Virginia Real Estate Blog

Changes in Financing - Considering an FHA Loan?

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Mon, 08 Mar 2010 08:33:29 -0600

For those homebuyers considering a purchase with an FHA loan, I have received the following notice from my lender, JD Scott at Monarch Mortgage. Please note that these changes may impact you! Contact JD on 757 961 0648 (or your lender) for additional information.

What's Changing?

If you or someone you know is considering an FHA loan, some of these changes may affect you. Here's a clear, concise rundown of the major changes and what they mean:

1. Increased mortgage insurance. The mortgage insurance premium (referred to as private mortgage insurance by many people) will be increased from 1.75% to 2.25%. This change will add some cost to purchasing a home, but will not overburden consumers since the mortgage insurance is paid over the life of the loan, rather than upfront at closing. This change will become effective on April 5, 2010.

2. New down payment and credit score requirements. According to the new policy, homebuyers who have a credit score of at least 580 may still be able to purchase a home with 3.5% down, but those with credit scores of less than 580 will be required to put down at least 10%. This change is designed to help the FHA balance its risk, while still providing affordable down payments for consumers with a history of good credit and responsibility.

3. Reduced seller concession. Basically, this change means that the person selling the home will now only be able to offer the homebuyer 3% to help defray closing costs, as opposed to 6% under the previous policy.

If you are ready to starting looking for a new home, I can help! Looking to buy or sell a home in Fredericksburg area? Call me to learn more about Stafford, Spotsylvania, King George, or other areas around Quantico!

Interest VERY LOW and home prices inching up

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Wed, 24 Feb 2010 08:17:05 -0600

So with the interest rates very low and the overall price of homes going up, now is the time to buy a home. Have you been on the fence? Don't forget about the first time home buyer credit AND/OR the newer credit for Move Up buyers!

For the move-up credit the following applies: a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). The National Association of Realtors has some great info on this program.

And remember - now that spring is on the horizon, you wont have to shovel snow! The seller had to do that! :)

Kitchen Remodel Considerations

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Fri, 19 Feb 2010 16:33:36 -0600

Just hunting around on different websites for some new information to share with you. I found this video on the Realtor.org website. It is really good - only 3 minutes - but highlights some totally cool features and technologies that will help you save money (and the earth) when you remodel your kitchen. Check it out!

A New Home For ME!

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Wed, 17 Feb 2010 07:39:56 -0600

I am very pleased to tell you all that I have found a home in the Fredericksburg, VA area! After my husband accepted a job at Quantico, at the Marine Command and Staff College, we were resigned to leaving our gorgeous Victorian home in Norfolk VA and finding a new home new Quantico. We looked for homes in Prince William, VA, in Stafford VA. We searched homes in Spotsylvania County, and considered real estate in Manasssas. All things considered including, homes with an easy commute to Quanitico, brought us to our new home in Stafford County VA.

My husband takes the VRE - Virginia Railway Express - directly to Quantico and the train station is just a few miles from our home.

WHAT I really Wanted to share however is my NEW REAL ESTATE HOME! I have found the perfect spot for me at RE/MAX Cornerstone Realty with an office in Fredericksburg VA! I welcome the opportunity to assist you with your real estate needs and your referrals!

Certified EcoBroker, Realtor

RE/MAX Cornerstone Realty

757 353 2142

Absorption Rates 23507 Norfolk VA

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Mon, 13 Jul 2009 13:46:23 -0500

Just did some preparing for a listing appointment. I wanted to have some information available on market time for this potential listing. I took a look at recent sales and current listings to determine some estimated absorption rates for this particular property...

This is an area of GHENT in Norfolk VA. It is a great residential area, close to shops, downtown, dining, schools, etc. The information from my analysis varies depending on criteria used - no surprise there!

Looking broadly in GHENT Norfolk VA, there are about 132 homes for sale including single family detached and attached. In the past 6 months, 64 homes have sold for a 6 month month rate of about 10 per month. That means, simple math here, that it will be about 13 months before all homes are sold in my selected area.

