VHDA Loan Updates for Virginia…
Written by John on February 24th, 2010. Filed under Uncategorized and tagged with FHA Loan, First Time Buyer, Hampton, Henrico, homebuyer, Limits, Loan, New Kent, Newport News., realtor, Richmond, Tax Credit, Va, VHDA, Virginia.Keep up with the new FHA guidelines, especially if your credit score is lower than 580.. Deadlines are upon us once again for first time buyers. Check out this link for Tax Credit Basics.
VHDA Updates for Virginia
VHDA is pleased to announce new income and sales price limits effective with new reservations beginning March 1, 2010.
Income limits increased in all areas of the state and sales price/loan limits increased in most areas.
Now, more homebuyers can benefit from the special features that VHDA loans provide including our FHA Plus and Homebuyer Tax Credit Plus programs.
A summary of the new limits is noted below. Complete details of the new limits will be available on vhda.com March 1st.
Area
Washington DC./No.VA $97,500
MSA
Warren County $70,000 $81,000 $
Va.Beach-Norfolk
Richmond
Charlottesville
Winchester-Frederick
MSA’s
Culpeper/Essex/Rappahanock $70,000 $81,000 $
King George County $73,000 $84,500 $
Remainder of State $70,000 $81,000 $245,700
Your Neighbors House…
Written by John on February 24th, 2010. Filed under Uncategorized and tagged with CMA, Comps, JohnMartinHome, Real Estate, realtor, REO, Richmond, Short Sale, Virginia, Williamsburg.So, your neighbor purchased his house back in 2001 and has decided to take full advantage of equity and the market. He decides to put his house on the market for 450,000 and you have an almost similar home listed for 525,000. Obviously these numbers are even for example purposes. So, the neighbors house puts you in a situation, do you drop your price to compete or keep trying to hold on to value. Its a difficult spot and it all comes down to motivation. One seller decides to chase the market as most sellers are doing these days and the other caught it. Seller number 2 purchased in 2007 and most likely can only go so far in negotiations. Most sellers don’t want to bring money to the table, especially to cover commissions, can’t blame them. But lets say the second seller that purchase in 2007 makes up the difference on a new house purchase. He or she is transferring the market. Most buyers will make huge gains in price reductions and or get a really good deal. Figure you will do the same on the next house. Its all a difficult way of looking at the market, but eventually we will be at normal sales prices and hence the return of the good days. Well, OK days will do at this point
Are we trained?
Written by John on April 19th, 2009. Filed under Uncategorized and tagged with buyer, buyers, house, listings, market, pricing, realtor, sell, sellers, upgrades.Has the market hit the bottom or are prices still too high? I show houses each day to buyers and I sometimes leave a listing thinking the price should be less? Our minds are now trained to only purchase an item at a discount, which fuels decreased house prices and lower offers. Yes there are some houses priced right and those usually sell quickly, unless they have some single reason or issue. For example settlement issues, bad floor plan, not updated, too much work, etc.. The houses on the market that are stuck in the 60’s, 70’s & 80’s often have longer market times. You know the ones, bright pastel paint, wall to ceiling mirrors, old formica tops, pink ceramic tile and cream paint. Not to say that having those features is a bad thing, its just the way we think? Again, something as simple as new carpet, trim and wall paint, solid surface counter-tops or new appliances take away from the purchase. We want instant information, cell phones, texting and now upgrades. Lets face it, each seller is in a different situation. Its often too expensive or too much to handle to make the updates. For whatever reason, they make a difference. Staging, updating, paint and minor improvements make a house sell. We are now trained, especially my generation (35) and below, to only see the upgrades. We assume all houses should have granite, stainless, wainscoting, deck, master baths, flat screens, etc.. whatever it is that floats your boat. If they don’t, then how can we get them: decrease the price at contract or make the seller pay for them? Hopefully the market being slow will create a surplus of great & updated homes. Who knows, but when a buyer walks in your house, assume they are trained.