I'm Back!!!

After a six week absence from my blog, I am finally returning to give my readers postings on real estate matters that are important to you. I am really excited about my decision to join Long and Foster, but honestly, the transition has been a bit overwhelming. Even for a seasoned veteran like myself.

In addition to setting up the office, I had to attend 2 weeks of training, I called it Long and Foster boot camp. Really, it was very informative and beneficial. I am now back in the office all the time and encourage you to stop by. You can't miss me, look for the red door next to Uptown Cafe and the Long and Foster sign over the door. I plan to have a grand opening this coming Monday, December 7 at 10:30 so if you are in the area, please stop by and meet some of the great people from Richmond that will be attending the event.

Also, be sure to check out this Sunday's Richmond Times for a write up on the office.

I have posted 2 blogs tonight so check the other one out. Things are looking up an as I wrote in October of 2008, 2010 is the year that brings back the recovery in the real estate market.

One final note. As you all know, December 5 is tax day for all us property owners in the area.
If you live in Kenbridge and have looked at your tax bill, you can't help but notice that the town taxes are higher than the county taxes. The citizens if Kenbridge hold the distinct honor of being the only town in Va. where the town taxes are greater than the county. I made a presentation on this issue to the Kenbridge Town Council back in October, 2008. Stay tune to my blog. IN a few days I plan to print this report in my blog for you to see. The timing is so appropriate.

LONG & FOSTER® REAL ESTATE REPORTS OVERALL SALES INCREASES IN MID-ATLANTIC HOUSING MARKET
Launches New "Market Conditions Report"

Chantilly, VA — Long & Foster®Real Estate, Inc. released a third quarter company report today, "The Long & Foster® Market Conditions Report", which demonstrates that average home sales prices throughout the company’s primary markets—Washington, D.C., Baltimore/Towson, Md., Philadelphia, Pa., and Richmond, Va.—are trending upward from the second quarter of the year. Virginia Beach/Norfolk/Newport News shows slight decline of 1.3% suggesting prices are stabilizing in that market as well.

"As the largest privately held residential real estate company in the U.S. and the industry leader in the Mid-Atlantic, we thought that it would be important to release our quarterly reports to the general public," stated Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. The reports have been developed as part of Long & Foster Real Estate’s dedication to its sales associates and their customers. "This is one tool, of many, that we provide to our sales associates so that they can help homebuyers and sellers make informed decisions." The reports compare current quarter to past quarter and current quarter to the same quarter of the prior year.

While the Washington, D.C. region dominates with sales of 18,882 residential units (up 3.9 percent from last quarter), Philadelphia, Pa. shows the greatest percentile improvement (up 14.2 percent over last quarter) with a total of 10,514 units. The average sales price has also increased in Philadelphia by 3.1 percent while Washington, D.C. held onto the highest average sales price in the Mid-Atlantic of $364,982, up just 1.6 percent over last quarter.
The Baltimore/Towson Md. region saw a 7.5 percent uptick in residential sales over last quarter and an increase of 3.3 percent in average sales price, which rose to $289,155. The Virginia Beach/Norfolk/Newport News region reported housing sales up 5 percent while average sales price dipped slightly by 1.3 percent to $250,388.

"We realized that our data provides meaningful insight into the housing market in our primary regions," explained Barry S. Redler, chief marketing officer for The Long & Foster Companies. Of particular note are the regional differences. "Now perhaps more than ever, it’s important that buyers and sellers have their agent interpret this type of information for them and fully explain the trends in their immediate marketplace. Local markets could differ from the trends identified in the larger Metropolitan Statistical Areas identified in the report," Redler added.

The Long & Foster Market Conditions Report demonstrates that most market conditions are trending upward. "This is a positive sign for recovery," stated Redler.

I've Made a Change

My New Affiliation:

I am pleased to share with you some exciting news!

Long& Foster Realtors has invited me to join their team of real estate professionals. While not aggressively searching for a different affiliate, upon receiving the invitation, I was anxious to explore what advantages this company would provide for my real estate clients.

After an extensive fact-finding mission and several meetings with key leaders of Long & Foster, I am confident that this move benefits not only me, but also the future of marketing real estate in south central Virginia.

