During the past 12 months 17,491 homes have sold, a 1% decrease from the previous 12 month period. 

In October 1141 homes sold, a 4.4% decrease from September's total, but a 30% increase year over year.

There are currently 2046 residential properties that are under contract but have yet to close.

There is a housing inventory of 7.85 months which is considered a balanced market, characterized

by neither extreme upward or downward pressure on prices . This is the first overall balanced reading

in over three years. Absorption rates on an actual and annualized basis have been steadily declining

for the past 6 months. Although the decrease in absorption rates is encouraging, these lower

levels have been caused more by a decrease in active listings than by an increase of sold properties.

Distressed properties continue to be a significant part of the Hampton Roads real estate market. Currently 21.2% of all properties listed for sale could be classified as distressed, meaning they are bank owned, government owned, or subject to a short sale. Of the properties that sold in October 34.3% were distressed . 

Sales Price versus New Listing Price The following chart includes the average price of homes sold by 

month over the past year, as well as the average price of all new listings taken during the month. 

A widening gap between the two indicates a disconnect between sellers and buyers over pricing. 

Conversely, a narrowing means new listings are being priced more in line with current sales.

*Information courtesy of REIN, deemed accurate but not guaranteed. Copyright 2011 All Rights Reserved 

There is a housing inventory of 8.0 months which is considered a normal buyer's market,

characterized by moderate downward pressure on prices. There is a strong seasonal element 

to inventory levels but this is a major decrease from the 9.8 months supply in October of 2010.

Although the decrease in absorption rates is encouraging, these lower levels have been caused

more by a decrease in active listings than by an increase of sold properties.

Distressed properties continue to be a significant part of the Hampton Roads real estate market. 

Currently 21% of all properties listed for sale could be classified as distressed, meaning they are bank owned, 

government owned, or subject to a short sale. Of the properties that sold in June 32.8% were distressed . 

This marks the first month over month increase in 5 months. 

Sales Price versus New Listing Price The following chart includes the average price of homes sold by 

month over the past year, as well as the average price of all new listings taken during the month. 

A widening gap between the two indicates a disconnect between sellers and buyers over pricing. 

Conversely, a narrowing means new listings are being priced more in line with current sales.

Mortgage rates continue to be at historical lows, providing extreme purchasing power to 

buyers in the marketplace. In September the 30 year fixed rate mortgage dropped below 4% 

on several occasions. Many capable buyers have been holding off on purchasing a home

in the hopes of timing the market or "buying the bottom". The potential risk in this strategy is the

significant effect a rise on mortgage interest rates will have on the true "cost" of purchasing a home.

I love autumn... The air is getting colder, and you can see pale, dry leaves covering up the gardens and roads – autumn has set in and with it the whole atmosphere has turned a bit gloomy. However, autumn also offers a treat for your taste buds as a vast variety of seasonal fruits and vegetables fill up the stores. Moreover, a bit of food indulgence is just what you need to beat the autumn blues and pep up your spirits.

Treat yourself to the deep, dark colored vegetables and juicy fruits rich in nutrients and phytochemicals that will not only delight your senses but will also build your immunity and prepare you for the cold season.

Here’s a list of some of the best Autumn Comfort Foods –

• Apples – Apples contain flavonoids, which are one of the most powerful antioxidants available in food form. From lowering the risk of health diseases to preventing cancer, apples have many health benefits. There are two reasons why they are good choice, especially in the autumn season – first they have strong anti-inflammatory and anti-allergenic properties that will fight off the common infections and allergies that crop up in the autumn season; and secondly, they are excellent for your skin and can help your look and feel younger. Have them with your morning breakfast, or as a mid-day snack, and you can really keep the doctor away!

• Cranberries – Cranberries are delicious, juicy and absolutely healthy fruit widely available in the autumn season. They are low in calories and are packed with Anthocyanins, heart-healthy antioxidants. Cranberries also play an important role in treating gum diseases, mouth ad stomach ulcers, urinary tract infections and various forms of cancer. You can find fresh cranberries from September through December, but most of it is used for cranberry sauce and juices.

• Pumpkin – Pumpkins are surely another important autumn comfort food, for they are loaded with antioxidants, beta-carotene, Vitamin C and Folate. Even the seeds are packed with nutrition and are a rich source of Zinc and Omega 3 fatty acids. The air gets quite dry in autumn, which can affect your skin and make it look dull and chapped. Making pumpkin a part of your diet, can keep your skin moisturized, supple and free from infections. (Try adding canned pumpkin and pumpkin pie spice to your vanilla smoothie!)

