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- 72% of homeowners write a mortgage payment each month
- Just over ¼ of them pay a 1st and 2nd payment each month
- 43% make do with less than 2,000 square feet
- 53% have three bedrooms
- 43% of home owners have between 18-27 years left to pay on their home
- 20% of home owners live in towns with a population between 2500 and 20,000 people
- 68% use forced air hot air to heat their homes
- Typical American home is only 35 years young or younger
- 27% of home owners give their neighborhood a perfect 10 for satisfaction
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- My grandpa, perhaps the best man I have ever known – taught me that real strength in a man is often camouflaged in gentleness. He also taught me that the simple pleasures in life are irreplaceable.
- My grandma – taught me that some things ARE worth fighting for, particularly family. You defend family with a relentless passion
- My dad – taught me to not be afraid to try anything. So what if you fail, you pick up the pieces and go on
- My mom – taught me that family is who you love regardless of their blood line
- My brother Mike – taught me that molds are made to be broken
- My sister – taught me that hurdles merely slow you down, but that there are ways around, over, or under those hurdles… and to never give up
- My brother Curt – taught me to understand that one of God’s greatest gifts is a brother who loves you unconditionally
- My father in law – taught me that the greatest way to make the most of life is to laugh. Laugh long, hard and often.
- My mother-in-law – taught me that one of the sweetest things in life is a daughter’s love for her father. Now that I am a daddy of a daughter, I get it Mrs. Wingo
- My friend CJ – taught me that no matter how much it hurts, sometimes a man just has to stand up and be a man
- Jimmy and Nancy – taught me that when the chips are down, those who really love you will be standing there with you when the dust clears. And, to treat those relationships like the pure golden nuggets that they are.
- My wife – oh the lessons I’ve learned from her. Among them… true strength comes from within. Love is the entire meaning of life, and that not much else matters. And that a life spent with your best friend is the definition of happiness
- My daughter Shelby – taught me that the world will respect a person who knows what she believes in and stands up for it, no matter what. She also was the first to teach me what unconditional love is when she was but a little girl. One day when a young man who is truly worthy earns her as his wife, he will be the luckiest man in the world.
- My son Logan – taught me that life should be fun. No matter what you are doing make it fun. And he surely taught me that raw strength comes in small packages. I hope much of the world gets to experience the incredible personality wrapped up in this young man.
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I remember taking my children shopping when they were very little. They would head purposefully toward the toy section of a store, and boldly begin picking out what they wanted to buy. Or, more pointedly, what they wanted me to buy for them. Often they were disappointed, because they hadn’t discussed their purchasing budget with me or my wife, and they were picking toys that were substantially out of the budget… at least on that day. Then they would say… “But Daddy I REALLY want it!”
As they got a little older a couple of things changed. They began earning their own money, and began to better understand their budget. With even more maturity, they learned how to effectively shop within their budget, and to maximize their purchasing power. Because they understood their budget, they could make solid buying decisions within that budget… effectively saving themselves money.
That is why it amuses me when we run into buyers who haven’t learned that lesson yet. I am talking about buyers who want to go looking at homes, but they haven’t yet discussed their financial situation with a lender. That is a pretty realistic comparison to children as I described before. They find a house they REALLY want, only to find they are hugely disappointed by their true purchasing power. That is why many Realtors will not even take buyers looking at homes until they have been at least pre-qualified by a lender.
SO, to make the most of your purchasing power and budget in the Fredericksburg real estate market, I recommend that you do a couple of things BEFORE you begin looking at homes:
- Determine geographically where you want to purchase
- Determine the size and layout of the home you want to purchase… at least in general terms
- Find a Realtor who will listen to you and who will act in your best interest
- AND… speak to a lender who will do the same thing. Listen to you, and act in your best interest to make the most of your purchasing power. This is a critical element to home buying, that needs to be done at the right time…. BEFORE you begin looking at homes.
You probably won’t be taken very seriously as a buyer until you do these things.
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As short sales have become a more prevalent issue in the Fredericksburg real estate market, it seems that more questions for consumers arise. If you have questions about short sales, check out the Fredericksburg Stop Foreclosure Institute website to find…
- Answers to your FORECLOSURE and SHORT SALE questions
- Recent case studies of successful short sales
- Testimonials from satisfied clients
- Free loan modification kit
- Options to avoid foreclosure
- And much more…
Category : Blog
FHA Gives Homebuyers One Month Window
Ann Arbor, MI, August 31, 2010 – “The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4 to lock in a low monthly insurance premium,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that trains and certifies mortgage bankers and brokers. “After October 4, the monthly insurance premiums on FHA loans will increase by over 63%.”
What does this mean for homebuyers?
A homebuyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. If the same homebuyer waits until after October 4, the insurance premium would jump to $148.01. “In this example, the homebuyer would lose $59.55 per month, or $7,146 over a ten year timeframe,” Nicholas said. “Although the upfront mortgage insurance premium is going down after October 4, the real impact to the homebuyer is actually a net increase in their out of pocket costs because the monthly premium is going up by 63%. Remember, sellers can pay the upfront premium or it can be financed into the loan amount, so homebuyers rarely pay the upfront premium out of pocket. On the other hand, the increase in the monthly premiums will be paid right out of the homebuyer’s pocket with their mortgage payment each month.”
Ironically, homebuyers who plan to be in the mortgage for less than 3 years and decide to pay the upfront fee themselves (instead of having the seller pay it for them), may actually save money by waiting until after October 4 to apply for an FHA loan. “Homebuyers with a short term time horizon may actually benefit from this change because the upfront premium will be reduced to 1% from 2.25%,” Nicholas said. This change will impact over 30% of the homebuyers in today’s market who use FHA-insured financing. Homebuyers considering an FHA loan should find and contact a CMPS professional in their area to discuss their options and what this means for their situation. Also, you can follow CMPS Institute on Twitter to stay updated on these and other mortgage and housing industry developments.
Changes to the FHA program will affect buyers in the Fredericksburg real estate market.
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Having been authorized by Court appointed Special Commissioners, Nicholls Auction Marketing Group will sell at public auction one of the largest tracts of undeveloped industrial property in the city of Fredericksburg, VA. This is truly a rare opportunity to purchase valuable land in one of the best business locations in the area!!
- 60 acres +/- zoned I-2 (56.5 acre parcel & 4.4 acre parcel)
- Property fronts Tyler St. & Belman Rd. just off of Blue & Gray Parkway
- Water and sewer access
- Walking distance to rail and well located in Fredericksburg Industrial Park within minutes of I-95, Rt. 3 and Rt. 1. Property borders park/federal land.
- Tax Maps A-11-P3 & 287-0105B; Deed Book 308, Pg. 33
- $250,000 Starting Bid!!
Auction Begins: Friday, September 17, 2010 at 10:00 AM EDT
Location: Tyler Street, (Fredericksburg Industrial Park), Fredericksburg, VA 22407
Call us at (540) 538-7222 or email us for more details.
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On Friday Nicholls Auction Marketing Group sold via the auction marketing method, a 4 bedroom, 2 bath farmhouse on 23+ acres. The property included a barn, a pond and much more. More than 60 bidders attended the auction, resulting in a sale price of $280,500!
Interestingly for those not familiar with the auction process, this was what is known as an absolute auction. Meaning that regardless of the price of the highest bid, the property will sell for that price. Absolute auctions generate a LOT of interest… evidenced by more than 60 bidders in a rural area. This creates a great scenario for the seller, again evidenced by the sale price of $280,500.
Considering selling your home in the Fredericksburg real estate market, and want to sell it quickly and contingency free? Give us a call or email us to discuss the blended method of marketing that incorporates the accelerated marketing method of auction.
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Having just been on a search for a map of Spotylvania County School Attendance Zones myself, I thought I would share a link with our readers. This link opens a page that has maps of the attendance zones for elementary schools, middle schools, and high schools. Spotsylvania County School Attendance Zones.
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I came across an interesting story a few days ago in the Fish’informer, a magazine of the North American Fishing Club. The storie chronicles how a man in the midwest hooked a coyote on a topwater fishing lure…
“This isn’t a “Boy Who Cried Wolf” story — it’s “The Angler Who Cried Coyote.” Only angler Bruce Chandler wasn’t bluffing — he actually did hook a real, live coyote on his topwater lure, and has a photo to prove it.”
“While fishing a Mississippi River slough, Chandler was casting toward shore when a coyote sprang from the grass, leapt into the river and snatched the surface bait, “in a blink of an eye.”
The reason I decided to post this is because of the fact that coyotes are becoming more prevalent here in Virginia. I spotted one a few weeks ago near our home in Spotsylvania County. It appeared to be stalking a newborn calf, but was frightened away by my vehicle.
According to the USDA there are approximately 20,000 coyotes in Virginia. And, while most of them are in the western counties, they have been recorded in every county in the state and are moving eastward. While typically not aggressive toward humans unless rabid, they do pose potential threats to family pets and young livestock.
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Over the next few weeks I will be discussing parts of the Regional Sales Contract that is the primary document used to create a binding contract for the sale and purchase of real estate in the Fredericksburg real estate market. There are documents that can be used as a substitute to create a purchase contract, but this is the one that is most often used. The specific document is Regional Sales Contract, document number and version is: NVAR-K1321-Rev 03/09.
My goal with this discussion will be to provide some insight and education regarding the nuances of the purchase contract and how it pertains to those looking to purchase a home for sale in the Fredericksburg real estate market. In this discussion, I will attempt to highlight situations from both the buyer and the seller standpoint. So, check back soon and read the discussion. Feel free to submit questions and participate if you wish.
But, and this is very important…
Nothing I say or write on this blog, or in this discussion is intended to be construed as legal advice. I am a Realtor, not an attorney, and as such can offer no legal advice. For legal advice I recommend you consult a licensed real estate attorney.
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