For additional Info contact John Womeldorf/ Liz Moore & Associates 757 254 8136

John@MrWilliamsburg.com  email

www.MrWilliamsburg.com/   website

www.MrHamptonroads.com/  website

www.MrTidewater.com/   website

www.MrVaBeach.com/  website

Williamsburg Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

For additional Info contact John Womeldorf/ Mr Williamsburg/ Liz Moore & Associates 757 254 8136

John@MrWilliamsburg.com  email

www.MrWilliamsburg.com/   website

www.MrHamptonroads.com/  website

www.MrTidewater.com/   website

www.MrVaBeach.com/  website

Williamsburg Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

Voted one of the Top 5 Best places to retire by Money Magazine, ( although I am no where near retirement age)Good neighbor passes to Colonial Williamsburg, Grand Illumination at Christmas, Great Wolf Lodge, Farmers Market on Duke on Gloucester Street, Kimball Theater, Williamsburg/ James City County School System, Colonial Parkway from Jamestown to Yorktown ,Williamsburg Winery/ Wedmore Place ,Dinner at Chownings Tavern/ Fat Canary/ Blue Talon ,Desert at the Trellis  " Death by Chocolate" Capital to Capital Bicycle Trail, Muscarelle Museum of Art Dewey Decibel Concert Series at the Williamsburg Library Theatre, Golf at  Golden Horshoe Golf Club, Williamsburg National, Stonehouse, Kiskiak, etc 17 Local Courses ,First Night Williamsburg Historic Jamestown., Jamestown Settlement, Working out at James City County Recreation Center, Grocery Shopping at Ukrops, The Fresh Market, Brewster's Ice Cream ,SUMMER BREEZE CONCERT SERIES Concerts on Duke of Gloucester Street, Shopping at  Prime  Outlets, Market Square, Williamsburg Pottery, Bush Neck Farm - Pick-your-own strawberries, apples, blueberries, asparagus, sweet corn, peaches, pumpkins.
Pumpkinville at Halloween, Busch Gardens,  Seasons Passes ,"Hallo-Scream" Water Country ,The Plantations along  Route 5  , Shirley, Sherwood, Berkley etc. ,Williamsburg Ale Werks Williamsburg's only Microbrewery William & Mary Football/ Tailgate Parties in the Fall ,Mountain Bike Trails Freedom Park, New Quarter Park York River State Park Kayaking/ paddle boats at Chickahominy Riverfront Park, Waller Mill Park and Little Creek Reservoir, Concerts at the newly renovated amphitheater at William & Mary, Paul's Deli, Greenleafe Cafe ,The wonderful playground Kidsburg/ Mid County Park ,Skate Park at JCC Rec Center ,New Town and it's wonderful shops and resturants ,Phi Beta Kappa Hall - Performing Arts Series Ewell Hall, Department of Music - Performing Arts Series, Christopher Wren Society ,Virginia Symphony Orchestra, Classics at St. Bede Concert Series, The Virginia Arts Festival presents performances by the world's top-flight artists in classical music, dance, theatre and jazz. ,The Williamsburg Symphonia, Classical Music Series Virginia Shakespeare Festival @ W&M, Abby Aldrich Rockefeller Folk Art Museum, Dewitt Wallace Decorative Arts Museum
at Colonial Williamsburg ,Aromas Coffehouse An Occasion for the Arts ,Colonial Polo Cup 2007, Tavern Ghost Walks in Colonial Williamsburg, "Revolutionary City,", Spend the night in a Colonial Home in Williamsburg, 4th of July fireworks at Busch Gardens and Colonial Williamsburg, The Spa of Colonial Williamsburg, McCormick-Nagelsen Tennis Center ,Spending the night at the Williamsburg Inn or Lodge ,Youth Sports Teams: Baseball, Soccer, Lacrosse, Swimming, Football, Volleyball, Wrestling, Karate, Ballet, etc.  ,WISC (Williamsburg Indoor Sports Center), Blueberry pancakes at Chickahominy House, Christmas Parade in Colonial Williamsburg, Tide Radio and WBACH radio stations ,William & Mary College"The second Oldest College in the U.S., Kingsmill, Fords Colony, Governors Land, Stonehouse, Greensprings neighborhoods all with wonderful golf facilities.      

For additional Info contact John Womeldorf/ Liz Moore & Associates 757 254 8136

John@MrWilliamsburg.com  email

www.MrWilliamsburg.com/   website

www.MrHamptonroads.com/  website

www.MrTidewater.com/   website

www.MrVaBeach.com/  website

Williamsburg Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

  I have listed the number of homes currently listed for sale in the following communities as well as the current price ranges . These figures are as of October 2007. If you would like sales statistics for any neighbor hood in Hampton Roads to include Williamsburg, James City County, York County, New Kent, Hampton, Newport News, Poquoson, Isle of Wight, Suffolk, CHesapeake, Va Beach, Norfolk or Chesapaeake. I can send you a report that will show listed price and sales price, days on the market and other relevant information. This can give you a better feel for the market if you are considering buying or selling anywhere in the area.

For additional Info contact John Womeldorf/ Liz Moore & Associates 757 254 8136

John@MrWilliamsburg.com  email

www.MrWilliamsburg.com/   website

www.MrHamptonroads.com/  website

www.MrTidewater.com/   website

www.MrVaBeach.com/  website

Williamsburg Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

We have fielded many calls over the past few weeks from clients, friends and associates curious about what's going on in the real estate market. So, I thought I would take a moment and share my insights here.

Real estate is a very "local" phenomenon. Unfortunately, the news media generally is not. Accordingly, consumers are influenced by national stories that may or may not apply to our local market.

Here is some good news: "Hampton Roads had the fifth lowest rate of home foreclosures out of the 100 top metropolitan areas in the first half of 2007. The ranking comes from Irvine, California based RealtyTrac, which lists and compiles foreclosures nationwide.

According to the firm, the region had one foreclosure for every 787 households. The area with the highest rate was Stockton, California, with one foreclosure for every 27 households. RealtyTrac claims that Richmond has the lowest rate, with one for every 2,319 households."

In the past year, we have seen the market shift to a "buyers" market, largely due to the increasing level of available inventory of homes for sale. It's important to note that the number of pending sales is holding relatively steady; in other words, the same number of buyers are in the marketplace. However, because the number of new listings continues to grow, there is a backlog of unsold listings each month.

That is great news for buyers ~ there is a wide variety of choices right now. And, for the most part, sellers are willing to negotiate terms and concessions for the first time in 4 or 5 years.

The volatility in the mortgage market has been quite unsettling, and we have felt its effects locally with the closure of American Home Funding. SunTrust was quick to take over its local assets (leases and loan originators), though, and for the most part, loans were assigned and closed relatively expeditiously. We are definitely seeing a reduction in the number of loan programs available, especially those high risk options, such as 100% financing, interest only, and low or no documentation loans.

Many of us have been predicting this outcome for a number of years now, and although it has unfolded with a bang, I believe it is a healthy correction to the market that is frankly long over due.

In our market, real estate values are holding steady. I don't expect to see major gains in appreciation in the coming months, but most homeowners have seen such growth "on paper" in the preceding 5 years that there is plenty of equity to handle a slight downturn in values if that should happen, and still come out with a healthy positive gain averaged over time.

For sellers, the key is to plan in advance, as market times are increasing. Pricing aggressively is important, as well as hiring a Realtor who is well versed in target marketing, and can counsel effectively on timing and positioning. And, the good news for move up sellers is that they generally will make up on the buy side, any ground that they may lose on the sell side!

For additional Info contact John Womeldorf/ Liz Moore & Associates 757 254 8136

John@MrWilliamsburg.com  email

www.MrWilliamsburg.com/   website

www.MrHamptonroads.com/  website

www.MrTidewater.com/   website

www.MrVaBeach.com/  website

Williamsburg Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

In a market with so much inventory (absorption rates on the Virginia Peninsula are currently at 6.3 months), how does a seller differentiate their listing from everyone else's?

I recommend that sellers think of their property as a product; just like a product on the shelf in the grocery store. Buyers don't care how much you paid for it, or what your new home is going to cost; instead, they are going to make their purchase based solely on comparison. Is your house the BEST VALUE for the money, compared to the other houses that are available?

The first differentiator is PRICE. Rather than focus on what properties have sold for historically, the savvy seller is paying attention to their active competition. Buyers buy based on comparison. What other similar homes are available, and are they more or less expensive than mine? It's also critical to remember that today's homebuyer had a vast array of choices, so you need to review the competition by casting a pretty wide net, not just those homes on your street.

The second differentiator is CONDITION. Because they have so many choices right now, buyers are looking for move in condition. Paint in neutral colors, replace worn carpet, and invest in fresh mulch and first impressions. Those dollars will pay off three-fold by reducing the amount of time your listing is on the market.

Lastly, consider buyer concessions. If a shopper is considering two boxes of cereal that seem to be comparable, the one that offers a rebate or a prize inside is likely to win the purchase. There are dozens of incentives (for buyers and agents) to promote activity on your listing.

For additional Info contact John Womeldorf/ Liz Moore & Associates 757 254 8136

John@MrWilliamsburg.com  email

www.MrWilliamsburg.com/   website

www.MrHamptonroads.com/  website

www.MrTidewater.com/   website

www.MrVaBeach.com/  website

Williamsburg Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

Very, very few people are qualified to sell their home without the help of a real estate professional.  And, unfortunately, many people who believe they are saving money... aren't.  In fact, they may be surprised at just how much it's costing them to go it alone.

Here are some of the reasons that a professional Realtor is invaluable:

1)  Pricing in this market is tricky.  Setting a price on your home takes an insightful analysis of not only past sales, but current pending sales.  Many for sale by owners are actually over pricing their properties right now, because they don't have the experience or access to the right data in order to accurately determine market value.

Additionally, we are also seeing approximately 1 in every 5 appraisals coming in low, sometimes thousands of dollars.  A good Realtor can assist with appealing an appraisal, or working with the appraiser or underwriter to get a value adjustment, potentially saving the seller thousands of dollars. 

2)  Realtors are expert negotiators...an absolutely essential skill in today's buyers' market.  With the leverage of the multiple listing service, and in-depth knowledge of available loan programs, a good Realtor can ensure that buyers and their agents are attracted to your property first. 3)  The name of the game is not finding a prospective buyer for your home, but finding the right prospective buyer.  The biggest mistake a private seller can make is taking their home off the market for an unqualified buyer, or one who has allowed a loophole in the contract.  They are fooled by supposed "pre-qualification" letters that aren't worth the paper they are written on.  Realtors are diligent about checking out the qualifications of potential buyers, knowing the right questions to ask, and how to identify potential trouble spots.  Because Realtors prepare, negotiate and process sales contracts every day, they know what to watch out for in contracts.

4)  There are at least a dozen junctures in the real estate transaction where working with a professional Realtor saves the seller money.  Insuring that their clients don't pay excessive "junk fees" (fees charged by lenders that the buyer is, by law, not permitted to pay), coordinating timing to avoid duplicate or unnecessary mortgage payments, limiting liability and repair exposure, the list goes on and on.  For many, simply access to their Realtor's network of reliable and affordable affiliates saves clients hundreds of dollars and a lot of headaches.

And, of course, this is not to mention the time involved to market, sell, and close a home.

Our firm handles over 90 transactions each month, and very few happened without problems.  Good Realtors are expert problem-solvers, and have the necessary training and experience to make sure that your home sells for top dollar, and gets to the closing table.  Before you risk going it alone, you owe it to yourself to interview a professional.

For additional Info contact John Womeldorf/ Liz Moore & Associates 757 254 8136

John@MrWilliamsburg.com  email

www.MrWilliamsburg.com/   website

www.MrHamptonroads.com/  website

www.MrTidewater.com/   website

www.MrVaBeach.com/  website

Williamsburg Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

For the vast majority of  sellers the basic rules apply and are fairly straightforward: if a seller makes a profit on the sale of their home and they have lived there at least two years in the past five, they will be able to exclude much if not all of their capital gain ($250,000 individual; $500,000 married filing jointly).  Note the amounts refer to the gain, or profit, not to the sales price of the home.  Note also that profit is not necessarily (indeed almost certainly not) the same thing as the amount of seller proceeds shown on the HUD-1.