• Garlic – Garlic truly is nature’s own medicine. It contains Allicin, a chemical that is highly effective against viruses, fungi and bacteria. Internal consumption of garlic can reduce the LDL cholesterol levels in the blood and prevent cancer. As for the autumn blues, eating garlic can significantly improve your mood too.

• Ginger – Ginger has a lot of inherent heat, which is what makes it an ideal autumn comfort food. Whether you prefer ginger tea, or ginger pickle or just plain julienned ginger with honey, the benefits of this root are many. It can heal cough, cold and throat congestion, soothe your stomach and provide relief from digestive problems, fight nausea and even work wonders in driving away the allergies. As per recent researches, ginger works as a natural anti-inflammatory agent and is quite good for musculoskeletal ailments.

• Parsnips – Parsnip is a root vegetable that belong to the family of carrots. They are a rich source of Fibre, Vitamin C, Iron and Calcium. These are abundant in colder areas, and are mainly a winter vegetable. You can either eat them raw, for their sweet and delicate flavor or you can steam and cook them with different vegetables.

• Kale – Kale is a deep, green leafy vegetable mostly available in the autumn season. Kale works as an immunity booster (a must in autumn), clears lung congestion, wards off the allergies and infections. It is particularly beneficial for stomach and liver infections. Kale is rich in iron, beta carotene, calcium, potassium and Vitamin C, and is a must include in your list of autumn comfort foods. (I add diced kale to hummus wrap sandwiches.)

• Sweet potato – Apart from the fact that sweet potatoes are widely available in autumn and taste great, they are also a storehouse of health benefits. These yummy delights contain high amounts of beta-carotene (vitamin A) and Vitamin C, so you can easily ward off cold and other infections. Sweet potatoes are a great food choice for diabetics, as they are low glycemic food. The high amount of dietary fiber present in sweet potato promotes a healthy digestive tract and relieves constipation. For best flavor, eat these hot. (Sweet potatoes can be sliced thin and baked into chips!)

• Cinnamon – It’s one of the oldest known spices, and a perfect choice for autumn. Cinnamon is often used in traditional Chinese and Ayurvedic medicines for treating cold, cough, nausea, flatulence, diarrhea, diabetes and many other physical ailments. It can soothe your senses and keep your body warm and comfortable in the cold season. Cinnamon is also believed to improve energy and vitality, and is especially useful for people who have warm upper bodies but cold feet. You can sprinkle cinnamon powder over salads and side-dishes, mix it with juices or drink it with tea. (Sprinkle on sliced apples!)

• Pepper – Another group of herbs, which are good for your taste buds as well as your health, are different forms of pepper. Adding pepper to your food can help you in various ways – it improves digestion, reduces flatulence, treats gastrointestinal disorders, kills bacteria and viruses, clears chest congestion, treats cough and cold, and so on. It is also a rich source of antioxidants. Whichever form of pepper you prefer – cayenne, black or white, they are all a wonderful and healthy addition to your recipes especially during autumn.

Autumn marks the beginning of the cold season, which is why a lot of people suffer from bouts of cold and cough and different types of allergies. Your skin will also feel extremely dry and lifeless, and will be more prone to bacterial and fungal infections.

Different autumn foods mentioned above are warming in nature, and work toward warding off the common infections and allergies associated with this season. These fruits, vegetables and spices will boost your immune system and keep you warm and comfortable, so you are prepared for the cold days.

We’ve all heard the saying, “Good Fences Make Good Neighbors” but often times the construction of a new fence in

 the neighborhood causes problems as well.

It is a kind gesture to consult with your neighbors before constructing a fence in your yard. Here are some thoughts to consider. It is important to check your property lines before construction of your new fence. This is a great time to chat with neighbors and mention your the possibility of your new fence. Checking a property line can be as simple as locating the existing pins that were put in place by a surveyor at the time your home was built. If you are unable to locate the pins on your property, it is best to consult with your county records office.

To decrease unexpected problems, safety hazards and costs, notify your utilities before construction. Many states have free assessments and tagging of utilities for construction projects.

