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  • psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813
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January Homes Sales Update for Hampton Roads

home sales statistics williamsburg vaInventory is down and prices are up !

The Hampton Roads real estate market is off to an optimistic start for 2013.

The number of residential homes for sale significantly dropped when compared to January 2012, resulting in a lower month’s supply of inventory. Residential closed  sales and homes under contract both experienced double digit percentage year-over-year increases.

The number of residential homes listed  for sale in Hampton Roads in January 2013 was down 10.75% when compared to the same time last year. Of the regions seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach) Chesapeake and Virginia Beach experienced the largest year-over-year declines in residential active listings at 19.01% and 16.87% respectively. Portsmouth was the only city not to experience a year-over-year decline as residential active listings increased 2.05%. The drop in active listings has resulted in a low 6.18 months’ supply inventory which is down 17.6% from January 2012 when it was 7.5 months.

Pending sales (Homes under contract) showed promising numbers during January 2013 with an increase of 14.14% when compared to January 2012. Suffolk and Chesapeake saw the largest year-over-year increases of 39.74% and 25.54% respectively, while Hampton experienced the smallest year-over-year increase of 3.74%. Portsmouth was the only city not to see a year-over-year gain, with residential under contracts down 14.12%.

Closed home sales round off the month’s positive trend. January 2013’s residential settled sales increased 20.66% when compared to January 2012. Suffolk and Hampton substantially contributed to this increase as they saw year-over-year gains in residential settled sales of 59.26% and 40% respectively. Norfolk experienced the smallest year-over-year gain of 3.87% and Portsmouth saw no gain at all as residential settled sales dropped 1.18% year-over-year.

Home prices

The median residential sales price is currently $193,000, a 10.63% increase from $174,450 in January 2012. image

 

The Hampton Roads distressed homes market, (BANK OWNED, FORECLOSURES OR SHORT SALES ) continue to impact the region’s real estate market. Distressed homes accounted for 34.88% of residential settled sales during January 2013. This is the highest percentage since February 2012 when distressed homes accounted for 36.39% of residential settled sales. As for residential homes for sale, 27% of the listings in January 2013 were distressed properties. This percentage has fluctuated between 22% and 28% over the last 18 months. There appears to be an upward trend in both active and sold distressed residential properties starting in August 2012

This information is derived from the Real Estate Information Network, Inc., (REIN)

An independent MLS owned by broker stockholder members serving real estate brokers in the Tidewater / Hampton Roads area of Virginia from Williamsburg east to Virginia Beach and south to the North Carolina border.

REIN MLS database primarily lists homes, condos, townhomes or land for sale in Carrolton,  Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth  Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry,  Va Beach, Yorktown  and York County Virginia as well as other outlying areas of VA and NC

 

Psst……I’m a real estate agent.

This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of the Williamsburg/ Hampton Roads area and his expertise in the local real estate market.

Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home.

I can help you access all the information you will need about choosing a neighborhood and buying a home in New Kent, Gloucester, Newport News, Hampton, York County, Smithfield, Williamsburg, Poquoson or the greater Hampton Roads area, including area information on schools, local government, shopping, activities for the children and more! Whether you have made a decision to relocate, retire or are just considering a move to Williamsburg or Hampton Roads VA, let me help make your transition or PCS to the area a smooth and enjoyable one!

Hampton Roads is a transient community due to the large population of military members in the area. I have a unique perspective on relocation and have helped many families move in and out of the area. I understand the kind of support team it takes to make a smooth transition.

Area Orientations

Complete tours can be scheduled to help you familiarize yourself with Williamsburg and Hampton Roads neighborhoods, home prices, shopping centers, military bases, recreational facilities, public & private schools and transportation systems. My orientation will provide you with awareness of aircraft noise & accident potential zones, flood zones, major traffic patterns and commute times to your job.

You can search homes for sale , active adult communities, 55+ communities, condos and townhomes ,foreclosures/ REO, land, building lots, commercial property in Williamsburg , Yorktown, New Kent, Gloucester, Poquoson as well as the surrounding areas of Hampton Roads, Virginia

You can reach text or call me at 757-254-8136 or email John@MrWilliamsburg.com

First Time Home Buyer Club-James City County

james city county home buyer clubOn Thursday, November 29, at 6 pm, James City County Housing and Community Development Office will hold an Orientation for the upcoming 2013 Homebuyer Club at the Liz Moore Realty Office at 5350 Discovery Park Blvd in New Town. The Homebuyer Club is a year-long program which will help members prepare for homeownership. The Orientation will provide detailed information to help attendees determine whether they will benefit from joining the Club.

During the year Club members will learn about: Developing a Spending Plan & Saving Goals, Calculating the Income Needed for Homeownership, Understanding Credit and Your Credit Score, Working with a Real Estate Agent and Lender, and Learning about Insurance and the Loan Closing.

imageMonthly classes will be offered on the following evenings from 6-7:30 pm January 10, February 12, March 14, April 11, May 9, June 13, July 11, August 8, September 12, October 10, November 14, December 12. The Orientation and monthly classes will be held at the Liz Moore Realty Office in New Town. The classes are free and open to area residents. Space is limited and registration is required for the Orientation. To register of for more information, call 757-259-5340.

Fed Expected To Keep Rates Low Into 2014

The Federal Reserve announced that short-term interest rates will likely stay near zero for nearly three more years, a move that is expected to spillover to long-term mortgage rates for home buyers and home owners.

In August, the Fed had made a rare move to say it would keep rates near zero until at least mid-2013. The Fed said Wednesday that the economy still needs more help and it will now extend that period to 2014.

Fed Chairman Ben Bernanke said in a news conference that the Fed isn’t happy with the modest economic recovery and that the Fed may need to take additional steps to spur recovery. He did not comment further on what those steps might be, though.

While the economy has improved somewhat in recent weeks, Fed officials say it’s worried about “strains in global financial markets” and the still high unemployment rate.

Some critics say that the Fed’s vow to keep mortgage rates longer won’t do enough to help the economy and the housing market. They argue that too many Americans are already unable to take advantage of the record low mortgage rates because of the tightening of lending standards.

Bernanke shared that concern, saying that millions of home owners were unable to refinance because of damaged credit or being from underwater in their homes.

Source: “Fed Sees Low Rates to 2014,” The Wall Street Journal (Jan. 26, 2012) and “Fed Signals That a Full Recovery Is Years Away,” The New York Times (Jan. 25, 2012)

Its Official The First Time Home Buyer Tax Credit is EXTENDED !

The government has extended and expanded the tax credit for first-time buyers. You now have until April 30, 2010 to sign a contract and qualify. And starting November 7, many existing home owners also qualify.

Am I eligible?

If you have not owned a home in the past three years, you may qualify. That’s right, even if you or your spouse owned a home more than three years ago, you are still considered first-time homebuyers and may qualify for the tax credit.

Existing homeowners thinking about buying a new home  also be eligible for an up to $6,500 tax credit.
(For details, visit FederalHousingTaxCredit.com.)

Am I entitled to the full $8,000 home-buying tax credit?

It depends on your modified adjusted gross income (MAGI) and current eligibility.

How does the home-buying tax credit work?

It is a direct tax credit that reduces the amount of taxes you owe. It’s different from a tax deduction, which only reduces the amount of your income that is subject to tax.

If your eligible tax credit is more than what you owe in taxes, the balance will be refunded to you. (See an example scenario at FederalHousingTaxCredit.com.)

This is not a loan. You do not have to repay this tax credit.

How long does the program last?

The federal home-buying tax credit applies to homes contracted for sale by 04/30/10 and closed on by 06/30/10.

For additional details on the federal home-buying tax credit, visit FederalHousingTaxCredit.com.

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Home Buyer Tax Credit extension pending

This just in from  NAR the UI bill including the homebuyer tax credit extension and expansion has passed the House by a vote of 403-12 after passing the Senate last night 98-0.

The new provisions take effect as soon as President Obama signs the bill, which is expected  before the weekend.

Here are a few FAQ about the new Tax Credit provisions

Continue reading

More Chinese Drywall issues in Wellington/ James City County

From an article by Leslie Wayne/ New York Times:

When Bill Morgan, a retired policeman, moved into his newly built dream home in Williamsburg, Va., three years ago, his hopes were quickly dashed.

Bill Morgan blames Chinese drywall for toxic fumes and corrosion in components of his home.

Bill Morgan had to abandon his newly built dream home in Williamsburg, Va., blaming drywall for corrosive fumes that attacked metal objects.

His wife and daughter suffered constant nosebleeds and headaches. A persistent foul odor filled the house. Every piece of metal indoors corroded or turned black.

In short order, Mr. Morgan moved out. The headaches and nosebleeds stopped, but the ensuing financial problems pushed him into personal bankruptcy.

Continue reading

VA Free Home Ownership Education Classes- VHDA

After living in an apartment in Hampton for several years, Genea did some simple math and realized how much she had been spending on rent. "I couldn’t believe how much money I was throwing away each year – I knew I had to do something," she said.

VHDA Free Class

That "something" came in the form of a Virginia Housing Development Authority homeownership education class she read about in her local newspaper. Genea jumped at the opportunity.

As a full-time accounts receivable professional for a local non-profit organization, Genea was pleased to find a class time that fit her schedule. She was even more impressed with the knowledgeable VHDA instructor. "My instructor was wonderful," said Genea. "The most beneficial information dealt with the role of the lender and the importance of a person’s creditworthiness. At the end of the class, it all fit together like a puzzle."

After completing the class, Genea qualified for a VHDA home loan. She remembers the exact date that she closed on her property. "I purchased my home on October 23, 2008," she said. "This class was worth my time because it changed my life – VHDA provided a great gift to the community by sponsoring this course."

VHDA homeownership education classes cover topics including credit issues, personal finances, home inspections, the role of lenders and real estate agents, and the closing process. In addition to helping people understand the home buying process, the completion of a homeownership education class is now required of all borrowers before applying for a VHDA home loan.

"Are you interested in taking a free VHDA Homeownership Class? Sign up for an in-person or online class at http://www.vhdafreeclass.com.

Watch this first person testimonial about the VHDA Homeownership Class