Food for Thought 

THANKSGIVING  TIPS AND TIDBITS

 ”Thanksgiving Day comes, by statute, once a year; to the honest man it comes as frequently as the heart of gratitude will allow.”
                               ~ Edward Sanford Martin

Although some historians claim that the first day of giving thanks in the New World was on December 4, 1619, at Berkeley Hundred in Virginia, it is commonly believed that the first actual celebration of the harvest and blessings from God took place in Plymouth in 1621.

The festivities lasted three days and included feasting, entertainment, and competitions. President George Washington issued the first governmental National Thanksgiving Proclamation in 1789. In 1863, during Abraham Lincoln’s presidency, Thanksgiving became a federal holiday, and FDR, in 1939, designated the fourth Thursday in November as the official Day of Thanksgiving.

Food Fact:   The first Thanksgiving feast most likely did not include turkey, mashed potatoes, or pumpkin pie, but the early settlers did enjoy seafood of all kinds, seals, swans, geese, corn, turnips, and spinach. 

Here are some great sites for Thanksgiving recipes!! Here you will find food from the past (chestnut stuffing, mince pies), meals for the vegetarian or diabetic, healthy adaptations for old favorites, gourmet dishes, treats for kids (Daddy’s Popcorn, cheesy ranch Chex mix). Also visit the websites of Ocean Spray, M and M’s, Pepperidge Farm, and McCormicks. And get all your Turkey cooking questions answered at Butterball or call  the Turkey Talk Line – 800-288-8372.

“What we’re really talking about is a wonderful day set aside on the fourth Thursday of November when no one diets. I mean, why else would they call it Thanksgiving?
                                  ~Erma Bombeck
                                    “No One Diets on Thanksgiving,” 26 November 1981

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As Thanksgiving approaches, it is only natural to reflect on our lives and realize how fortunate we really are. Yes, the economy is in a mess, the flu season is upon us with a vengeance, and there will be no “Peace on Earth” this Christmas. Yet those of us who live in the United States are blessed to be the beneficiaries of the American Dream philosophy–a strongly entrenched belief that anything is possible and that we as individuals can make our lives better. A significant part of that “Dream” has always been to own our own home, and the advantages of doing so are both emotional and monetary.

Owning a Virginia Beach home had been a long-time dream and goal of a friend of mine, and the closer she came to retirement, the stronger her desire for that home grew. Upon her arrival in the resort city, she rented a house and scouted out innumerable potential neighborhoods for a permanent move. After two years she happily purchased a townhouse in the Chesapeake Bay community of Aeries On The Bay, a home which perfectly suited her wants and needs. Talk about pride of ownership! She had finally taken steps to achieve her life-long yearning to live in a setting which would bring her daily satisfaction, not to mention providing a sense of stability and security.

In addition to the right location, style, and price, my friend also looked for a sense of community. She wanted a Virginia Beach home in a place where she would meet new and interesting people who shared her love of the beach and its many intangible rewards. She sampled local eateries and shops and talked with residents, hoping to detect a sense of involvement and belonging, before she chose a place to establish roots. And she couldn’t be more thankful for her final decision.

 Home ownership has also brought her many financial benefits. The savings at tax time, after deductions for mortgage interest and property taxes, delights her each year. She also enjoys the knowledge that her home will increase in value (there is always a demand for houses near the water) and that she is building equity, thus making her eligible for a line of credit if she needs it. Avoiding capital gains tax is another advantage to owning her home. Under current limitations, she can earn a tax-free profit of $250,000 ($500,000 for a married couple) if she resells in the future.

Yes, owning a Virginia Beach home that is well-suited to our needs should be high on our list of blessings this year, and we should, indeed, be grateful.

Congress has voted to extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present loan limits would expire at the end of 2009 and revert to previous lower limits. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time,” said National Association of Realtors President Charles McMillan.

“Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets,” McMillan said.

Now, let’s take a look at the numbers for single family home sales in Hampton Roads for October and see how we are compared to last year.

Norfolk - Interestingly, even with the increase in the number of homes sold the market time was virtually the same. 

Virginia Beach - Wow, homes sales were definitely up for the month of October, hopefully with the extension of the stimulus package into Spring we’ll continue to see these numbers. 

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A simplified guide for painless purchasing of your Virginia Beach home.

Part I of this three-part series dealt with analyzing your financial situation, getting prior loan approval, and determining your real needs/desires in a first home. All that having been accomplished, you will now want to look for a mortgage and decide which is the most advantageous for you.

As with any major purchase, you will want to shop around for the best deal. Contact several lenders (bank, savings and loan, credit union, private mortgage company, or a state or federal government lender.) Before doing that, however, you need to familiarize yourself mortgage types, terminology, and options. Your real estate agent will be helpful in this mission, as will the internet. Keying in First-time house buyers, mortgage assistance, HUD, or Community Housing Partners, will result in innumerable informative sites, a wealth of information for you to consider, and, most likely, a list of questions for you to ask your realtor and/or potential lender.

