Category — Real estate tips

The HARP program started in 2009. It helps homeowners refinance their mortgages at lower rates. They can bypass the usual requirement of having 20 percent equity in their home. Many borrowers were unable to take advantage of this program because they were too underwater, or owed more than their home was worth.

The program has been expanded and eligibility won’t be effected by how much a home’s value has declined. The program will also help by eliminating some fees for closing costs. The mortgage has to be owned or backed by Fannie Mae or Freddie Mac. They own about half of all mortgages in the U.S.

For additional information take a look at this article by the Virginian Pilot.

http://hamptonroads.com/2011/10/qa-guide-expanded-mortgagerefi-plan

There has been some hopeful news abuzz about the housing market in our region in some local and national news sources.  According to Builder Magazine, our area is slated to have home appreciation of 4.3% in the next year and a half. They’re predicting that home prices will stabalize this year and slightly increase over the next two. The main reason for the stability in our region is the jobs provided by the Norfolk Naval Station.

http://hamptonroads.com/2011/09/untold-housing-story

http://www.builderonline.com/local-markets/heathiest-housing-markets-mid-2011-update.aspx?rssLink=Heathiest+Housing+Markets%3a+Mid-2011+Update&page=2

Julia was recently featured in the Hampton Roads magazine article ” The Real Estate Roller Coaster”. Below is an excerpt from the article.

“Sellers need to understand that the condition of their house is vitally important,” says Julia Shea, a Realtor with Nancy Chandler Associates. “They also need to understand that their asking price must be based on the current market, and not what they paid for the house, what the tax assessment is or what their friends and neighbors say the house is worth. It is not a terrible market. Homes are selling, but buyers are more selective, and sellers need to be proactive in making their property stand out from the competition.”

For the entire article visit http://www.hamptonroadsmagazine.com/issues/0910/real_estate_roller_coaster.php