Virginia Beach Real Estate

Searching for a home at the Virginia Beach and Surrounding areas has never been easier when you utilize our automated home search system at www.forhomeinfo.info .  This free service will help you find your Virginia Beach dream home quickly and easily.  This service can locate homes ranging from condos and single family homes  to waterfront homes and any type or price home in between.  If you have a specific price range or budget in mind you can choose to be notified of only the homes within your selected price range saving you the frustration of sorting through homes that you have no interest in.

If you would like to get started just visit Virginia Beach Real Estate and the Hampton Roads real estate listings will be sent automatically to your email inbox as new area listings come on the market and are entered into the Real Estate Information Network  MLS System.  In most cases you will be notified as fast if not faster than the majority of real estate professionals working in and around Virginia Beach Area.  If our home search system doesn't cover a specific feature or detail you would like, be sure to utilize our "Comments" section on our online form and tell us exactly what you want and we will customize your search specifically for you (All custom searches will be completed that business day).

You may be asking yourself why am I willing to provide this service to you for free with no real obligation when many real estate agents won't even put the street address or price in their advertisements?  The answer is simple... TRUST.  I put a lot of trust into people and I believe that the vast majority of folks we come in contact with are good, hardworking and honest people.  I would like an opportunity to earn your trust and become your Virginia Beach Real Estate Agent. 

Virginia Beach Home Search System 

Market Comment

Mortgage bond prices rose last week pushing mortgage interest rates lower. The gains came following some stock weakness, signs that unemployment may rise, and better than expected productivity. Increased productivity allows companies to produce more with the same labor input. This helps keep costs in check and alleviates inflation fears.

For the week interest rates fell by about 3/8 of a discount point.

The Fed "Beige Book" will be the most important data this week. The Treasury auctions will also set the tone for mortgage interest rates. Strong foreign demand could result in mortgage interest rates improvements.

Auctions

US Treasury bonds do not directly dictate fixed mortgage interest rate pricing however they do have an indirect impact. Both Treasuries and mortgage bonds often track in the same direction but this is not always the case. There are many times that Treasuries and mortgage bonds move inversely.

Despite the overwhelming size of the US economy, foreign investors can still have an effect on moving the financial markets. When foreign economies struggle foreign investors often purchase US based investments including mortgage bonds. This demand usually causes mortgage bond prices to rise and interest rates to fall. This flight to quality buying was one of the factors that helped mortgage interest rates to remain historically low in years past.

There is a real threat that continued global economic turmoil might keep foreign investors from purchasing mortgage bonds in the future. The Treasury auctions this week will be important in determining the current appetite of foreign investors for dollar denominated securities. If this week’s auctions are poorly bid mortgage bond prices could fall pressuring mortgage interest rates higher.

Samuel Meekins III Monarch Mortgage

Low crime, strong schools, green spaces, and fun activities are key ingredients for a happy childhood.

A strong school system would also be key. From there, you'd need lots of other children, expansive green spaces to play in, and plenty of nearby family events. Toss in an abundance of artistic and recreational activities, and all of a sudden you've got one heck of a place to grow up. At U.S. News, we wanted to find out if any communities like that already existed—and if so, where they were located. So we dug into our database of 2,000 different places all across the country and pinpointed the locales that met these criteria. We then examined these communities more closely to determine which places offered the best combination of safe neighborhoods, fun activities, and top-notch educators. Our selections appear below, in our list of America's 10 Best Places to Grow Up:

Virginia Beach, Va.

Junior adventurers will love Virginia Beach, Va. This community of 434,000 residents in the southeastern part of the state has a low crime rate, a solid school system, and 35 miles of majestic beaches on the Atlantic Ocean and the Chesapeake Bay. "It's kind of neat to be able to come home from work, make a call to my wife or son, grab a bucket of chicken or some sandwiches, and then go out on the bay and have dinner," says Greg Ward, who works for a marketing firm that represents the Virginia Beach Convention and Visitors Bureau.

Children can explore an impressive ecosystem of threatened and endangered species—including bald eagles and loggerhead sea turtles—in the 9,000-acre Back Bay National Wildlife Refuge. The warm summers and mild winters provide plenty of opportunities to hike, bike, and picnic your way through the 19 miles of scenic trails over at First Landing State Park. And after checking out the sand tiger sharks and the cow-nose rays at the Virginia Aquarium and Marine Science Center, children can catch an educational picture in its 3-D IMAX theater.

And in early September, the community is launching an online resource—VBparents.com—designed to keep parents plugged in to local health and school news, while ensuring that they are up-to-date on all of the community activities available to their kids. "There are lots of great parenting resources out there. This one is going to be specific to raising your child and your family within the city of Virginia Beach," says Jenefer Snyder, city of Virginia Beach GrowSmart coordinator. "We are constantly going to be connecting it back to community services, activities, events, programs, and classes."

 

By Luke Mullins, US News

Aug 20th, 2009

The real estate market in Hampton Roads showed signs of stabilization in the month of May.  The numbers for active listings, settled sales, and pending sales all demonstrated positive movement.  Although the increase in residential listings from April to May was only one-half of one percent (75 listings), the number of active residential listings was actually lower year-over-year by more than 5%.  This lower number of active listings points towards more competition within comparable homes for sale. 

