By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board

(Williamsburg, VA)  In a difficult housing market, buyers and sellers rely upon good, solid real estate counsel to close deals.  Many properties in the Virginia real estate market have lost value over the last two years, and sellers are faced with the prospect of short sale or foreclosure.

Elaine VonCannon, a REALTOR with Coldwell Banker Traditions in Williamsburg, is providing buyers and sellers solid solutions and additional help in the sale or purchase of a home to make the transition easier in this climate.  VonCannon says, “In the current market, in most cases I have provided a free one-year home warranty to home buyers and home sellers.” 

To make certain pricing reflects what an appraiser would price the property for, she also offers a free Current Market Analysis to buyers and sellers. “I will continue to provide complimentary CMAs and home warranties until the real estate market is stabilized,” said VonCannon. Buyers in this real estate market want assurance they have little or no out-of-pocket home repair expenses during the first year of home ownership. Sellers need to be listing their properties within the guidelines of the CMA.    

To complement VonCannon’s residential and commercial real estate business, her business partner, John Starke, offers financial and investment services.  Starke is offering VonCannon’s clients a free asset evaluation.  Some other services he provides include insurance, long-term care insurance, estate planning and retirement planning.

In many areas of the United States, including Southeastern Virginia, the housing market is nearing bottom.  According to an article by the Wall Street Journal in November 2011, “Bank of America Merrill Lynch economists expect the foreclosure process to speed up in nonjudicial states next year, with liquidations peaking in 2013. This is partly why they expect home prices to drop another 8% on average nationwide over the next 18 months before bottoming.”

Currently, property is a good value in several Virginia counties.  Investment is highly recommended in real estate in Central Virginia, the Northern Neck, Hampton, Newport News, James City and York Counties. This is mainly due to price reductions over the last two years in these geographic areas.  
      
Elaine VonCannon joined Coldwell Banker Traditions in 2011 because the real estate agency was expanding, and had a reputation for delivering the best client service in Williamsburg, Virginia. VonCannon has built her real estate business model on customer service, so Coldwell Banker’s reputation dovetails nicely with her philosophy.  This includes keeping in touch with clients, past and present, returning phone calls promptly, and showing homes in the evenings and on weekends and holidays. 

Elaine VonCannon believes there is no magic bullet for selling or buying a home. The buyer and seller need to have the right agent who understands the timing of contracts and is a good negotiator. A REALTOR is preferred since he or she will abide by the code of ethics.

Visit my web sites to view other listings at www.voncannonrealestate.com    www.estatesinvirginia.com www.elainesrealestate.com You will also find articles and more information on homes, the Virginia real estate market and my team.

Land/Lots Close Out Sales in Virginia!

By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board

Coldwell Banker Traditions are offering exceptional values on land/lot sales.  Our Sellers know that building starts are up and are offering buyers good value on the purchase of land/lots.  We even have a few sellers financing in the group.  So if you are thinking about buying to build, now is a wonderful time to do so.  CBT has relationships with local builders who do beautiful custom built homes at excellent value and savings for the buyers.  http://www.landcloseoutsale.com/

Visit my web sites to view other listings at www.voncannonrealestate.com    www.estatesinvirginia.com You will also find articles, my radio shows and TV appearance and more information on homes, the Virginia real estate market and my team.

By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board

Real estate assessment values are essentially taxes determined by the county or municipality where a property is located. These taxes are collected from the property owner and used to pay for municipal services. 
 
Assessment values on properties in Williamsburg, James City and York Counties are on the decline in 2010 and 2011. Yet actual home prices are showing great variance – either above or below assessed value.  For example, in York County two out of eight homes sold for less than assessed value in 2011 while the other six sold for more than assessment, according to an article in the Virginia Gazette, “Price Vs. Appraisal” by Steve Vaughan.  The article also noted that in James City County pricing above or below assessed value has been found even in the luxury real estate market. 

James City County Real Estate to Decline 6% in Assessed Value by July
Final 2011 end-of-year figures indicate pricing for real estate assessments in James City County are down.  Assessments in James City County completed in early 2010 declined by .9%. According to research collected by Steve Vaughan, “real estate assessments in James City are estimated to drop by 6% come July.” James City County properties are assessed every two years and are due to be re-assessed in 2012.