I could write at length about what the Long & Foster advantages will bring to our area, but fortunately, this is summarized in their mission statement:

“Founded on the bedrock of integrity and innovation, honesty and good old-fashioned customer service, Long & Foster has as its corporate mission to provide the most professional residential and commercial real estate services and related financial services, available through one convenient and financially stable source.

Long & Foster honors its Sales Associates and enhances their professionalism and commitment to excellence with superior training, sophisticated marketing, and state-of-the-art technology, resulting in both unsurpassed service to the customer and a true feeling of family within the company.”

Integrity, Honesty, Innovation, Customer Service. I think this says it all.

Currently I serve the areas of Lunenburg, Nottoway, Charlotte, Mecklenburg, Brunswick, Prince Edward and Dinwiddie – this will NOT change. My new office is located at 1810-A Main Street in Victoria, next to the Uptown Café. We will open on or before November 1.

With sales of over $61 billion, Long and Foster Real Estate, Inc. is America's #1 privately-owned real estate company. Long and Foster sells thousands more homes each year than its nearest competitor. And unlike most real estate offices, my office is not a franchise, but a branch of Long and Foster. They will bring to this area the financial strength, marketing power and 15,000 agents promoting my listings to the Country.

For more information on Long and Foster Realtors, go to: http://www.longandfoster.com/ and keep following my blog for upcoming real estate news that impacts YOU.

Before you Sell or Purchase.

A DREAM HOME ESTATE FOR YOU:

Just listed, this magnificent home on 80 acres in South Brunswick near Lake Gaston is a must see. Over 3,000 sq. ft. above grade and a finished basement, this house is set up for the family who likes to entertain guest. It is an open floor design built in 2004. Forty acres is open fields and 40 is wooded. Email me for a special showing or to get more information.

Thinking of Purchasing A Property?

Did you know that approximately 85% of people looking for land or a home use a Realtor? In spite of the fact that the majority of home buyers start their search on the internet, they still choose to work with a real estate professional once they are committed to a serious home search.

Realtors don't control housing information the way they did 20 years ago, before the MLS and computer based systems began sharing information freely across cyber space. What they do provide is an in-depth knowledge of homes and property values that only comes from daily interaction with other professionals, buyers and sellers. This constant commodity awareness is the same reason we chose to work with professionals in other parts of our lives. Why should buying a home be any different?

So start looking for your next property the same way 87% of buyers do, on the internet. But don't hesitate to get your most trusted real estate professional involved in the process early; they provide information not accessible online, along with the advice and guidance you will need to begin a serious search, and to fine the property, whether it be land or a home, that best suits you.

FHA Loans Update from Realtor.org

FEATURE PROPERTY:This 17.5 acre "piece of heaven" located on Reservoir Road near Victoria offers peace and quiet for the outdoors man or lady looking for a camping and recreation spot or the location for that country get-away or retirement home. Long creek frontage along Modest Creek and only 300 yards on a private lane to some great fishing at the undeveloped Modest Creek reservoir. Check out my United Country website for this and more.

FHA LENDING UPDATE:
With the lending industry still trying to find sure footing, FHA loans are filling the gap for those home buyers looking for alternatives to get their loan approved. More and more consumers are looking to these type loans to get their dream home. And not just the underprivileged have moved in this direction as an alternative to traditional financing.

The National Assoc. of Realtors (NAR) is working hard to keep FHA lending a priority with Congress, and also working to expand its scope of lending. Take a few minutes and check out the following video at: www.realtor.org/home/realtortv.

News from the Federal Reserve on Financing

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FEATURE PROPERTY:

Located just on the edge of the village of Kenbridge in Southern Virginia, this 3 B/R, 2 Bath ranch is a move-in ready, comfortable, spacious, and quiet neighborhood property that is ideal for the starter family or a retired couple looking to downsize. Close to town and a 1.3 mile walking trail. For more details, go to my United Country website by clicking on the tab on my blog front page. or email me at sms@embarqmail.com .


A CONSUMERS GUIDE TO MORTGAGE FINANCING:


Have interest rates fallen? Or do you expect them to go up? Has your credit score improved enough so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage?

The answers to these questions will influence your decision to refinance your mortgage. But before deciding, you need to understand all that refinancing involves. Your home may be your most valuable financial asset, so you want to be careful when choosing a lender or broker and specific mortgage terms. Remember that, along with the potential benefits to refinancing, there are also costs.

When you refinance, you pay off your existing mortgage and create a new one. You may even decide to combine both a primary mortgage and a second mortgage into a new loan. Refinancing may remind you of what you went through in obtaining your original mortgage, since you may encounter many of the same procedures--and the same types of costs--the second time around.

For more information log on to:

http://federalreserve.gov/pubs/refinancings/default.htm

Feature Property and Home Prices on the Rise.

This Weeks Feature Property:
This 34.64 acre parcel has trees, hills, a road that allows you to drive through the property all the way back to Hounds Creek. It in conveniently located between the towns of Kenbridge and Victoria. Nice rural setting with great views. See more pictures by going to my home page of my blog and click on the United Country tab.


Home Prices Rise Across U.S.
Home prices in major U.S. cities registered the first monthly gain in nearly three years, according to a new report that provides fresh evidence that the severe U.S. housing downturn could be easing.
Standard and Poor's Case-Shiller index, which tracts home prices in 20 metropolitan areas, rose 0.5% for the three month period ending in May, compared with the three months ending in April. It marked the index's first increase after 34 straight months of decline and came after a variety of housing indicators has shown glimmers of hope for the past several months.
Home prices remain down about 17% from a year earlier according to the index, but most Wall Street economist who discussed the survey focused on the April to May rise, saying it represents a significant change in direction.
The results were also consistent with other recent housing data, these economist said. May's uptick came in part as home prices in some areas fell enough for investors and first time buyers to begin competing for bargains, helping to ease the backlog of unsold homes.
Other likely sales spurs included mortgage rates that fell to 50-year lows, an $8,000 federal tax credit for first time home-buyers and the ability of buyers to secure mortgages from FHA with as little as 3.5% down.
I will continue to follow the market and keep you posted and again, thanks for reading my blog.

Renting creates investment opportunities.

THE NEW AMERICAN DREAM: RENTING

In a recent WSJ (August 15, 2009) article by Thomas J. Sugrue he states, " It's time to accept that home ownership is not a realistic goal for many people and to curtail the enormous government programs fueling this ambition". The extensive report reviews the history of the housing industry, its recent boom and bust and the fact that renting will become more fashionable not only as a last resort, but also for the astute investor looking for investments with more favorable returns as well as liquidity.

Many economist, like the Warton School's Joseph Gyourko, are beginning to make the case that public policies should encourage renting, or at least put it on a level playing field with home ownership. A June 2009 survey commissioned by the National Foundation for Credit Counseling, found a deep-seated pessimism about home ownership, suggesting that even if renting doesn't yet have cachet, it's the only choice left for those who have been burned by the housing market.

My purpose in bring this to my reader's attention is the investment opportunity for the individual looking to add rental property as a part of their investment portfolio. There are lots of opportunities out their for single and multi-family properties and in a variety of price ranges. My feature property this week is a bargain at under $40,000 with a tenant already in place.

I am aware of several investment opportunities so if you have some interest, email me or give me a call and I will be happy to discuss the benefits and pitfalls of being a landlord.

Feature Property For The Week:

This beautiful farm located in South Brunswick County near Lake Gaston offers the finest in country living. It is being offered in 3 parcels. The Estate House and 23 acres and 2 parcels 62 and 103 acres each. You can purchase the house, the land, or the whole farm. In addition, there are ponds and additional out buildings on the property. For more information, click onto my United Country website or send me an email and I will forward you the information. There is nothing else of this value and attributes being offered in the southside. It is a must see property.


Uptrend Continues in Pending Home Sales

Pending home sales are up for the fifth consecutive month. NAR’s forward-
looking Pending Home Sales Index for June indicates signed
contracts rose 3.6 percent to an index level of 94.6 from an upwardly
revised reading of 91.3 in May. The last time there were five consecutive
monthly gains was in July 2003. “Historically low mortgage interest
rates, affordable home prices, and large selection are encouraging
buyers who’ve been on the sidelines,” says Lawrence Yun, NAR chief
economist. “Activity has been consistently much stronger for lower
priced homes.” Yun says households thinking about buying should act
soon to take advantage of the $8,000 tax credit for first-time buyers,
because they must close on the sale by November 30, which is when the
credit expires.

FEATURE PROPERTY

This week's feature property is a new listing located about 3 miles out of Kenbridge on Rt. 40 going to Blackstone. A 3 bedroom 2 bath ranch in move-in condition. The family room has a nice fire place to enjoy on those cold winter days and a large deck for the outdoor grilling. Go to my U/C website to catch more details. The property is priced to sell.