Basic Rules

Sellers can exclude up to $250,000 ($500,000 for a married couple) in profit (gain) from the sale of a main home (boats and vacant land might count).  They must meet certain tests, and the amount depends on whether they are married or single.

Single Seller:

A seller can exclude up to $250,000 of the gain on the sale of the seller's main home if all of the following are true.

·         The seller meets the ownership test.

·         The seller meets the use test.

·         During the 2-year period ending on the date of the sale, the seller did not exclude gain from the sale of another home.

Married Sellers:

Married couples can exclude up to $500,000 of the gain on the sale of their main home if all of the following are true.

·         They are married and file a joint return for the year.

·         At least one spouse meets the ownership test (solves title in one name)

·         Both meet the use test.

·         During the 2-year period ending on the date of the sale, neither spouse excluded gain from the sale of another home.

If either spouse does not satisfy all these requirements, the maximum exclusion that can be claimed by the couple is the total of the maximum exclusions that each spouse would qualify for if not married and the amounts were figured separately. For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property.

Non-Married Co-Sellers:

If the seller and another person owned the home jointly but file separate returns, each can exclude up to $250,000 of gain from the sale of his or her interest in the home if each owner meets the three conditions listed above (different rules or amounts may apply if not owned 50/50).

Ownership and Use Tests

Basic Tests:

To claim the exclusion, one must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, a seller must have:

·         Owned the home for at least 2 years (the ownership test, who is on title), and

·         Lived in the home as your main home for at least 2 years (the use test).

The required 2 years of ownership and use during the 5-year period ending on the date of the sale do not have to be continuous.   One meets the test if you can show that you owned and lived in the property as your main home for either 24 full months or 730 days (365 × 2) during the 5-year period ending on the date of sale.  Short temporary absences for vacations or other seasonal absences, even if you rent out the property during the absences, are counted as periods of use.  You can meet the ownership and use tests during different 2-year periods; however, you must meet both tests during the 5-year period ending on the date of the sale.

Special Rules for Military:

Military members can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve on "qualified official extended duty" as a member of the uniformed services or Foreign Service of the United States.  This means that you may be able to meet the 2-year use test even if, because of your service, you did not actually live in your home for at least the required 2 years during the 5-year period ending on the date of sale.  The period of suspension cannot last more than 10 years. Together, the 10-year suspension period and the 5-year test period can be as long as, but no more than, 15 years. You cannot suspend the 5-year period for more than one property at a time. You can revoke your choice to suspend the 5-year period at any time.  You are on qualified official extended duty if you serve on extended duty either: at a duty station at least 50 miles from your main home, or while you live in Government quarters under Government orders.  You are on extended duty when you are called or ordered to active duty for a period of more than 90 days or for an indefinite period.

Other Exceptions:

There are other (helpful) exceptions or special rules related to the use and ownership tests such as: individuals with a disability, previous home destroyed or condemned, married persons, death of spouse before sale, home transferred from spouse, and divorce.  Consult the IRS regulations and Publication 523 for details.

Reduced Maximum Exclusion

If a seller owned and lived in the property as the seller's main home for less than 2 years, the seller might be able to claim a reduced exclusion.  A seller can claim an exclusion, but the maximum amount of gain the seller can exclude will be reduced (basically, as a prorated function of the amount of time the seller did live there, e.g. 1 year will get you 50% of the exclusion ($125,000) because 1 year is 50% of 2 years), if either of the following is true.

1.      The seller did not meet the ownership and use tests, but the reason the seller sold the home was: a change in place of employment, health, or unforeseen circumstances; or,

2.      The seller's exclusion would have been disallowed because the seller sold More Than One Home Sold During a 2-Year Period, except that the reason the seller sold the home was: a change in place of employment, health, or unforeseen circumstances.