Since the above review was broad, I wanted to highlight the exact zipcode for this property. In 23507, there are 39 attached single family homes for sale and 71 total homes for sale. Looking at the totals, 39 are pending or sold in 6 months with a target rate then of 6.5 homes per month. With 71 homes to sell, that is about 11 months to absorb the current listings.

For just the attached listings, 22 have been pending or sold in 6 months for a rate of 3.66 homes sold per month. With 39 current listings, the absorption of those homes could take 10 or 11 months.

This is food for thought for my potential sellers. The key will be to price it right from the start!

www.buyanorfolkhome.com

Switching to Buyers now..

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Thu, 12 Jun 2008 09:36:40 -0500

So, maybe that's enough about selling homes... what about buying? There really are some great lending programs out there right now. Yes, I think it is true that those with less than terrific credit will have a harder time finding a loan, but DO NOT GIVE UP. Loans are out there and I know lenders that can help you find those loans or help you understand what you need to do to get one!

As I have mentioned in previous blogs, the majority of our home sales are in a price bracket that suggests first-time home buyers. Are you also reading this because you are a first time home buyer?

Here are some basic steps for you to get on your way to home ownership.

1. Get pre-approved for a loan! You wouldn't go shopping for a Mercedes if you could only get a loan for a scooter. Same for houses! Save yourself the heartache of falling in love with a home that is out of your price range by only looking at those you can afford. I have worked with great lenders in the area and can suggest some to speak to...

2. Hire a Buyer's Agent! People selling their homes have selected a real estate agent to represent THEM, the seller. As a buyer, you should do the same. Interview your agent. Find one that understands what you want and can help you find it. Consider those with the ABR designation (accredited Buyers Representative) - that shows a dedicated to education and to understanding buyers. AND of course, look for an ECO-Broker. An EcoBroker can help you understand how the home will impact your health (through indoor air quality) and budget (energy efficiency improvements). AND...just so you know, there is usually no cost to you for having a buyers agent!

3. Look for homes and make an offer. Once you have the house you like, work with your buyers agent to make an offer and negotiate that offer.

There will be lots of steps in between - appraisals, home inspections, walk throughs - but your agent will (or should) be with you every step.

4. Move in! Once you have 'closed' on the home, you are free to move in and decorate the way YOU want! And you get the tax benefits of owning a home!

Give me a call if you want more details, need a lender, or are ready to purchase. I look forward to hearing from you.

For those who like numbers: Our Local MLS (REIN) shows more than 3000 homes listed as PENDING. That means homes are under contract / will be sold soon! So if you are on the fence - get out there soon - homes are selling!

Speechless Friday

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Fri, 12 Feb 2010 07:03:36 -0600

Even though we have too much snow, this one made me smile about it! I hope it does the same for you! This is from one of my favorite websites beagles-on-the-web!

Great Bathroom Remodel - FINISH PRODUCT

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Fri, 29 Jan 2010 18:52:49 -0600

Yeah! JEL TILE finished the job today! It looks great! I need to paint, install the lights, put up mirrors, and well... the rest of it. But the hard work is done. Thanks again to John and Lori at JEL TILE!

Great Bathroom Remodel: Part Three

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Fri, 29 Jan 2010 08:05:51 -0600

I know everyone has been waiting for an update! So here it.... The tiles are going in beautifully! The contractor, JELTile on Garrisonville Road in Stafford, VA is really attentive to detail and takes the steps needed to 'get it right'. I am very pleased with their work so far.

As you know from reading earlier blogs, this bathroom remodel was not elective, but requisite! On the plus, if we were considering selling the house, a bathroom remodel is a great investment and one where the homeowner may see a return on investment for the project. Bankrate says almost 85% of the value can be recovered while the COST vs VALUE report from National Association of Realtors (Realtor.org) says about 75% of costs are recouped.

Regardless, I am loving the results and it will be worth every penny to me.

Part Two: Great Bathroom Remodel

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Sat, 23 Jan 2010 08:00:42 -0600

Stage one is compete. The old cracked tiles have been removed and the shower has been gutted.

We added insulation for sound dampening to the shower walls and the plumber comes this afternoon to install the new 'guts' - shower diverter, etc.

