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The papers will be full of articles urging homebuyers to purchase a home this week before the Homebuyer Tax Credit expires. The articles will be correct. Getting a home into contract by this Friday, April 30 will enable you to collect on the tax credit. However, it is not just the tax credit that makes this the best time in a long time to pull the trigger on the home of your dreams. Prices have reached levels not seen since before the housing bubble. The following graph shows that, according to the S&P Case Shiller Pricing Index, home values have fallen to August 2003 prices. You can purchase a home today at the same PRICE it sold for seven years ago.

And it will actually COST you less! This blog has been making the distinction between the PRICE and the COST of housing for months now. Price is what you agree is the value of the home. Cost is what you pay every month in the form of a mortgage payment. The cost is a combination of the price and the mortgage interest rate you will pay over the life of the loan. Interest rates are at historic lows. Interest rates in August of 2003 were over a full percentage point higher than they are today. We can see in the table below that, even though you would pay the same price for a house today, your mortgage payments on a $200,000 loan would be $145.61 less each month. That is an annual savings of $1,747.32. Over the life of a thirty year mortgage you would save $52,419.60.

What does this mean to you?

If you can, get the home in contract by the end of the week for the sake of the tax credit. But if you miss that deadline, still move forward with the purchase before interest rates rise.

Also: Virginia Beach and Hampton Roads short sales continue to grow in numbers. As of today, Virginia Beach short sale inventory is almost 400 single family and condo/townhomes.

Searching for single family new construction real estate in Virginia Beach?

There are over 40 Builders eager to sell homes and offering great incentives including closing costs, financing, and upgrades. New construction homes range in price from the low $200s to over $3 million - so something for everyone.

Get your new construction contract written before April 30, 2010 to use the first time or move up home buyer tax credit.

View all of these Virginia Beach new construction neighborhoods (enhanced real estate listings with photos) Garnett's Watch, Ridgely Manor, Sajo Farms, Chesapeake Shores, Mira Bella, Chesapeake Beach, Ocean Park, North Shore, Thalia Village, Woods of Little Neck, Thalia Acres, Gatewood Park, London Bridge, Shadowlawn, Beach Borough, Northend Va Beach, Estates on the Lynnhaven, Sherwood Lakes and Executive, Blackwater, Prince George Estates, Heritage Park, Ashville Park, Victoria Park, Mayberry, Mathews Green, Pungo, Sandbridge, Grassland Farms, Highcourt, Lake Archway, Thompkins Estates, West Neck, Hillcrest Landing, Indian Pointe, Bernard Farms, Highland Parish, Eagles Nest, Courthouse Estates, Indian River Plantation, and Woodbridge Pointe.

As always consult your REALTOR(R) about any of these Virginia Beach new construction developments. It's Free ;-)

Read the Virginia Beach and Hampton Roads Homebuyer Guide

Sherwood Lakes New Construction Blog Post

Condo Foreclosure Sales for 2009

you should live here.......The Lagomar neighborhood in Virginia Beach continues to be a sought out area for real estate. I make the southeast section of Virginia Beach my home for many reasons.

Why:

1. Great school system with Kellam and Ocean Lakes High Schools, Princess Anne Middle (great school, I know my son attends), and Redmill elementary.

2. Near two of the finest beaches on the East Coast, the resort area (Croatan and North End), and Sandbridge. Fine real estate adjacent to all these neighborhoods.

3. Minutes to many golf courses including Hell's Pt, Heron Ridge, the Signature, and Virginia Beach National. All offer golf course homes except Virginia Beach National.

4. Minutes to shopping at Red Mill Commons. (Walmart, Starbucks, Panera, Outback, Chili's, Havana's, Inlet Fitness, and much more).

5. Moderately priced and upscale homes - some with deepwater access.

6. And 99 more Virginia Beach reasons here. Compare previous Lagomar real estate reports Current active real estate in Lagomar as of this post date:

List Price	Address	Entered	BR	FB	HB	SqFt	Year	WF
VIEW PICTURES
386,205	2517 MALAGA COURT	7/1/2009	4	2	1	3519	1983	N
389,000	1040 SOUTH CAMINO REAL S	8/17/2009	3	2	1	2603	1979	N
399,000	2401 TONO CT	10/6/2009	3	2	1	2008	1984	N
415,000	2404 VASO CT	5/29/2009	3	2	1	2442	1980	N
425,000	912 ESTRELLA CT	7/23/2009	4	2	1	3000	1986	N
509,900	2441 BRASILENO DR	7/28/2009	5	3	0	3596	1995	N
529,900	909 LA TIERRA CT	9/24/2009	4	2	1	3300	1995	N
579,000	2232 SANTA FE ARCH	10/16/2009	4	3	1	3321	2002	N
594,900	2329 VALLE RIO WAY	4/1/2009	4	4	1	3730	2004	N
634,000	829 COSTA GRANDE DR	8/4/2009	5	2	2	3534	1995	Y
649,900	2437 BRASILENO DRIVE	9/8/2009	5	4	2	4798	1995	N
665,000	2337 TIERRA MONTE ARCH	4/17/2009	6	4	1	4845	2004	Y
675,000	2480 LAS BRISAS DR	10/9/2009	4	3	3	3578	1995	N
680,000	2257 ZIA DRIVE	10/9/2009	5	4	1	4630	2004	N
698,900	2276 CHAMBERINO DRIVE	6/27/2009	5	4	0	3924	2006	Y
719,000	2421 SABINA WAY	4/3/2009	4	4	1	3976	2004	N
749,900	2232 VADITO WAY	10/23/2009	6	4	1	4397	2004	Y
749,950	2345 SANTA FE DRIVE	9/17/2009	5	3	1	4453	2002	Y
764,900	2329 SANTA FE DRIVE	7/21/2009	5	4	0	4802	2002	Y
787,500	2526 ENTRADA DR	1/26/2009	5	3	1	4025	2003	N

Also read:

Do The Best Virginia Beach, VA Schools Influence Real Estate Buying Decisions?

Other Virginia Beach Real Estate Neighborhood Profiles

Use the Finest Real Estate Search Engine for Virginia Beach, Chesapeake, Suffolk, Norfolk, and all of Hampton Roads

Mold in Your Virginia Beach, Chesapeake, Norfolk, Suffolk, or Hampton Roads Home?

Question for real estate owners: Would you Mr. and Mrs. Buyer purchase a home with asbestos that is "friable" or not properly wrapped on pipes?

I am not really sure that seller's in Virginia Beach, Norfolk, Chesapeake, Suffolk, and other Hampton Roads communities understand the potential danger and "fear" that buyers may have when considering homes that have asbestos especially those where it has deteriorated and become potentially "airborne".

"Friable Asbestos" can be defined as: When asbestos is crushed it disperses a dusting of microscopic fibers in the air that can remain for very long periods of time. These fibers can be unknowingly inhaled and permanently lodged in lung and other body tissues, yet symptoms might not appear for 20 years or more. Inhaling the fibers has been linked to cancer and asbestosis, a chronic lung disease similar in symptoms to emphysema. Unfortunately there is no known safe level of exposure, which is why asbestos remains a concern today.

Homeowners considering removing asbestos themselves may want to read the cautionary and directions provided by the EPA - most likely you will then be educated and hire a professional certified in this type of work.

As a new real estate homeowner or potential seller, it is not likely that you are acquainted with the inner materials of a home.

However, most Virginia Beach, Chesapeake, Norfolk, Suffolk, and Hampton Roads buyers seek an updated home inspection before closing on a new property.

It is important to reassure buyers that the home is safe and does not contain any potential health hazards. These inspections are critical to clearing hurdles down the road that may slow the sale of property.

One of the most common surprises new homeowners and sellers confront is asbestos in older structures.

Indeed, asbestos containing materials (ACMs) are now banned for use in the United States but many older buildings still contain these products, which are generally safe, but homeowners should be aware of where they are and when they become hazardous.

Asbestos was included in thousands of construction products and still exists in nearly 80% of homes built prior to 1978.

Common asbestos materials include attic insulation, ceiling tiles, and pipe lining.

Asbestos was particularly adept at insulation and prevention of temperature transfer and was used extensively until adverse health effects began to manifest in those who worked with the material frequently.

It is only when asbestos containing materials are compromised or very old that they become hazardous.

Asbestos products under these conditions are rendered “friable.” Home inspection companies should be able to identify these circumstances and advise you on a course of action. When asbestos material is friable, asbestos fibers can be released into the air, potentially endangering those in the area.

Inhaled asbestos fibers lodge in the body’s inner tissue and have been conclusively linked to the rare cancer, mesothelioma, commonly referred to as asbestos cancer, in addition to many other respiratory disorders.

There are few options for mesothelioma treatment or curative therapies for other conditions caused by sustained asbestos exposures. Homeowners need to be aware of potential hazards that may exist so they may be able to avoid potentially harmful effects of hazardous asbestos.

Again, most asbestos containing materials will not pose an immediate hazard and an informed buyer will not be turned off by their presence if they’re reassured of their safety by a professional opinion.

These simple precautions can be taken to assure that both sides know that they and their families will be happy and healthy in their new home.

Read also:

Virginia Beach, Chesapeake, Norfolk, Suffolk, and Hampton Roads Home Health Safety Check

Virginia Beach Foreclosure REO Feed Croatan Real Estate Market Report Virginia Beach, VA Bay Colony Real Estate Virginia Beach Actives and Solds