"REAL" ESTATE TALK

REAL ESTATE, HOMES, FOR SALE, FOR RENT, FOR MY FAMILY OR FOR INVESTMENT, LET'S TALK ABOUT IT.

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"REAL" ESTATE TALK

First we need to figure out:

  • How do you become a real estate agent?
  • What is the job of a real estate agent?
  • Are all real estate agents the same?
  • Are all agents REALTORS®?
  • What do you need from a real estate agent?

 What is a real estate agent? I have heard several answers from clients, customers, friends, callers and other agents. Some say that agents are salespersons (after all we are in sales!). I beg to differ on that answer.

A real estate agent is someone that:

  • Has taken a real estate licensing course
  • Passed both the National and State level exams
  • Is legally permitted to fill in and modify real estate contracts in the purchase or selling of real estate.
  • Represents someone in a real estate transaction.

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I hope this Halloween weekend finds everyone doing something enjoyable. I wanted to give a little information about some road developments that affect people’s decision about where to live and how to get around a bit faster! 

Chesapeake is in the final process of opening up Rte 17. It will have a toll on it, but will make a significant cut in driving time to the Grassfield School area our top rated school in the area. Here is more info from the city http://www.cityofchesapeake.net/Page3340.aspx 

Below is the current status of the Lynnhaven- Volvo connection that will alleviate some of the congestion of the 264-64 interchange, but more importantly gives our area an East to West route from the Beach/Oceana area to the Greenbriar Mall area. Below is a

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RENT vs BUY?

I get quite a few people looking to rent in the Hampton Roads area. This area covers Virginia Beach, Chesapeake, Norfolk, Portsmouth, Newport News, Hampton, Suffolk, Smithfield, York, Williamsburg and surrounding areas. This is a vast area, but I get the same questions and concerns. Is it safe?, how are schools?, how is traffic?, then the big one- is this rent price what they really expect to get? I reply yes and then they usually say it's a bit high.

I tell them if you are going to be here at least 3 years you may want to look into purchasing. This is especially important issues if they have dogs, cats, are smokers or desire to have rooms with certain colors. Another factor to consider is the effects of home ownership on long term

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From time to time I get asked about these Pocket Listings. Sometimes they are called "company" home preview list, private listing or not available to the public yet. They ask how I can see those homes. This has been a long debate and a "Marketing Tool" to attract buyers and sellers (Not to mention the listing agent to get a higher chance of collecting on both sides of the deal). Let's dive into this.

What is the job of a listing agent? To get the highest price and best possible terms for a client's home. Just how are listing agents going to do this?  Get the home looking its best (some use professional staging, others tastefully declutter and stage the home themselves) then Utilizing the best possible picture quality and the latest virtual technology

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When I do a listing, clients ask how long is it going to take to sell my house? They really are asking two questions:

1. Absorption Rate- How many months on average does it take to sell a home?

2. Month's Supply- Currently how many months of home supply do we currently have according to the Absorption Rate

A great listing agent will provide this information. Sometimes this information is given but glossed over. This information may explain a lot and may change from month to month since listing your home. You want to sell a home faster list the home for less than what the market is asking and agree to sell it for less. Seller's normally do not see the appraisal, so as a Listing Agent I do not know what they appraised at (appraisal IS NOT the

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As the housing sector continues to recover there are some buyers still on the fence. As a REALTOR, a home owner and investor I do ponder if some people are missing out on an opportunity out of their past experience that led up to the 2006-7 housing market collapse. I think of this as interest rates drop to the lowest level in history around 3.25% (this is dependent upon buyer’s credit and purchase ability)!

Let's compare the lessons learned from that era and how it differs in today's housing and economy.

In 2008, President Bush signed the Secure and Fair Enforcement of Mortgage, in which "lenders" have to be licensed to originate the loan. Looking back to 2006 and remembering the scores of "Mortgage Brokers" with NO licensing requirement and quite

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Have you ever wanted to go and experience an Open House online?

***IF YOU CAN'T SEE THE "ONLINE OPEN HOUSE", CLICK "READ FULL POST" BUTTON BELOW TO VIEW TOUR!

You look a the picture of the front of the home and wonder about the inside.

Now my "3D Virtual Reality" utilizes the latest technology allows people to virtually walk through the home on their schedule from wherever they are. They can look around and walk into not just different rooms, but different points of a room in HD (High Definition). Now buyers can see the flow of the floor plan and get the walking experience. Did you get one of the new SAMSUNG VR Headset?  Put it on and walk through the house!

This particular home is a luxury home in the center of Virginia Beach with

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As a real estate agent, I try not to be a secret agent. As a listing agent, my job is to expose your home to the world. Agents can try to show pictures, maps and videos to get prospective buyers to see your home. I go the extra step to get buyers into your home right from where they are!!! They can use their laptop, desktop, tablet, or even their smartphone. Take a glimpse at two examples here http://tinyurl.com/zggv4x8 and here: http://tinyurl.com/zo2496u

These virtual homes present a true and more realistic image of the home. There is an additional option to include even a floor plan with measurements. Buyers from around the world can step into your home at anytime and choose which room to enter and look around! I am convinced there is a

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I have been asked again and it is tax season so here is a simple and short response. No, not the same for all. For example, if your annual income is less than $200,000 ($250,000 for a married couple) and the sale of a principal home results in a profit ( the price you purchase – price you sold) that is less than $250,000 (married couple $500,000) there is NO sales tax. 

But, if a person’s income is over $200,000 and wanted to sell their vacation home that they have had for 20 years, there will be a profit. Seems simple, but if someone had an estate and passed away depending on how things are, the people involved may be paying inheritance tax, state real estate tax, new real estate sales tax, and things may just add up well for the government. 

If

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I spoke with someone that performed a loan modification a few years back. They reduced the amount that was due on the loan. There was much excitement and a great relief.

Imagine purchasing during 2006 at the height of the market and you are getting by just fine. Then your life changes due to a Job change, Illness, marital change or kids. There are all sorts of things that can occur in life that can make that payment difficult to deal with. You call the lender and they notify you of great news; they can lower the total amount of your mortgage!

With the excitement and anticipation of a lower monthly payment and a ton of paperwork, you may have missed that there was a statement that the amount reduced was getting added to the back end of the loan. That

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