 

Among the 14,401 residential listings for sale about 9% were distressed properties in either a short sale or bank-owned situation. This represents a higher percentage than the same timeframe last year (3% in May 2008), but fortunately does not approach the percentages reported in other areas hit much harder by price run-ups over the past few years.

 

The months’ supply of residential housing inventory edged up to 10.4 months in May. This is an increase of 0.2 from April’s measure and a cumulative 1.8 month increase over the past 6 months. The decline in sales at the end of 2008 and into the beginning of 2009 is the main reason why the months’ supply increased 21.2%, while the number of active listings only increased 10.7% since December 2008.  The aforementioned 5% decline in active residential listings year-over-year could be misleading if thereare listings waiting to be placed on the market when it is perceived to have bottomed. Settled residential sales increased on a month-to-month basis by 12.5% despite being down year-over-year by 10.4%.

 

 In contrast to last year, the number of settled sales has increased each month since January 2009. In May, foreclosure properties comprised 16.3% of settled residential sales. Since the beginning of the year, the percentage of sales in this category has consistently been between 14.6% and 17.2% each month.

 

Pending residential sales, often a leading indicator of the real estate market, showed strong positive movement again in May. The category saw an increase of 6.4% year-over-year and 1.8 month-to-month. Meanwhile, pending foreclosures matched the percent of settled sales for the months of April and May, and accounted for approximately 16.6% of pending residential sales.

 

 

publish by reininc.com

Can you buy homes below market?
While a typical buyer may look at five to 10 homes before making an offer, an investor who makes bargain buys usually goes through many more. Most experts agree it takes a lot of determination to find a real "bargain." There are a number of ways to buy a bargain property:
*Buy a fixer-upper in a transitional neighborhood, improve it and keep it or resell at a higher price.
* Buy a foreclosure property (after doing your research carefully).
* Buy a house due to be torn down and move it to a new lot.
* Buy a partial interest in a piece of real estate, such as part of a tenants- in-common partnership.
* Buy a leftover house in a new-home development.

What is the difference between list and sales prices?
The list price is how much a house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price, or higher or lower, depending on how accurately the property was originally priced and on market conditions. If you are a seller, you may need to adjust the listing price if there have been no offers within the first few months of the property's listing period.

Are low-ball offers advisable?
A low-ball offer is a term used to describe an offer on a house that is substantially less than the asking price. While any offer can be presented, a low-ball offer can sour a prospective sale and discourage the seller from negotiating at all. Unless the house is very overpriced, the offer will probably be rejected. You should always do your homework about comparable prices in the neighborhood before making an y offer. It also pays to know something about the seller's motivation. A lower price with a speedy escrow, for example, may motivate a seller who must move, has another house under contract or must sell quickly for other reasons.

What is the difference between list price, sales price and appraised value?
The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.

Is a low offer a good idea?
While your low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or make a counteroffer. Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:
* Is the offer contingent upon anything, such as the sale of the buyer's current house? If so, a low offer, even at full price, may not be as attractive as an offer without that condition.
* Is the offer made on the house as is, or does the buyer want the seller to make some repairs or lower the price instead?
* Is the offer all cash, meaning the buyer has waived the financing contingency? If so, then an offer at less than the asking price may be more attractive to the seller than a full-price offer with a financing contingency.

What contingencies should be put in an offer?
Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. A buyer could forfeit his or her deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract. The purchase contract must include the sellers responsibilities, such things as passing clear title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.

Who gets the furnishings when a home is sold?
It depends. Fixtures, any kind of personal property that is permanently attached to a house (such as drapery rods, built-in bookcases, tacked-down carpeting or a furnace) automatically stay with the house unless specified otherwise in the sales contract. But anything that is not nailed down is negotiable. This most often involves appliances that are not built in (washer, dryer, refrigerator, for example), although some sellers will be interested in negotiating for other items, such as a piano.

Whose obligation is it to disclose pertinent information about a property?
In most states, it is the seller, but obligations to disclose information about a property vary. Under the strictest laws, you and your agent, if you have one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to you. This might include: homeowners association dues; whether or not work done on the house meets local building codes and permits requirements; the presence of any neighborhood nuisances or noises which a prospective buyer might not notice, such as a dog that barks every night or poor TV reception; any death within three years on the property; and any restrictions on the use of the property, such as zoning ordinances or association rules. It is wise to check your state's disclosure rules prior to a home purchase.

How do you determine the value of a troubled property?
Buyers considering a foreclosure property should obtain as much information as possible from the lender, including the range of bids expected. It also is important to examine the property. If you are unable to get into a foreclosure property, check with surrounding neighbors about the property's condition. It also is possible to do your own cost comparison through researching comparable properties recorded at local county recorder's and assessor's offices, or through Internet sites specializing in property records.

What are some tips on negotiation?
The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called "motivated sellers" include people going through a divorce or who have already purchased another home.
Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller's asking price stacks up. Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sale and discourage the seller from negotiating at all.

