Exit Realty Professionals Blog Virginia Beach Real Estate
What Makes a Home Move-In Ready?
One of the most notable trends in buying today's homes is finding one that's move-in ready. Most potential buyers of Virginia Beach real estate don't want to spend a lot of time fixing up a property before they move in. For a home seller, it means that your home is spotlessly clean with all major and minor repairs complete before all showings and open houses. So what makes a home move-in ready? It can mean different things to different people, but essentially, imagine yourself pulling up in a truck, unloading your possessions, moving in and living there. If you can paint that picture, it's move-in ready.
A property in move-in condition is ready for immediate occupancy. It has a roof, appliance, walls and floors in good condition. It also has working locks and usable plumbing and electricity. It doesn't require additional repairs to be comfortable and usable. It should be broom clean.
Another way of describing a home in move-in ready condition is one that doesn't require additional work before assuming ownership and living in it. For example, the heating and cooling system should be working. The floors should not be noticeably worn or have damage. The walls, while they may not be the perfect colors to suit the new owners, are clean and presentable.
Most mortgage lenders require a home inspection before they will commit to financing the purchase. For most companies, the roof and foundation must be sound or be fixed before the sale can go through. While paying for the home inspection is typically the homebuyer's responsibility, some sellers like to have it done before they put their home on the market to see what an unbiased professional finds in the way of problems and recommendations so there are no surprises and they can take care of any issues before listing it.
Buying a home in Hampton Roads can be an exciting event. Everyone dreams of the closing going according to plan, but sometimes little hiccups can create delays or add unnecessary expenses that could have been avoided. While there are many details to sort through and much paperwork involved in buying a home, there are several things you can do behind the scenes to make the closing process goes smoothly.
Keep the lines of communication open between you and your Virginia Beach real estate agent. Let your realtor know if you are a first-time buyer. There are several steps involved in buying a home that are probably unfamiliar to you. We can walk you through the process with special attention to the details so you can be comfortable and prepared for the closing.
Tell your agent once you have secured your funding and that you will be bringing an agreed-upon form of payment, such as a certified cashier's check, to the closing or you have secured electronic payment.
3. Check the Details
There is a lot of paperwork involved in buying a home. Check in with your Hampton Roads realtor, attorney, title agency and other members of your team a day or two before the closing date to see if you can review any of the documents. Proofread them for accuracy and typos. Sometimes an innocent mistake can completely change the sale agreement, from the sale amount to the location to the names of the buyers and sellers. It is usually a quick fix beforehand, but much more difficult after the deal is done.
4. Linked Properties
Tell your realtor if you are actively involved in the sale of another property. Whether you are the buyer or the seller in another real estate transaction could affect your funding in this one.
When preparing to put your Virginia Beach home on the market, there are many things you can do to enhance the buyer's experience and improve the chances of receiving your asking price. One is to provide detailed information about the improvements and amenities in your home.
Do a walk-through of your house and write down all of the items that are new or improved since you bought it. Try to note the brand and the month and year of installation. Include things like appliances that will convey, carpeting, paint, ceiling fans, decks, home additions, roofing components, water heaters, central heat and air, exterior landscaping, garages, shelving and windows.
Take some time to go through your paperwork and receipts. If you have any for major items, such as the roof or the heating and cooling systems, it's helpful to put them together in a folder or envelope. Your Virginia Beach real estate agent may be interested in the values and ages to help you arrive at a fair price. A simple list can be compiled and presented to any potential buyers. This answers many questions before they are asked and can enhance your home's value.
Over the years, you have hopefully put all of your owner's manuals for appliances and systems together in one place. Putting them in a convenient location for the potential buyers to see can improve your chances of selling your Virginia Beach home faster. Not only does it give them information on what you have, it creates the distinct impression that you have taken care of the property and the appliances in it.
Mortgage rates fell again last week and are again near record lows.
