Jeff Nelson- Hampton Roads Real Estate

Out of the hundreds of neighborhoods in Hampton Roads, most of its 1.7 million residents have heard of Ghent, which is one of the more popular historical districts of Norfolk, located near downtown. Much of this large area was built in the early 1900's and is commonly known as Ghent, West Ghent, or East Ghent. The architecture of most of the residences and businesses is amazing and has been, for the most part, left intact. There's nothing like it in any of the surrounding cities. For those who love historical landmarks, you'll love to just wander down the streets of Westover or Hampton Blvd. and take in the beauty of the grand homes that stand before you. You can easily find yourself walking down a wide tree-lined street with historic mansions to your left and right. Many of the older buildings have been renovated into apartments, co-ops, or even condos and still retain their charm. You might see new carpet, a paint job, and a stainless-steel refrigerator but the feeling of history is all around you.

Decades ago many of the residents of Ghent were musicians, artist, and students. Today, we're seeing a wide diversity of homeowners, including young professionals, the affluent, and people who just want to be near a happening city. Are you looking to make a move? You'll find just about every category of property in Ghent including, 7,000 square foot mansions, small apartments, 3-story condos, New York- style lofts, high rise gated communities, and moderate single family homes. Prices range from the mid $150k's to over a million.

Don't let the city life scare you; there are also plenty of families with children that love the convenience that the downtown provides. Nearby schools include Blair Middle School, Maury High School, Bina High School for Girls, Ghent Elementary School, and Children's Hospital School. If you need something a little "older", Old Dominion University and Hampton University are right around the corner.

The historical nature of the homes is the first thing that comes to mind when I think about this section of Norfolk. The second has to be the business and cultural aspects. Colley Avenue, which is synonymous with Ghent, has no shortage of patrons visiting its many quaint shops and restaurants. My favorite restaurant in all of Hampton Roads sits on this street, Magnolia Steak. You can also enjoy a cup of Starbuck's Coffee on the way to work, grab an ice cream cone from the famous Doumar's or drop by D'Art Center to further add to your art collection. One of the many staples of Colley Ave. is the Naro Theater. You won't find first run flicks here but you can catch some great foreign and independent films. The biggest draw for purchasers by far, however, has to be Ghent's close proximity to Downtown Norfolk and Freemason. The downtown area has totally transformed itself over the last 15 years. There are dozens of restaurants, bars, and plenty of family activities to keep you busy on a Saturday evening. Other popular attractions included the Harrison Opera House, Nauticus, Macarthur Mall, and Waterside. You are literally 2 miles from everything you need. My wife and I love Ghent and with the opportunities that there are in real estate now, we are looking for our second home. We love this place!

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.

Jeff Nelson
757-749-1616
The Real Estate Group

Have you heard? I have verified with 2 different loan officers that I work with that rates went as low as 5.375 two days ago and are expecting to hold steady in the mid 5's. The recovery of the housing market is the key to economic growth and it appears that the Feds are making the move. Check out the article below from NAR's Chief Economist.

Jeff Nelson
Homes and Food, Inc.
Tons of information about where we live and what we eat in Hampton Roads, Va.
Also, find out real estate information for Chesapeake, Norfolk, Portsmouth, Suffolk, Hampton, and Newport News.

NAR Says Fed's Buying of Fannie, Freddie Debt Will Drive Down Interest Rates and Help to Stabilize Housing

WASHINGTON, November 25, 2008

Great news for home buyers, home sellers and the U.S. economy is how the National Association of Realtors^® greeted this morning's announcement by the Federal Reserve that it will purchase housing-related debts of Fannie Mae and Freddie Mac, thus freeing up mortgage money on Main Street.

"This is one of the key actions we've been advocating ever since the Treasury altered its course on how it would use the $700 billion recovery package passed in September. This is great news for home buyers and sellers and we applaud the Fed for taking this historic step," said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. "Housing recovery is the key to economic recovery in this country and it always has been."

In a four-point plan submitted to Congress last month, NAR called for the Treasury Department to purchase mortgage-backed securities (MBS) from banks to provide price stabilization for housing. Today the Fed said it would purchase mortgage-backed securities from Fannie Mae, Freddie Mac, and Ginnie Mae for up to $500 billion. "This will be critical to a housing recovery," McMillan said.

Lawrence Yun, NAR chief economist, said purchasing debt obligations of Fannie and Freddie is an important move. "We commend the Fed decision because it will directly bring down long-term interest rates," he said. "The level of investment should be aggressive enough to bring interest rates down in a meaningful manner. As we've seen in past recessions, home sales rise when mortgage interest rates fall."

Yun said that given the present state of the mortgage market, interest rates on 30-year fixed-rate mortgages are too high. "If Fed action brings down mortgage interest rates by even 1 percentage point, it would increase homes sales by 500,000 units. That should help to draw inventory down and stabilize prices."

