Are you starting a family and trying to decide where the best place is to raise a family? Or considering a move from a crowded city and looking for a family friendly place to relocate? Look no further! You have found THE place, right here in Virginia Beach VA! Locals have known it for a long time, but now it is official! USNew And World Report has named Virginia Beach VA as one of America’s top 10 Best Places To Grow Up. Here’s what they have to say:
“Virginia Beach, Va.: Junior adventurers will love Virginia Beach, Va. This community of 434,000 residents in the southeastern part of the state has a low crime rate, a solid school system, and 35 miles of majestic beaches on the Atlantic Ocean and the Chesapeake Bay. “It’s kind of neat to be able to come home from work, make a call to my wife or son, grab a bucket of chicken or some sandwiches, and then go out on the bay and have dinner,” saysGreg Ward, who works for a marketing firm that represents the Virginia Beach Convention and Visitors Bureau.
Children can explore an impressive ecosystem of threatened and endangered species—including bald eagles and loggerhead sea turtles—in the 9,000-acre Back Bay National Wildlife Refuge. The warm summers and mild winters provide plenty of opportunities to hike, bike, and picnic your way through the 19 miles of scenic trails over at First Landing State Park. And after checking out the sand tiger sharks and the cow-nose rays at the Virginia Aquarium and Marine Science Center, children can catch an educational picture in its 3-D IMAX theater.”
In today’s rapidly changing economy, many Virginia Beach home owners wonder or worry about selling their home for the best price, and terms in the shortest period of time.
Here are 9 helpful hints if you are considering selling your Virginia Beach home:
Finally, according to many recent news reports as well as our experience with the local market, the South Hampton Roads real estate market is showing some real positive signs of returning to “normal”. Will it ever return to the incredible high values we saw just a few short years ago? That really depends upon the “expert” speaking. We hear anything from: “Never will we see those prices again” to “Prices will soon return to and then exceed what we’ve seen previously”.
Personally, I expect us to return to a more reasonably rising market. We will more likely see a slow but steady rise in prices (Value). The market should return to a more balanced inventory of homes available for sale versus number of buyers.
Does this mean all the bad times are behind us? NO, I doubt that, as much as I wish we could say (and believe) that it is all behind us. Never does a market just go “back to normal” without a few bumps in the recovery. So, stay alert, stay focused and remain Cautiously Optimistic!
The South Hampton Roads real estate market never reached the lows of many other parts of the country. We did, most certainly, experience a slowing of our real estate market, people lost jobs due to downsizing, businesses closed. There were many bad experiences during the last few years, but overall we have much to be thankful for since we weren’t as heavily hit.
Low listing prices, reasonable interest rates, and an abundant variety of homes to choose from are among a few of the reasons now is the perfect time for buyers to make a move in today’s real estate market. Current market trends and other factors have made conditions even more favorable for first-time homebuyers. Though becoming a homeowner comes with huge responsibilities and financial commitments, first-time home buyers should take advantage of the market over flowing with opportunities. The following tips will help ease the mind when considering the smart purchase of your first Virginia Beach home.
1. Become familiar with the new first-time homebuyer federal tax credit.
People who are considering the purchase of their first home, or have not been home owners for at least the past three years can gain great benefits from the first-time homebuyer tax credit. In February 2009 the American Recovery and Reinvestment Act was put in to effect, offering many new opportunities that lend a helping hand to everyone struggling in today’s times. The new legislation includes everything from home improvement tax credits to the popular first-time homebuyer tax credit. According to FederalHousingTaxCredit.com, qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009 will receive a tax credit of up to $8,000. Unlike past tax credits from 2008, the money received does not have to be repaid, unless the homebuyer sells the property with in three years.
There are 1,222 Virginia Beach foreclosure homes for sale with 229 new foreclosures in July 2009. The average selling price of a Virginia Beach home was $263,117 in July and the average foreclosure selling price was $237,746, a 10% savings of $25,432, according to RealtyTrac.com.
The estimated median value of a Virginia Beach home was $234,234, down 7.01 percent from July 2008.
Virginia Beach Foreclosure Activity and Home Price Index
Virginia Beach foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.
Ceiling fans are one of the most popular and effective ways to conserve energy and save money, especially during the hot summer months. Ceiling fans also provide decorative alternatives to ordinary light fixtures and they are great at multi-tasking. Ceiling fans create a “wind chill effect”, which pushes air downwards creating a cool breeze in the room. Ceiling fans are handy in the wintertime too. In the cold winter months, ceiling fan motors can be reversed. This allows the blades to turn in the opposite direction which pulls cool air upwards and forces warmer air down. Since ceiling fans provide quality décor, lighting and air circulation, they have become one of the most popular home accessories found in multiple rooms of homes everywhere. Making sure your Virginia Beach home is equipped with energy efficient ceiling fans will conserve energy, save money, and maximize comfortable room temperatures.