A change in place of employment, health, or unforeseen circumstances (whichever applies) is considered to be the reason you sold your home if either of the following is true:

1.      Your home sale qualifies under a "safe harbor." A safe harbor is a set of certain facts and circumstances that qualifies you to claim a reduced maximum exclusion. Examples of safe harbors are death of the taxpayer, a spouse, a co-owner or any member of the taxpayer's household; divorce or legal separation; a job loss that results in eligibility for unemployment compensation; a change in employment that leaves the taxpayer unable to pay the mortgage or basic living expenses; multiple births from the same pregnancy; damage to the residence resulting from a natural or man-made disaster, or an act of war or terrorism; condemnation, seizure or other involuntary conversion of the property.

2.      The primary reason you sold the home was a change in place of employment, health, or unforeseen circumstances. Factors that may be relevant in determining your primary reason for sale include whether: your sale and the circumstances causing it were close in time; the circumstances causing your sale occurred during the time you owned and used the property as your main home; the circumstances causing your sale were not reasonably foreseeable when you began using the property as your main home; your financial ability to maintain your home became materially impaired; the suitability of your property as a home materially changed, and during the time you owned the property, you used it as your home.

1099 Reporting:

Basically, a settlement agent is obligated to report the sale via a 1099 if the sales price is over $250,000 for individuals or $500,000 for a married couple, or they indicate on the form they will not qualify, e.g. a rental, investment property, etc.

For additional Info contact John Womeldorf/ Liz Moore & Associates 757 254 8136

John@MrWilliamsburg.com  email

www.MrWilliamsburg.com/   website

www.MrHamptonroads.com/  website

www.MrTidewater.com/   website

www.MrVaBeach.com/  website

Williamsburg Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

In 1984, interest rates were 14%, and the market was much different than it is today.  I've attached a chart ( courtesy of Mortgage X.com) that displays rates over the past 37 years, because it really helps to put our current market into perspective.  I'd also like to share some insights that were posted on a mortgage banking blog that I follow, which I found very interesting!

Out of the past 442 months, which dates back to the beginning of 1971 or almost 37 years, there have only been 69 months where the average 30 Year Fixed Mortgage has been offered at less than 7.000% with zero points.  That is less than 16% of the time!

In the past 10 years, monthly averages for Fixed Rate Loans have been above 7.000% with zero points 42.5% of the time or below only 57.5% of the time.

67 of the 69 months of lower than 7.000% average rates have been since the stock market collapse in 2000 and have corresponded with the run up in real estate values across the country. As property values decline and stock prices increase where will mortgage rates go? We certainly don't know for sure, but rates above 7.000% don't look to be out of the question. Remember, increases in rates lower purchasing power. That affects both buyers and sellers negatively. As a purchaser waiting for home prices to fall further may make sense on one hand, but it ignores the impact of potentially higher rates on the other. As a seller, you may desire to hold out for last year's value, but do you want to risk losing the buyer who won't qualify at a higher interest rate.

I definitely agree that it's difficult to predict interest rate fluctuations right now, but regardless of whether or not you are bullish on the market, this provides some interesting context for clients making "wait and see" decisions right now.

For additional Info contact John Womeldorf/ Liz Moore & Associates 757 254 8136

John@MrWilliamsburg.com  email

www.MrWilliamsburg.com/   website

www.MrHamptonroads.com/  website

www.MrTidewater.com/   website

www.MrVaBeach.com/  website

Williamsburg Real Estate Resource. Search for Homes & Land in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

FOR For Sale In  Williamsburg, Newport News, Hampton, VA Beach, Norfolk, Chesapeake, Suffolk and surrounding Hampton Roads VA Communities, FORECLOSURES AND BANK OWNED PROPERTIES. REO LISTINGS.

Foreclosed homes for sale offer an opportunity for a home buyer to buy a home that is discounted in price.  Some of the foreclosures need cosmetic repairs and are sold "as is", meaning the selling bank will not make repairs.  However, if you are willing and able to redecorate after settlement, you will benefit by the "sweat equity". 

There are fifty four foreclosed homes for sale in the Hampton Roads area ready for occupancy and priced right for the market.  These properties are owned by the original financing bank who took the property back at the foreclosure auction. 

They range in price from $37,000 for one in Suffolk to Almost a million for a waterfront home in Pungo near Va Beach.