York County Property Assessments Down in 2010 & 2011
Vaughan’s article also indicated York County assessments are on the decline.  Decreases of 1.4% in 2010 and 4.5% in 2011 are cited.  Rick Millman, the County Assessor said, “Homes below $250,000 have held up better than town homes or condos. Homes in the $250,000-750,000 range have not done as well because of the limited number of potential buyers that can, or are willing to purchase homes in that range.”  Meanwhile, Millman indicated waterfront properties and luxury homes have been able to hold their value.

How Important is a Tax Assessment When Determining Market Value?
Buyers and sellers should not use the tax assessment as a guideline for the value of a home.  Many home sellers do not understand that tax assessment value has little to do with the market price for a home.  In real estate transactions, market price is determined by an appraisal.

The Current Market Analysis (C.M.A.) is a wonderful tool REALTORS use in order to price a home before it is placed on the market. This report will survey comparable properties and recommend realistic price ranges. Matters affecting current real estate price variation include: age (when home was first built and recorded), short sales and foreclosures that have closed in the past 12 months, location of the home, and other factors. 

Home Valuations on Popular Real Estate Listing Websites
Many homeowners are using websites that display free or low cost real estate listings to find values on their homes.  This type of property valuation is fraught with difficulties and produces mostly inaccurate market pricing. These websites are usually reliant upon computer-generated methods to determine pricing on a property, and their estimates are generally based on averages. 

When a seller lists a property, no matter where it is located, he or she should have a qualified REALTOR gather real time home pricing information.  Do not rely on tax assessments or real estate websites to provide accurate, current information on home listing prices.

In conclusion, tax assessments are not the primary source of pricing information for real estate transactions, in any real estate market. Assessments exist and are collected so a tax base can provide the necessary support for a community. For pricing, request a Current Market Analysis from a real estate professional. Buyers truly interested in a property will have an appraisal conducted because it will be required by a lender or bank to close the sale.    

For a free C.M.A. on your home for sale in Virginia, email voncannonrealestate@cox.net, or visit http://www.voncannonrealestate.com.  Or, go to www.estatesinvirginia.com or www.elainesrealestate.com. You will also find articles and more information on homes, the Virginia real estate market and my team.

By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board

(Williamsburg, VA) Reduced pricing on real estate listings in Williamsburg and surrounding areas indicates many sellers are still over leveraged and experiencing some sort of financial hardship.  Divorce, death and the necessity to relocate also create a need to sell quickly.  In Virginia, there are many opportunities to find luxury homes, waterfront estates, historic homes and estate properties. Farms, farmettes, equestrian properties, homes with acreage and waterfront properties are also listed. Many properties are priced to sell and are a good value.

The pressures of the new economy are affecting real estate listings over $500,000.  According to Virginia Association of Realtors (VAR), median home values in the Chesapeake Bay and Hampton Roads region of Virginia declined 9.8% since last year; homes prices in Norfolk, Virginia Beach and Chesapeake are reduced 15.9%; and in Richmond, there are 6% decreases. Northern Virginia median home sales prices have increased by 1%.   

Foreclosures and short sales are plentiful in luxury real estate. Coldwell Banker recently unveiled a new program for luxury buyers and sellers:  Coldwell Banker Previews. This allows luxury buyers a detailed look at exclusive properties. Many real estate professionals recommend casting a wider geographic area for a home search to find the best deals.

Elaine VonCannon, a Coldwell Banker REALTOR, recommends taking a closer look at homes for sale in several areas of Virginia.  “Look at waterfront homes in Chesapeake Bay Country and estates and historic homes in Williamsburg, James City County and York County. In York, Henrico and Chesterfield Counties, buyers will find horse farms and estates with equestrian facilities for sale. High end home buyers in these areas of Virginia will find excellent bargains right now,” said VonCannon. 

“Interest rates are historically low, at approximately 4% for well-qualified buyers,” said VonCannon.  “This, combined with the sharp reduction in prices for luxury homes in Williamsburg, Richmond, and Tidewater Virginia, creates an excellent opportunity for home buyers,” she added.


