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Did you know? RE/MAX 2.0

by Jorge Gonzalez, ABR, CRS, GRI

6 Reasons Why It’s Still a Good Time to Buy

by NAR

The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.

2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.

Virginia Beach #1 Place To Buy A Home Right Now

by Jorge Gonzalez, ABR, CRS, GRI

Good Morning America cited data from Zillow this morning which heralded Virginia Beach as the number one place, and Richmond as the number seven place, to buy a home right now.

When buying a home, according to Zillow, buyers should “look for communities with a strong job market and stable housing values. Some common threads: cities with military bases, state capitals and college towns all fare well because they are more ‘recession proof.’”

Here’s what Zillow is seeing…

In Virginia Beach:

- Median home value: $223,800, down 1 percent from a year ago.
- Property values are up 7 percent compared to five years ago.
- Houses cost an average of $139 per square foot.
- Buyers are paying 2 percent less than the listing price.

In Richmond:

- Median Home Value: $ 207,000, down 7 percent from a year ago.
- Property values are up 5 percent compared to five years ago.
- Houses cost an average of $119 per square foot.
- Buyers are paying 3 percent less than listing price

Displaying blog entries 1-3 of 3

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Jorge Gonzalez primarily provides Real Estate and Property Management services for rental properties for the following areas of Hampton Roads:

Virginia Beach Real Estate For Sale and Virginia Beach Property Manager (Largest City In Hampton Roads)
Chesapeake Real Estate For Sale and Chesapeake Property Manager
Norfolk Real Estate For Sale
Suffolk Real Estate For Sale