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February 2015

Found 4 blog entries for February 2015.


"Location, Location, Location" is one of real estate's oldest and most accurate cliches. A recent Virginian Pilot article exploring the potential impact of tolls after their first year highlights how the tolls may impact local businesses and communities.

"The catastrophic impact is going to be over time," said Tony Goodwin, president of the Olde Towne Business Association. "Everybody's just fitting into those tight-fitting shoes.... We're all figuring out how to make it work."
After reading the article we felt compelled to share some thoughts on how the costs and logistics may impact your lifestyle.  We want to share ways to make your home-search more enjoyable, profitable and stress free.  Too often when house shopping the Realtor…
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Our goal is to share the secrets and give you tips that can save you tens of thousands of dollars over the life of your mortgage.    Last week we featured a blog post sharing the reasons why interests had fallen along with gas prices. Stated simply, gas prices impact Inflation and mortgage interest rates are also tied to the risk of inflation as the Fed attempts to manipulate the cost of money. As with any commodity, both gas prices and mortgage interest rates change daily.    This week gas prices in Hampton Roads rose approximately 7.5% and the quotes our clients were receiving for conforming mortgage rates week over week rose approximately 10%, but they are still holding well under 4% for most 30 year fixed rate mortgages according to Steve…
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People often ask, "do I really need my own REALTOR® when buying a house?"

Yes, you absolutely do and here is one of the biggest reasons - buying a flipped house just got more complicated if you're getting a FHA Loan. Why? It's because the FHA Prohibition on Property Flipping is back into effect, the 2010 waiver has expired.

In 2010, to help move distressed homes, the FHA decided to waive the 90-day prohibition against financing short term flips. The goal was to stimulate and rehabilitate neighborhoods hard hit by the mortgage crisis and recession. 

FHA no longer allows mortgage financing on a property where the owner of record has owned the property less than 90 days. If ownership is from 91 – 180 days, there are additional requirements such

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House for saleThe headlines agree mortgage interest rates have dropped substantially below initial projections. Many who are considering purchasing a home, or moving up to their dream home, might think that they should wait to buy, because rates may continue to fall. Here in Hampton Roads we are seeing an uptick in demand and closings last month compared to December of 2013. This driven in part by the low cost of borrowing money. Prices rose slightly due to this increased demand in most Hampton Roads cities but our market remains fairly well balanced according to REIN statistics.

A recent article on the Economists’ Outlook blog by the National Association of REALTORS® (NAR) provides insight into one major factor in the decline in interest rates, the crude oil price.

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