September of 2009 Virginia Beach Area Real Estate and hitting bottom in Home Pricing!!

Real Estate Agent with Rose and Womble Realty

Well, it's September of '09 and we all have a little bit different idea of where we are as far as hitting bottom in Home Pricing. We know what happens when inventory of Homes for sale go down (which it's doing now--less homes for sale in *S Hampton Roads currently then in 2008 by 3.8%.) AND the gap continues to close between median Sales Prices of Homes in '08 vs '09 (from -12.1% in January of this year to -2.6% in August of '09) AND, Hey, Interest Rates continue to hang around in the 5% range, a little higher but not much. That's good news.

Still time left to purchase a primary or 2nd Home at a great price before Home prices hit bottom and start going up along with increases in interest rates. Also, if your a 1st Time Homebuyer or haven't owned a Home in 3 years you are eligible for an $8,000 Federal Tax Credit with no payback requirements. The catch is this program expires on December 1, 2009. Something to think about. (Some income limits apply--$75,000 for single tax payer in a family and $150,000 for a 2 income family.)  

*NOTE: S Hampton Roads includes Virginia Beach, Chesapeake, Norfolk, Suffolk and Portsmouth.

I now have a couple of Clients that are waiting for the bottom in pricing to purchase and they are losing out on Homes they have had their eye on because the Homes have gone under contract. Something to think about.

jim from va beach

Visit my Real Estate Site where All Homes for Sale in Va Beach, Chesapeake, Norfolk, Portsmouth, Suffolk and All Surrounding Areas of Virginia are available--Updated Daily! Also lots of information on Schools, City Guides, Bases, and much more!


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