives, breastfeeding success rates, birth and health risk, stroller-friendly trails and parks, affordability, and a whole lot more, when looking at the best cities in America to have a baby.

Our very own Virginia Beach came in at #8. Congratulations!

If you are expecting and considering a move to Virginia Beach, you can learn about Virginia Beach by visiting our website, ButlerTeamHomes.com and start your home search here:

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