City Stats Blog Series -- The VA Peninsula

As REALTORS^®, we feel like part of our job is to provide information about the cities we service and the areas in which we work.  However, it gets kind of sticky when providing our clients with actual statistics because they change so often and we don’t want to appear bias towards one area over another.  So when we had a sales meeting last week and we found out about a great new resource for city data, we thought we should share it with all of you!!  So we’ll be doing a blog series on the cities of the VA Peninsula (Newport New, Hampton, Williamsburg, York County, James City County and Poquoson).

Obviously, if you live here or are near here some of this information won’t be a surprise.  But for those of you who don’t, and who may be searching for some information, this will hopefully be a good start! 

Let me close by saying we LOVE this area!  And there are so many reasons why, but this series isn’t about what we like and don’t like, but rather about statistics and providing you with a resource!  All of the data comes from www.city-data.com, so go there for more information and sources! 

And of course if you want more information on sales stats, absorption rates, or ANY thing Real Estate related don’t hesitate to call us or email us!  (757-876-9621 or Shannon@ShannonEdwardsHomes.com)

To Virtually Stage or not to Virtually Stage???

Ever feel overwhelmed as a consumer?!  Well as Realtors we certainly are!!!  It feels like every week something new comes out and we are forced to decide whether or not it will be the next big thing or just something we end up investing in that turns into a dud!  So PLEASE HELP!  We’re going out to our audience on this one because it is something that only consumers can help with since you’re the ones who will be choosing houses based on pictures.  So consider it some market research if you will.  And in return, we’ll randomly pick one lucky responder to win a $15 Starbucks Gift Card! 
So here we go! 
Basically, when we see statistics about how much quicker a staged home sells than a vacant home, we quickly realize the importance of staging.  Luckily for our clients, we offer free partial staging, however, we’re always looking at new options.  The newest craze is Virtual Staging.  Yes, it is just what is sounds like….adding furniture to pictures of a vacant home to “stage” the rooms.  Here are a few pictures to give you the idea.



Get the gist?  Okay, now what are your thoughts (post in the comments section below)?   We’ll pick a lucky responder on Friday!  Ready…Set…Go!

Signs of Life

Many of you may want to know what “signs of life” we were referring to a few days ago!  Well finally, after putting the babies to bed last night, I finished reading the latest Commonwealth Magazine, which lays out all our “nitty-gritty” Real Estate details in VA for us!  So here is a very brief bulleted format of the positives!

• Unemployment is down – Definitely still has room for improvement, but it’s getting there (hopefully)
• HARP is working – If you don’t know about HARP, please ask!
• Delinquencies are down
• Interest rates are still crazy low
• Lending is loosening
• Rents are rising
• Short sales are getting more efficient
• Inventory is down
• “Shadow Inventory” never flooded the market – (False predictions about foreclosures and REOs backing up behind the scenes)
• Buyers are returning – YES we are seeing multiple offer situations!
• Investors are investing
• Forward-looking indicators are up – rising rates of permits, construction, and loan applications

So there it is, all of Virginia Association of Realtor’s numbers are pointing to the facts above. In Virginia since 2010 almost every month’s sales have been above those the year before.  The latest figures (May 2012) show a statewide 6% increase from 2011!  The full report is too comprehensive to detail out in a blog, but let us know if you want a copy!  \
And of course, if you or anyone you know is looking to buy and/or sell, we’d love to have the opportunity to earn the business!

Hampton Roads - Recovery Statistics

Hopefully you all know our feelings by now about the state of the Hampton Roads Real Estate Market, but if you don't, please let these statistics speak for themselves! 

Statistics are provided by REIN, Real Estate Information Network, our local MLS provider. 

We're seeing it first hand, but it's nice to have some numbers to back it up!  If you have any questions, please let us know! :)

VAR Commonwealth Journal - Editor's Letter

So here is something a little different than the normal listings and mortgage info. 

