Written by admin on July 11th, 2009. Filed under REO Network, foreclosed, foreclosure, gloucester, hampton, home buyer, homes, james city, mortgage, mortgage crisis, new kent, newport news, norfolk, poquoson, reo, reo agent, reo broker, reo hampton, reo hampton roads, reo listing, reo marketing, reo network agent, reo newport news, reo service, taxes, virginia, williamsburg, york county, yorktown and tagged with downpayment, for sale, foreclosure, homes, market conditions, property, real estate, reo, taxes.
I posted the following on a real estate website in answer to the question: Is buying a home in Williamsburg in the 23185 zipcode a good idea?
Curious if the stats would bear this out, I went to the Williamsburg MLS and pulled some figures.
Here’s the stats for the past three months in the 23185 zipcode from the Williamsburg MLS. Homes are selling for an average of 94% of list price. I don’t think 20-30% is going to be a realistic starting point.
3-24-2009 to 6-24-2009
103 homes, townhomes and condos sold over the last three months in 23185.
Average list to sale price is 94%
Average list to sold (days on market) 144 days
Average price (sold): $334,901
Average cost per sqft (sold): $145.46
Same period in 2007
Average list to sale price is 97%
Average days on market: 82
Average cost per sqft: $159.33
Same period in 2005
Average list to sale price is 99%
Average days on market is 61
Average cost per sqft is $149.04
Some distressed properties, usually foreclosures, can be had for less but they will generally require fixing up and the bank will rarely agree to do any repairs. Foreclosures are all in the Multiple Listing Service as well. The biggest variance on list to sale price is found in the high end market. Right now we are the market in homes under 300K is doing really well.
I heard today that some in Congress are trying to get the mortgage guidelines relaxed a bit. I believe the banks have the money to loan but the Fed credit requirements right now are pretty restrictive. Whether thats right or wrong I’ll leave it to others to decide. The housing market is the engine of the American economy and it needs to get moving again for all of our sakes.
The ‘Days on Market’ at 144 is of concern but from what I’ve seen this year alone, I would say the tightening of the mortgage guidelines has a lot to do with it. Every week we see people who are otherwise well qualified be denied at the last minute by an underwriter who has once again been given new stricter federal guidelines.
EXIT Realty Deierling & Assoc.
Williamsburg, VA
|email| troy@ExitRealtyDA.com
|mobile| (757) 715-4793
|web| www.RealEstateWilliamsburg.com
|web| www.WilliamsburgBroker.com
|REO| www.ReoHamptonVA.com
“REO Done Right”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling
Virginia Home Buyers Get an $8000 Break
Written by admin on June 24th, 2009. Filed under foreclosure, home buyer, mortgage, reo, reo agent, reo broker, reo hampton roads, reo newport news, taxes, virginia, williamsburg and tagged with down payment, first time home buyer, foreclosure, reo, tax, virginia, williamsburg.If you are a new home buyer or have not owned a home in the past 3 years, we have good news.
The Federal Government is offering an $8000 tax rebate to first time home buyers. The 8K is received after closing and filing a form with the IRS.
Here’s where it gets good! The Virginia Housing Development Authority has ‘monetized’ the tax rebate and is giving the $8000 up front so that it can be used as a downpayment. It will be carried as a second mortgage until you get the money back from the IRS and you can then repay it or continue to carry it as a second mortgage.
Time limits on closing and other details are involved so you’ll want to speak with a mortgage person and your tax advisor.
Any questions on this program, give me a call.
Troy Deierling, Realtor
EXIT Realty Deierling & Assoc.
Williamsburg VA 23185
(757) 715-4793
troy@williamsburgemail.com
www.realestatewilliamsburg.com
Government incompetence in lending guidelines fuel foreclosure crisis
Written by admin on May 1st, 2009. Filed under REO Network, bpo blog, foreclosed, foreclosure, homes, mortgage, mortgage crisis, reo, reo agent, reo blog, reo broker, reo hampton, reo hampton roads, reo listing, reo marketing, reo network agent, reo newport news, reo service, williamsburg, york county and tagged with alt-a, default, foreclosure, foreclosure crisis, government mortgage, guidelines, option arm, reo, REO Network.========================================================================
No end in sight for housing foreclosure crisis
Link above goes to an interesting article on “The Hill”. The Alt-A and Option ARM mortgage defaults are starting to happen
Troy Deierling, REO Network Agent
now. Predictions are that this will be bigger than the sub-prime fiasco we are just now emerging from.
One thing that is apparent, this new wave of REO property will be on higher end homes. It’s not fair but maybe this will get the government to finally do something substantive about the mortgage problem. I can tell you from experience that the bailout money going to the banks is not flowing out again in any meaningful way for buyers.
The Feds have done the usual over reaction as well and tightened down lending guidelines so hard that it is VERY difficult to get buyers qualified. Ask any mortgage officer or Realtor. Deals are falling apart all the time due to overzealous underwriting guidelines.
So, to sum up…. We have banks being given money by the government, the government issuing lender guidelines that make it difficult to lend the money and a housing market that continues to sink with growing foreclosures.
If buyers can’t get mortgages, this mortgage meltdown will not be over anytime soon.
Regards,
Troy Deierling, RDCPro, ABRM, Realtor
REO – BPO Division
EXIT Realty Deierling & Assoc.
Williamsburg, VA
|email| troy@ExitRealtyDA.com
|mobile| (757) 715-4793
|web| www.REOHamptonVA.com
|web| www.RealEstateWilliamsburg.com
|web| www.WilliamsburgBroker.com
“When did entering a REO listing in the MLS become ‘marketing’?”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling
Second Mortgage Disaster on Horizon?
Written by admin on April 17th, 2009. Filed under Uncategorized, bpo, bpo agent, foreclosed, foreclosure, mortgage, mortgage crisis, reo agent, reo broker, reo hampton, reo hampton roads and tagged with Asset Manager, bpo, foreclosure, hampton, mortgage crisis, newport news, poquoson, property, reo, va, virginia, williamsburg, yorktown.==========================================================================
CBS 60 minutes show ran a rather frightening segment on another looming mortgage disaster on the horizon. This new wave of foreclosures supposedly will be coming from mortgage companies and banks abusing a Alt-A mortgage program and a program called an ‘option arm’. I don’t recall hearing about either of these programs so perhaps they weren’t available or popular in our area. I’m skeptical of this report but thought it was worth taking a look at.
Here’s the video.
Troy Deierling, Realtor
REO – BPO Division
EXIT Realty Deierling & Assoc.
Williamsburg, VA
|email| troy@ExitRealtyDA.com
|mobile| (757) 715-4793
|web| www.REOHamptonVA.com
|web| www.RealEstateWilliamsburg.com
|web| www.WilliamsburgBroker.com
“When did entering a REO listing in the MLS become ‘marketing’?”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling
