Chesapeake, VA

The North Landing Bridge has reopened. The bridge connects Chesapeake and Virginia Beach. The bridge has been closed for more than two months for repairs. The repairs were delayed because cold weather interfered with the concrete work according to the Army Corp of Engineers web site.

The span is located where Mt Pleasant Road changes to North Landing Road. It was built in 1951 according to the Army Corp of Engineers.

The steel grid and the concrete surface was removed and replaced. They also repaired some underwater support pilings, and worked on concrete abutments. Traffic control gates were also replaced and lights and poles were painted. Lastly the bridge house was upgraded and a storage building was added to the site.

It is important for everyone to know that FHA Guidelines for new loans will change again around Feb 1st, 2010. This will effect new buyers and those trying to sell a home.

Changes are designed to help stabilize the market but the effect is to be determined.

The changes include:

1.Increase the up-front mortgage insurance premium (MIP) to 2.25%;
2.Update credit score and down payment requirements for new borrowers; (check with your loan officer)
3.Reduce seller concessions to three percent, from six percent; and
4.Implement a series of significant measures aimed at increasing lender enforcement.

Obviously these changes will:

For new buyers- you will need to Save and come up with more of your own money for closing cost and down payment requirements.

Thus Creating a stronger buyers market. There will be less buyers in Hampton Roads and every where else ready to buy(preapproval and money in hand) ready to qualify for the already thousands of homes on the market. But for those buyers that are ready this will put you in a great position to try to get a deal on price. (If the owner has equity and if the property meets FHA Appraisal guidelines) Because, you will have less competition.

Sellers will have even more competition and may be forced to do more short sales as comparable properties will start reducing prices to attract the qualified buyers, More owners will owe more than there home is now worth (appraisal wise), And in this area with military moving in and out this will be a big problem. I can see the Catch 22 starting to brew.

New Buyers- call your lenders to discuss the changes with your lender asap. You must understand how this will effect you before you can write an off

This info brought to you buy The Hampton Roads Real Estate Lady!

Visit my website,
Deandrea "Dee Dee" Jones
Associate Broker Wainwright Real Estate Virginia Beach, VA DJones Real Estate Team
www.DJonesSellsHomes.com blog: DJonesRealEstateBlog.info
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Do you know where yard sales are in Chesapeake? I know where most of them are because I go to www.YardSaleTreasureMap.com . The site takes information from Craigs list and posts them. You enter a starting address, how many miles you want to drive, the day of the week and click search. You are awarded with a Google (of course) map with each yard sale as well as driving directions. If you click on the red balloon it gives you the time, address and any specifics about what is being sold.

Map of homes that have been on the market in the past 6 months in Ravenna - Chesapeake - Virginia

Ravenna - Chesapeake - Market Report, Homes for sale information has good news for the neighborhood. Once again, priced right properties are selling. Most neighborhoods have a long list of stagnant listings, and although in Ravenna there are expired's now, we must take in to consideration that we just finished the holiday season and the selling season is just in it's way.  There are 3 houses under contract at the time of this blog being published.

The blue line only tells us how long the houses that sold where on the market.

- Of the active 5 are New Construction.

- Of the Pending homes 2 are New construction.

- Homes are selling close to asking price, ( 90%) but this doesn't take in to consideration prior price reductions. It olny takes in to account the asking price at the time of the offer.

A total of 8 houses sold from June 2009 to January 2010 with 3 more under contract at the time of this repoert, as shown by the Ravenna - Chesapeake - Market Report, Homes for sale information

There are a total of 9 active listings and the average days on the market is 140.  The median number for days on the market is 60.

To buy or sell Real Estate in Virginia Beach, or Hampton Roads visit my website. ttp://www.tererottink.com/ visit my Blog at HamptonRoadsrealEstateVoice

Call me at: 757-502-5324

Ravenna - Chesapeake - Market Report, Homes for sale information was first published on Hampton Roads Real Estate VoiceCopyright © 2009 By Tere Rottink, All Rights Reserved.*Ravenna - Chesapeake - Market Report, Homes for sale information