I was reading the August/September 2012 issue of Commonwealth Journal, one of many that we as Realtors get to keep us updated on the market and other job related issues.  I was reading the letter from the editor, Andrew Kantor. He had some interesting points about "news" and I think others need to read.  So here it is, just for your reading pleasure...straight from the journal onto this blog!

"Before I came to VAR, I was a newspaper reporter on a business and techonology beat.  My job could have been summed up as "Go and find out what's happening, then tell other people about it."  At least that was what I believed.

Reporters were supposed to tell people about what was going on in the world.  Yes, 'civilians' could attend meetings, make phone calls, dig through douments and so on, but the point of a reporter was to save the public the trouble.  In theory, members of a community would say, "I trust the people at the Post/Time/News/Journal to get the story and tell me what happened and what it means."

In other words, a reporter's job was to tell people what really happened.  They were, at the risk of a bit of hyperbole, seekers of the truth.  If someone claimed X and someone else claimed Y, a reporter's job was to figure out which was actually true. 

Today, of course, they hardly ever do that.  Instead, they simply report that 'Some people say I, others say Y, and gosh darn in, you figure it out for yourself.'

Newspaper got themselves caught in a vicious cyle.  Corporate interests took over for good journalism, and stories got blander, so as not to offend potential advertisers.  At the same time, indiviudals began doing their own "journalism" in the form of blogs.  They weren't afraid to pull punches.  They made newspapers look bland. 

Newspaper readership dropped.  Advertisers pulled out.  The papers responded by getting even blander, and by trying all sorts of non-news tactics - more "life" features, more stuff about people and personality.  Less explaining what was real, more just telling us what people said.

Instead of telling people what's real, they tell people what other people think or feel or believe is real. The entire scientific community could say that the moon is made of riok and dirt, but the newspapers will give equal time to a loud enough group of yokels who say it's made of green cheese.  Why take chances?

Which brings us to the real estate market.  It's getting better.  Really.  And in a big was, across the board.  Yet so few news outlets semm willing to state that definitively and point out that yes Virginia, we're in a recovery.  So let us do it for you (and them).  Check out the cover story on page 20.  That's where we put the pieces together, from all sorts of sources measuring all sorts of metrics.  The conclusion is pretty much inescapable.  And we're willing to say so." - Andrew Kantor, Editor of Commonwealth.

Again, these are his words, not ours, but interesting prespective huh?  It's so true that we see so many signs of the market being better than the media portrays, yet no one wants to say that we are in a recovery.  We'll be sharing more of the "story on page 20" that he is referring to, so don't you worry!  We've got the facts to back it up, thanks to the Commonwealth Journal and Virginia Association of Realtors. 

Oyster Pointer–Feature Story

We’re on year two of writing for the Oyster Pointer, a free monthly publication about business in the Oyster Point Area of Newport News!  It covers hundreds of business in both City Center and Port Warwick.  So you can imagine how excited we were when they asked if they could feature us in a story!  Here is the link, go to page 10.
http://www.server-jbmultimedia.net/OysterPointer/sitebase/index.aspx?adgroupid=207089&view=double&fh=535
Moments like this make us grateful to all of our “fans” and people who have been big supporters along the way!  Thank you to you all!

Staging Tips from Barbara Corcoran

I can't get enough of her!  She's right-on with every single one of her tips and advice about Real Estate.  And unlike others she has positive ideas about Real Estate and it isn't all negative!  

Here are some of her thoughts on staging and we couldn't agree more!  Check it out! 

And incase you don't already know, we LOVE staging consultations!  Not only will we come over to help you make a list of the things that need to be done, but we'll also help you Make It Happen!  Call us today, 757-876-9621.  

Visit msnbc.com for breaking news, world news, and news about the economy

“I Want It All, and I Want It Now!”

Nope, this is not a Value City Furniture Commercial….remember; we sell houses, not couches! But Buyers want it all, don’t they?
We know this is a tough cookie for most sellers to swallow… especially considering we all remember the days when we ourselves overlooked the small stuff in order to get the house we wanted. 
Because at that time, if we didn’t, the house would be sold before we blinked! Well, not anymore! Buyer’s have LOTS OF OPTIONS! And they are going back to the basics in their search. They are looking for solid, well maintained homes that will be good investments.
The hard part is all buyers are truly different and each of them has their own set of needs. While we know you can’t possibly offer it all, there are a few things you can do as a seller to avoid a buyer nit-picking over the small stuff. Because let’s face it, we all sweat the small stuff! If your house has all the right criteria the buyers are looking for (i.e. # of bedrooms, bathrooms, square feet) then there are a few things that could help your house shine above the others!
Here is a short list, which we think is ranked in order of importance:
1. Well Maintained – Probably the most cost effective change that could make the most difference! Some time and elbow grease followed by regular maintenance can make a HUGE difference! Regardless of how clean, neat, or messy the buyer actually lives, one thing is always certain… everyone dreams of having a spotless, immaculate home. And as a seller, you want them to come in and think of your home as that dream home! So, even
though it’s hard (because good Lord, with a new baby at home, I know it’s hard) try to keep it as clean as you can while it is on the market. This may be a good time to get the spouse and kids on board with weekly chores!! Doing this will save you stress when you get a call that it is being shown.
2. Updated – Your house doesn’t have to have the best and most expensive accessories, light fixtures and appliances to make it look updated. But if you want your house to stand out above the rest, you need to think about updating those things. Don’t buy the cheapest, but be reasonable about your investment. If you’re going for new kitchen appliances, buy matching ones. Removing wallpaper and painting neutral earth tones can make the home feel warm and inviting. And always, always buy brushed nickel finishes to give it the best most neutral look.
3. Working Appliances/Utilities – Unless your house is a foreclosure and listed for a ridiculously good price, buyers expect that things like the stove, fridge, HVAC system, etc. are all working and operating (and within their life expectancy).
What’s the only thing that allows buyers to overlook the items above? Price! If you do not want to put in the effort and don’t want to do anything but sell the place, then make sure the price is right. And by right, I mean well below market value. And honestly, you should still be prepared to negotiate! Because one thing is for sure, every buyer wants to be able to say “I got a great deal!!!”
We still believe that even in this market, houses can sell quickly! You cannot control location, and you may not be able to control price depending on your situation, but CONDITION is in your control! So, do what you can and leave the rest up to us!

5 Reverse Mortgage Myths

So we're always trying to keep our eyes out for some great information to share.  And today I've found some!

Jeremy Jordan shared with us today 5 Myths About Reverse Mortgages.  So first, thanks to him and Atlantic Bay Mortgage for the information.  And now, here you go!

1. Reverse mortgages are only for desperate seniors:  Wrong!  It's an excellent financial planning tool used by savvy seniors of all kinds.
2. If you are looking to purchase a home you cannot use a reverse mortgage:  Wrong!  Many seniors get a reverse mortgage to buy a new home.  As long as they are 62 and older, are going to live in the home and have  good down payment, it may be a good option.  
3. You will have no estate to leave to your heirs:  Wrong!  Your heirs can even replace the reverse mortgage with a conventional one.
4. The lender can take your home:  Wrong!  You retain title and control.
5. Reverse mortgages are not for seniors with poor credit or low income: Wrong!  If you're a homeowner and at least 62, you qualify!

While, we aren't the experts when it comes to mortgages, this sounds like something some of you may want to look into, if not for yourself, but maybe for someone else!?

Call Jeremy Jordan, mortgage banker at Atlantic Bay Mortgage, if you have any questions!  757-874-6040 Ext:  323.

Government Helps Those In Need–AGAIN!

So I’m not sure how I feel about this program in general yet.  I am all for the government helping out those who are REALLY in need.  Unfortunately, that usually comes with helping out those who are REALLY lazy.  Honestly though, if it helps even one person who is hard working and has had a difficult hand dealt to them, then I am ALL for it!  But never-the-less, this article was brought up in our sales meeting, so I’d like to share! 
Click here to read the full article:  Program aims to keep homeowners facing foreclosure from losing their homes
Some great things about this program:
1. No Interest – The homeowner pays no interest on the money that is granted to them! 
2. Strict Guidelines – They have placed strict guidelines to hopefully try and help the right people.  No freeloading on this program!! 
2. Not a Loan – I’m not sure why they are referring to it as a loan, but I want to be clear.  This doesn’t have to be paid back!  The money goes straight to the mortgage company to help the homeowner stay in their home longer, so that they can get back on their feet.
If you know of anyone who is currently under/unemployed and missed 3 or more payments on their home, please pass this along!  It is a great opportunity to get some relief!  It will help approximately 1,200 distressed homeowners, which sounds like a lot, but honestly, with the number of people out there who are in danger of foreclosing…1,200 is going to go fast!  They have until July 22nd to sign up!  Forms are available online at www.ehlp.nw.org!   

Lowe's Inside Out Home Improvement Tips | Produced by Inman News

Boy does this sound familiar!? I know we've been preaching it a lot lately, but we can't tell you how important it is in today's market. Read this short but EXTREMELY accurate article.

Lowe's Inside Out Home Improvement Tips Produced by Inman News

Please don't hesitate to call us if you want any tips on what to do before putting your house up for sale! We can help you make the list, prioritize it and get it done! We've been known for spending hours at our client's houses helping them paint, change out fixtures, etc. No task is too small or too big for us. If we can't help you "DIY" it, then we have a list of recommendations for who you can call!

Houses are selling in this market, but the ones that are selling are priced right and are in great condition! I'll say it again...HOUSES ARE SELLING! Let us help you get yours sold!

Let Freedom Ring!

We hope everyone had a fun and safe Independence Day Weekend!  We know this weekend every year brings lots of joy to everyone since it is a weekend of cookouts, fireworks, and lots of fun times…but what’s it really all about?  Remembering America’s Independence! 
Since many of us can’t even comprehend not being free, it is easy to let the weekend breeze by without thinking twice about what it means to have the freedom to celebrate like we do.  Along with all our other freedom comes, the freedom to own your own home!!  (duh, we are Realtors)     Homeownership has always been (and we believe still is) a big part of the “American Dream”.  Franklin Delano Roosevelt once said, “A nation of home owners is unconquerable.”
While we celebrate here in the US, many of our friends and/or family are overseas fighting so that we retain the right to celebrate.  So THANK YOU to everyone who is or who ever has fought for our country and our rights as Americans!  We are proud to be Americans!

Peninsula home sales and median price drop 10%

Interesting Article in the Daily Press yesterday(see below). Great news for home sellers? Not so much. Unfortunately, the selling process is still a long one.

However, for buyers, the good news is still there. Prices are down and inventory is up. Also, mortgage rates are crazy low....we just closed on a home for our client who used the 7/1 ARM (that we blogged about a little while back) and her interest rate was 2.875% for the next 7 years! Remember, it does adjust by 1% each year after the 7 years but can never go above 8.875%!

Read Article Here: Peninsula home sales and median price drop 10%

Homes are still selling though. So, if you're looking to sell and you're able to price it right and the house is in good condition then it will sell!

If you or anyone you know is interested in buyer or selling, or has questions about that 7/1 ARM loan, give us a call!! 757-876-9621

Shannon’s Hot Spot: The Oyster Pointer Magazine

We were very excited to be asked back to write for the Oyster Pointer Magazine again this year!  Shannon’s first article of the year was featured in the June addition.  And what better time of year to talk about Curb Appeal? …and if you read this blog then you know we talk about curb appeal a lot!  But the more we talk, the more we hope you’ll listen…or should I say, the more you listen, the faster your house will sell?  … Anyways, here is the link, so read on and feel free to share your thoughts!

Click here to read the June Article!

Oh and Happy Friday…Thank God for the break in the 90 degree heat! Have a great weekend!

