Va Beach Real Estate Area and have we hit bottom yet in the Housing market?!

Back in March of '09 I had written a blog regarding "have we hit bottom yet in the Housing Market?" This of course was our local area that we were referencing. The area includes Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Isle of Wight, Hampton, Newport News, York County and all surrounding areas of Va! My answer then was a definite Maybe??!!

"Have we hit Bottom yet in our Housing market?!" On July 6th, 2009 I'm ready to announce a very definite Probably??!!

The problem in determining a "for sure" knowledge that we've already hit bottom in the Housing market is when 3 things happen:

1) Prices of Homes start increasing in value.

2) Interest rates begin to move upward.

3)Inventory of Homes start decreasing.

Then it's too late!

Our local MLS (REIN) statistics have shown that the volume of Homes sold have increased over the last few months and the Median sales price of Homes have increased over the past several months also. How far behind could the increase in Interest Rates be? The year-over year figures are still down but the gap seems to be closing each month.

If your a 1st time Homebuyer, or selling and moving from a higher priced area, or looking for a second Home or don't have a Home to sell then this seems to be an especially great time to buy a Home.

My real estate site www.googlejim.com has All Homes for sale in Virginia Beach, Chesapeake, Norfolk, Portmouth, Suffolk, Hampton and all surrounding areas of Virginia and I mean every single Home; it's updated daily, easy to navigate and no registration is needed---just take a look around! Includes full details with addresses, pictures inside and out, and much more! Visit as much as you like with no obligation ever--have fun!

Jim Willis, A Buyer's Realtor Rose and Womble Realty 757 287 6345 www.googlejim.com --updated daily! www.localism.com/neighbor/jimwillis Jim's Real Estate Blogs!