If you are working with a contractor, chance are that they will pull a building permit for you. However, if you are a do-it-yourself installer, contacting your local city and obtaining a building permit is an important step that is often overlooked. A building permit serves as permission from your municipality. Every city or county has different rules. Each area has different rules. Though some projects do not require a building permit, most city’s require a permit for major remodeling, new buildings, swimming pools and demolition.

After you have selected your fence, obtained the necessary permits and are ready for construction, you can ask for your neighbors’ thoughts on the project. Consider asking them if there are any times that they would prefer construction not occur. Review your fence selection with them and ask their thoughts on the material, placement and height of the fence.

Though your neighbors may have some negative comments or suggestions about your fencing plan, you should still move forward with what is best for your family as long as it is within the law.

Remember your new fence is also your neighbors new fence. In the end, your neighbors will thank you for including them in your decision and are more likely to welcome your new fence if they are involved in the process.

A short sale is far from hassle-free, but it's a better alternative than foreclosure. Here are the

facts about short sales and how to get started.

Short sales get government incentives
Although short sales are not hassle-free, at least you've got the government backing you. The Home Affordable Foreclosure Alternatives (HAFA) program provides financial incentives for lenders and borrowers to avoid foreclosure through short sales or deeds in lieu of foreclosures.

Participation in the HAFA program requires adherence to guidelines--including a standard process and minimum timeframes--that speed the process, says Dallas-based REALTOR® Tom Branch, co-author of Avoiding Foreclosure: The Field Guide to Short Sales. The HAFA program is for homeowners who can't keep their homes with the help of a loan modification.

Advantages of a short sale
You can be a homeowner again more quickly with a short sale in your past than with a foreclosure. New Fannie Mae guidelines help you qualify for a new mortgage in as little as two years after a short sale, as opposed to up to seven years after a foreclosure.

You will have more time to make relocation plans and save money than with a deed in lieu. A short sale may take four to 12 months. A deed in lieu of foreclosure arrangement typically requires you vacate your home within 30 to 60 days of signing.

You can receive up to $3,000 from your lender for moving expenses at the time of closing of a HAFA short sale or a HAFA deed in lieu of foreclosure. Relocation funds are part of the incentives of HAFA, but not necessarily for other short sale or deed in lieu programs of the lenders.

You can help your community's home values. Because the lender often receives a higher amount of the remaining loan balance than it would from the sale of a home after a foreclosure, short sales help support home values in the surrounding community.

Disadvantages of a short sale
Your credit score will take a severe hit. But that would happen anyway with a foreclosure. Fair Isaac, creator of the FICO score, says foreclosure and short sales have virtually identical impacts on your credit score. VantageScore--a company that has created a credit score model for consumers--says a short sale will lead to only a marginally lighter hit when compared with foreclosure. 

You may owe additional taxes. In the past, if your outstanding mortgage was $100,000 and your lender accepted a short-sale purchase offer of $90,000, you were liable for income tax on the forgiven $10,000, says Harlan D. Platt, economist and professor of finance at Northeastern University in Boston. However, the Mortgage Forgiveness Debt Relief Act of 2007, which runs through 2012, generally allows taxpayers to exclude income from the discharge of debt on their principal residence in some circumstances. Full relief is available only if the amount of forgiven debt doesn't exceed the debt that was used to acquire, construct, or rehabilitate a principal residence. Consult a tax professional and an attorney to minimize or avoid this liability.

In some states, your lender may still be able to come after you for the difference between the short sale price and the amount needed to pay off the mortgage. Your actual agreement with your lender and state and local laws and regulations spell out the details. Consult a tax professional and an attorney to minimize or avoid this liability. 

How to proceed with a short sale
Find a qualified REALTOR® experienced in short sales. Short sales are tough to navigate, and they're further complicated by your loan type--FHA vs. Veterans Administration vs. conventional loans. Real estate agents who specialize in short sales will know the proper steps and order of the steps involved. They'll also be able to navigate the many parties involved in the process and over-burdened loss mitigation departments. Look especially for agents who have Short Sales and Foreclosure Resource (SFR) Certification, which requires specialized training.

Gather evidence to support your need for a short sale as opposed to a foreclosure. You'll need to prove that you have little or no equity in your home, you're behind on your payments, and you're no longer able to afford your home. You'll need to write a hardship letter to the lender describing your circumstances, such as a divorce, job loss, illness, death, or other event that has impacted your income.

A short sale can be a time-consuming process, but if you can avoid foreclosure, it's worth it in the long run.

