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If you're looking for a "guarantee" that the time is now, there isn't a soul out there willing to provide one. We all look at this situation the same way.....there's data and there's a gut instinct. I don't trust the data because it's coming from someone else and I don't know their motivation. But I do trust my gut instinct and the knowledge that I have gathered from others around me and just by observation. I say the answer is, "Buy!".......of course, I'm a Realtor andyou would expect that to be my answer, so I supposed I need to go a little further and explain why I feel this way. OK....here we go! First of all, I think that sellers are finally getting it. There are even a few that have figured out the "psychological" way to get their home sold and get it sold for a decent price! What did they do? They underpriced their home.....what a novel idea!! There are buyers out there and they are looking for the BEST deal.....for those who have tried this type of market, they appear to win everytime! Of the cases I've heard of, there have been multiple offers and a bidding war......imagine that! Now there aren't many of these "deals"......you try to convince a seller to price the home he paid too much for to begin with at less than what others are selling theirs for! One of the other issues our market is facing is the mortgage side. I'm lucky enough to be married to a mortgage banker, so I'm kept up to date on what's going on with that side of things....and since I can't complete a sale without a mortgage banker, that's a good thing! They are facing challenging changes in their industry daily......loan programs are tightening their guidelines and most are effective immediately. One of the most important things we're going to lose is the FHA downpayment assistance program. This program is a great way to help keep home values up (hey, 3% is better than nothing) and help homebuyers strapped for cash actually be able to purchase a home. Now it looks like that program will be done away with in October!!! So.......if you're looking to buy a home, I think this is the time! I would say that you need to plan on staying in the home for around 5 years, but right now we have great interest rates and the loan programs are still there.....wait much longer and they may be another part of our housing past. The time to jump on the "band wagon" is while it's still there.....after it pulls out of the station, there's no guarantee it will come back....and if it does, the cost to ride may be higher and the best seats may be gone.
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In our industry we get asked that question on a daily basis........sometimes more than once! What I tend to think is that it already ended, but it began before any of us remember it beginning? Make sense? Well, I understand............you have no idea how many brain cells I've exhausted trying to "figure" out this market. And here is what I have to say..................the market we have now is a "typical" Hampton Roads market.............what we had BEFORE the slowdown was "not typical". I think the values of homes are right where they should be..........and they are where they would've been even if we hadn't had the feeding frenzy we had a couple of years ago. If you really thought about it, WHY would someone pay $20,000 more for a home than it was worth at the time they purchased it? Yep, I know that's the extreme, but it happened! And now they don't understand why that value hasn't increased to meet up with the amount they paid for it???? Well, that's just plain silly! What happened to make a buyer even think of paying more than the appraised value......and then what happened to make them think they should get it for 50% less? Well, folks, it is what it is........and it will be what it will be. Hampton Roads is one of the greatest places in the United States to live, not only geographically, but financially! The employment and family opportunites here are endless....the cost of living is reasonable.....and we live in a community that is so highly desireable that we'll never really suffer like other areas....and it has always been that way! So.....it's is the end...and it's the beginning!
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......is that the question? I think the question is more like, "What is a blog anyway?". As I've researched blogging (which just doesn't sound like something I really want to do!), I've come to the conclusion that it's just expressing your opinion.....on the worldwide web! Now I grew up hearing, "Keep your opinions to yourself.", so this isn't really natural. I guess what convinced me to try this....and trust me, this could be my first and ONLY attempt at blogging...is that there is a possibility that I just might help someone avoid some of the pitfalls involved in buying or selling real estate. Ok....now that I've convinced myself to blog, I'm going to seriously think about what I want to say....so, I'll see you the next time I get the urge to blog.....see, sounds weird, doesn't it?
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• 1,500 sq. ft., 1 bath, 2 bdrm 2 story
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Larchmont, Norfolk
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BEAUTIFUL BUNGALOW, A RENOVATED BATH W/CLAWFOOT TUB, SPACIOUS DIN RM, LIV RM W/BRICK FP & BUILTINS, RENOVATED KIT W/NEW CABINETS, A GORGEOUS COFFERED CEILING, NEW VYL WINDOWS, LG FRONT PORCH & A PERGOLA COVERED DECK W/TRAILING WISTERIA IN THE SUMMER. SPACIOUS FENCED LANDSCAPED BKYD, 2 BLKS FROM ODU.
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$8000 Seller Concessions!!!!
• 2,700 sq. ft., 2 bath, 5 bdrm 2 story
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MLS®
$339,000
- Priced for QUICK SELL!!!
Salem Lakes, Virginia Beach
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LOTS OF HOME FOR THE MONEY SITUATED ON A LARGE CORNER LOT. MAINTENANCE FREE EXTERIOR . 2 ZONE WATER TO AIR SYSTEM. ALL LARGE ROOMS THROUGHOUT. $8,000 SELLER CONCESSIONS. PRICED FOR QUICK SALE.
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Lots of House....Lots of Yard!
• 2,000 sq. ft., 2 bath, 4 bdrm single story
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MLS®
$349,000
- Look at this one FIRST!!!
Etheridge Meadows, Chesapeake
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ALL BRICK 4 BEDROOM RANCH ON ALMOST 1 ACRE IN HICKORY SCHOOL ZONE.LG GREAT ROOM W/CATH CEILINGS 2/SKYLIGHTS,BIG MASTER BEDROOM W/LG WALKIN CLOSET.FRESHLY PAINTED INTERIOR.UPDATED INSIDE&OUT INCLUDING WINDOWS&NEW ROOF
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Upgrades, Upgrades, Upgrades!!!
• 1,815 sq. ft., 2 bath, 3 bdrm 2 story
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MLS®
$337,000
- 55+ Adult Community
River Walk, Chesapeake
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55+ ADULT COMMUNITY. UPGRADES THROUGHOUT. HARDWOOD IN FOYER, KIT, DINING RM & BREAKFAST AREA. 16X30 DECK W/ BUILT IN SEATS. MASTER ON 1ST FLOOR. SHOWS LIKE MODEL HOME. DELUXE MASTER BATH. INGROUND SPRINKLER SYSTEM. $3000 CLOSING COSTS.
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Hickory Schools
• 1,385 sq. ft., 2 bath, 3 bdrm ranch "All Brick"
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MLS®
$229,000
- Priced to Sell!!!
Hickory, Chesapeake
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All Brick Ranch........Priced to Sell!!! New heating and air conditioning installed in 2005. Large fenced back yard in the Hicory School District. The attached garage has been converted, but can be easily converted back.
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New home in heart of Great Bridge!!!
• 3,050 sq. ft., 2 bath, 4 bdrm 2 story
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MLS®
$537,500
- Unique Floor Plan!!!!
Great Bridge, Chesapeake
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THIS HOME HAS A "ONE OF A KIND" FLOOR PLAN!! IT HAS A DOWNSTAIRS OFFICE AND SEPARATE EATING AREA. YOU HAVE TO SEE THE HUGE PANTRY WITH ROOM FOR EVERYTHING, PLUS SOME!!! THERE IS A LARGE MASTER BEDROOM WITH A CLOSET YOU CAN GET LOST IN!!! THREE ADDITIONAL NICE SIZED BEDROOMS WITH WALK IN CLOSETS. GREAT MASTER BATHROOM SUITE. 14 X 20 DECK. LARGE FRONT PORCH. CUSTOM FEATURES THROUGHOUT HOME. $5,000 SELLER CONTRIBUTION.
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