The Tough Stuff Series: Lowballin’ Offers

"It is a buyer's market!"...."There are great deals out there!"...."Now is the time to buy!"  We've said it and you've heard it lots over the last year or two!  Well, the good part for buyers is that it's true....but that's also the bad part for sellers.
Sellers are facing more and more lowball offers.  Before they ignore it or outright refuse a very low purchase offer, they should think about a few things!  This brings us to our challenge #3 in the Tough Stuff Series! (every time I write that I think of Mr. T for some reason, haha) 

The Challenge – In this real estate market, there are lots of listings and not a lot of buyers.  Ever heard of supply and demand?  Believe it or not, that applies to homes too!  Buyer are also become more strategic, with the help of their agent.  Looking at how long your house has been on the market, when the seller purchased it and whether or not it is vacant is common practice in determining what kind of offer to put in.  Buyers want to feel like they are getting a deal and are scared that they will overpay.  Some buyers also think it is customary to start low so that you can end up somewhere in the middle, kind of like a car purchase! 

The Solution – Remain calm…as hard as it may seem, this is not a personal attack on you. Discuss with your agent the many ways you can respond.  Don’t just consider the price…you must also look at the other terms such as seller concessions, contingencies, closing date, preapproval letter, are they taking it “as-is”?, etc. 

One option is to counter back at a higher price, but agree to the other terms, like offering to pay closing cost for the buyer.  Because while buyers can get a loan for their purchase price, they have to come out of pocket for the closing costs. Or you could leave the price and offer no closing cost assistance and ask the buyers to take the home “as-is” so that you don’t get stuck doing a lot of repairs from the home inspection.  

Another solution is to review comparable homes in the neighborhood.  Has the market changed since you put your house up for sale?  Are the new comparable homes now supporting the lower price?  We can help you determine all of those things by pulling data from your neighborhood.

Finally, remember that it is important to consider every offer!  Even if your houses has only been on the market for 30 days, this may be the only offer you’re going to get in another 60 days, so be sure that you give it every consideration. 
The market will slowly but surely even itself out and when it does, most of the lowball offers will slow down.  Until then, call The Shannon Edwards Team.  As long as your realistic about the market, then we can help you negotiate to a place where you and the buyers are both comfortable!

The Tough Stuff Series: Low Appraisals

We’re back with another challenge in current Real Estate Market.  If you didn’t get a chance to read out last post in the series on Loan Approval, be sure to check it out here!

As we mentioned before, despite many challenges in the market, nearly all of them are able to be overcome!

Okay, here we go for challenge #2!

Low Appraisals -

The Challenge – Yes, we all know that prices are dropping.  But what some of us don’t know is why.  Well right now, there are lots of what we call distressed (foreclosed) properties on the market.  These properties typically sell for less than market value.  But when a distressed property sells, it then becomes a comparable for the other houses like it, in the same neighborhood, or neighboring neighborhoods (what a tongue twister)! 

Along with a load of distressed properties, there are also sellers who are in sticky situations either with having to move or who are in economic difficulty.  These sellers are also more likely to sell for less just to get out from under their home. 

Third, it isn’t just distressed properties or short sales, it’s also home owner’s who have a lot of equity and can afford to pull their price down.  The current average time it takes to sell a home on the Hampton Roads Peninsula is approximately 109 days.  The average home owner isn't accustomed to this kind of time frame, so after 30 days or so, they start getting anxious and start dropping the price.  And if/when they do get a offer, they are so anxious to move they are willing to come down on the price even more!  

The principles of real estate tell us that a home is only worth what other houses like it are worth.  And worth is determined by previous sales.  So therefore, the value on your home goes down due to the “market”, which inevitably means that because houses around you are selling for less, then your house is worth less.  Frustrating I know!  So the challenge is…even if you get an offer on your house that you are happy with, will the appraisal come in at that amount? 
For those of you who have sold before, you know that the appraisal has to indicate that the house is worth the value of the buyer's loan. Obviously not an issue for those ideal cash buyers!  If it comes in lower, then you (the seller) has to either drop the price or let them out of the contract and put your house back on the market. 