Although median sales prices for homes are declining in some Virginia real estate markets, the number of home sales across the Commonwealth is stabilizing, according to VAR QE3 2011 report.   In Richmond, Southside Virginia, Chesapeake Bay and Hampton Roads, the number of home sales has increased, indicating many real estate investors see now as a good time to buy and find values. 

Visit VonCannonRealEstate or EstatesInVirginia.com or ElainesRealEstate.com. to view property listings in Virginia.  You will also find articles and more information on homes, the Virginia real estate market and my team.

Or call 757-288-4685 to schedule some viewings. 

Builders Contract, Should They Not Be Allowed?  My Observation!

By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board

REALTORS beware Boone Homes in Richmond , Va, has a builders contract which looks like a cannibalize version of the VAR contract.  The appraisal clause in taken out of the builders contract.  I found when appraisal came in under contract price, Boone Homes did not give any more comps to correct this, as the site agent said he would.  The site agent did not go completely over the contract as he is suppose to (or I hope he is suppose to).  Boone Homes also wants 10% down and they do not care if the home will not appraise, or so it seemed to me.  BEWARE BEFORE YOU SHOW BOONE HOMES, AT LEAST I WILL!  

I think VAR and NAR should take a stand on Builders contracts and they should be regulated.  This is only my observation and I would like to hear from other REALOTRS, loan offers and closing agents on what their thoughts are on this matter! 

Visit my web sites to view other listings at www.voncannonrealestate.com    www.estatesinvirginia.com www.elainesrealestate.com You will also find articles, my radio shows and TV appearance and more information on homes, the Virginia real estate market and my team.

  INTRODUCING:224 Rockingham Dr Newport News, VA 23601  

By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board

Marvelous one story living in an established neighborhood. Remodeled kitchen w/ granite countertops & custom cherry cabinets, all new laminate wood flooring in kitchen and family room and new carpet throughout. Freshly painted, remodeled bathrooms, HVAC new in 2010. Roof new in 2000. Cul-de-sac with nice size lot, sunroom & large yard makes for wonderful memories.

Lease: No smoking, Pets to be determined by property manager with a pet deposit. Lease application (VAR) with a fee. May be a lease purchase at $173,000 with $5,000 down and close in 24 months

Directions: Rt 17 to Hapersville Road, right on to Longmeadow, Left on Chadsworth, Right on to Rockingham you have arrived!

Sq. Ft: 1214

Bedrooms: 3

Bathrooms: 2

Lot Size: .18 acre

Detached Home

Subdivision: Beechlake Estates

OFFERED AT:  $1195 a month for lease or $173,000 purchase price

Visit my web sites to view other listings at www.voncannonrealestate.com    www.estatesinvirginia.comwww.elainesrealestate.com You will also find articles and more information on homes, the Virginia real estate market and my team.

Visit my web sites to view other listings at www.voncannonrealestate.com    www.estatesinvirginia.comwww.elainesrealestate.com You will also find articles, my radio shows and TV appearance and more information on homes, the Virginia real estate market and my team.

By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board

 Nov 23 - More than 20 Democrats in the U.S. House of Representatives on Tuesday called on the regulator of Fannie Mae and Freddie Mac to help underwater borrowers by allowing their loan principal to be reduced.

The regulator has faced increasing pressure to permit the write-down of principal by the two government-controlled mortgage finance providers as a way to help some of the millions of Americans who owe more than their homes are worth. The Federal Housing Finance Agency, however, has stood fast out of concern such a change would undercut finances of Fannie and Freddie.

"We strongly urge that you reconsider your refusal to allow principal reductions to achieve better-performing (loan) modifications and avoid the extreme losses of unnecessary foreclosures," the 21 lawmakers wrote in a letter to the FHFA.

Fannie Mae and Freddie Mac provide guarantees to investors against the possible default of loans, which encourages banks to make new loans. The two companies are the biggest sources of U.S. mortgage financing, and regulations on their activities have a widespread effect on the mortgage market.

Fannie Mae and Freddie Mac, which were taken over by the government in 2008, have together received more than $145 billion in taxpayer-funded support.

