Jeff Nelson- Hampton Roads Real Estate

Unsure about what to do when purchasing a home? Even seasoned home buyers are uncomfortable with the whole process. Here's a guide to help you out:

How much can you afford? Many people are actually qualified for more than they want to pay for a mortgage. Just make sure to not over leverage yourself. Be realistic and stick to your plan. In the Hampton Roads real estate market home prices have fallen about 25% and buyers have the ability to purchase a home today that they couldn't come close to afford 2 years ago.

Contact a lender. Most sellers want to see a pre-approval letter at the time you submit an offer, so it's a good idea to get this started. In my opinion, you should go with a strong, local bank and try to avoid mortgage brokers. Lending guidelines have affected the larger national banks for the most part, however, some smaller local banks do not have to follow these stricter rules. If you don't have a clue who to talk to, try asking your real estate agent for options.

Obtain a realtor. Okay, I know there's a lot of them but start doing some research and find one that you get along with the best. Talk to several agents and choose one who best matches your personality. Obviously I am an agent but I absolutely know that not everyone who is looking at homes for sale in Virginia Beach, for instance, will get along with me. As a buyer, you are the important factor and you should be catered to.

Search for a house. Nowadays this is easy. Most people look for their new home via the internet and Google but you can also find homes through the classifieds, real estate magazines, driving through neighborhoods, and by asking your realtor to send you a list. Have fun and explore!

Visit the properties you're interested in. Once you've done some searching, give your agent the MLS #'s of the homes you like the most and go see them. Your agent will line up all the appointments and you never have to speak with the seller.

Write an offer. This is probably the one area where buyers feel the most uncomfortable. Your agent will be able to walk you through every clause and contingency. Talk your time and ask lots of questions.

Negotiate. More than likely the seller will not accept the initial offer unless they are really motivated and have the ability to accept it. There's no hurt feelings here and it's all business. You and your agent should try to get everything you can as a buyer. Use your agents expertise here. This is one of the things we do best.

Acceptance. Once the buyer and the seller have come to an agreement on the contract, you are ratified. At this point you will start removing any contingencies that you have like full loan approval and home inspections.

Close on your new home. When all of the terms of the contract have been completed, it's time to go to closing. Prepare to spend up to an hour for this and make sure to bring your drivers license. They will want to know that you are who you say you are. At this point, the title searches have been done, your loan company has given the closing company all the pertinent information for your loan, and all terms have been met. Congratulations, you're a homeowner!

Feel free to contact me if you're in the market to purchase. I specialize in the Hampton Roads real estate market, including homes for sale in Chesapeake, Va. and homes for sale in Norfolk, Va.

Jeff Nelson
The Real Estate Group
757-749-1616
www.homesandfood.com

Princess Anne Plaza is a large neighborhood in Virginia Beach located between Holland Road and Virginia Beach Blvd. With quick access to Interstate 264, this area is easily accessible to both the oceanfront and the city of Norfolk. Shopping is plentiful and you are literally just a mile or 2 a way from everything you need. Retail outlets in close proximity include Harris Teeter, Super Kmart, Sam's club, Home Depot, Lowe's, and many strip malls with locally owned businesses. Travel just a couple more miles and you'll be in what locals call downtown Virginia Beach, which includes the brand new Va. Beach Town Center and Pembroke Mall.

Although most of the homes in Princess Anne Plaza are older (from 1960 -1977), many have been well-maintained and updated. As you walk down many of the wide tree-lined streets you'll see manicured lawns, kids riding their bikes and maybe an occasional yard sale. There's a good mix of residents containing retirees, families with kids, and singles. This neighborhood is huge containing mostly detached single family homes with lots of opportunities for families who are interested in owning a home in a good neighborhood with decent sized lots, especially compared to most of Va. Beach. Currently there are 54 homes for sale in Princess Anne Plaza and prices are very affordable ranging from $119k to $285K.

Schools for Princess Anne Plaza are Lynnhaven Elementary, Plaza Middle School, and Green Run High School.

