Williamsburg Real Estate and Homes Guide

I recently posted the following on a real estate website in answer to the question: Is buying a home in Williamsburg in the 23185 zipcode a good idea?

Written 6/24/2009:  Williamsburg VA:
I completely agree that lending practices were far to easy before the economic problems. Overcorrection and making it very, very difficult to get a mortgage [...]

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Your Tax-Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the “rollover” deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years [...]

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Financial Help  From the Government… No Kidding
If you are a first time home buyer or you have not owned a home in the past 3 years, you probably qualify for the new $8000 tax rebate.
Here’s where it gets exciting.  In Virginia, the Virginia Housing Development Authority will let you use this as a downpayment on [...]

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HUD announce OK to monetize tax credit for first time home buyers to use as a downpayment.
Who qualifies: The biggest qualification is to be a first time home buyer or in this instance, someone who has not owned a home for the past three years.
http://www.hud.gov/news/release.cfm?content=pr09-072.cfm

From the HUD press release: Currently, borrowers applying for an FHA-insured [...]

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Time To Buy?
Buying a home for the first time is a major decision that requires planning and preparation. Becoming a homeowner is an exciting process with many complexities that real estate agents are trained to manage.
We are experienced in working with first-time buyers and are well-versed in the creative financing that can make dreams become [...]

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A Realistic Evaluation
Your real estate agent’s job is to find you the perfect home, in the right location, with all the amenities you want–and at the right price. It is the home inspector’s job to find any skeletons in the closet — or in the plumbing, wiring, roof, basement and beams.
The inspector won’t pass or [...]

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A Tough Sale
Here is a situation that many buyers have experienced. After searching for weeks, you found the perfect home and you made a very low offer. The sellers responded with a counter-offer which was several thousand dollars lower than their asking price. You came back with a slightly higher bid, and they came down [...]

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Clean Offers
You have found a house that makes your heart skip a beat–it is in the right location and has all the amenities you want. The price is the only thing that is keeping you from making an offer, because you feel that it is more than you can afford. How can you maximize the [...]

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Financially Qualified
Even with stable home prices in Williamsburg and with interest rates at an all time low, many buyers are having to stretch financially to buy a home in Williamsburg. Most purchase agreements allow buyers to cancel the contract if they can’t qualify for a mortgage. If you are selling your home in Williamsburg [...]

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Senate passes $15,000 Home Buyer Tax Break
Link to AP article on Google News
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Adopted without dissent.  Maybe this one will go all the way and help the Real Estate industry get kick started.
Sen. Johnny Isakson, R-Ga., who advanced the home buyers tax break, said it was intended to help revive the housing industry, which has [...]

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