Given an expanding gap between U.S. home values and mortgage balances, many Democrats and housing industry representatives have argued for comprehensive anti-foreclosure efforts that include principal write-downs.

Mortgage modifications usually involve a reduction in the interest rate but not the principal balance of the loan.

In the letter, Democrats estimated principal reductions for troubled borrowers would lead to lower defaults and reduce the risk of default for about 20 percent of Fannie and Freddie's portfolio.

Efforts to reduce principal debt are rare, often voluntary. Fannie and Freddie are also concerned that writing down loan balances would create a moral hazard -- the concept that rescue efforts breed further behavior that exacerbates the existing problem -- prompting other borrowers to stop making timely loan payments.

"The performance of the enterprises' mortgage modifications leaves much to be desired for homeowners, for the housing market, and for taxpayers," Representative Brad Miller, a Democrat and a member of the House Financial Services Committee, said in a statement. Miller, who has proposed legislation to reform housing finance, led the Democrats in writing the letter.

Some economists see principal reductions as central to cleaning up the housing mess and preventing foreclosures. Settlement talks between the government and some of the biggest mortgage servicers to clean up alleged foreclosure abuses include widespread principle reductions in their agreement.

This is the first thing that congress has done that makes any sense to correct the real estate market.  The lenders as well as the FHA guidelines are getting tighter and making it more difficult for the average American to get a mortgage.  I say Hooray, now the public needs to make the whole congress listen!

Visit my web sites to view other listings at www.voncannonrealestate.com    www.estatesinvirginia.com www.elainesrealestate.com You will also find articles, my radio shows and TV appearance and more information on homes, the Virginia real estate market and my team.

Grand Illumination in the Historic Area: Colonial Williamsburg, Virginia

By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board

A Grand Illumination is an outdoor ceremony involving the simultaneous activation of lights. The most common form of the ceremony involves turning on Christmas lights.

One of the older of such community events began at Colonial Williamsburg, the restored Historic District of the former Virginia capital city of Williamsburg in 1935. It is held there each year on the Sunday of the first full weekend in December. (That is, if December begins on a Sunday, the event is held the following Sunday.) Williamsburg's Grand Illumination, which also involves fireworks, is based loosely on the colonial (and English) tradition of placing lighted candles in the windows of homes and public buildings to celebrate a special event. The winning of a war and the birthday of the reigning monarch are examples of such national events. Many candles appeared in darkened windows in New York after the September 11, 2001 attacks.

In recent times, in many cities much larger than Williamsburg, such as Richmond, Virginia, multiple skyscrapers and other buildings are decorated with long mostly-vertical strings of lights of a common theme, and are activated simultaneously in "Grand Illumination" ceremonies. Some communities, such as Norfolk, Virginia and Asheville, North Carolina, have Grand Illumination parades. In Chattanooga, Tennessee, a similar event is called the "Grand Illumination On The River." In Oak Bluffs, Massachusetts on Martha's Vineyard, Grand Illumination is one of the most significant events each summer, immediately preceded by a Community Sing. In the United Kingdom, the "Grand Illumination" ceremony is generally referred to as "Turning On The Lights", and occurs in virtually all towns and cities throughout the country.

In the 18th century, illuminations were sometimes held to commemorate the birth of the reigning sovereign. Today we hold a Grand Illumination in the Historic Area. Musical performances from multiple stages and firework displays from three different locations within the Historic Area make this event one that is not to be missed! Start your holiday season off with a pleasant memory of a present experience in the past.

Musical performances begin at 5:15 p.m., and fireworks displays from three locations—the Palace, Magazine, and Capitol—at 7 p.m.

No ticket or reservation required.

Venue:

Colonial Williamsburg

Address:

Colonial Williamsburg

1 Visitor Center Drive

Williamsburg, VA 23185

Region Hampton Roads

Locality Williamsburg City

Date(s)/Time:

Sunday, December 04, 2011 (5:00 PM-7:30 PM)

Phone: (800) 447-8679

Website www.colonialwilliamsburg.com/visit/holidays/index.cfm

Grand Illumination www.colonialwilliamsburg.com/visit/christmas/index.cfm

Come on out and join the festive occasion!