REVERSE MORTGAGES

The TV ads have been loaded with commercials about Reverse Mortgages. I am sure you have seen them with Robert Wagner as their spokes person. If you or a family member or someone you know has expressed some interest in these, BE WARY!!

Myself and an associate Heather Braim Barbor,M.S.,MAI have done extensive research on this lending instrument and it has serious pitfalls. It sucks out the equity in a home and in most cases, leaves the estate with a worthless asset. In addition, it is very expensive to get in to. Don't be surprised if you see the Fed's force this product to be withdrawn from the market in the future.

Feel free to contact me if you would like more details or if you would like to view my research.

Investment Property Opportunity and F.H.A. Loans

Investment Opportunity:

With the volatility of the stock market, many investors are looking for places to put their money that is safe and secure. According to the WSJ, gold and land continue to be good sound investments that in the long run hold their value during market down turns. This weeks feature listing offers just that opportunity. These two tract located in Prince Edward County just across the Nottoway line have 22 year old planted pines. In addition, there's lots of trails throughout the property for recreational riding and abundant wildlife. The properties consist of both an 80 and 125 acre parcel and can be seen on my United Country website.


F.H.A. Loans:

Last week I had lunch with a VCU classmate who is an underwriter for a large national bank that is contracted with FHA to underwrite their loans. My friend James tells me that lots of people including Doctor's and other professionals qualifying for these loans. You don't have to be a first time home buyer either. There are qualifications and loan limits depending on the area (or county) you live in, but out here in the rural areas, most properties will qualify.

Most FHA loans are 3 1/2% down and no PMI. In addition, there is also VHDA loans for those that qualify which he refers to as "Bond loans" that act as a second mortgage and can be applied to the down payment.

For more information, send me an email sms@embarqmail.com or check with your local loan officer that deals in these type loans.

Feature Property and MORE news about Tax Credit

Feature Property:

This weeks feature home is nestled among open fields, an orchard and surrounded by mature hardwoods. Very private. This like new home has all its living space on one floor and is very handicap friendly ie. wide hallways and doorways. Hardwood floors through the house. Full walkout basement with bath. More details on my United Country website. Click on and check it out.

Apply the $8,000 tax credit to a downpayment

Just in case you hadn’t heard: If you’ve got a first-time buyer on your hands who’s drooling over the Obama Administration's $8,000 tax credit, there’s even more incentive. VHDA has announced a new bridge loan product that will allow homebuyers to apply it to their downpayment.

It's called the Homebuyer Tax Credit plus Loan Program, and it's not an entirely simple thing. It acts as a "built-in second mortgage that allows borrowers to receive up to five percent of the home's sales price, which can help cover down payment and closing costs," according to VHDA.

Buyers need to close on the loan by November 20, 2009, and — as you might expect — there are various demons lurking in the details. Get the full scoop the VHDA Web site: www.vhda.com.

Chinese Drywall delima and Feature of the Week

Feature Property:

This property is located 206 Peach St. in South Hill in the Hollydale Subdivision. Like new with hardwood floors, high ceilings and spacious both inside and out. Go to my United Country website and click on "residential" under categories. This is a must see property.






The Chinese are up to it again:


That's right, they have flooded the market with toxic drywall (sheet rock), during the height of the home building era (04 to 06) when US manufacturer's were in short supply. According to the WSJ, "The odors, respiratory complaints and corrosion blamed on drywall from China used in American homes may have been caused by the failure to remove sulfur and other contaminants from synthetic gypsum, according to Chinese experts in building materials".

Complaints have been registered in 19 states so far and the removal can be costly. If you built during that time or did some remodeling and you are noticing a "rotten egg odor" you may want to have it checked out.


For more information, you can go to the WSJ.com (Wall Street Journal) and search Chinese Drywall by James R. Hagerty or email me and I will scan the article and send it to you.


Thanks for reading my blog.

New Auction

My first big auction with Counts is scheduled for July 25.

47.73 acres near Chase City divided into 3 parcels. The properties already have septic and well installed. The shop/dwelling is really cool.

Go to http://www.finneywood.com/ for all the details.


