Kathryn Maguire (The Real Estate Group)

Cypress Point is one of my favorite neighborhoods in Virginia Beach. This is a place where you can find a wide variety of homes at many price points. The homes surround a golf course and the community ammenties include a club house with a massive swimming pool. Cypress Point is very conveniently located to the Naval Base at Little Creek, the Norfolk Naval Base or even the Naval Medical Center in Portsmouth, Virginia. Below you will find a ten and a half year trend report for detached homes in the neighborhood which illustrates the strength of the market in Cypress Point. Please note that this is a neighborhood that has bucked the trend of declining sales values per square foot! In addition, the current list prices are below the sales prices. Now is a great time to buy in Cypress Point!


**** Data courtesy of the REIN MLS deemed to be reliable but not guaranteed.

For additional information on homes in Cypress Point and other Virginia Beach Treasures, call Kathryn Maguire (Rose and Womble Realty) at 757-560-0881 or Kathryn@MyAgentKathryn.com.

Kathryn Maguire, MBA, GRI, ABR, ASP, SFR, e-PRO
REALTOR
(Cell) 757-560-0881
(Office) 757-436-3636
(Fax) 757-390-3775
mailto: kmaguire@roseandwomble.com
RedWhiteAndBlueRealEstate.com
Join Me On Twitter: KathrynMaguire
Call Me on Skype: MyAgentKathryn
http://www.linkedin.com/in/MyAgentKathryn

Licensed in Virginia

Buying a home can represent the largest investment that a person will make in their lifetime. As a result, it is critical that people who are considering the purchase of a home take all of the steps necessary to make that first house one that you will love to call home for years to come. Below are my top ten mistakes that you should avoid when shopping for and purchasing a home.

Mistake #1: Start Looking Before You Know What You Can Afford
I always ask buyers if they have talked to a lender before I take them out to look for homes. I am not being rude when I ask them this question. I just want to make sure that we are targetting those homes that the prospective buyer has a reasonable expectation to purchase. This helps in two ways: First, it makes sure that the buyers don't get their hopes set on a particular price range of home when there is no way they could afford it. There is definitely a difference between a $250,000 home and a $350,000 home! Second, it saves time by narrowing the search to only those homes that the buyer can afford.

Mistake #2: Forget to Plan for Unexpected Emergencies
Lending standards have tightened considerably over the past two years. However, once your lender has told you the amount for which you are qualified, this does not necessarily mean that you will feel comfortable with those monthly payments. Look at your current expenses and plan for emergencies and the upkeep of your new home. For example, is it likely that the house will need a new roof or other improvement in the next couple of years? You should have a much better idea of the kind of payments you can really afford. Be aware that increases in your insurance and/or property tax rates could happen in the future. Don't play so close to the edge that these increases spell disaster for your budget.

Mistake #3: Forget About Your Exit Strategy
If you are currently renting, you will most likely have a definite end date for your lease. Some landlords will allow you to take a month-to-month lease after your inital lease term has expired. Others will allow you to get out of your lease early. It is important to plan for contingencies if you can't close on your new home by the end of your lease. Paying rent to your old landlord while also paying a mortgage can create a large dent in your budget. However, remember that mortgage payments are made in arrears, while rent is payed in advance. This may allow you to have only one payment due if you have less than a month between the closing on your new home and the end of your current lease. Talk to your landlord so that you know your options.

Mistake #4: Forget About the Area Around the House
When you buy a house, you are also buying into the area surrounding the house. Make sure you are just as informed about the attributes for the neighborhood as you are the attributes of the house itself. For example, do people have loud parties? Park their cars in the yard? Is there a landfill or drainage area nearby that produces noxious odors in warm weather? Are there plans to widen the nearby roadways? Is the neighborhood afflicted by a high crime rate? You want to make sure that you are just as happy with the surrounding area as you are with the house.

Mistake #5: Forget to Plan for Changes in Your Household
If you are planning to add to your family in the next few years, you need to make sure that this home will support your larger household. Likewise, if you are soon to become empty nesters, you may want to consider the impact on your lifestyle that wil occur as a result with members moving out of the home. In order to not be negatively impacted by changes in the market, you should ideally plan to stay in a home for five or more years. Think proactively about the changes that could occur within that timeframe.

Mistake #6: Fail to Understand the Market In Your Price Range
If you have been renting for a while, you may not be aware of what you can expect from homes in your price range. Prepare to look at a variety of homes that may fit your needs. That way, you will more easily discern what is best for you. If you rush to make a decision, you may not be fully educated on the possibilties for your purchase. You don't have to go inside each home which is an option for you. Simply driving by homes in your price range can help to develop your objective assessment of what could be your dream home.

Mistake #7: Become Paralyzed By the "What Ifs"
Take all the time you need, but don’t forget to make a commitment when you’ve found your perfect home. The headlines are screaming about what is in store for home prices and interest rates. But a house is more than an investment. It is the place where you will bring a newborn baby home for the first time. It is the place where you will mark the height as your children grow. It is the place where you will build memories to last a lifetime. If you love the house, are qualified and have done your homework, as Nike says..."Just do it!"

Mistake #8: Buy a Property That is Difficult to Resell
Walk yourself through all the negatives of the property. Most first-time buyers will sell within five to seven years. Think hard about how you would sell the home prior to buying it. If you are not bothered by the high tension wires in the backyard, the next buyer might be. If the home significantly differs architechturally from the surrounding homes, it could be a distraction for future buyers.

Mistake #9: Choose the Wrong Mortgage
The thirty-year fixed rate is not the best answer for every home buyer. Have your lender show you on paper how much each program will cost you and how they compare with each other.

Mistake 10: Succumb to Pressure from Outside Sources
When people are buying a home, everyone likes to offer their opinion as to what is important. For first time home buyers, this is particularly true. When my husband and I bought our first home, we had family members who were incensed that we did not include them in the decision. Gaining from the experiences of others is a wonderful thing. However, in the end, it is your decision and your home. Only you can make the final decision as to what is right for you. Don't let family, friends or even your Realtor®, pressure you into a decision which is against your better judgement.

Buying a house can be stressful but it does not have to be. If you have a professional on your side, they can help you through the process and make sure you don't make these mistakes. If you are thinking about purchasing a home in the Hampton Roads area, I am here to help!

Kathryn Maguire, MBA, GRI, ABR, ASP, SFR, e-PRO
REALTOR
(Cell) 757-560-0881
(Office) 757-436-3636
(Fax) 757-390-3775
mailto: kmaguire@roseandwomble.com
RedWhiteAndBlueRealEstate.com
Join Me On Twitter: KathrynMaguire
Call Me on Skype: MyAgentKathryn
http://www.linkedin.com/in/MyAgentKathryn

Licensed in Virginia

One of the most beautiful trees that grows in the South is the Crepe Myrtle. As the summer months warm up, these trees unleash stunning festoons of vibrantly colored blossoms. Shades range from white, to lavender, to magenta to ruby red. These trees start off their lives as rather unassuming diminuitive things. However, if left to grow in their natural beauty, these trees become majestic monuments to the charm of the Southern landscape. In the late winter, after the blazing blooms of the crepe myrtles are a distant memory, there are many who use these dormant months to chop these gorgeous trees down to bare stumps as they remove the majority of the branches and leave an unimpressive trunk with a few stark branches. This is an offense that I call "crepe murder". When you chop a crepe myrtle, the branches will grow back. However, the shape of the tree is destroyed and you will produce a stunted shrub-like tree that lacks the grace of a naturally-shaped crepe myrtle. The photo below shows a row of trees that have been hacked at the knees. You can see the knobby growths produced by someone cutting the trees down to a diminuitive height.

How To Properly Trim a Crepe Myrtle
When the tree is dormant (in late winter/early spring), you can lightly prune a crepe myrtle in order to encourage a particular shape or to remove limbs that are in the way. In addition, when the tree starts to put out new growth, you may see shoots that appear at the base of the tree. These should also be removed. The key is to use a light touch and your tree will grow to be a true Southern beauty.

Kathryn Maguire, MBA, GRI, ABR, ASP, SFR, e-PRO
REALTOR
(Cell) 757-560-0881
(Office) 757-436-3636
(Fax) 757-390-3775
mailto: kmaguire@roseandwomble.com
RedWhiteAndBlueRealEstate.com
Join Me On Twitter: KathrynMaguire
Call Me on Skype: MyAgentKathryn
http://www.linkedin.com/in/MyAgentKathryn

Licensed in Virginia

Etheridge Manor in Chesapeake, Virginia has long been a neighborhood where people can buy into the desirable Hickory School district at a reasonable price. Etheridge Manor is part of a network of neighborhoods in the Etheridge area which has long been a Chesapeake favorite. It also has not undergone the dramatic decrease in prices experienced by many other neighborhoods in Chesapeake, Virginia. Below you will find a ten and a half year trend report for homes in Etheridge Manor. These reports illustrate the strength of the market for Etheridge Manor. One thing you will note is the difference between the price of homes sold and those currently on the market in Etheridge Manor. This divergence indicates that price adjustments may still be in store for some of the homes on the market in Etheridge Manor.




**** Data courtesy of the REIN MLS deemed to be reliable but not guaranteed.

For additional information on homes in Etheridge Manor and other Chesapeake Treasures, call Kathryn Maguire (Rose and Womble Realty) at 757-560-0881 or Kathryn@MyAgentKathryn.com.

Kathryn Maguire, MBA, GRI, ABR, ASP, SFR, e-PRO
REALTOR
(Cell) 757-560-0881
(Office) 757-436-3636
(Fax) 757-390-3775
mailto: kmaguire@roseandwomble.com
RedWhiteAndBlueRealEstate.com
Join Me On Twitter: KathrynMaguire
Call Me on Skype: MyAgentKathryn
http://www.linkedin.com/in/MyAgentKathryn

Licensed in Virginia

Larchmont in Norfolk, Virginia has long been a neighborhood with solid home values. Larchmont is conveniently located near the Norfolk Naval Station which has made it a favorite neighborhood of many military families. Although home prices have declined somewhat, it has not undergone the dramatic decrease in prices experienced by many other neighborhoods in Norfolk, Virginia. Below you will find a ten and a half year trend report for homes in Larchmont. These reports illustrate the strength of the market for Larchmont.




**** Data courtesy of the REIN MLS deemed to be reliable but not guaranteed.

For additional information on homes in Larchmont and other Norfolk Treasures, call Kathryn Maguire (Rose and Womble Realty) at 757-560-0881 or Kathryn@MyAgentKathryn.com.

Kathryn Maguire, MBA, GRI, ABR, ASP, SFR, e-PRO
REALTOR
(Cell) 757-560-0881
(Office) 757-436-3636
(Fax) 757-390-3775
mailto: kmaguire@roseandwomble.com
RedWhiteAndBlueRealEstate.com
Join Me On Twitter: KathrynMaguire
Call Me on Skype: MyAgentKathryn
http://www.linkedin.com/in/MyAgentKathryn

Licensed in Virginia