While ceiling fans offer many benefits, they can also end up being major energy guzzlers depending on how they are used, the brand, and the type of lighting. If ceiling fans are already installed in your Virginia Beach home it is important to make sure they are an Energy Star model. According to Energystar.gov, ceiling fan and light combination units that are labeled with the ENERGY STAR are approximately 50% more efficient than other fans. ENERGY STAR certified ceiling fans are more efficient because of improved motors and blade designs. Fans that also include ENERGY STAR qualified lighting conserve even more energy and increase the life of light blubs. If your fan does not come with lighting, an ENERGY STAR light kit can be purchased separately. New ceiling fans are over 75% more efficient than older models. If a ceiling fan in your Virginia Beach home was purchased before the beginning of 2002 than it would be a good idea to consider upgrading to newer more efficient model.
Distressed Property Institute CEO Alex Charfen explains the three must-have qualifications for a distressed Virginia Beach home owner to qualify for a short sale. Learn what most banks and servicers are looking for when considering this option.
If you or someone you know are in a distress situation, don’t hesitate. Call me at 866-555-0158 #550! Every moment counts. I am a Certified Distressed Property Expert, specializing in Short Sales and I can help save your your home and your family!
Virginia Beach home owners who are behind on their mortgage payments have options other than foreclosure. Below are possible strategies to avoid foreclosure.
Mortgage Loan Reinstatement
Paying all missed payments, late fees, and legal fees that are due up to the date the loan is re-instated.
Forbearance or Re-Payment Plan
Negotiating a repayment plan to pay the monies due over a period of time.
Mortgage Modification
The interest rate is lowered on the existing loan to lower the payments.
Refinance
The loan is replaced with new financing at lower interest rates. Sometimes the homeowner’s credit is too badly damaged for this option.
Short-Refi
Refinancing with a reduction in the principal balance, as well as the interest rate.
Rent the Property
Lease the property to keep up with mortgage costs.
Deed-in-Lieu of Foreclosure
Referred to as a ‘friendly foreclosure,’ with the homeowner giving the deed back to the bank.
Service members Civil Relief Act (SCRA)
Temporary relief provided to service members.
Bankruptcy
Bankruptcy stops foreclosure giving the homeowner time to reorganize his debt.
Short Sale
Lender agrees to sell the property for less than the loan balance for homeowners facing a hardship.
As a trained Certified Distressed Property Expert, I have the skill and knowledge needed to help assess your individual situation so you can choose a strategy to avoid foreclosure based on an educated decision. Give me a call for a private consultation. I can help save you, your family and your home.
Something to consider when selling your home is the Capital Gains ramifications. Will you owe Uncle Sam money after the sale of your Virginia Beach VA home? Capital Gains are calculated as the difference between what you paid for your property and what you sell it for. Here is how you calculate your Capital Gains.
Calculating Capital Gains
(+) PURCHASE PRICE – Price paid for property
(+) COST OF PURCHASE – Transfer fees, attorney fees, inspections
(+) COST OF SALE – Repairs, commissions, attorney fees, inspections
(+) COST OF IMPROVEMENT – Room additions, deck, for example, though not replacing existing
In order for you to qualify for a short sale when selling your Virginia Beach home, you must show proof of a financial hardship. Proof must be in the form of a signed letter submitted to the mortgage company along with additional support documentation.
Acceptable Financial Hardships
A hardship is a material change in your financial situation that is or will affect your ability to pay the mortgage on your Virginia Beach home. Acceptable hardships are:
The Butler Team
RE/MAX Allegiance
505 S. Independence Blvd. #111
Virginia Beach, VA 23452
PH: 1-757-490-7300 ext 550
TOLL FREE: 1-866-222-0158 ext 550
Email: info@butlerteamhomes.com
, Va. This community of 434,000 residents in the southeastern part of the state has a low crime rate, a solid school system, and 35 miles of majestic beaches on the Atlantic Ocean and the Chesapeake Bay. “It’s kind of neat to be able to come home from work, make a call to my wife or son, grab a bucket of chicken or some sandwiches, and then go out on the bay and have dinner,” says Greg Ward, who works for a marketing firm that represents the Virginia Beach Convention and Visitors Bureau.
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