Virginia Real Estate Blog: September 2008

I was thinking today about my recent sale in the Colonial Place neighborhood. (See blog).  What a great house!  I hope the buyers are happy there. 

I started wondering how things have been going since the late spring when this house went under contract and it closed in mid-summer.

For absorption rate (that is the rate at which the current inventory of homes on the market will sell based on recent sales), I looked at most recent 30 days sales.  That was depressing = 8 months of inventory!  In other words, it will take 8 months to sell all of the homes on the market in Colonial Place, assuming no new homes are listed for sale.  Because we are well into the slow market, I took another look. If you look at most recent 3 months of sales to figure the absorption rate, things look better. That would be about 25 weeks of inventory...  Here is a look at the recent (90 days) home sales....

This is a great neighborhood, so if you are considering buying a home in Norfolk Virginia, look at Colonial Place!  Great, strong civic league, close to shops and restaurants, easy walking distance to ODU, Close to downtown Norfolk. 

Map Courtesy of Colonial Place RiverView Civic League Website.

Norfolk Real Estate

Norfolk Real Estate Blog

Have you been thinking about a new water heater?  New refrigerator?  New Washer or Dryer?  Now is the time to consider that purchase  more seriously!  Virginia is offering a sale tax holiday (NO TAXES) during the weekend of October 10 to 13, 2008, but only for ENERGY STAR products or WATERSENSE products!  For the full list of qualified products go to the Virginia website.

Eligible products must be priced at $2,500 or less for each item, and be purchased for noncommercial home or personal use.

http://www.tax.virginia.gov/web_pdfs/Exempt_Items_List_Energy_Star.pdf

DONT forget to read the label when considering which product to buy - there are 2 costs associated with each purchase - the sales price AND the cost to operate!  Weigh the benefits of each item you are considering - lower operating costs oftem mean lower energy usage! 

Norfolk Real Estate

Norfolk Real Estate Blog

I wanted to let everyone know about the next presentation in this series from the Chesapeake Bay Foundation, NOAA, and Nauticus. I have attended these in the past and there have been great speakers and content!  Worthy of attending!

October 7, 7 p.m.
Blue Planet Forum Lecture Series Dr. Timmons Roberts of the College of William and Mary, Ann Swanson of Chesapeake Bay Commission and Donald Luzzatto of The Virginian-Pilot will discuss "Environmental Policy and the Next President". Moderated by Cathy Lewis of WHRO's HearSay with Cathy Lewis. Presented by Nauticus, the Chesapeake Bay Foundation, and the National Oceanic and Atmospheric Administration (NOAA). Free, doors open at 6 p.m.; Limited seating so pre-registration required. Contact the Chesapeake Bay Foundation at (757) 622-1964 or email hamptonroads@cbf.org.

Norfolk Real Estate

Norfolk Real Estate Blog

I am surprised that certain homes are not selling.  I know the market is terrible and that specifically, the upper-middle price ranges are hit the hardest.  BUT... this home is gorgeous!  The price has just been reduced to $470,000.  And the neighborhood is teriffic.  So if you are out there and you know of someone looking for a quality-built home within 30 minutes of Norfolk and with easy access to all parts of Hampton Roads, this home could be the one!  See the Virtual Tour!

To see all homes for sale in the Hampton Roads cities of Norfolk, Virginia Beach, Chesapeake, Suffolk, and beyond, check my website!  For tips and trips and more information and links than you can possibly click on, go to my other website.  There is lots of information on the site about buying and selling homes with environmentally friendly characteristics, so don't miss that!  THANKS!

Installing Low-Flow shower heads and faucet aerators is the single most effective water conservation savings you can do for your home.

Low-flow shower heads and faucet aerators can reduce your home water consumption as much as 50%, and reduce your energy cost of heating the water also by as much as 50%.  Equally as important, they are inexpensive and simple to install.  

Faucet: If an aerator is already installed on your faucet, it will have its rated flow imprinted on the side. This should read 2.75 gpm (gallons per minute) or lower so replace it if over 2.75gpm. If no aerator is installed, check to see if there are threads just inside the tip of the faucet. Most newer faucets are threaded to accept aerators.

Shower: Showers account for 22% of individual water use in North America, making this a great place to reduce water use and save money. Set a 2qt. saucepan on the floor of the shower and position it in the middle of the shower stream. With shower on full, count how many seconds it takes to fill the pan. If it takes fewer than 12 seconds, you could use a low-flow shower head. If you have a low-flow shower head installed, it should read 2.5 gpm or less.