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7 Tips for Short Sale Success
Have to sell your home for less than it’s worth? Our seven tips will help you get the best price.

1. Know who you owe
A short sale has to be approved by any company that has a mortgage or lien against your home. That includes your first, second, or even third mortgage lender, your home equity line lender; your homeowners or condominium association; and any contractors who’ve placed a lien on your home. Make a list and start talking to everyone early in the process. Ask what documents they’ll need from you.

2. Pick your short sale team
You’ll need to work with a team of short sale experts, including a real estate agent, real estate attorney, and your accountant. Look for agents and attorneys who advertise themselves as short sale experts. Interview at least three, and listen carefully for signs that they understand the complexities of the short sale process.

Agents should explain how they’ll arrive at a suggested price for your home. Ask them to show you a sample short-sale package or for an example of a prior short-sale success.

3. Get your documents ready
Gather the paperwork your creditors and mortgage lenders asked to see, like your listing agreement and a hardship letter explaining why you need to do a short sale. You’ll also need proof of what you earn and what you owe as well as copies of your federal income tax returns for the past two years.

4. Expect delays
Despite a federal rule saying banks participating in the federal government’s Making Home Affordable loan modification program must respond to short-sale offers within 10 days, it may take weeks or months for your lender to decide whether to allow you to sell your home in a short sale--and even longer if you must negotiate with more than one lender or lienholder.

Your lender and lienholders don’t have to agree to your proposed short sale. They can reject your terms or make a counteroffer, which can create further delays.

5. Anticipate demands
Discuss with your short-sale team how you should respond to common short-sale demands from lenders. For example, are you willing to sign a promissory note agreeing to pay outstanding amounts after the sale is complete?

6. Know the tax implications
Any unpaid amount of your mortgage “forgiven” by your lender through a short sale may be considered income to you under federal tax rules. Ask your attorney or accountant whether you qualify to exclude that amount as income on your tax returns under the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act. Also ask if you’ll be required to report amounts “forgiven” by other lienholders, if applicable.

7. Consider how the short sale will affect your credit and what you must pay
Ask whether your lender will report the short sale to credit-reporting agencies. Having a portion of your debt forgiven may negatively affect your credit score, but a short sale typically damages your score less than a foreclosure or bankruptcy.

Ask you lawyer whether you'll be responsible for paying back the lenders' loss. If the lender says it will forgive any losses on the sale of your home, get that promise in writing.

When is the last time you paid attention to your gutters? If you’re like many homeowners, you ignore them

until something goes wrong. But a little routine maintenance can prevent costly problems like these:

• Clogging. Gutters are designed to catch falling water and debris and redirect it from your house and the foundation. But they can’t do their job when they get clogged up with leaves, branches, and those mysterious things like toys and shoes that were launched upward. You should plan to clean out your gutters once a year (twice if you have a lot of nearby trees). Remove all the debris and then hose them out to get rid of the remaining dirt that could block drainage.

• Sagging or loose gutters. When the fasteners become loose or deteriorated, your gutters will pull away from the house’s façade. It’s a very cheap fix—as opposed to replacing the gutters later. Just get up on the ladder and replace the worn hangers and fasteners.

• Leaking. When gutters leak, the water seeps down to your home’s interior and exterior walls and around the foundation, where it saturates the ground and can cause foundation cracks, erode the landscape, and even warp the doorways and floors. When you notice a leak, even a small one, take the time to patch it up so you can avoid long-term—and costly damage to your home. You can also invest in seamless gutters.

Take a walk around the outside of your house once in awhile, particularly after a rain, to inspect your gutters. Check the foundations and the walls of the house to see if they’re experiencing any damage that could come from faulty gutters. And if you suspect a problem, don’t wait. Spend time now on gutter maintenance or spend money later on fixing your house!

Thanks to modern medicine, Americans are living longer. And they’re more active than ever before in their later

years. If you’re a homebuilder or real estate professional, it’s important that you understand how this change in our culture affects home selection.

First of all, you’ll have a larger population of senior citizens. Baby Boomers have officially hit retirement age, and at 76 million strong, that’s the second largest generation in this country (Gen Y is number one at 78 million). And don’t think that this generation that redefined “old age”—thank you, Bruce Springsteen, Steve Jobs, and Madonna—will give up their lifestyles for a nursing home. They want to remain in their homes and communities.

