Alison Creamer's Real Estate Blog

Cost of living to go up again in the Hampton Roads Region

Looks like the gas bill will be 35% higher and the Power Bill will be 18% higher. Good golly people what are we going to do? I’ve been doing some serious soul searching and trying to decide what I can do to help my family out with the bills. Ill included a few good websites that had some great tips some are really easy and of course some are just not a life style I’m ready to change to yet. Non-the less I still want to be efficient with my Family, Life and World. I think if we do not adapt and change “Darwin Theory will be proven. We will become extinct. (I actually don’t believe Darwin theory but it was a good way to explain my thoughts.

SO what can we do to help our clients out on getting in the home and being able to pay for more than the mortgage?

Being Frugal is not a sin this I think was one of the best sites to look at and many of the ideas here I can practice in my own life. I plan on making some of this in my buyer’s presentation. I tend to work with the 2^nd time buyer or 1^st time buyer normally in the middle to lower income levels and I’m sure they are really feeling the gas crisis and food increase. Now lets add in utilities and I think we are going to be loosing more and more buyers to a wait and see thought on living expenses. We are all in this together and I want my client to know I care about them after the sale as well as during.

The Freecycle Network.

Hello eveyone, Hope this summer has started off to be a good one. I wanted to give you a few reminders about what you can do here in Hampton Roads. I plan on being a tourist for the next few days as my father comes in town. He is a west coast guy so I have to show him some good east coast sites

www.vbfun.com
www.virginiaaquarium.com

Boat Tours

www.spiritofnorfolk.com
www.virginiasjewel.com
www.carriebcruises.com
www.americanrover.com
www.navelbasecruises

Trails and Camping

www.dcr.virginia.gov/state_parks/fir.shtml ( First Landing Park0
www.fws.gov/backbay ( Back Bay)
www.cityofchesapeake.net/parks ( Chesapeake)

Fishing

Lynnhaven Pier #481-7071
Virginia Beach Fishing Pier 428-2333
Nags Head Fishing Pier 252-4415141
Ocean View Pier 583-6000

Dont forget we have Rip currents and Jelly fish and intense sunrays. Stay safe !

Please take note of the new changes in the FHA loan program.  These changes will increase the cost of funds to borrowers which will ultimately effect the amount they are qualified to borrow.  As stated below the changes go into effect on July 14th, 2008.  Any loan not having an FHA case number prior to this date will fall under the new guidelines.  FHA case numbers are received once the borrower has a ratified sales contract.  Should you have any questions on the new FHA guidelines do not hesitate to give me a call.  As our credit markets tighten and FHA loans become the vehicle of choice for many home  buyers it's imperative they understand the upcoming increases to the cost of borrowing and the impact to their monthly payment.

For the first time in history, credit scores will be utilized in FHA lending. FHA guideline changes that become effective on July 14th, 2008.

The ten primary changes to the FHA guidelines:

1. Borrowers with either no score or at least 500 may get an LTV >90%.
2. Borrowers with a score less than 500 get a maximum LTV of 90%.
3. Borrowers without scores will require manual underwriting.
4. Upfront Mortgage Insurance Premiums will range from 1.25% to 2.25%, depending on score.
5. The Monthly Mortgage Insurance will range from .50% to .55% depending on score.
6. The premium is based on the borrower with the lowest score.
7. If one of the borrowers has no score, then the Non-Traditional credit grade is used.
8. Credit rescoring is allowed to improve a borrower's credit grade.
9. All FHA Secure refinances >95% LTV with delinquencies have a 2.25% UFMIP and .55% MMI.
10. These changes apply to cash-out, rate & term, and non-delinquent FHA Secure refinances.

MARKET MAY EACH YEAR	SUPPLY (SELLERS)	DEMAND  (BUYERS)
2008	16277 Down	5669 Down
2007	18051 Up	7346 Down
2006	16641 up	8331 Down
TREND	DOWN	DOWN

Shocking results to day in the Market Study for Southside Real Estate Market study

After looking at year to date studies and annual information is the turn of the market? Are we heading in a different direction? I’m anxious to see what June results will be . For the 1st time in many years the trend has changed this month. Normally we have seen listings up buyers down that points to a buyers market. This month both were down.

GOOD NEWS there is a suspension of the 90 days holding or seasoning period for investments or “flips” see See RISmedia.com

Call Me today to talk about your area and market !

Grown up “free Fun”
Try stopping in at the Town Center courtyard on Friday nights. Local Musicians will be playing from 630-830. Every Friday night from June6th to August 29th.

Weekend Virginia Beach Fun
Virginia Beach Arts Festival at the Oceanfront it runs from the 17th to the 21 Exhibtis run from 17th street to 32 street
See more about it at www.vbfun.com or www.cava.org

MOVIE NIGHT
Looking for “free” things to do with the kids June 23rd at the Ocean front “The Waterhorse “ will be playing show time 9 pm

Tonight June 13th at Mt Trash more “surfs up is the movie starts at 730pm

How to be a leader!

1. Listen: You need to understand your supervision

2. Care: People need to understand you care about them

3. Recognize: Give people a pat on the back

4. Prepare: Don’t put things off you must be prepared

5. Be Industrious: Be the builder don’t take the easy way out work hard

6. Have enthusiasm: Enjoy what your doing it inspires others

7. Be Patient: Anything good takes time

8. Have Confidence: Believe in your self others will too

9. Don’t fear failure: Make a decision go with it empower others to do the same

10. Win respect: Have respect for others under you it’s a two way street.

These titles we taken from an article I read about John Wooden a NCAA Coach

I love it . I see a direct relationship even in Real Estate. Our clients expect all this from us. WE are the coach. It is our job to get them from start to finish. I’m going to do my best to ensure I incorporate these 10 steps in my action plans and ensure they all know we are a team TOGETHER.EVERYONE. ACHEIVES. MORE.

Alison Creamer Realtorâ, ABR

REMAX Allegiance

www.alisoncreamer.com

757-652-8880