Boy, has this Real Estate market in the Virginia Beach Area of Va been "interesting"?! I've written in past months about the Housing market here and when are we going to hit bottom? In March of '09 I said, in effect, I don't know but maybe; in July of '09 I said I don't know but probably.
It's August of '09, and I'm saying now we're closer to hitting bottom then ever before in this cycle. All the statistical indicators continue to show that the days of large inventories of Homes, low pricing (really low), and 5% range mortgage interest rates are going to be short lived. The Volume of Homes sold have increased and continue to do so in the last several months as well as the Median Prices of Homes sold have also increased and continue to do so over the past several months. Less inventory of Homes available and prices increasing most likely means higher interest rates are not far behind.
This is a really great time to buy a Home, when the Bottom of the Real Estate market is bottomed out or close to bottoming out. The reality is, if you have a Home to sell you are going to sell low and buy low but why not consider renting your current Home (to sell when the market changes) and buying a Home...low now.
1st time Homebuyers or Homebuyers who haven't owned a Home in the last 3 years are eligable for an $8,000 Tax Credit from the Federal Government. (Salary limitations are: single tax payer in family, max of $75,000 or 2 person taxpaper family, a max of $150,000).
Visit my comprehensive Real Estate Site www.googlejim.com where All Homes for Sale (and I mean All Homes listed for Sale) in Virginia Beach, Chesapeake, Suffolk, Norfolk, Portsmouth, Isle of Wight and all surrounding areas of Va are available, with details, addresses and multiple pictures. My site is updated daily, easy to navigation and there is No Registration. Enjoy, and feel free to call/email me with questions, for additional information, or if you would care to visit any Home(s) for sale. Lots of Information on Schools, Bases, City Guides and much more!!
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