In another positive sign for Virginia’s economy and thus housing market, there seem to be more people moving into Virgina than out of Virginia. Of note, Virginia is one of only 9 states where this is the case! Source: KCM Blog  

Perhaps it doesn’t always happen with such extreme price variations, but certainly you have had a seller who priced their home very competitively and then was shocked by an extremely low offer brought from someone locally.

Have you ever wondered how Virginians heat their homes? The Market Leaders Over Time:  Coal… Oil… Electric And for the graphically inclined…. Source:  U.S. Census  

Several decades ago (and earlier) home buyers would wait to purchase a home until they had at least 20% of the purchase price saved up in their bank account, and they would only buy if they were going to stay in the same home and town for many years.  At the time, the percentage of [...]

Here’s an interesting report from NPR telling the story of an employee of Freddie Mac who manages an online calculator that has (intentionally or unintentionally) been telling web users that home values will only go up! Read more from NPR: Housing Guy Apologizes For Housing Bubble It is interesting — I do wish home values [...]

In Virginia, each newly constructed home must convey to the purchaser with a warranty from the builder, as outlined in the Virginia statute (55-70.1) entitled Implied warranties on new homes.  In brief, the builder must warrant the construction of the house for one year, and the foundation for five years. One important thing to note, [...]

The U.S. Department of Housing & Urban Development approved  (some time ago) two updated forms that are CENTRAL to the real estate transaction.  These two new forms will go into effect on January 1, 2010: Good Faith Estimate (pdf) HUD-1 Settlement Statement (pdf) The new forms (and accompanying rules) are intended to help home buyers [...]

I was chatting with a client today who asked me this question — “So….what do we do….just wait?”  I am marketing this person’s property for sale, but their segment of the market is particularly slow right now, and we haven’t had much solid interest in their property in quite a few months. So….what DO we [...]

Fannie Mae‘s current policies don’t allow an investor to finance any more than four properties backed by Fannie Mae.  Thus, if you own the home you live in, you could only purchase three additional properties as an investment.  This has directly affected several of my clients who have had to stand on the sidelines, or [...]

Have you heard of an EarthCraft home? EarthCraft Virginia provides a new construction certification process that serves as a blueprint for healthy, comfortable homes that reduces utility bills and protects the environment. More specifically, EarthCraft promotes diligent airsealing and energy efficiency. Airsealing of the building envelope and its mechanical systems, while still allowing for fresh [...]