According to Freddie Mac, the average rate for a 15-year fixed rate mortgage did achieve a record low of 2.61 percent as compared to 3.1 percent one year ago.
The average rate for a 30-year fixed rate mortgage fell to 3.40 percent and near the record low of 3.31 percent.
Low mortgage rates are helping homeowners with refinancing and are boosting housing markets as more buyers can qualify for mortgage loans.
Home Values Continue To Rise
Last week's economic news was mixed; The Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae, released its Home Price Index for February.
According to this index, home prices increased by 0.7 percent between January and February, and increased by 7.1 percent year-over-year on a seasonally adjusted annual basis.
According to the National Association of REALTORS®, existing home sales for March fell short of the expected 5.03 million and came in at 4.92 million existing homes sold on a seasonally adjusted annual basis.
This reading was also 0.7 percent shy of February's reading of 4.95 million existing homes sold.
Some homeowners may be taking a wait-and-see stance as they wait for home values to continue rising.
Employment Numbers Gaining Steam
Weekly jobless claims fell to 339,000 and were short of the consensus of 351,000 and the prior week's 355,000 jobless claims filed.
As more workers gain employment, those able to buy homes increases.
The economy in general also benefits as households gain income they can use for purchasing goods and services.
Consumer Sentiment rose by 2.1 points to 76.4 over the March reading of 72.3 percent.
April's reading also surpassed expectations of 74.0 percent.
As consumers gain confidence in the economy, they are generally more likely to buy homes and make other major purchases that contribute to the U.S.
The National Association of Home Builders (NAHB) Wells Fargo Housing Market Index (HMI) report for April shows that builder confidence slipped by two points to a rating of 42 from the March reading of 44.
The Housing Market Index (HMI) measures home builder confidence in market conditions for newly built single family homes.
A reading of more than 50 indicates better than average confidence, while readings below 50 indicate that home builders have concerns about current market conditions.
NAHB Housing Market Index Results For April
Home builders expressed concern over a gap between a growing demand for homes and builders' ability to meet the demand for new homes as housing market conditions improve.
Top concerns cited by home builders surveyed include:Availability of construction credit Construction costs rising faster than home values Restrictive mortgage lending rules impacting would-be home buyers
Supply chains for building materials and available developed lots are also impacting home builder confidence, as they have been lagging behind increasing demand for homes since the recession and will need more time to catch up.
Six Month Confidence Forecast Strongest Since February 2007
While builder confidence fell on a month-to-month basis, home builders have a more positive outlook for the next six months.
The builder confidence reading for the next six months came in at 53 for April, which is the highest reading since February 2007.
In terms of demand for newly built homes, the home builders surveyed said that a shortage of existing homes, low mortgage rates and increasing consumer confidence are expected to improve the market for existing homes.
Consumer confidence is important to all facets of the home building and mortgage lending industries.
Buying a home is typically the largest investment that consumers make, and their confidence in the economy plays a role in their decisions about when or if they buy a home.
Jasper Circle Norfolk, VA Click For Listing Website Click For Interactive e-Tour Welcome to Jasper Circle in the Saratoga neighborhood of Norfolk. This all brick ranch is over 1800 square feet with 3 bedrooms, 1 full remodeled bathroom, 2 half bathrooms, office, living room, and family room. The kitchen has been remodeled with gorgeous bamboo wood floors extending into the huge family room and office. This is one of the largest homes in the neighborhood plus it has one of the largest backyards. Enjoy those hot summer days in your very own fiberglass saltwater pool. Don't delay. This one won't last. MLS# 1314220
3 Bed, 3 Bath
Norfolk VA, 23518 Robin Gauthier
EXIT REALTY PROFESSIONALS
I specialize in helping buyer and sellers reach their real estate goals in Hampton Roads with my areas of expertise being Great Bridge and Hickory section of Chesapeake and Kempsville section of Virginia Beach.
