Let There Be Light!!!

http://www2.timesdispatch.com/business/business/2010/dec/31/TDBIZ03-rise-in-signed-contracts-gives-housing-mar-ar-744844/

Looks as though there could be light at the end of this very long and dark real estate tunnel we have encountered over the past few years. The market is starting to turn and people are starting to realize this is the time to take advantage of great investment opportunities. "Sales appear to be picking up and we expect better sales in the next several months," said Patrick Newport, a housing economist at IHS Global Insight.

A major reason for the jump in sales is that people are buying foreclosed homes, which sell at steep discounts, in addition to improvements in the job market, and people are beginning to realize this is the time to take advantage of the low interest rates available while they last.

With an abundance of inventory, depressed prices, and historically low interest rates that continue to inch up, there are great deals to be had NOW...don't miss this opportunity. If I can assist in any capicity, please don't hesitate to let me know!

Mortgage Update with Teesie Howell

Presidential Mortgage
4701 Cox Rd #365
Glen Allen, VA 23060
Phone: (804) 512-1578
E-Mail: mailto:teesie.howell@presidential.com

Mortgage bond prices started the week in positive territory.  Unfortunately those gains were short-lived as trading was thin and choppy with continued large market swings.  Most of the data was neutral.  We received some positive news that inflation remained in check as the PCE core came in up 0.1% exactly as expected.  As the economy improves inflation will become a focal point for investors.  Mortgage bonds ended the week slightly positive by about a 1/8 of a discount point.

Look for the possibility of volatility amid likely thin trading conditions and a shortened trading week.  The bond market will close early Friday afternoon ahead of the New Year’s holiday.

China is the largest foreign holder of US debt and continues to debate future purchases.  Recent talk from China indicates a desire to diversify.  Many stories hit the wires last week indicating that diversification may take the form of European debt purchases.  A Chinese spokesperson told reporters that the EU will “be one of the major markets for our (future) forex investment.”  These remarks caused some weakness in the US debt market Thursday.  The concerns were eventually calmed but uncertainties remain regarding the future of the entire US debt market.

Global investors are constantly searching for opportunities that will provide the greatest return with the least amount of acceptable risk.  That is one of the major problems with China investing in EU debt.  While the higher rates of return are enticing, they are not without considerably higher risk.

Investment products inherently all possess some sort of risk.  As global financial markets struggled, many market participants searched for a safe haven in the US financial markets even with their shortcomings.  With the backing of the US Government, investors viewed the US Treasury and mortgage bond markets as less risky investment opportunities amid global economic uncertainty.  This resulted in an increased demand for US investments, such as the mortgage-backed securities that affect mortgage interest rates.  Increased demand for mortgage bonds moved prices higher and interest rates lower.  A reversal of this foreign demand has and may continue to result in future spikes in mortgage interest rates. 

Caution is the key heading into the auctions this week.  There is a real possibility of wild market swings with thin trading conditions likely.  Mortgage interest rates remain historically favorable.  The future remains uncertain.  Today’s rates are a given.  Lower rates are not a given as is evident from the overall upward trend seen the past few months.

This update explains the relationship between US debt and mortgage rates, and it tells people that they can’t wait around for rates to go lower.  Rates are still low and should be taken advantage of, but they have been creeping up for the past month.  Let’s educate all our customers, that now is the time to act!

"Shadow Inventory"

http://www2.timesdispatch.com/business/2010/dec/23/new-home-sales-rise-55-percent-november-ar-733522/

Although the housing market is still struggling to recover from the recession, this past November recorded another national increase in people buying homes. Although we had an increase in home sales, the market still has a lot of catching up to do.

The primary concern for 2011 are the current levels of inventory, not to mention the onset of shadow inventory. "These are homes that are in the early stages of the foreclosure process but have not been put on the market yet for resale...when these homes are added, the inventory level would actually be about double where it is now."

Looks like it could be a while before sales return to healthy levels, but at the same time...with interest rates at all time lows, a surplus of inventory, and depressed property values, THIS IS THE TIME TO BUY!!!