Yun said higher home sales are critical now to absorb inventory and stabilize prices. "Only with stabilization in home prices can we have a healthy housing and economic recovery," he said.

In its announcement, the Fed said it will purchase up to $100 billion of GSE debt from primary dealers through a series of competitive auctions to begin next week. Purchases of up to $500 billion in MBS will be conducted by selected asset managers before year-end. Both the direct obligations and MBS purchases are expected to take place over several quarters.

Over the last few months, I've had a surge of new clients contact me about purchasing a home who were currently renting. Most of them were disgusted about the amount of money they were having to pay. Our area, Hampton Roads, Va., currently has approximately 1.7 million people scattered amongst 7 cities. That's a lot of people who have to live somewhere.

So what are some of the reasons why people choose to rent vs. buying a home? Are they fresh out of school and just getting started in their careers? Do they have mediocre credit and waiting for some of the blimishes to be removed? Are they new to Hampton Roads and want to get more familiar with the neighborhoods and schools before purchasing? We do have have a large military population in our metropolitan area due to the many bases here, one of which is the largest naval base in the world. These are all good and valid reasons to rent, however, renting should just be a stepping stone if you plan on staying in your area for any length of time.

I know. I know. There is no big secret about what's going on with the economy and the mortgage industry these days. The media has done a great job about scaring the general public half to death. Let's see.......Rates are still really good. Inventory is through the roof. Sellers are reducing their prices and still motivated. Buyers can qualify for homes now that they couldn't think of touching just a year ago. What could possibly be the reason why buyers aren't pouncing on this situation? There are three possible reasons I can think of....1) Bad credit - that's not the majority. Most people do meet the criteria needed to get a mortgage. 2) Fear of losing their job - well, this is a good one especially when we hear the news about unemployment going up( again, thank you media). We watch the news and hear about companies laying off thousands of people and I really feel for them but most of those people aren't going to wither up and die. After being ticked off, they'll go out and get another job, start a business, or do something. Also, if the fear of losing your job is keeping you from purchasing, don't you have to live somewhere whether you rent or own? 3) Waiting for prices to come down more - Personally, I think this is the main reason. If you said this 2 years ago, I couldn't argue with you but now I can.

I am a very busy realtor and I'm out there every day showing houses and writing contracts. Over the last couple of years, sellers have continued to reduce their homes in order to compete with the many foreclosures that we have on the market but I feel that we are coming to the end. I'm starting to hear more and more from sellers that they just can't go any farther. I think in general that the deep discounts are over. You should still be able to get your closing costs paid in most cases and maybe a little off the sales price but that's about it. Think about it. Most of the homes on the market today were purchased by the seller within the last 5 years, during the crazy seller's market. Since home prices have reduced, what equity they may have had is pretty much gone and most sellers don't want to go into their savings account just to sell their home. If you want to buy a home, the time is now. If you are able to buy a home, you are in the best position for building equity in the future. Put me to work so I can stop ranting like this.

Jeff Nelson
The Real Estate Group
757-749-1616
Homes and Food, Inc.
Hampton Roads Real Estate

Bayview Beach is one of my favorite neighborhoods in Norfolk for someone who wants to consider buying a detached home around $200k or even below. It's a very quaint area that could be a short walk or bike ride to the bay. Most of the homes are older but have been kept up nicely for the most part. As of today(11/10), there are 34 homes for sale here ranging from $160k - $574k. If this interest you, click the link below to view the full listings and definitely contact me if you would like to see any of these properties or any others in person.


Bayview Beach Listings


Jeff Nelson
The Real Estate Group
jeff@homesandfood.com
Homes and Food
757-749-1616

Five Critical Credit Criteria

1. Payment History

2. Credit Ratio

How much you owe is 30% of the score. You might think that if you owe less you will have a better score. Unfortunately that is not always true. This portion of your score is determined by a delicate 3-way dance between your types of credit (mortgage, car loans and credit cards), how much you owe, and how much you have available to you. Having too many credit cards can be a negative and so can having only one. Having a credit card with a large limit can be a good thing, as long as you are not near that limit. The same rule applies with a second mortgage or a home equity line of credit. When you have lots of credit available you want to make sure you "use" that credit but do not maintain a high balance. The closer your balance is to the maximum credit available to you, the lower your score will go.

3. Credit Type

The type of accounts you have makes up 10 % of the score. How much you owe (See #2) combined with what types of credit you have available make up the "art" side of the calculation.

4. Credit Maturity

5. New Credit

Pattie Edgerton
SunTrust Mortgage
4421 Va Beach Blvd
Suite106
Virginia Beach VA 23462
757.456.2124
pattie.edgerton@suntrust.com


Get with Pattie to secure your mortgage then call or email me so we can go shopping. I will help you save money.....

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