The Solution – Stay on top of what is happening in your neighborhood.  Be aware if there are several foreclosures on the market, or even motivated sellers.  Once one of those houses gets bought, there isn’t a whole lot you can do to stop what that will do to your price.  However, we feel that being informed of what’s going on in your neighborhood will help you make more informed decisions.  

Finally, an important solution is to change your way of thinking.  Look at the positive.  If you’re selling, then hopefully you will get more for your money and a good deal when you are on the purchasing side of your next home!

We know that this situation can be the most frustrating of them all….you finally find a buyer who is willing to pay an agreed upon price and someone else tells you that your house isn’t worth it.  But the appraisal process is an important one and not one that is going to change any time soon. 

So repeat after me…. “God grant me the serenity to accept the things I cannot change; courage to change the things I can; and wisdom to know the difference.”

Feel free to comment and share your expertise and experience!

The Tough Stuff Series: Loan Approval

I’m sure if you have bought or sold a home before then you know that Real Estate isn’t all sunshine and rainbows.  There is some tough stuff to deal with!  (All the more reason to have a professional helping you – I’m just sayin’ )  But in this market, things can be even tougher! 

The Bad News:  Lately it seems like each deal has at least one obstacle to overcome. 

The Good News:  Not one of those deals has fallen through…we’ve made it work!  Nearly every challenge has a solution, you just need someone on your side to think creatively for you!
I’ll go over a 1 challenger here, but stay tuned for future posts in the Tough Stuff Series, for additional challenges and how to overcome them!

Loan Approval: 

The Challenge - Due to the mortgage lenders tightening their guidelines of who gets a mortgage and for how much, many (and I repeat MANY) people have trouble getting qualified for the amount they want in order to get into a house they are comfortable with.   We will house hunt and house hunt and house hunt some more, but despite all the inventory out there, they may not find what they are looking for. 
The Solution – Brainstorm with your lender and Realtor about different loan programs.  A 30-Year Fixed Mortgage is pretty typical in this market, especially since people are scared make that terrified of the Adjustable Rate Mortgage programs.  But those programs have stipulations now that make them not so terrifying.
Scenario – Just recently, one of our buyers was looking for a home in the $195,000 range.  With no out of pocket money to put towards repairs, she was having trouble finding something that didn’t need a TON of work. So we got creative with a 7/1 ARM loan and was able to qualify for $10,000 more!  That’s a huge difference when you look at homes! 
Details – What is a 7/1 ARM?  Basically if you qualify, you can get a low interest rate for 7 years.  Then after 7 years, the interest rate would adjust every year until it hits a cap that they have previously determined.  For example, if you started out at a 3% interest rate and the cap was 6 additional points, then the highest your rate would go would be 9%.  PLUS, you’d have the chance to refinance during those “adjustable years” if the current market rate were better than your adjusting rate.  One caveat to that would be that you’d have to pay your closing cost for that refinance (either out of pocket or rolling it into your mortgage if there is enough equity).

Bottom line?  There are different programs out there than just a 30 year fixed mortgage.  Don’t walk away from buying a home frustrated until you make sure you and your team of professionals have looked at all the options!  And as with everything else, make sure you talk to your mortgage lender and Realtor about all the details so that you know the ins and outs before signing the docs!  Beware of anything that has the words balloon payments or pre-payment penalty!

So one challenge down and many more to go!  Come back to hear about other challenges and how to overcome them.  We leave no stone unturned here.  I don’t care what they say, owning a home is still the American dream and a great way to invest your money long term. 

As always, feel free to comment and share your expertise and experience!

Smart Move: Invest some of your tax rebate back into your home!

One of the smartest moves you can make is to take your yearly tax return and put it straight back into you home!  Considering your mortgage interest deduction is probably a large contributor to your return in the first place, what better way to spend it than reinvesting it?  Below are some tips for different price points. 

My favorite idea out of all of them is to make a principle payment!  You can take off several years off the life of your loan if you make one extra payment each year (make sure you note that you want it to go straight to your principle balance)!  Even if you aren't planning on staying in the house for the entire 30 year mortgage, when it is time to "move up", your payoff will be less. Therefore you will ideally make more on your sale.  And the more you make the bigger down payment you can put on the next house. 