The plumbing fixtures have been the biggest challenge. This home isn't old. 1992 seems like a new house to me compared to my previous Norfolk home, built in 1912. But sure enough, the 'guts' of the shower and the tub are so old that no new fixtures, even ones of the same brand, do not fit. Anyway, after numerous online attempts and trips to home stores in the area, I finally understood that all new plumbing was required.

John from JELTile (a tile store in Stafford VA) is here today to start laying the floor and next week they will finish up the shower walls, tub surround and the vanity goes back in.

Discovering our Town - Fredericksburg VA

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Sun, 17 Jan 2010 09:10:38 -0600

In an effort to discover Fredericksburg, our new town, and to take advantage of one of the first warm (over 50 degrees) days since our move, my husband and I decided to 'take a walk in the woods'. This walk would surely be less taxing than Bill Bryson's for several reasons

1. We were NOT attacking the Appalachian Trial from either end or even from the middle

2. We would have 2 beagle dogs with us who would surely be looking for their beds after an hour or two

3. We would be leaving an elderly beagle boy home to guard the house in our absence and he would need food and the outdoor facilities in short order.

Regardless of our time constraints, but aware of them, we set off to Caledon Natural Area in King George VA (this between our home in Fredericksburg and the area near Dahlgren).

The walk was, in a word, monochromatic. In two words, monochromatic and flat. We will try harder next time! Actually it was quite lovely, peaceful, and provided a intertesting view of the Potomac River with ice. The area is known for its eagle population and so is off limits during breeding season. I am glad we had a chance to see it in winter and I look forward to another visit in spring.

Today, it is chores on the agenda!

PS, the girls were, in fact, pooped after the walk. Seen here in the back seat of the Ford Escape Hybrid!

PPS we did in fact pick up the trash that floated onto shore - I dont think eagles like Corona.

Find a Forever Friend!

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Sun, 03 Jan 2010 07:10:38 -0600

Wanted to take this opportunity to introduce Maize to you. She is a SWEET beagle girl of a certain age (she's not telling) who is available for adoption through Beagles to the Rescue in Hampton Roads Virginia.

Find a friend, adopt a beagle!

http://www.beaglestotherescue.org/maize.cfm

Merry christmas and Happy New Year!

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Fri, 25 Dec 2009 10:25:04 -0600

Wishing everyone a happy and healthy holiday week!

And a white christmas -- if you want it! =)

Great Home Value in Norfolk

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Mon, 07 Dec 2009 09:08:37 -0600

Are you looking for space? This home in Norfolk has it! With more than 3000 square feet of living space, plus a full basement and a garage with extra storage, this home is currently listed at $389,900. Recent comps suggest a price in the mid-400s so this is a great value!

Unfortunately for the seller (me - owner/agent!) the home was under contract but it fell through. This is good news for your potential buyers and agents looking for a quick close. The home inspection has been done and there is a clear termite/moisture letter.

For closing by the end of the year, the sellers are offering $5k in Closing Cost Assistance.

Are you a first-time homebuyer or looking to move up to a larger home? You may qualify for even more savings through the governments home buyer incentive programs! Contact your lender or Jan Lui at NewTowne Mortgage

Great Homes in Norfolk

Bethany Phillips, MBA (RE/MAX Cornerstone Realty) — Wed, 18 Nov 2009 07:26:30 -0600

I am helping some wonderful people purchase homes in Norfolk right now! What fun! They are so nice to work with and the homes they have chosen are so different yet both perfectly in tune with our area.

The first is a new construction home in the upscale subdivision called East Beach. This was the site of our building association's HOMEARAMA about 5 years ago. Now the subdivision is about 75% built including the playground, tennis courts, and open spaces... not to mention access to the beach! All homes are considered executive style homes and abide by strict architectural guidelines.

The second property is a 1910 bungalow with a 2 car garage. This home is in one of Norfolk's Historic neighborhoods called Lafayette Residence Park. Lafayette and Winona, along with Gowrie Park and Old Lafayette Shores share a very active civic league. This great neighborhood is filled with not only bungalows, but cape cods, Victorians, and arts and crafts style homes. The dog park, playground and water views are additional features of the neighborhood.

There are more homes like this for sale in our area! Don't be shy - get out there are find the home of your dreams!