Do I need an attorney when I buy a house?
In some states, you do need an attorney to complete a real estate transaction, but in others you do not. Most home buyers are capable of handling routine real estate purchase contracts as long as they make certain they read the fine print and understand all the terms of the contract. In particular, you should be clear on the terms of any contingency clauses that will allow them to back out of the contract. If you have any questions at all, it may be advisable to consult an attorney to avoid future legal hassles. In looking for an attorney, ask friends for recommendations or ask your real estate agent to recommend several. Call to inquire about fees and to check on their experience. In general, more experienced attorneys will cost more, but real estate fees as a rule are small relative to the cost of the property you are buying.

What are the standard contingencies?
Most purchase offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. As a buyer, you could forfeit your deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract. The purchase contract must include the sellers responsibilities

Residents are drawn to Virginia Beach for a variety of reasons including an outstanding water-oriented high quality of life and an ideal location with 38 miles of shoreline on the Atlantic Ocean and the Chesapeake Bay, 28 miles of public beaches, 79 miles of scenic waterways and 60 miles of biking trails. Virginia Beach is known as one of the largest resort cities in the country with excellent beaches and water sports, tennis, golf, boating and sailing, fresh and salt water fishing, hunting and camping facilities, as well as numerous other recreational activities.

• Climate: Virginia Beach's temperate maritime climate is influenced by the nearby Gulf Stream. Mild winters rarely below freezing and summers with great beach weather extend from spring through fall.

 

• Safe City: For the tenth consecutive year, Virginia Beach has had the lowest crime rate in the nation for a city of its size.

 

• Cultural Amenities: Virginia Beach offers many cultural amenities including the symphony, opera, performing arts and museums. More than 200 arts and cultural organizations are located in the city. The Virginia Aquarium in Virginia Beach recently completed a $35 million expansion and is one of the top most attended aquariums in the nation. Preserved 17th, 18th and 19th century homes, churches and shrines can also be toured. Virginia Beach's commitment to the arts is evidenced by the 95,000 square foot Central Library, a 32,000 square foot $7.5 million Contemporary Art Center of Virginia, the 20,000-seat GTE Virginia Beach Amphitheater, and a newly renovated oceanfront resort strip.

• Recreation: There are three major state and regional parks and three large national wild life refuges in the city making Virginia Beach a hot ecotourism destination. In addition, the city has 11 public golf courses, 18 marinas with public access, three fishing piers, and the new Virginia Beach Sportsplex.

• Medical: The Virginia Beach area enjoys an outstanding reputation as a leader in innovative health and medical care. Hampton Roads has a well-coordinated regional health care system with state-of-the-art equipment and facilities and specialists in every field.

• Education: The Virginia Beach Public School System enjoys an excellent reputation throughout the Commonwealth of Virginia and across the country. The MSA also has top notch higher education programs with 11 colleges and universities and two community colleges, including the new Virginia Beach Higher Education Center and the upcoming Advanced Technology Center, as well as the College of William and Mary, Old Dominion University, Norfolk State University, Virginia Wesleyan College, Eastern Virginia Medical School, and Tidewater Community College.

All home buyers should plan to make a final walk-through inspection of their new homes prior to closing in order to make sure the condition of the property is the same as it was on the day you signed your purchase contract.
You should take an early walk through to check repairs agreed to by the seller, but this early inspection does not replace your final walk-through on closing day.
Checking Completed Repairs
Plan to verify that requested repairs have been made as soon as the seller notifies you they are complete. Don't put off this inspection, because if problems still exist you'll need time to get them corrected before closing.
If possible, the home inspector who discovered that repairs were necessary should accompany you to verify that repairs have been made.
Taking Your Final Walk-Through
Always do your final walk-through after the sellers have moved, but before you go to closing.
At this point you're not inspecting for repairs--you simply want to make sure that the home is in the same condition it was in when you signed the contract to purchase it.
Have items been damaged during the move? Inspect floors for rips or gouges. Look at the walls, especially around door frames that large furniture and appliances might have been moved through.
Most offers to purchase include wording that states that all major systems in the home must be working at the time of closing, so it's fine to do a quick test of appliances and other items such as the furnace and air conditioning. Those items should have been checked during the home inspection, but there's always a chance they've quit working since that date.
Make sure all items the sellers agreed to leave are still there.
Make sure all items the sellers agreed to remove have been removed.
If the condition of the home has changed since your offer to purchase it, you are in a better position to get the problems handled when you bring them to everyone's attention before the deed changes hands.
If necessary, repair or replacement funds can be negotiated, deposited into an attorney's trust fund, then drawn on to bring the home back to the shape it was in on your contract date. If you do not use an attorney to close in your state, ask your real estate agent for advice on how to proceed. It's usually best to hold back an amount that exceeds the estimate for making repairs.
An alternative is to negotiate a flat amount to be paid to you at closing. Or, if damage is excessive, you might prefer to delay closing until repairs are made.
The final walk-through is not the time to do a home inspection. It's simply an opportunity to make sure that the home being conveyed to you is the home you agreed to buy.