Wythe is one the oldest, most historic neighborhoods of Hampton, Va., named after George Wythe, one of the original signers of the United States Declaration of Independence. The hundreds of homes that reside in this landmark boast of pride and beauty. Pride really does say it all when driving through the area or stopping to speak with one of the residents. Members of the neighborhood's home owners association take their roles serious in maintaining the integrity of this section of Hampton. My travels through Wythe led me to some of the friendliest people in the city. There was always someone either giving a welcoming wave or eager to offer their assistance when I had a particular question. It is not unusual to find people jogging, riding their bikes, or even having an occassional block party. The streets are inviting with large trees lining most of them. Another part of the neighborhood comes with stunning water views that make you wish you lived in one of the large homes that sit along it's banks.

Construction in Wythe began in the late 1800's but most of the homes have well-maintained and even updated. From long time residents to newcomers, this area has something for everyone, in all price ranges. Currently there are 55 homes for sale in Wythe ranging from $104,900 at 1348 square feet to $899,900 at 3834 square feet on deep water. Of course, the architecture and the uniqueness of the properties are worth far more. Homes just aren't made like this anymore.

Schools for Wythe include Hampton High School and Armstrong Elementary.

Rates close out at 5.35% making it the lowest drop since the beginning of the year. I was watching Fox News yesterday and they said that the Treasury Department was considering dropping rates even further to 4.5% in order to ignite the housing industry. Things are looking up. Buyers really do have everything on their side now. With the combination of the decreasing rates and home prices at drastically reduced prices, home buyers can now qualify for homes that they couldn't even come close to a few years ago. My site is the most comprehensive and informative real estate site in Hampton Roads (I know, I'm biased) so check it out if you're in the market to purchase and let me know how I can assist you.

www.HomesAndFood.com is dedicated to exploring where we live and what we eat with an emphasis on Hampton Roads. Here you will find an abundance of articles and tips pertaining to recipes, interior design, home improvement, cooking supplies, and even real estate. Hampton Roads is comprised of 7 major cities in Virginia: Virginia Beach, Chesapeake, Norfolk, Suffolk, Portsmouth, Hampton, and Newport News.

Remodeling Projects With the Highest Returns
For the second year in a row, REALTORS® report that exterior remodeling projects return the most money as a percentage of cost, as detailed in the 2008 Remodeling Cost vs. Value Report.

On a national level, wood deck additions and all types of siding replacements-upscale fiber cement, midrange vinyl, and upscale foam-backed vinyl-returned more than 80 percent of project costs upon resale. Of these, the most profitable project was upscale fiber cement siding, which recouped 86.7 percent of costs, followed by wood decks at 81.8 percent, midrange vinyl siding at 80.7 percent, and upscale foam-backed vinyl siding at 80.4 percent.

The 2008 Remodeling Cost vs. Value Report compares construction costs with resale values for 30 midrange and upscale remodeling projects comprising additions, remodels and replacements in 79 markets across the country, expanding from 60 markets last year.

Projects With Highest, Lowest Returns

In addition to wood decks and siding, window replacements and kitchen remodels also returned a relatively high percentage of remodeling costs on a national basis.

All types of window replacements-upscale and midrange wood and upscale and midscale vinyl-returned more than 76 percent of costs. A major midrange kitchen remodel returned 76 percent of project costs, while a minor midrange kitchen remodel returned 79.5 percent of costs.

On a national level, bathroom remodels, while still a relatively good investment, do not return as high a percentage as in previous years. A midrange bathroom remodel was estimated to return 74.4 percent on resale, comparable to a midrange attic-to-bedroom conversion, at 73.6 percent of costs recouped, and a midrange basement remodel, at 72.7 percent of costs recouped.

As in last year's report, the least profitable remodeling projects in terms of resale value were home office remodels, sunroom additions, and back-up power generators, returning only 54.4 percent, 56.6 percent, and 57.1 percent, respectively, of project costs.

National Association of Realtors® President Charles McMillan says the resale value of any given remodeling project depends on a variety of factors.

"A home's overall condition, availability and condition of surrounding properties, location, and regional economic climate are all factors that will influence the value of any remodeling project," he says.