Visit my web sites to view other listings at www.voncannonrealestate.com    www.estatesinvirginia.com www.elainesrealestate.com You will also find articles, my radio shows and TV appearance and more information on homes, the Virginia real estate market and my team.

Why Do I Need a REALTOR:  A Slice of Life.......

By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board

To all the realtors, real estate practitioners, and those who support us to do what we do…… in making the practice of real estate an honorable profession……..

Thanksgiving is the one Holiday my family eats out, as I need a break, so they treat me on this special day.  This year one of my tenants/buyers joined us as his wife will not be in the area till the middle of December.  We had a wonderful time. 

Three weeks before he dropped by my office on a Saturday morning and I was not in, as I was out showing homes.  My Owner/Broker however was in the office. 

My client told my Broker that he has been in touch with me constantly for 8 years, thru 2 combat deployments.  He would receive updates on his search criteria thru the MLS as well as email newsletters and emails.  He was very impressed so when he finally was able to be station here in my area, he contacted me straight away. 

After he left my Broker called me and told me about the visit.  He said “Now this is good real estate”.  I was driving at the time, but I puffed out my chest and was very pleased. 

Now this is just one small example of what REALOTRS do, I hope you take time to read the following excerpts from emails that were sent this holiday. 

True story:

I was in the market place (that’s Farm Fresh) this evening selecting my vitals (food) for my Thanksgiving Day bounty (dinner) and a young lad (a guy about 30ish) that I had passed earlier in the aisle had turned around and approached me calling my name…..as he was much larger than me, I worried that I needed to be ready for battle……as he stood across from me, with many people around me in a public place, I acknowledged that indeed I was _(Broker/owner’s name here)…….he out stretched his hand and said I just wanted to thank you…… not yet sure why I obliged his hand shake…he asked me if I remembered him…..directly I said “not so much” ….he introduced himself as “Dave”, and further explained the (REALTOR with our Company)  and I had helped he and his wife to buy a house some years ago, and that if it were not for us caring about them and working on their behalf they would have never been able to buy a home…..but because we stood with them and worked through the arduous process of buying the home, even at times when they were ready to give up, we kept them going. We continued to educate them to the process, to counsel them through the steps to buying their first home, and to encourage them all along the way ……. that from our efforts, even when they almost stopped believing, when all was said and done, they owned a “home”……and, now years later their 3 year old daughter and he and his wife have a wonderful home that they cherish everyday…..and quote “every day we thank you, (the REALTOR who was the agent), and your company for believing in us and helping us to own our own home, if it were not for y’all and what you did we may never have owned a home”…….he further commented that when they go away on travel their young daughter cannot wait to get “home” as it is where she feels safe…..so, he had not seen me for a while and just wanted to say “thank you”……

Now, at that moment, I did not break down and cry, but instead I congratulated him for his fortitude and strength to do what he needed to do to preserver for his family, and that this is what we do ..we are fortunate to have the most incredible mission, to be a part of people’s lives to help them to change their lives……..and, that I was glad to know that it all worked out and was hopeful that that he and his family would have a most wonderful Thanksgiving in their “home”……and, that I appreciated his sentiment and that I hoped he knew that we are here every day, and if there is ever anything we can ever do for he and his young family…….. to just holler…….

He proudly walked away with his basket of Thanksgiving dinner……and, me…. I just stood their proud and grateful for the honorable craft that I practice every day…..and, though this week, as many weeks do, made we sometimes wonder if I am enough, or whether I can I hold up, and that there are some days that are just too hard…… I knew that the universe was as it should be…and, that this is what I was meant to be……and, that all is good, and I will be fine, and proudly I walked away with my basket of Thanksgiving dinner …..and thankful for all the giving that I had this day……

So, to you and yours I wish you a wonderful and safe Thanksgiving, and never stop believing in what we do every day and in our craft and in those we serve..…..

John

Great story. And timely too. I was driving home from dropping (we will say Peter) off for working this morning, when I saw a FSBO sign, and thought that even in tough times, it is so important to have a Realtor to help you out with all the unexpected things that can happen when trying to buy or sell a home. How do you handle a short sale? Who is there for you when you are mentally exhausted? What happens when a last minute inspection issues comes up? A Realtor...that is who.

