Ashley Basford

Please read below for information on the Williamsburg, VA real estate market. Below I have listed home sale statistics from the period from April - June 2008. These statistics are according to waarealtor.com.

*City of Williamsburg, Single Family Homes

• 16 sold
• Average Sale price: $373,712
• Median Sale Price: $332,500
• Average Days on Market: 118 days
• Number of Active Listings: 68 (average price = $557,649)

*City of Williamsburg, Attached Homes

• 14 sold
• Average Sale Price: $244,907
• Median Sale Price: $200,000
• Average Days on Market: 99
• Number of Active Listings: 60 (average price = $362,313)

*James City County, Single Family Homes

• 204 sold
• Average Sales Price: $427,660
• Median Sales Price: $361,450
• Average Days on Market: 143
• Number of Active Listings: 864 (average price = $539,274)

*James City County, Attached Homes

• 83 sold
• Average Sales Price: $288,648
• Median Sales Price: $283,400
• Average Days on Market: 115
• Number of Active Listings: 284 (average price = $315,676)

Thinking about selling? Curious about the market in your neighborhood? Please feel free to call me at 757-869-6134 for more detailed statistics on your area.

Buying a home is a fun and exciting process! There are many steps in the home buying process in the Williamsburg, VA area. Below, I have created a simple step-by-step guide to make buying your new home as stress free as possible.

Choosing and Meeting with your Realtor

1) Choose a Realtor to work with as you search for your new home. Why work with a Realtor?

• Work with a Realtor who has area knowledge and can introduce you to neighborhoods you may not be familiar with. Their area knowledge will help you determine the best price to offer for the home.

• Work with a Realtor because they have expertise. Many people only buy a few homes in their life. Realtors do it all the time! They can guide you through the disclosures, contract etc. needed so that you don't have to stress.

• Work with a Realtor because they are objective. Home buying is an emotional process...it's good to have a concerned ( but objective) third party involved when as you decide on a home.
  

2) Determine Your Needs and Desires with your Realtor

3) Determine Your Purchasing Power and get Pre-approved.

• Your Realtor should be able to lead you to a few lenders who can help you determine how much of a loan you qualify for and how much you should spend to stay in your comfort level for monthly payments.

Buying Your Home

1) Preview Homes with your Realtor.

• Your Realtor will take you out to see homes that may interest you. Also, your Realtor is able to keep you updated via email and automatic searches as new homes come on the market.

2) Make a Purchase Offer

• Your Realtor will help you determine how much to offer for purchase of your new home based on how much money similar homes have been selling for.
  
• There are many contingencies you may want to include in your offer such as financing, home inspection, home sale contingency etc. Your Realtor should guide you through this process.
• Negotiate on your purchase offer until you reach an agreement that both you and the sellers agree on.

3) Home Inspection

• After your contract is accepted it is important to get a home inspection to ensure that there are no major problems with the house. If allowed for in your contract, after the home inspection, you can ask the seller to fix any problems found so that you move into a "trouble free" home.

4) Select your Settlement Attorney

• Your attorney can hire someone to do a Title Search for you. Your attorney will protect you in the closing.

5) Obtain your Hazard Insurance

• It is important to have hazard insurance on your home. Ask your Realtor for recommendations on who can provide home owner's insurance to you.

6) Contact Utility companies and get all utilities switched to your name.

Closing on Your New House and making it YOURS!!!

1) Prior to closing, be sure to do a pre-settlement inspection with your Realtor. This is an opportunity to make sure home inspection repairs have been completed and the house is still in good shape.

2) Settlement!

• This is when you sign the paperwork for your house! After all paperwork is signed, the deed is recorded at the courthouse, then the house is YOURS!!

3) Move in Day!

• Move in!!!! It is now officially your house!!
  

The Housing and Economic Recovery Act of 2008 was recently passed - causing many changes in the housing market as we know it. One change is that first time buyers are now eligible for a tax credit of up to $7,500 when they buy their first home.

I have detailed below some information on the first time buyer credit and how it can benefit first time home buyer's in the Williamsburg, VA market. Please note that this is ONLY available to First Time Homebuyers. A first time buyer is considered someone who has not owned a primary residence in the last 3 years.

1) How much is the credit for? 10% of the home price - not to exceed a total of $7,500.

2) What properties are eligible for this credit? Any single family residence (or condo) that the buyer plans to use as a primary residence.

3) Is there an income limit for this credit? YES! The full credit is available to individuals with an adjusted gross income of less than $75,000. (This is $150,000 for those filing jointly).

4) Does this tax credit have to be repaid? YES! 6.67% is to be repaid each year for 15 years. If the home is sold before 15 years has passed, the balance is due when the home is resold.

This is some basic information on the new $7,500 tax credit. For more information about this credit and how it would affect you as a first time home buyer in Williamsburg, VA please don't hesitate to contact me.

In today’s real estate market, many potential first time buyers are trying to decide if now is the time to buy. In many cases, now may be the perfect time for you to buy. In other cases, it may be better to continue renting. I have outlined below some of the advantages of Buying vs. Renting. Should you have any questions, please don’t hesitate to contact me.

Advantages of Buying

1) Tax Breaks: Assuming that you are in the 28% tax bracket, you can comfortably spend about 1/3 more than the amount you are comfortable paying for rent now.

2) Price Gains / Increase Your Equity: a. Between 2005 – 2008 the Williamsburg/VA Beach Market saw annual appreciation of 14.36% for single family homes b. Between 1978 – 2008 the Williamsburg/ VA Beach Market saw annual appreciation of 5.55% for single family homes

3) Equity / Savings

a. Rent is money that you will never see again! Building Equity is a ready made savings plan.

4) Freedom

a. This is your house. Barring any HOA rules, you can decorate the way you want to!

5) Stability

a. You can stay in the same house giving you the chance to form lasting friendships, get to know your neighbors, and participate in community activities.

6) Predictability

a. With a fixed rate loan, your principal and interest NEVER go up. However, when you are renting your rent can go up every year.

Advantages of Renting

1) Easy to move.

2) Little to no maintenance required.

The decision to buy or rent is a complicated one. If you are considering a move, please don’t hesitate to contact me. I would be happy to send you a copy of my “Home Buyer’s Guide”. In addition, I can email you a list of homes for sale in your price range.