October 2011 – Market Statistics ~ the good news continues

Did you see the article in Inman News, where Hampton Roads was listed the 12th Healthiest housing market in the country?

October’s residential real estate market in Hampton Roads posted another solid month as it shows signs of stabilizing and returning to normal levels. Unfortunately, the number of distressed homes have on the market continues to slow the recovery of the overall market. The good news is that the number of under contract homes increased.

The number of active listings decreased by 16.6% in October 2011compared to October 2010.The inventory of homes for sale dropped by more than 21% in Norfolk and Virginia Beach.In Chesapeake, the inventory declined by 7.2%.

Under contract increased by 29.6% when compared to October 2010. The number of under contract sales is typically an indicator of future settled sales activity over the next month or two as the contracts go to closing. With year-over-year gains this high in magnitude, the real estate market appears poised for solid sales figures as fall ends and winter begins.

Settled sales/closed sales grew by 17% in October 2011 when compared to October 2010. Norfolk saw sales increase by 25% or more for the month when compared to the same time last year. Virginia Beach saw an increase in sales of 7.4% for the month.

Inventory by city:

Virginia Beach -  6.5 months supply of homes on the market    ** A stable market is a 6 mth supply of homes, GREAT news for Virginia Beach

Chesapeake -  7.78 months supply of homes on the market

Norfolk -  8.17 months supply of homes on the market

Portsmouth -  9.46 months supply of homes on the market

Suffolk – 9.71 months supply of homes on the market

** NOTE: All statistics provided are a courtesy of REIN (Real Estate Information Network) **

SOLD in Bellamy Plantation in Virginia Beach, VA

All brick two story home boasts approximately 2753 square feet of living space, 4 bedroom & 2.5 bath overlooking lake in Bellamy Plantation. Home boasts a beautiful inground pool with new liner, raised decking and large outdoor entertaining space. Althought this home needs some TLC it’s priced accordingly.

Listing Price: 349900
Address: 1909 Grey Friars Chase
City: Virginia Beach
State: VA
ZIP: 23456
Location: Bellamy Plantation
School District: Salem High School
Age: 1987
Monthly Rent: N/A
Square Feet: 2753
Bedrooms: 4
Bathrooms: 2.5
Type: Single Family
Style Traditional / Transitional
Parking: Two Car Attached Garage
MLS # (if any): 1134381

 

 

 

 

 

 

 

Our impact on our communities

So it’s been an exhausting couple of weeks for me on the real estate front here in Hampton Roads. I’ve had several poignant moments that have stopped me in my tracks. I thought I might share a few.

One of the most joyful parts of my job is helping my client (buyer or seller) accomplish their goals and/or dreams. It hit me a few days ago, what an incredible affect what we do as Agents and Real Estate Specialists has on our community and in the lives of so many. Some are starting a new life, while others are closing a chapter in theirs.

We often assist buyers in re-locations from different parts of the country and the world. In addition to coming to a community they are not familiar with, they are often faced with the reality that Hampton Roads housing market is priced above thier current market. I’ve seen this with re-locations from Texas, Georgia and a few other states. So, basically the buyer is getting less house than they currently have or had for more money. This can often make finding a home rather difficult and in some cases disappointing for the prospective purchaser. I try to keep my client’s spirits up, their expectations in order and help them find the best property that meets their housing needs at  the best price possible. It’s so rewarding to close the transaction and the buyer’s are delighted with their new home, although it’s not as big or grand, they are finally settling into their new life.

Another recent appointment was with a distressed property owner. I really can’t express how it burdens my heart to have to tell sellers their home is not worth what they paid for it, especially when the market value  is extremely lower than what they owe the bank. I find it even harder when they break down and fall apart. I will admit I have sat and cried with sellers more than a few times. As Real Estate Specialists, what we do and say has great impact on the lives of our clients. I find too often in this economy that compassion is lost and cynicism is rampant. Sit down and listen to your client’s needs.  Explain how foreclosure and short sale work, most don’t really know, as they never imagined they might face this terrifying possibility.

A highlight to our job is the excitement of the first time home buyer. Normally, they enter the process with fear and hesitation not to mention a long list of horror stories offered up by friends and family. We educate them about the buying process, their rights, get them pre-approved for a loan and hit the road. That’s when the “real adventure” begins! We find the home that evokes what I like to  call “perma-grin”, yep that smile that seems to be permanently affixed to the buyers face. When they talk about the property, they smile, when the re-visit the property, they smile. This is a tel-tale sign we’ve found “the one”. So we navigate the offer, negotiations, inspections, appraisals, etc and proceed to closing. After the ink of the last signature has dried, they receive the keys to their new home and the title “First Time Homeowner”. Of course the perma-grin is back!

I have to confess, real estate can be a roller coaster, but I have always loved roller coasters and I do love this job that I have been so blessed with. Thank you to my instructors, brokers, fellow agents, contractors, vendors, neighbors,  friends, family, clients and past clients you make my job as a Real Estate Specialist, worth it! I can honestly say I believe I am doing what I was called to do.

Hampton Roads Housing Stats – June & July 2011 ~ Good News!

Hampton Roads real estate market continues to show signs of progress. The great news is the number of active homes on the market decreased by 11.6% over July of 2010’s figures, while number of under contract and settled sales increased by 24.7% over July of 2010. What this means is the inventory is being absorbed, which leads to a more stable market thus stabilizing home prices.

Bank owned or short sales (also known as distressed properties) made up 30.3% of the sales in July of 2011.

INVENTORY      
     (# OF MONTHS SUPPLY OF HOMES ON THE MARKET)
  JUNE JULY REDUCED
      BY
VIRGINIA BEACH 7.53 7.5 0.03
CHESAPEAKE 8.85 8.77 0.08
NORFOLK 10.14 9.71 0.43

 

 

**NOTE: All statistics provided herein were provided by Real Estate Information Network (REIN)

Handling the Stress of an Unaffordable Mortgage Payment

Whenever I research the latest foreclosure and distressed property statistics, the sheer number of Americans facing the stress of losing their homes amazes me.  It is my goal to help as many homeowners I can either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need my help is a driving force for me to continue doing what I do.

In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.

The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.

I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.