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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Making Your Williamsburg Dream Home Come True
Is it time to initiate the purchase of your first Williamsburg home? You may be starting a family and outgrowing your small apartment. If the time seems right to seriously consider buying a house in Williamsburg, but you are afraid you don’t you have enough cash, don’t worry!   A [...]

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If you are a new home buyer or have not owned a home in the past 3 years, we have good news.
The Federal Government is offering an $8000 tax rebate to first time home buyers.  The 8K is received after closing and filing a form with the IRS.
Here’s where it gets good!  The Virginia Housing [...]

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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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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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Credit Card Mania
Most people know that a checkered credit history can disqualify you for a home loan, and maxed-out credit cards can do the same thing. But what most people don’t know is that merely having a large number of credit cards, even with low balances and a history of timely payments, can disqualify you [...]

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Tax Breaks
Most homeowners are keenly aware of the interest tax deduction on their home loan, but there are many other tax breaks which are often overlooked at income tax time.   Pro-rated property taxes and mortgage interest in the year of sale are deductible. You will find these amounts listed on your closing settlement statement. [...]

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Locate Your Lifestyle
If you are looking for a new home in Williamsburg or the Williamsburg area, it is important to communicate with your real estate agent about any special aspects of your lifestyle that will influence your choice. This information will help your agent to locate the perfect home for you.
Are you a gourmet cook [...]

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