Williamsburg Real Estate and Homes Guide

The “Get Ready for a Showing in Ten Minutes” Checklist

admin — Mon, 01 Feb 2010 17:48:20 +0000

Sometimes you need to get ready in a hurry for a showing. Here’s how to maximize your impact in a short amount of time.
1. Turn on all lights, even during the day.

2. Open all drapes and shades to let in the natural light.

3. Pick up the rooms. Hide clutter.

4. Put dirty dishes in the dishwasher. Take everything off the countertops.

5. Put toys in the toy box or under the bed.

6. Move bikes, wagons, and skateboards to their place in the garage.

7. Turn on radio to a classical or light rock station and turn off the television.

8. Take the family out of the house during the showing.

9. Keep pets outdoors or caged when your home is being shown.

10. Let the real estate professionals show your home to the buyers they are representing. If you happen to be at home during the showing, try to remain in an area of the home that is not being shown by the real estate agent.

11. When evening showings occur, have your home well lighted. Be sure to turn on outside lights, both in the front and the back of the house.

12. Smells are important. Pop a frozen bread product into the oven.

13. Park the cars down the street.

14. Sprinkle salt on the frozen steps.

15. Take out the trash.

16. Do a quick walk through, as if you were a buyer.

17. Do not worry too much. Susan and I can handle any buyer concern.

The “Get Ready for a Showing in Ten Minutes” Checklist

1. Turn on all lights, even during the day.

2. Open all drapes and shades to let in the natural light.

3. Pick up the rooms. Hide clutter.

4. Put dirty dishes in the dishwasher. Take everything off the countertops.

5. Put toys in the toy box or under the bed.

6. Move bikes, wagons, and skateboards to their place in the garage.

7. Turn on radio to a classical or light rock station and turn off the television.

8. Take the family out of the house during the showing.

9. Keep pets outdoors or caged when your home is being shown.

11. When evening showings occur, have your home well lighted. Be sure to turn on outside lights, both in the front and the back of the house.

12. Smells are important. Pop a frozen bread product into the oven.

13. Park the cars down the street.

14. Sprinkle salt on the frozen steps.

15. Take out the trash.

16. Do a quick walk through, as if you were a buyer.

17. Do not worry too much. Walter can handle any buyer concern.

Snow in Williamsburg?

admin — Mon, 01 Feb 2010 17:15:55 +0000

This winter can be over now. I’ve had enough of the snow and it’s actually been cold too. We aren’t used to that in the South.

This past weekend we had 7-8″ of snow. The most I have ever seen in the past was about 3 inches.

Unfortunately, since we normally have such tame winters, the area really isn’t equipped to deal with the snow.

So the schools close, the government closes and you only go out if you have too.

We might even get some more this coming weekend. Oh Joy!

Real Estate Investor Alert: Rental Scams

admin — Tue, 21 Jul 2009 03:40:06 +0000

I know that some of these scams are going on in our area and across the country. One of my investor clients was approached with one of the ‘cash back’ scenarios below when he was given a years rent up front in the form of a cashiers check. Fortunately, he suspected something was up and found that the cashiers check was a fake.

Now, don’t misunderstand me, I do recommend getting the first months rent and the deposit in the form of certified funds. Just make sure they are REAL certified funds (Cashiers Check or money order) and confirm they are legitimate.

Current Rental Scams

1. Be aware of renters that only give you their email address, someone that really wants to rent your property will provide you with the needed information. If in doubt call them before you respond, remember once you respond they have your email address!

2. Avoid renters with a long story about renting your property this is usually a setup for a scam.

3. Watch out for renters who pay with cashiers checks or US postal money orders and then ask for a refund or cash back. Most of the time the cashiers check or Money Orders are not good and you’re out the money. NEVER WIRE MONEY VIA WESTERN UNION, MONEYGRAM also FAKE CASHIER CHECKS & MONEY ORDERS ARE COMMON, and banks will hold you responsible, even if a fake is discovered weeks later.

4. NEVER GIVE OUT FINANCIAL INFORMATION (bank account number, social security number PayPal info, etc.)

Sold! Williamsburg Homes

admin — Mon, 13 Jul 2009 18:27:16 +0000

Sold! Your House in Williamsburg

Some things are hard to measure, and others are easy. Success in a real estate sale is easy. It occurs when the “SOLD” sign is in your front yard. And having that occur as quickly as possible is the goal of every real estate agent and every home seller.

You have undoubtedly heard that old saying about the “hard way” and the “easy way” to do something. The hard way to get the “SOLD” sign up is to try and sell it yourself. The easy way is to use the services of a real estate sales professional, someone who is not only trained to get it sold, but to get as much for your home as the market will bear.

Remember, the agent doesn’t get paid until your home is “SOLD”. And the amount they earn in commission is dependent upon the amount of the sale. That’s a lot of genuine motivation to do the job right. Save yourself headaches and frustration when you are ready to sell–call a professional real estate agent.

