Chesapeake Virginia

Chesapeake Virginia Associate broker with Shaffer Real Estate serving all of Hampton Roads Real estate sales and rental property management

08/21/2012

Q: What's the best way to raise a credit score when applying for a mortgage?

A: Your credit score is a composite snapshot of your credit history, and is not likely to raise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. Contact us today for our list of preferred local lenders, and learn which programs might be right for you!

08/21/2012

The housing market is in recovery mode as evidenced by plummeting inventory levels and rising median prices, Realtor.com noted in its National & Local Market Trends report.

The total number of single-family, condo, townhome and co-op listings hit 1.86 million in July, down 19.26% from a year earlier and well below the nation’s peak inventory of 3.10 million units in Sept. 2007.

The median age of the nation’s inventory is hovering around 88 days, down 9.27% from last year, while the median list price hit $194,900, up 2.63%, Realtor.com said.

Overall, list prices still remain well below their 2007 peak of $250,000.

08/18/2012

Economists Hop on Recovery Bandwagon!

Bank of America’s announcement recently that it has significantly improved its home price forecast for the current year made headlines; in fact, the bank joins a growing list of housing economists who have seen the light and hopped on the recovery bandwagon. Bank of America improved its price forecast for the year from a .5 percent increase over 2011 to a 2 percent increase, citing shrinking inventory and a shift toward short sales.

08/16/2012

Builder Confidence Continues to Improve in August

Builder confidence in the market for newly built, single-family homes improved for a fourth consecutive month in August with a two-point gain to 37 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released recently. This gain builds on a six-point increase in July and brings the index to its highest level since February of 2007. “From the builder’s perspective, current sales conditions, sales prospects for the next six months and traffic of prospective buyers are all better than they have been in more than five years,” says Barry Rutenberg, chairman of the National Association of Home Builders

08/14/2012

‘Normal’ Home Sales Soar Despite Obstacles

While sales of distressed properties – foreclosures and short sales – have shrunk since the first of the year, a surge in sales of “normal” non-distressed properties has pushed total home sales through June 4.5 percent higher than last year even though buyers face tight credit and low inventories.

With attention focused on extraordinarily tight inventories that have restricted sales during the past six months, marketshare of non-distressed homes are at their highest level since August 2008, a sign of strengthening demand from buyers realizing their time has come to act before prices increase further due to a slowly improving employment picture and greater consumer confidence.

08/14/2012

Mortgage closing costs fell 7% for homebuyers

money.cnn.com - Federal regulations are helping to significantly reduce the amount new homebuyers are paying come closing time. The average cost of closing on a mortgage has fallen by 7.4% over the past year,

08/07/2012

U.S. Mortgage Rates Increase for First Time in 7 Weeks



bloomberg.com - U.S. mortgage rates rose for the first time in seven weeks, increasing from the record lows that have helped stabilize the housing market.

THIS BEAUTIFUL ALMOST NEW HOME IN THE GREENBRIER AREA OF CHESAPEAKE FEATURES A SPACIOUS EAT-IN KITCHEN AND A BONUS ROOM ...
08/06/2012

THIS BEAUTIFUL ALMOST NEW HOME IN THE GREENBRIER AREA OF CHESAPEAKE FEATURES A SPACIOUS EAT-IN KITCHEN AND A BONUS ROOM ON THE FIRST FLOOR THAT COULD BE A 4TH BEDROOM.

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