I know you all (REALTORS) are sometimes taken for granted, and that is a shame. I for one know just how important you and what you do are.

Enjoy the holiday and be safe.

C

This is why I love real estate!

Visit my web sites to view other listings at www.voncannonrealestate.com    www.estatesinvirginia.comwww.elainesrealestate.com You will also find articles, my radio shows and TV appearance and more information on homes, the Virginia real estate market and my team.

Rental Shortages in VA Real Estate Markets: Invest in Rental Properties NOW!

By: Elaine VonCannon ABR, SRES, REALTOR, Notary, Team Leader, Residential and Commercial Property Manager, Managing Partner VonCannon-Starke Commercial Division, Member of the National Association of Residential Property Managers, Award Winning Agent, RE/MAX Hall of Fame, Licensed in Virginia, Member of Commercial Council VAR, Director WAAR MLS Board

With listing prices down across the United States and many foreclosures and bank owned properties on the market -- the time is certainly right for buying property. It is also the perfect time for real estate investors to enter or re-enter the market. There are rental shortages in various markets in the U.S. The low inventory and high demand for rentals is driving the cost of rental properties higher. Now is the time to purchase single family homes, duplexes, four plexes, and commercial apartment complexes. A lower vacancy rate coupled with a predictably higher return on investment makes it an attractive time to invest in real estate.

According to an article published by the Daily Real Estate News in April 2011, "The cost of renting continues to rise as vacancies remain low. The number of renters increased 8 percent nationally between 2007 and 2009, according to Census Bureau figures, and rents climbed 3 percent nationwide." Online sources concur. In 2010, rental prices soared even more. HotPads.com, a highly trafficked and well-respected real estate website, reports that "rent prices nationwide rose 11.6 percent in 2010, from an average of $1,181 in January to $1,319 in December." Multiple sources report a trend in rental property price increases nationwide.

As a property manager in the Williamsburg, VA real estate market, I have seen rental property prices increase over the past three years. A single family home that used to rent for $900-1000 per month now costs $1,100-1,250 per month. As more and more people feel the strains of the present economy, renting is their only option. It's more challenging to purchase a home now than before. The homebuyer must have a down payment, be willing to pay closing costs and have a high enough credit score to qualify for a mortgage.

For property investors looking to purchase a single family home or duplex, a traditional mortgage will apply. However, if the investor wants to purchase a multi-family dwelling, fourplex or an apartment complex, a commercial property loan is needed. When investors choose the latter, I encourage them to review the rent rolls. This will include the rental history of the property. Rent rolls are an indispensable financial tool for making the decision to buy. Currently, rehab loans are only available on primary residences - not on rental property. This means investors should also have the cash available to repair, update or rehab a property, in addition to the down payment and monthly mortgage.

Real estate can also be an excellent tax shelter. Rental properties can be depreciated on taxes. Repairs, maintenance, property management fees, travel to and from a property and other expenses related to the property are all tax deductible. If a real estate investor wants to defer taxes, he or she has the option now to place the real estate property into an IRA or charitable remainder trust.

Compared to other types of investments real estate is less risky. The owner has more oversight and control over residential and commercial property investments. It's true that real estate investments may lose value over the short term, but historically, property investment has been established as a reliable way to create and keep wealth over the long term.

As investors enter the real estate market after several years of sitting back, they will want to secure a reliable and experienced property manager to maintain a good, even cash flow. With rentals absorbing up to 50% of most household incomes these days, it could conceivably become more difficult to collect the monthly rent. A savvy and aggressive property manager will ensure rents are collected in a timely manner and that repairs are made on the property when tenants request them.

Real estate investment is not for everyone. So, think carefully about whether acquiring property is the way to go before making a purchase.

For more information on residential and commercial investment properties or property management services, visit http://www.voncannonrealestate.com.

Visit my web sites to view other listings at www.voncannonrealestate.com    www.estatesinvirginia.com www.elainesrealestate.com You will also find articles and more information on homes, the Virginia real estate market and my team.