Mortgage Shoppers Get Mandatory Alert

http://www2.timesdispatch.com/business/business/2010/dec/18/TDBIZ02-mortgage-shoppers-will-be-given-credit-sco-ar-723760/

Starting January 1, 2011, lenders will be required to disclose additional information to home buyers shopping for mortgages. Mortgagee's will be given "a mandatory alert on how their credit scores might affect the rate quote and terms they receive from their lender...alerting applicants when negative information in their credit-bureau files triggers hgiher rates or adverse terms," this new policy will allow applicants time to make informed decisions before commiting to any offers.

GREAT INVESTMENT OPPORTUNITY

2900, 2902, & 2904 Lawson Street

Richmond, VA 23224

$20,000 per lot

At the corner of 29th ST & Lawson ST between Midlothian TNPK & Hull ST.

Vacant residential lots, can be sold together or separate.

Foreclosures Down in November, but Not Over Yet!

http://www2.timesdispatch.com/business/business/2010/dec/16/tdbiz01-foreclosure-activity-in-richmond-area-fall-ar-719135/

Foreclosures in Richmond fell over 40% last month due to banks reviewing the entire foreclosure process, to rid the process of flaws including robo-signing and to revamp their internal procedures by revising and resubmitting suspect paperwork. Unfortunately, "sometime in the first quarter, we expect to see a big spike in foreclosure activity as the issues with lenders are resolved," RealtyTrac spokesman Daren Blomquist said.

With interest rates continuing to stay low, foreclosures continuing to come on the market, and home prices continuing to be depressed, there has never been a better time to buy!!!

Don't hesitate to contact me if you have any questions or interest in taking advantage of this wonderful opportunity.

Condo Financing in Jeopardy!

Kenneth R. Harney, of the Washington Post, discussed a very real and progressing danger in the Real Estate market across the country. In November of 2009, amidst a difficult and declining Real Estate market, the Federal government put tighter restrictions on condo project FHA financing...well the Fed's are coming again and this time they are looking to place even more stringent criteria for condos to qualify for FHA financing.

"Tens of thousands of condominium owners around the country may not know it, but their ability to sell or refinance could be jeopardized by a rolling series of federal government deadlines." Unfortunately when the market was good, FHA had approved thousands of projects with inadequate information regarding home owner association budget's, legal documents, insurance coverage, renter to owner ratios, delinquencies on condo fee payments, the amount of commercial space, among other variables.

In some markets, FHA financing accounted for 75% or more of first time home buyer purchases. And with less liquidity in every one's finances during this tough economic time, FHA will continue to be a very popular option for people in the market to buy.

If you are interested in checking FHA approval on a certain property, check out https://entp.hud.gov/idapp/html/condolook.cfm

And of course, if you are interested in getting more information on your condo or a condo you are interested in purchasing, please do not hesitate to let me know. I am happy to help any way that I can.





http://www2.timesdispatch.com/business/2010/dec/11/TDBIZ02-the-nations-housing-missed-deadline-might--ar-708685/

Cape Cod in Mary Munford Area

GONE!!!

5707 Bromley Lane

Richmond, VA 23226

New Lows for Richmond Real Estate

http://www2.timesdispatch.com/news/business/2010/dec/09/richmond-home-prices-hit-new-lows-ar-704237/

In a recent study, Richmond Real Estate values have dropped significantly since the top of the market in 2006-2007. Although not as dramatic as the national averages, evidence shows that "home prices here dropped nearly 8 percent from a year ago, according to the report. And prices are down 23.4 percent since they peaked here in April 2007."

The study suggests that we may have finally hit bottom and that a leveling off of prices could mean positive growth to come. For you seller's out there, it might not be a bad idea to sit tight and see what happens in the next year...for you purchaser's, this is the time to buy! Take advantage of these historic low prices in addition to the unbelievable interest rates, as they can't stay like this forever!

Price is Everything

http://www2.timesdispatch.com/business/business/2010/dec/08/right-pricing-key-home-sales-ar-701676/


Reknown real estate author and coach Dirk Zeller discusses the importance of pricing your home when trying to sell in today's market.