 Source: Eartheasy.com

This is just a quick look at what, I think, most of us already knew.  BUT sometimes it helps to look at the numbers to be sure that something that is commonly retold as fact, is, in fact... well, a fact! 

In summary, since 2005, the number of units of residential real estate (single family, attached and detached) sold has decreased by a little over 40% from the high of 3391 homes sold.  And, the days on market (or the length of time it takes to sell a home) has increased since 2005 from about 1 month (34 days on average) to close to 3 months (81 days on average).  Well... if one assumes we are at the bottom, it is great time to buy property in Norfolk!

SO if you do want to look for investimant property anywhere in the area, give me a call or check my website to search for homes in Hampton Roads areas of Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, and more!

Smart Homeowner - September October Energy Issue (edit/delete)

For some great summary information on home improvements and building techniques that can save you money, check out Smart Homeowners September/October issue.  There are great tips and tricks for things that every homeowner can do to save money.  Here are a couple.

- Seal leaks from the inside and out using caulk and expanding foam spray.

- Use occupancy timers on lighting in your home to turn those lights off when you forget to!

Have you already made energy efficiency improvements, had a home energy audit, or built green?  Thank you and Congratulations!  If you are thinking about selling that energy efficient home, call me!  I have special education to help market your home!  In the competitive Hampton Roads Real Estate market, home sellers need to use all the tools at their disposal, and I can help!  Check my website for more information and to search for homes throughout Norfolk, Virginia Beach, Chesapeake, Suffolk, Portsmouth, and more!

It is time to renew my home insurance policy and I have been 'getting smarter'.  In other words, trying to figure out just what is included in the policy.  This is a great sanity check for all of us and as homeowners, we should do this once a year at least.  For example, there are updates to flood maps for the area. Do you know if you are in flood zone?  Do you know what your wind damage deductible is? 

Here is a link to good info on the Consumer Reports website, plus I will excerpt some of that here:  FROM CONSUMER REPORTS. ORG

"Here are some other steps you can take to protect your home while keeping your coverage costs in check.

Raise your deductible. Insurance policies typically carry a $250 deductible. But if you're willing to bear more of the risk, you can save upward of 15 percent a year in premiums with a $500 deductible and 25 to 30 percent with a $1,000 one. "Most homeowners are not aware of the significant savings awaiting them in their policy by reevaluating the deductible," McConnell says.

Maintain and upgrade your home. At least once a year, inspect your home for developing problems, particularly the roof, plumbing, exterior paint, and washing machine and dishwasher hoses, to protect against water-related disasters-the type of damage that insurers like least. Wiring and heating systems should also be checked. In addition, you might be able to cut your premiums by 10 percent or more by installing upgrades such as fire detectors, security alarms, and deadbolt locks.

Buy a flood policy if you need one. Flood insurance is available through the government's National Flood Insurance Program (www.floodsmart.gov) and can be bought from insurance agents. Maximum coverage limits are $250,000 for property and $100,000 for personal belongings. Premiums run from about $350 a year in a moderate- to low-risk area to more than $4,000 in high-risk coastal zones.

NEED a new Home in the Hampton Roads cities of Norfolk, Virginia Beach, Chesapeake, Suffolk or beyond?  I can help!  Search for homes on my website, or call me to review your wants and needs today!  I look forward to working with you!

Just to sum up the past few weeks (I am sure there is more, but this is a start!:

1. Mortgage rates fell below 6% for 30-year fixed rate loans, the first time since May.  

2. The federal government takes over Freddie Mac and Fannie Mae. The Federal Reserve is expected to make a decision on interest rates on Tuesday.

3.  Oil dropped below $100 a barrel for the first time since April, down significantly from the high in July of $147/barrel

4. Sub-prime market takes another hostage over the weekend when Lehman Brothers files for bankruptcy protection.

5. And don't forget Merrill Lynch is forced to sell to Bank of America for $50 billion in stock while AIG (insurance) is asking the government for emergency funding for its major restructuring.

And of course, we can't forget that Haiti and Galveston, TX were hit hard by Hurricane Ike. Countless numbers of people are evacuated and waiting to return to their homes, if their homes are still there....

Financial Gurus... What's your take on all of this -- particularly in regards to Tuesday's planned interest rate news??

Take advantage of lower interest rates!  Consider that first home purchase in Norfolk or Hampton Roads today!  Investment property on or near the water is abundant in Virginia Beach, Norfolk and throughout our area. Search for homes or call me to show you the best of the best!

Just wanted to share some photos of our August racing adventure... Maybe the race was on Hampton Flats (James River), I don't remember... Anyway, I just really liked these...