Real Estate Market Stats for September 2011 for Norfolk Virginia and Hampton Roads

Posted on November 10, 2011 by admin

Market Stats  

Southside of Hampton Roads

Quick summary:

Real estate prices overall for 2011 versus 2010 prices continue to be down down every single month as compared to the same month in the previous year.   The good news is that the number of properties under contract in 2011 has increased ever month as compared to 2010 with the exception of April 2011.

September 2011 Highlights  

Listing Inventory    Residential listings decreased , 17.36% year-over-year, to 9,192 (September 2011) from 11,123 (September 2010).

Pending Sales    Under contract sales increased by 24.78% as compared to September 2010 (1,118 / 896 respectively).

Sales    Closed sales increased by 12.96% to 1,081 as compared to September 2010 number of 957

Average Sales Price     Average sales price for September 2011 is $224,887 which is  a decrease of 8.85% as compared to September 2010 price of $246,727

 Days on Market (DOM)  The average days on market for September 2011 increased by 12 days to 95 days as compared to September 2010 average DOM of 83.

Click on each month below for the stats

September 2011

August 2011 

July 2011

June 2011

May 2011

April 2011

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Real Estate Market Stats for August 2011 in Hampton Roads

Posted on September 29, 2011 by admin

Market Stats  

Southside of Hampton Roads

Here is a quick summary on prices:

When you review real estate prices overall for 2011 versus 2010, prices have been down every single month  compared to the same month in the previous year.  The good news though is that the average sales price has been increasing every month in 2011 since April as compared to the previous month.   So for the year as a whole, prices are still in a downward trend, but the monthly trend for the year shows an increase.

August 2011 Highlights  

Listing Inventory        Residential listings decreased , 16.07% year-over-year, to 9,488 (August 2011) from 11,305 (August 2010).

Pending Sales  Under contract sales increased by 17.30% as compared to August 2010 (1,275 to 1,087 respectively).

Sales  Closed sales increased by 16.59% to 1,237 as compared to August 2010 number of 1,061

Average Sales Price      Average sales price for August 2011 is $236,992 which is up from last month but has decreased by 8.79% as compared to August 2010 price of $259,857

 Days on Market (DOM)  The average days on market for August 2011 increased by 7 days to 88 days as compared to June 2010 average DOM of 81.

Click on each month below for the stats

August 2011 

July 2011

June 2011

May 2011

April 2011

 

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Is Cash Really King?

Posted on September 15, 2011 by admin

Most of today’s buyers purchase a home by obtaining a loan and many people including some real estate agents will say that whether a buyer is a getting a loan or paying cash it doesn’t really matter because it is “all cash in the end” to the seller.  I  have agreed with that philosophy in the past, but a recent transaction has made me rethink this and consider that cash really is king.

Here’s why - A cash buyer doesn’t have to adhere to loan guidelines including specific timelines or other requirements.  Financing problems is one of the top reasons a real estate sale doesn’t come to fruition.  In a recent transaction where I represented the seller, she needed an extended closing date (preferably open ended up to 6 months) in order to ensure she could move in to an assisted living facility of her choice where she is currently on a waiting list.  Even if a buyer who is getting a loan is willing to accept this extended closing date, their lender would not because of their loan guidelines and requirements.  The main restriction being the rate lock is only in place 30-60 days max.  The cash buyer is not held to these restrictions and is therefore able – if they are willing to agree with an extended closing -t0 make this deal work far better than a buyer who needs a loan.

This is not often the case and that whether a buyer is paying cash or getting a loan actually makes a difference in a sale happening or not happening, but depending on the specific needs of the parties involved and the terms of the contract Cash may be King.

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Current Trends In The Housing Market….. Want to know More – Tune In!

Posted on July 6, 2011 by admin

Listen in today, July 6, 2011 at noon EDT as I join host Cathy Lewis of WHRO’s daily radio show HearSay along with her guest Daniel Indiviglio,  an associate editor at The Atlantic, as we discuss current trends in the housing and rental markets, and how forecasted higher rates and stricter financing requirements could affect future homebuyers.   If you can’t listen live today online or on your Norfolk FM radio dial 89.5 you can check out this and all of Cathy’s shows on demand on the HearSay webiste.  As always you can contact me directly for  assistance any of your real estate needs.

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Dining Out For Life – Fun times and a Fundraiser!

Posted on April 26, 2011 by admin

 

   Eating out has never been more fun or more beneficial! On Thursday, April 28th you can join me and thousands of other people who will be eating out and raising money for AIDS service organizations.  I will be a “restaurant ambassador” for a second year in a row at Press 626  ( one of my favorite restaurants in the Ghent section of Norfolk) to support our local Dining OutFor Life event.  All participating restaurants  in Hampton Roads will donate a minimum of 25% of their sales to ACCESS AIDS Care on this special evening.  ACCESS AIDS Care provides programs and services to individuals and families impacted by HIV/AIDS in Hampton Roads.  All of the proceeds raised from Dining Out For Life stay in Hampton Roads and will benefit over 500 individuals and families served by ACCESS AIDS Care in our community.   This is a delicious &  fun event and supports a great cause.  So grab some friends stop by Press 626 have a bite to show your support - or if you are in another part of the area or state, for that matter, find a participating restaurant from the national list and make a night of it.  Cheers and THANK YOU!

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What makes a neighborhood a neighborhood?

Posted on April 1, 2011 by admin

What makes a neighborhood a neighborhood?   What are the important aspects of  a neighborhood?  What makes it feel like a neighborhood?  

Depending on a person’s interests and life experiences, what “makes a neighborhood” will vary greatly.   I believe a sense of community is one of the most important things that makes a neighborhood feel like a neighborhood.  Friendly people living and working in an area and participating in and taking pride in their neighborhood create a sense of community and a high quality of life, which in turns creates a sense of belonging to something bigger.  Availability of services like shops, restaurants, schools, civic leagues, and outdoor space that can be enjoyed and serve as a meeting place also contribute to that sense of neighborhood.   Some of the aspects I personally enjoy and look for in a neighborhood are natural and architectural beauty and the ability to easily walk or drive around to appreciate it, diversity among people and activities, as well as convenient access to locally owned shops and restaurants ( with maybe a few “chains” mixed in) to enjoy. 

Beyond that I believe it comes down to individual taste and experiences that create that feeling of a neighborhood for each person.  Luckily, there are many, many different types of neighborhoods across Hampton Roads from which to choose.  

I will highlight some distinct neighborhoods in Hampton Roads including ones in Norfolk, Virginia Beach, Portsmouth, Suffolk, Chesapeake in my upcoming blogs.  

With several great events happening this weekend, it is a great time to start by highlighting the very historical and beautiful Portsmouth neighborhood of Olde Towne .   Experience Olde Towne living by visiting the community open house event on Saturday, April 2 from 11am – 2pm.  Twenty eight properties including houses and condominiums ranging in price from $125,000 – $556,0000 will be open to tour.  To read more about this event be sure to read David Cartier’s daily Blog www.ANewDayinOldeTowne.com that covers everything and anything related to Olde Towne .   

Other great happenings this weekend include the Old Towne Antiques to Flea Market ,  “Growing Green” and Spring Farmer’s Market, the finale of Portsmouth Restaurant week, and the beginning of  Old Towne Portsmouth’s ‘Concert in the Courtyard’  series – this week featuring musical artist Lewis McGehee. 

Olde Towne is a great example of a ”true neighborhood” and a great one at that!  Whether you’re interested in home buying or selling you can search properties in Olde Towne and all of Hampton Roads by checking REIN, our local MLS.

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Monthly Real Estate Market Stats – Southside Hampton Roads

Posted on January 24, 2011 by admin

Monthly Real Estate Market Stats - Southside Hampton Roads  (Residential only) 

Click on the month below to view the latest real estate market stats for Southside Hampton Roads including Norfolk, Virgina Beach, Chesapeake, Portsmouth, Suffolk.  Each month is compared to the same month in the previous year.

 December Market Stats 2010          

November Market Stats 2010

October Market Stats 2010

2010 Last Quarter Market Summary   
 

  • Listing inventory (number of properties for sale) was up by an averag of about 8% as compared to the same months in 2009
  • Number of properties under contract dropped over 25% in October but bounced back was up by over 6% in November and over 9% in December as compared to 2009
  •  Number of actual closed sales was down by over 31% in October and November – with December sales down by 9.87% as compared to the same monts in 2009
  • Average sales prices have fluctuated slightly with October and December being down 6.575 and 4.90% respectively while November prices were up by 2.71%
  • Average Days on market - October was 88 days, November was 89 days, December was 93 days all of these numbers are a slight increas to average days on market in 2009

All of this is important information that should affect decision making for anyone who is considering buying or selling.  Please contact me if you would like more detailed information about a specific market area; I am happy to help.  

 All of the above stats are compiled from REIN, Real Estate Information Network, Hampton Roads local Multiple Listing Service (MLS).

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Back up mortgage approval…….Why?

Posted on January 7, 2011 by admin

Master isolated images / FreeDigitalPhotos.netBack-up mortgage approval is something you may not have heard or if you have, you may think it is something you don’t need, but back-up mortgage approval  is something I strongly recommend and try to insist on for all my home buyers and sellers.  Here’s why.   If you are a buyer, getting more than one loan approval is a great idea because you are able to compare rates and options from different lenders and make sure that you are getting the loan program that is best for you.  

 If you are a seller, it is important to have potential buyers get back-up mortgage approval from a lender you or your real estate agent knows and trusts.  That way you know you are getting a qualified buyer who can uphold their end of the contract.  The other and possibly the most important reason to have back-up mortgage approval is in case the original lender for some reason is unable to fund the loan then the another lender who has already pre-approved the buyer can more easily and swiftly take over the loan and hopefully salvage the real estate deal. 

I have experienced this first hand with a real estate transaction that is that closed a few weeks ago.  Because my seller and I insisted in the contract the buyer get back-up approval from a lender of our choice that lender (Monarch Mortgage  and loan officer Trey Cooper) was able to step  in and they saved the deal after the first lender was unable to fund the loan.   Every buyer is free to choose who they want to use as their lender, but asking for back-up mortgage approval – just in case is always a good choice.  My seller and I are both happy we did!

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Welcome…..watch for new things to come

Posted on October 15, 2010 by admin

Thank you for visiting AshleySwindell.com.  I am a REALTOR® in Norfolk Virginia serving the entire Hampton Roads area.  Whether you are a planning on buying a home or selling real estate in Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk or anywhere else in the Hampton Roads region, I am here to assist you reach your real estate goals, and you can count on me to provide exceptional service and results for all of your buying and selling needs. 

 In the coming days and weeks you will see changes and improvements to my blog and website.  I am in the process of having an all new website designed that will allow me to have all of my content in one place.  This is a work in progress so please be patient.  In the meantime you will see “regular ” blog posts that will include articles, videos and photos.  If you would like to search the Hampton Roads MLS (multiple listing service) for real estate please click here

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