"The odds in today's marketplace to sell something overpriced are zero...agents should know whether they missed the market by overpricing a house within two weeks."

With all time lows in terms of home prices and interest rates, and a vast selection of homes on the market this is the time to buy. "In '04, '05, and '06 (a soaring market) people should have been scared to buy. Now they are in a market where it's a safe place to buy."

I am here to assist you with any of your real estate needs. Whether you are looking to buy, sell, get a value for your home, or just see what is out there, do not hesitate to let me know. Thanks so much!

1921-A W. Cary Street - Open House

http://cvrmls.mlxtempo.com/Pub/EmailView.asp?r=1281931630&s=CVR&t=CVR

1921-A W. Cary Street

$225,000

OPEN HOUSE TODAY

2-4PM

Tax Break's on Home Loans and Equity Lines Survive to See Another Day!

Yesterday, President Obama's financial committee attempted to eliminate the federal tax break currently in place, which has been so since the year 1913. Under current law, American's who own their home are allowed to make tax deductions for 100% of their interest payments on home mortgages at the end of the fiscal year, if their property meets certain guidelines. Deductions from home loan and equity line interest is a major variable when one decides to enter into home ownership and to completely eliminate the deduction now would have crippling effects on what most American's consider to be their greatest asset/investment.

With a struggling housing market, in addition to a depressed economy, we need to leave this tax break alone! The impact of such a move would have catastrophic effects on not only the real estate market, but the various financial sects of the economy across the board. Be sure to contact your representative to reinforce your support for mortgage interest tax deductions and to ensure that they stay around for many more years to come.

http://www2.timesdispatch.com/business/2010/dec/04/mort04-ar-694002/

Foreclosures on the Rise & with Banks Overloaded, There's No End in Sight!!!

Along with the rest of the Nation, Richmond, VA saw an uptick in distressed real estate for the third quarter of 2010, and there seems to be no immediate end in sight. With major U.S. Lender's stopping Foreclosures in recent months as they review potential flaws in the Foreclosure process, the freeze is causing a buildup of distressed property across all 50 states. Looks to be another wave of Foreclosures yet to come...now let's just hope interest rates stay low so that Buyer's can continue to take care of all the deals out there!  


http://www2.timesdispatch.com/business/2010/dec/02/b-fore02-ar-689289/

MAJOR PRICE REDUCTION - Patriot's Landing (Quinton, VA)

GREAT OPPORTUNITY, JUST REDUCED TO...

$400,000

This Custom Built, 3 years young home is a MUST see! Located on a desireble cul-de-sac lot with a wooded buffer in the back. Meticulously Maintained and Sad homeowners leaving. First Flr Bedroom w/ attached bath, formal living room & dining rooms with heavy moldings, open eat in kitchen and family room with lot's of natural light. Spacious bedrooms on the second floor with great closet space and attention to detail. Master Suite like never seen before...his and her bathrooms, huge double showers, his and her walk in closets, beautiful decor' with a gas fireplace and sitting area. Unfinished third floor with roughed in plumbing for yet another full bath and bedroom or bonus room...or just great storage. Front porch overlooking common area and rear deck for outdoor enjoyment.

Mortgage Update from Logan Tinder, C&F Mortgage Corp.

Mortgage Update From Logan Tinder, C&F Mortgage Corp:

Due to the short week and Thanksgiving holiday, as expected, rates suffered last week. Ticking up about half a point.

This week so far, the EURO is considerably weaker as European debt fears continue. The EU approved a $113b bailout for Ireland over the weekend but the reaction the last few days has been poor. Rumors continue to swirl about Belgium, Portugal and Spain being next. When things like this occur we usually see some flight to quality buying of US debt, which has been the case as of late. This will drive up bond prices (higher demand) and in turn drive rates back down.

As long as there is tension or global uncertainly, mortgage rates will tend to benefit. As mentioned above, US Debt is still viewed as a safe spot to park money.

How the data releases pan out the rest of the week, will certainly play a role in the direction rates will take into the beginning of December.

On tap:

-ADP Employment Report
-Q3 Productivity
-ISM Index
-Employment Report

The Employment report serves as the most important data release every month. An increase in unemployment will likely pressure rates downward...SO THIS IS THE TIME TO BUY!

Have a great week and please let Logan and/or I know if we can assist in any capacity!

Logan Tinder
C & F Mortgage Corp.
Home Mortgage Consultant
Direct : 804-858-8325
Cell : 804-240-9264
Main: 804-858-8300 ext. 305
Fax : 804-419-8481
www.logantinder.com

Refinance or Refinance Not, That Is the Question!

http://www2.timesdispatch.com/business/business/2010/nov/25/b-jean25-ar-675645/


With interest rates at historical lows, the question a lot of people are asking is "should I refinance, if I am able?" Given the state of the Real Estate Market and home values at or close to the bottom, is it even an option?
In the article below, Jean Chatzky discusses some important variables one must analyze before moving forward with this process. If you have any additional questions or concerns regarding your particular situation, please don't hesitate to let me know and I can get you in touch with a lending professional for more information.
I hope everyone has a safe, delicious Thanksgiving Holiday filled with the company of family and friends celebrating all we have to be thankful for this year.

Hard to believe it can happen!

http://www2.timesdispatch.com/business/2010/nov/20/b-harn20-ar-665561/

If you are in the market to buy, sell, or refinance your real estate, be aware that the current state of our economy could have a negative effect on your credit score without you having to do a thing. You may be in good standing with your creditors, practicing safe financial discipline, and POOF your lines of credit are cut, ultimately killing your credit scores!
Today's lending institutions have their hands tied regarding how much they can lend and to whom they may lend to; anyone with "less than perfect" credit will have a tough time getting a loan or refinancing their existing loan and that is a fact. The above article discusses legislation hoping to stop this plague, and for everyones sake, let's hope they are successful.
Be sure you know where you stand by taking advantage of annualcreditreport.com or calling (877) 322-8228. These resources allow you to obtain a free credit report once a year without hurting your credit scores.
And of course, please do not hesitate to contact me for further assistance and I can put you in touch with a leader in the lending field. Thanks!

Tenants Beware

Hightened scrutiny is an essential responsibility of Renters in today's market. Be sure you know what you are getting into, and who you are getting into it with, before you make a final decision.

In today's issue of the Richmond Times Dispatch, Jean Chatzky lays out a set of precautionary measures to ensure a pleasant renting experience (http://www2.timesdispatch.com/business/2010/nov/18/b-jean18-ar-660634/). 

In today's world you can never be too careful; whether you are looking to Rent or Buy, I am here to assist in any capacity!

IMPORTANT LISTING UPDATE

Mary Munford Area 

5707 Bromley Lane

JUST REDUCED TODAY $10,000

NEW LIST PRICE: $254,950!!!

The Loft's at Cary Place

1921 West Cary Street Unit A 

OPEN HOUSE THIS SUNDAY

NOV. 21st FROM 2-4PM

$225,000



Country Club Hills - 7 Lots FOR SALE $120,000-$260,000

Hanover's Premier Country Club Community

on the South Anna River

Beautiful lots from $120,000-$260,000 for a limited time.  All lots are on The Hanover Country Club golf course and/or overlook the South Anna River.  No proffers and public utilities!!!

1913 B West Cary Street - FOR SALE $255,000

The Lofts at Cary Place - Commercial Office Condo

Office Condo in convenient up and coming Fan Location, amidst the Cary Street corridor revitalization project; close to restuarants, interstates, and other businesses and great business visability on West Cary (15,000 Vehicles Per Day per VDOT records). Currently bringing $2100/month and tenant could convey for term up to one year. Tasteful buildout office space with bathroom and kitchenette. 4+ parking spaces in rear lot and first come first serve on street parking. Heat Pump and Central Air, new building finished in '07. HOA association takes care of all exterior maintenance for only $150/month.

4805 Lockgreen Circle - FOR SALE $1,095,000

Lockgreen 

Very stately home with incredible center hall and great floor plan with vaulted ceilings, wonderful built ins, all brick and slate with elegant details, interior mouldings and trims are exceptionally handsome with tall ceilings, gracious formal rooms, old world craftsmanship, sophisticated style and flexible floor plan for today's living. First & second floor master suites, professionally decorated, butler's pantry wet bar, lots of recessed lights, sunny & cheerful rooms, library with private bath. Incredible presence & extraordinary, picturesque setting. Rear yard is fenced with a large brick terrace. Matured lot with professional landscaping. Highly desirable gated community in convenient Cary Street location.

2550 Radstock Road - FOR SALE $479,000

Salisbury

Meticulously maintained Dutch Colonial in sought after Salisbury Subdivision on Salisbury Country Club Golf Course. Screened gazebo & deck. Remodeled kitchen with new cabinetry, granite countertops, breakfast bar, appliances, & tile floors. Large utility room off garage. Refinished hardwood floors throughout rest of home, with remodeled MASTER Suite & half bath on the first level. Heavy moldings throughout. Maintenance free brick and vinyl exterior. Upgraded electrical pre wired for generator. New tilt out vinyl windows throughout. Accomodating Driveway. 2 pull down attics, great storage. Vaulted ceiling in great/sun room with gas fp. New Ductwork/New Heat Pump/New Gas Furnace '05. 50 year dimensional asphault roof '04. ONE CAR GARAGE BUT ENDLESS POTENTIAL FOR MULTICAR OPTIONS!!!

12202 Ashton Glen Court - FOR SALE $179,900

UNDER CONTRACT

Heritage Oaks

This home is an unbelievable deal in the West End!! It has been completely redone and the owners are sad they have to leave, but they are being relocated. It has an open floor plan with vaulted ceiling. The kitchen is new and both bathrooms have been redone. It is on a quiet cul-de-sac lot. It is convienently located near interstates, shopping areas, and restaurants. It has new ductwork, new landscaping and drainage system for the entire yard. It has NEW everything: front door, storm door, ceiling fans, fixtures, appliance, hot water heater, vinyl siding, maillbox, sump pump, vapor barrier in the crawl space. It has been freshly painted and has new flooring throughout. It has a stained deck and 10x10 detached storage shed. A new gas fireplace, moisture remedition system, AND a new asphault driveway to park your car!!

5707 Bromley Lane - FOR SALE $264,950

Mary Munford Area

Cute as a button cape cod on a quaint street with friendly neighbors in the sought after Mary Munford area. The shops and restuaurants at Libbie and Grove are just a walk away. It is centrally located near St. Mary's, Westwood, and interstates. The exterior was just recently painted and it has a new HVAC system. The kitchen was redone with new counter tops, cabinetry and shelving, paint, and stainless steel appliances. It also has a fully fenced backyard with a screened in porch and slate patio great for entertaining. It boasts an upstairs master suite with two bedrooms on the first floor. A spacious living room is complete with a gas fireplace. The formal dining room has heavy moldings. Hardwood floors throughout the first level, and there is newer carpet in the upstairs master. The utility room has a stackable washer and dryer. Don't miss this great opportunity!! The seller is offering a $3,000 credit to refinish the hardwood floors and paint. Ability to assume current FHA loan.

4632 Grove Avenue Unit #7 - FOR LEASE $950/mo.

Westhampton / Libbie, Grove

This gorgeous second floor condominium has an awesome location...a quick jaunt from the shops and restuarants at Libbie & Grove. Completely upgraded throughout. Rent includes everything but phone, internet, and cable. HOA Dues, Other Utilities, Etc. are all covered by owner.

1921 A West Cary Street - FOR SALE $225,000

The Lofts at Cary - Residential Condo

This is a contemporary Loft in Fan located between CaryTown & Downtown! It was built in 2007. It has unique features mixed with Old Richmond charm. Two balconies with front and rear city views.  Palladian windows combined with a 22 foot ceiling allow lots of natural light. Spacious floorplan ideal for entertaining! Huge great room flows to open stainless steel and granite kitchen and hardwood laminate floors. $150 HOA fee and inexpensive utilities! Downstairs stackable washer/dryer. Bedroom & full bath on first floor. True Master Suite upstairs with walk up/walk in closet.  Designated parking for owner and guests.