A new concept has come about from the increasing numbers of seniors. “Aging in place” means a person or couple doesn’t have to give up their home as they age. They don’t have to move to a retirement community or nursing home where they give into the aging process. We’re now seeing “aging in place” communities that provide vital services so that residents can stay in their homes. Providing visiting nurses, lawn mowing, snow plowing, meal deliveries, computer assistance, and other such in-home help is the norm in such communities. Thanks to more areas adopting an “aging in place” mindset, we have more seniors who no longer have to give up their pets, belongings, friends, and most importantly, the feeling of independence.

With such a large population, put some thought into how you can find ways to support “aging in place” and match people with homes and communities where they can stay for many years to come.

In the process of selling a house, most sellers will admit to at least some nervousness about the home inspection.

It’s with good reason because the inspection results can make or break the deal. Many homeowners opt to have their homes inspected before they put them on the market so they aren’t surprised by a major problem after there’s a contract on the house.

Here are the kinds of items that a home inspector will check, according to the American Society of Home Inspectors http://www.ashi.org/customers/ :

Roof.  The age and condition of the roof will be assessed. Missing or curling shingles or any waviness in the roof will get a lot of attention.

Foundation. The inspector will look for major settling, sagging or cracking.

The electrical system. The inspector will check the electrical panel to see if it meets code and provides sufficient power to the house. He’ll also check light switches, fixtures and outlets. He’ll note if they don’t work or if they’re not properly grounded.

HVAC, short for heating, ventilation and air conditioning. This includes insulation. 

Windows and doors. He’ll check to make sure they all open and close properly and check the frames for damage.

Walls and ceilings. He’ll note any damage from wood rot, termites or water.

Floors. The inspector will check for such things as sagging, cracks and water damage.

Appliances. He’ll turn them all on and run them through a cycle.

Plumbing. All the sinks, faucets, tubs, showers and toilets will be tested for leaks, along with the hot water heater. 

Fireplaces. If your house has one, he’ll check for problems with the flue, the damper or any cracks in the chimney.

Steps and stairs. The inspector will note any unsteadiness, such as damaged treads, handrails that need more support or railings that are wobbly.
If you have a basement, a crawlspace or an attic, the inspector also will check those for moisture, mold or structural damage.

We will always recommend a home inspection when you are purchasing your next home. The last thing you would want is a major problem compromising one of the largest purchases you will make.

When reviewing a homeowners insurance policy, does it feel like you’re reading a foreign language? There are plenty

 of terms and acronyms that you should know so you get the coverage you want and need to protect your investment. Here is a quick glossary of the most common home insurance terms.

Actual Cash Value: The value of your property at the time it is loss, damaged, or destroyed. This figure is calculated deduct depreciation from the replacement cost, so you might have out-of-pocket expenses.

Assessed Value: The taxable value of your property, as assessed by your municipality.

Betterment: An improvement you make to your home or property.

Blanket Policy: One policy covers more than one person or piece of property, such as multiple residences.

Deductible: The amount of money you are required to pay out-of-pocket; i.e., not paid by the insurance company.

Dwelling or Residence Coverage: Protection for your home and any structures directly attached to it.

Flood Insurance: Protection for damage caused by floods, which is not covered under traditional homeowners insurance; required for dwellings in designated flood planes.

Hazard Insurance: Coverage that provides compensation for physical damage caused by such hazards as fire, vandalism, and natural events like earthquakes and storms (excludes flood and acts of war or civil unrest).

Loss of Use/Additional Living Expenses Coverage: If you cannot live in your home as a result of a covered loss, such as fire, this coverage pays for your living expenses, such as hotel, travel, and meals.

Medical Expenses Coverage: Coverage that pays medical expenses for someone who is injured on your property or from any injury caused by a resident of your home (including a pet), regardless of where the injury occurs.

Other Structures Coverage: Protection for structures that are not permanently attached to your home, such as a detached garage or shed.

Personal Liability: Your legal responsibility for personal damages, such as if someone is injured in your home or bitten by your dog.

Personal Property/Contents Coverage: Protects your personal property, both at home and when you’re traveling. If, for example, your laptop is stolen from a hotel or airport, the loss is covered. You may need additional riders for expensive items like original artwork, antiques, or fine jewelry.

Replacement Cost: The current market value for an item that needs to be replaced.

Rider: An amendment or addition to your coverage.