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A simplified guide for painless purchasing of your Virginia Beach home.

Congratulations! So you’ve made the decision to stop renting and purchase a place of your own. The home buying process may initially appear complicated and a bit daunting, but by using the skills of a buyer’s real estate agent, searching the internet, and familiarizing yourself with each of the steps involved, your experience can be a smooth and rewarding one.

1. Analyzing your financial situation.

The first thing to do is to learn how much you can afford to pay for your Virginia Beach home. Generally speaking, mortgage costs, or PITI (principal, interest, taxes, and insurance), should not exceed 26-28% of your gross monthly income. Many internet web sites furnish free tools for calculating these expenses for you. Remember that in addition to income, your credit rating, on-going monthly expenses, amount of the down payment, and the current interest rate must be factored into your financial analysis. Also take into consideration any HOA’s (homeowners’ association) dues, maintenance costs, and utilities you’ll have to pay on a monthly basis. You would be wise to investigate state and federal government programs which help qualifying first-time buyers with down payments and closing costs. Visit the U.S. Department of Housing and Urban Development website for specific information which could be quite beneficial to you.

2. Getting prior loan approval.

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RE/MAX Chief Executive Officer, Margaret Kelly, talks about the government’s extension/expansion of the first-time homebuyer tax credit. Certain existing home owners can now qualify for the credit and homebuyers have until April 30, 2010 to put a contract on a house.

Don’t wait for next year’s tax refund. Give us call to learn how to use your tax credit towards your down payment and closing costs.

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The tourists have gone, children and educators are back in school, birds are flying south, the leaves are beginning to turn, and Virginia Beach is a place of serenity and beauty. Beach walkers and shell seekers have the sand to themselves. Boardwalk bicyclists and skaters can concentrate on the scenery rather than throngs of pedestrians. Shoppers can casually browse in uncrowded conditions. Traffic eases. Restaurants offer specials for the locals, and lines for a table are nonexistent.

And home sellers are growing nervous.

As summer turns to fall and fall to winter, real estate activity lessens, and sales decrease–in price and number. The allure of the ocean and a resort town and the desire to live in such surroundings are not as strong when the temperature is in the 60’s and the kids are already settled in their schools, so the urge to buy Virginia Beach real estate also wanes or gets lost in the demands of the often hectic holidays.

For the seller, this is bad news. For the purchaser, however, the time is right!

At the Beach in the Off Season

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The $8000 first-time home buyer tax credit was scheduled to expire in just a few short weeks…Nov 30, 2009. I say ‘was’, because the Senate voted unanimously to extend the credit on Monday and the House of Representatives approved the extension yesterday afternoon by a vote of 403-12. The extension includes an expanded tax credit to repeat home buyers. The bill now goes to the President for his signature which is expected to happen today.

 Home Buyer Tax Credit Expansion and Extension 

1. The $8,000 tax credit will be extended and available for first-time home buyers through May 1, 2010.
2. A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
3. Prospective buyers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
4. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
5. Limitation on the cost of a purchased home is $800,000. 

If you know anyone looking to buy their first Virginia beach home at a time when prices and interest rates are at 5 year lows, or if you are thinking of buying another Virginia beach home and getting the new $6,500 credit please contact me today.

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There were 1,342 Virginia Beach foreclosure homes for sale with 264 new foreclosures in Sept 2009. The average selling price of a Virginia Beach home was $267,414 in September and the average foreclosure selling price was $214,947, a 20% savings of $52,467, according to RealtyTrac.com.

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.

Virginia Beach Foreclosure Geographical Comparison

September Virginia Beach foreclosure activity was lower 0.12% lower than national statistics and 0.03% lower than Virginia statistics.

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Although the interior of your home may be lovely, you can’t use that fact to your advantage if potential buyers don’t come inside to see it. The majority of house shoppers are influenced by first impressions, and, according to the National Association of Realtors, nearly 50% of them make their decision about your Virginia Beach home before stepping through the door. Ensuring that prospective buyers will want to see more doesn’t have to be time-consuming or cost-prohibitive; there are numerous ways to strengthen your home’s curb appeal, to capture the interest of buyers, and most likely increase the selling value.

When selling your Virginia Beach home, appearances are important. The exterior of the house should be attractive and in good condition, and the well-maintained grounds should be pleasing to the eye. The first thing to do is to look at the exterior objectively. Assess the color scheme (siding, trim, brick, roof) and determine if the architectural features of your house are in keeping with the rest of the neighborhood.

Perhaps the easiest way to boost curb appeal is to clean. Pressure wash to remove mold and mildew from siding, decks, walkways, and driveways. Make sure that your windows sparkle and remember to wash the screens. Gutters, too, may need cleaning–or replacing. Investigate snap-fit vinyl systems, decorative rain chains, or even a copper system for a high quality look.

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