New Listing to hit the market tomorrow. Southgate Neighborhood of Virginia Beach. Kellam High, Princess Anne Middle and P.A. Elementary. 3 BR, 2.5 BA, 2300 sq. ft. of living space. 2 car attached garage.
Unbelieveable brick ranch on culdesac w/ manicured lawn in A+ location. Upgrades galore include paver driveway/patio, dream master bath with heated floors, separate tiled shower/tub, must see vaulted great room. Hot tub just off master. Newer roof/hvac+.
Listed at $344,900. This one may not last 2-3 showings without an offer!
Windsor Woods is an expansive and very established neighborhood in Virginia Beach, Virginia. It is nestled between S. Rosemont Rd to the East and Lake Windsor to the West. Virginia Beach Blvd comprises its Northern border and along the southern limits is S. Plaza Trail, Old Forge Rd., S Kings Point Road and Van Buren Drive.
Windsor Woods homes are close to all conveniences with quick access to Interstate 264. You can get to the Virginia Beach Oceanfront, Downtown Norfolk, Virginia Beach Town Center or the Virginia Beach Farm Bureau LIVE Amphitheatre in Minutes. Plenty of shopping within 2 miles, from Lynnhaven Mall to Lowe's, Home Depot to Sam's Club, BJ's Wholesale to Harris Teeter. Churches of every denomination can be found with in a quick walk or drive.
Virginia Beach has some of the highest quality of living for a city of its size and that is reflected in the award winning School system. Schools for Windsor Woods include, Windsor Woods, Windsor Oaks, and White Oaks Elementary Schools, Independence and Plaza Middle Schools, and Green Run High School, and Princess Anne High School.
Most homes in Windsor Woods are single family homes and were built 1966 to 1987 time frame. Many have been well maintained and updated. It is not uncommon to find these homes with the original owners living in them. It has a diverse mix of residents, retirees, families with kids, and young professionals. Windsor Woods has something for everyone!
Ocean Lakes is a few miles from the heart of the Virginia Beach Oceanfront. You can find Ocean Lakes South of Dam Neck Road. To the East is Ocean Lakes Subdivision to the West is Upton Drive and to the South is Old Dam Neck Road.
Ocean Lakes is a good size subdivision of approximately 550 single family homes built mostly between 1988 and 1993. Two story traditional and single story ranches are the main styles. Homeowners tend to be active lifestyle people of all ages.
Ocean Lakes homes are close to all conveniences with quick access to 264 Expressway. Close proximity to over 50 top notch restaurants, including Terrapin, Jewish Mother’s , Mahi-Mah’s , Catch-31, Burton’s, Big Sam's, Gringo's, Rudee's, Rockafeller's, Todd Jurich's Burger Bistro, Aldo’s,Beach Pub, Thumb’s and the list goes on and on and on.
You can get to downtown Norfolk, Town Center Virginia Beach, Farm Bureau LIVE Amphitheatre, Virginia Beach Municipal Center, Virginia Beach Sportsplex, Virginia Aquarium, First Landing State Park, and Edgar Cayce’s Association for Research and Enlightenment in only minutes. For Military, you are close to USN Oceana Master Jet Base, Dam Neck Annex and Fort Story. Yes, the “Sound of Freedom” fly over head regularly, but do what the locals do, pause for the “Ocean Lakes Beverage Break” and take a sip of your favorite beverage. Then continue your conversation. The F-18 Super Hornet pilot flying overhead just might be your neighbor. Thank them later for keeping us all safe.
The Sentara Virginia Beach General Hospital and the First Colonial Road medical corridor for all your medical needs are close by as well.
Shellie Marshall will host an open house on Sunday, 3/24 from noon to 3pm at 917 Workwood Rd. in the Chesapeake Manor neighborhood of Norfolk, Virginia.
A loan officer will be on hand to answer questions regarding financing, etc.
Please take the opportunity to walk through this property.
Enjoy the feel of new construction in this completely renovated 3BR, 2.5BA home with 2100 sf of living space and attached garage. You won't be disappointed!