I'm sure everyone has heard about the $8,000 tax credit that Uncle Sam will give you on a home purchase. Well, get this - Citizens Bank and Trust in Blackstone is offering 5 to 1 matching grant money up to $10,000 for first time home Buyers. There are a few hoops to jump through, but not a big deal. You can contact a loan officer at Citizens or drop me a note and I will get someone to get in touch with you. It is absolutely the best time I have seen in a long time to purchase a home. The deals are out there and there is some nice inventory available. Go to my United Country website and check it out.

Hope everyone has a great 4th, and if you meet someone in the military, don't be bashful - go up and thank them for serving our country. I have done it several times and it makes them feel good - you will feel good too!

Feature Listing - Western Lunenburg County

Feature Listing of the Week.

This is a great property located in the western end of Lunenburg County. Located on Crymes Road it offers spacious rooms downstairs and up. A "to die for" deck and additional outbuildings. Go to my United Country website and check out listing # 17480 or leave me a message on my blog and I will email you the info.

To all my friends, got this email from a friend and fellow realtor. Just want to pass it on. Sounds serious.

Hi All, I checked with Norton Anti-Virus, and they are gearing up for this virus!

I checked Snopes (URL above:), and it is for real!!

Get this E-mail message sent around to your contacts ASAP.
PLEASE FORWARD THIS WARNING AMONG FRIENDS, FAMILY AND CONTACTS!

You should be alert during the next few days. Do not open any message with an attachment entitled 'POSTCARD FROM HALLMARK,' regardless of who sent it to you. It is a virus which opens A POSTCARD IMAGE, which 'burns' the whole hard disc C of your computer ..

This virus will be received from someone who has your e-mail address in his/her contact list. This is the reason why you need to send this e-mail to

all your contacts It is better to receive this message 25 times than to receive the virus and open it.

If you receive a mail called' POSTCARD,' even though sent to you by a friend, do not open it! Shut down your computer immediately.

This is the worst virus announced by CNN. It has been classified by Microsoft as the most destructive virus ever. This virus was discovered by McAfee=2 0yesterday, and there is no repair yet for this kind of virus. This virus simply destroys the Zero Sector of the Hard Disc, where the vital information is kept.

COPY THIS E-MAIL, AND SEND IT TO YOUR FRIENDS. REMEMBER: IF YOU SEND IT TO THEM, YOU WILL BENEFIT ALL OF US

Safetow pictures

It's not often that myself or any Realtor gets a chance to list and sale a going business opportunity. Rich Windon has listed his Safe Tow auto towing operation. He is selling the real estate, rolling stock, equipment and contrac ts (ie GEICO and TRIPLE A). He will even stick around and train the new owner.The real estate has a new remodeled 1,000 sq. ft. apartment. I have spent extensive time working the numbers and I believe a bank will take a serious look at this loan application. Contact me if there is interest and I can email you a package.I am finding that credit is beginning to ease up. Lets face it guys, banks make money by making loans. I am closing a FHA loan in 2 weeks with 96.5% financing for 30 years. I said in the fall of 08 that it would be 2010 before we see some normalicy in the market. We are starting to hear from and see Buyers. Stay intouch for more real estate news, and send me your questions or comments.

WELCOME

My hope is that this blog will become a resource for rural South Central VA. Here, folks will have an opportunity to learn and to ask real estate related questions that may be important to them personally or that concern a family matter - similar to how the Richmond Times Real Estate section in the Sunday paper takes questions from its readers.

Over time, I also hope that it becomes a resource for potential buyers in other parts of the state and country – a place where they become more familiar with our region. While I’m certainly not the “know-it-all” to every real estate question (and I am not a real estate attorney), I am an experienced Real Estate Broker, Licensed Auctioneer and Residential Real Estate Appraiser, and I hope that I can provide you with information and leads, if not answers, to your questions. Beyond that, I encourage you to challenge my opinions.

In addition, here I will highlight current events, both locally and nationally, that may have an impact on our market. When in doubt I will draw on my resources from the VCU School of Real Estate, as well as consult a real estate attorney and/or an experienced appraiser with whom I am associated. (Please take a moment to click on my affiliated links on the right.)

Also check in with me frequently for current listings or auctions featured here – this blog will be a first source for opportunities that may stimulate your interest whether an investor or a first time buyer.

Finally, if it is an appraisal you need, I can do that too.

Please don’t hesitate to email me or give me a call - I look forward to working with you!

-Sid