Read about some other ideas in the articles below!! 

• 

  Invest a Tax Refund in Your Home: $2,500 Projects

  If you want to invest a tax refund in your home this year, consider these five great projects that cost around $2,500. Read
• 

  Invest a Tax Refund in Your Home: $500 Projects

  Here are five great ideas for investing a tax refund in your home if you receive $500 or less back from the IRS this year. Read
• 

  Invest a Tax Refund in Your Home: $1,000 Projects

  Consider these five great projects that cost around $1,000 if you decide to invest a tax refund in your home this year. Read

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Let us know if you have any other innovative ideas on how you can invest your refund back into your home!  And of course, call us if you have any questions please don't hesitate to call or email us!

FHA Increases Monthly Insurance Premium Starting April 18th

If you’re in the market to buy a house in the next month and you’re planning on using a FHA mortgage to finance the cost, you MUST read this! Starting April 18th, FHA will increase their Annual Mortgage Insurance Premiums (MIP).
“Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages (i.e. foreclosures, short sales, etc). FHA requirements include mortgage insurance primarily for borrowers making a down payment of less than 20 percent.  May of you most likely current pay MIP as part of your current mortgage payment.”
For anyone applying for a loan after April 18th, it is increasing from .9% per year to 1.15% per year.  What does that mean for you?
For every $10,000 you want to borrow, you will pay approximately $2.08 more per month.  Now this doesn’t seem like much, but when you break it down, it really is.

• $100,000 loan amount = an extra $20.80/month
• $150,000 loan amount = an extra $31.20/month
• $200,000 loan amount = an extra $41.60/month

Now if you are looking at that and still thinking “well, it still isn’t a ton more a month”, REMEMBER what you qualify for will also change due to your monthly payment increasing.  So if you’re currently looking at a $300,000 house, after April 18th, you may only be able to look in the $280,000 range.
For those of you not in the market right now to buy a house, this doesn’t mean much, because chances are, if you are not in the market right now, then not much will change in the next two weeks.  BUT for those of you who have been casually looking, trying to make a decision…GET MOVING or as I like to say “Eat That Frog” (reference to one of my favorite books on procrastination)…if you can find a house in the next two weeks, then you can save a LOT of money over the course of your loan. 
If you have any questions about this or anything related to Real Estate PLEASE give us a call today! 
More information about FHA MIP:  http://www.fhanewsblog.com/2011/03/fha-mortgage-insurance-annual-premium-increase/

Is It Spring Time Already??

Yes, March 20th, this Sunday! Can you believe it? Spring is here, well technically, although we should still anticipate a few colder days thanks to the unpredictability of good ole' Virginia's weather.

What does Spring make me thing of? Unfortunately cleaning! Usually I do the typical cleaning around the house, but this year I went in search of a checklist to help me remember all those small things that I usually forget (unconsciously of course...wink, wink). So here is what I found!

Spring Cleaning Checklist (click on the link)

Martha Stewart (the queen of the household) published a book in 2006 called Martha Stewart’s Homekeeping Handbook: The Essential Guide to Caring for Everything in Your Home (Clarkson Potter/Publishers; 2006). And let me tell you, it includes everything! But the great thing is, she did all the guess work for us, so now, we just have to follow her guidance and "Get R Done"! Obviously one weekend won't do for accomplishing this list, so break it down and do a little bit at a time, or pick the things that you think are most important to your home.

While I know that cleaning isn't the most exciting thing in the world, remember that your home needs love too! The value of your home is only as good as how you keep it up. So whether you are trying to sell your home right now, 10 years from now, or even if you want to stay there forever, keeping a clean and well maintained house is one of the things that will help you get top dollar for your home during selling time! If you are in the market to sell soon, you can always call us for more selling tips.

Now that I've ruined the joy of great weather with a mention of cleaning...We hope you all have a Happy Spring!!!