“Bringing you Home to Williamsburg”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling

Should I Buy in the 23185 Zipcode now?

admin — Sat, 11 Jul 2009 20:26:39 +0000

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 is not the answer either. Sales fall apart and sellers and buyers both are rightly unhappy about it. People can’t move to the new job or they do and let the house go into foreclosure. It has a very far reaching effect on people and the economy. We have been somewhat insulated from the worst of the economic crisis. Having a strong military and government job sector certainly hasn’t hurt us. The shipyard is still going strong and the College of William & Mary continues to be a large local employer.

Curious if the stats would bear this out, I went to the Williamsburg MLS and pulled some figures.

Here’s the stats for the past three months in the 23185 zipcode from the Williamsburg MLS. Homes are selling for an average of 94% of list price. I don’t think 20-30% is going to be a realistic starting point.

3-24-2009 to 6-24-2009
103 homes, townhomes and condos sold over the last three months in 23185.
Average list to sale price is 94%
Average list to sold (days on market) 144 days
Average price (sold): $334,901
Average cost per sqft (sold): $145.46

Same period in 2007
Average list to sale price is 97%
Average days on market: 82
Average cost per sqft: $159.33

Same period in 2005
Average list to sale price is 99%
Average days on market is 61
Average cost per sqft is $149.04

Some distressed properties, usually foreclosures, can be had for less but they will generally require fixing up and the bank will rarely agree to do any repairs. Foreclosures are all in the Multiple Listing Service as well. The biggest variance on list to sale price is found in the high end market. Right now we are the market in homes under 300K is doing really well.

In the last month or so we’ve had multiple offers on a few homes under 225K, which I haven’t seen that in awhile. The $8000 down payment from the government may be helping. First time home buyers are not generally buying the 500K homes. The under 300K segment increase would make sense.

I heard today that some in Congress are trying to get the mortgage guidelines relaxed a bit. I believe the banks have the money to loan but the Fed credit requirements right now are pretty restrictive. Whether thats right or wrong I’ll leave to others to decide. The housing market is the engine of the American economy and it needs to get moving again for all of our sakes.

The ‘Days on Market’ at 144 is of concern but from what I’ve seen this year alone, I would say the tightening of the mortgage guidelines has a lot to do with it. Every week we see people who are otherwise well qualified be denied at the last minute by an underwriter who has once again been given new stricter federal guidelines.

“Bringing you Home to Williamsburg”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling

Tax Free Home Sales

admin — Fri, 03 Jul 2009 03:05:23 +0000

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 of the sale of your principal residence.

With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.

You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.

Making Your Williamsburg Dream Home Come True

admin — Mon, 29 Jun 2009 00:56:09 +0000

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 new program with the federal government and the Virginia Housing Development Authority will provide a $8000 downpayment to new home buyers or those who have not owned a home in the past three years.

Real estate agents are experienced in helping first-time buyers locate the financial resources to make such a move. The first step is to sit down with an agent who is familiar with available loan programs. You will need money for the down payment, and your income must be high enough to meet the lender’s qualifying standards.

We may be able to minimize the amount of cash needed with a little help from either the sellers or the loan company. You might be able include some of the closing costs in your mortgage. The sellers might consider a lease/purchase agreement which would allow you to rent for a few months while accumulating the funds you need. If you are ready to buy your first home, let your real estate agent assist you in making your dream a reality.

Virginia Offers $8000 Downpayment to Home Buyers

admin — Wed, 24 Jun 2009 13:11:10 +0000

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 Development Authority has ‘monetized’ the tax rebate and is giving the $8000 up front so that it can be used as a downpayment. It will be carried as a second mortgage until you get the money back from the IRS and you can then repay it or continue to carry it as a second mortgage.

Time limits on closing and other details are involved so you’ll want to speak with a mortgage person and your tax advisor.

Any questions on this program, give me a call.

Troy Deierling, Realtor
EXIT Realty Deierling & Assoc.
Williamsburg VA 23185
(757) 715-4793
troy@williamsburgemail.com
www.realestatewilliamsburg.com

Financial Help From the Government… No Kidding

admin — Fri, 19 Jun 2009 02:51:44 +0000

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 a home. Thats $8000, for free, to use as a downpayment on a home in Virginia. We’ve never seen anything like it and we are seeing the market starting to pick up.

VHDA Homebuyer Tax Credit Plus Program Features

• Affordable fixed-rate financing on both mortgages
• 0% interest on the second mortgage for the first year
• No payments required on the second mortgage for the first year
• Maximum second mortgage loan amount – up to 5% of sales price (no cash back)
• Loan must close no later than Nov. 30, 2009
For more information, visit www.vhda.com

Approved! FHA Will Allow Home Buyer Tax Credit for Downpayment

admin — Mon, 01 Jun 2009 19:59:49 +0000

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 mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today’s announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit.