Alison Creamer's Real Estate Blog

Did you know?  If you are using FHA loans, you better be sure the home you have been eyeballing has been in the current owner's possession for at least 90 days. With all these short sales, investors are snapping them up and selling them within 30 days. When you walk into a vacant, updated home, always ask, "IS THIS A FLIP??!!!!" The last thing you want is to find out is that you cannot get your loan.

Here are some red flags to keep an eye for:

RED FLAG 1. The home is vacant and totally updated
RED FLAG 2. The seller is an LLC
RED FLAG 3. The name on the tax record and the person selling it are different. ASK!

Currently, you cannot even contract on the home within the 90 days of a new owner purchasing the home. The best you can do is on the 91st day, WRITE THE OFFER!
You can still do a loan application and know you are set but you cannot contract on the home.

I would love to talk with you about other options if you have to have that home! 

Hampton Roads' Real Estate market is in good shape.

I'm a full time Realtor in the Virginia Beach, Norfolk, Chesapeake, Suffolk sales market. I don't think Short sales and REO's are taking over the market. I do think there is a good inventory of homes to choose from of these types of homes but I also see a lot of traditional listings. Sellers are understanding the values and the market now and I think are getting used to offers that are asking for closing costs or price reductions.

If you're a buyer and you're still thinking asking yourself, "Is this the right time to buy?" I want you to consider this. The bottom may have been hit and sellers took about 1.5 years to say to themselves, "Hey, we are in a buyers' market."  Really, it's like a perfect storm for you .

NOW is the time to BUY! With the credits, the flexible sellers, and the inventory, you might just find your DEAL of the century. It was only a few years ago that people where kicking themselves because they did not buy BEFORE the values sky rocketed.

Will you be sitting there again saying to yourself, I missed it again? I'd love to talk with you. My team has over 60 listings, many are steals, deals and bargains. Let's get you loan approved and into a home before the sellers' market returns! 

Southside reports :

Active listings are above 2007 by 801, but down by 433 from 2008 levels. Listings are slowing, when the inventory drops you start to see a swing to the seller market. Demand goes up and prices do too.

Pending sales are up and settled sales are steady. I wonder if that is a reflection of all the short sales and REO's that still need to close?

Off market time increased by 12 days from 2008 and sold times increased by 13 days.
Membership for REIN is also down. I guess with the market, members might be looking at getting other jobs. 

Great, will my property taxes rise again?

I'm 2 days behind in reading the newspaper so this may not be new to some readers. WHAT? RAISE TAXES!!!!! That's what I was thinking when I read that the city is looking to build or improve some Bayside centers. Projects to be included are an animal shelter and a Bayside recreation center. I thought, "Wow, there is a really nice rec center on First Court Road. I wonder how full it is? I wonder if it's so full they need a new one?" I have to admit the animal shelter might be a needed project but with these new buildings comes additional expenses, staff, utilities. I don't think they are going raise the tax then lower the tax once the projects are completed. I wonder, can't they find the money somewhere within the system already?