Take a look (click for video) at this great ranch in York County, Virginia…Grafton school district, one floor living, no homeowners association…yet  right next door to Kiln Creek subdivision!!  Parking pad in back, great site for a garage AND you can park your RV–50 amp power in large shed next to pad (30 amp in additional small shed).  Sunny interior has formal living room, NEW eat-in kitchen with all new stainless appliances and peninsula with bar. Kitchen OPEN, flows into to dining area which flows into great room/family room with fireplace, crown-molding, raised hearth, built-in shelves–perfect for entertaining or relaxing as a family! Mudroom by back entry has half bath, laundry–front load washer and GAS dryer convey! Home wraps around patio which could be easily connected to deck and great vinyl-clad pergola off Master Suite.  Both patio and deck have views of peaceful, wooded back yard. Good sized master bedroom with bath, 2 hall bedrooms with hall bath, all on main floor! Owner has plans for additional space upstairs.  New energy efficient (tilt-in for cleaning) vinyl windows with argon (protects rugs, etc., from fading) throughout; plus aluminum siding makes for low maintenance living. Sunny front yard on quiet street, access thru neighborhood to Kiln Creek shopping center.  Call or text Melissa at 757.869.7070. REIN MLS 1014057

This blog is for both buyers and sellers.  I try to cover useful topics, but there is no substitute for specific advice, given to you by someone who deals with the real estate market in your area on a full-time basis. 

Consider your agent a resource.  Buyers, sellers, renters, and owners, your real estate agent is your friend, for all real estate decisions.  If you have never had, or no longer have, an agent, consider your local real estate broker as a resource to be called upon, even if you are not planning a move in the near future.  Call them anytime you have questions; and, as they will tell you, call early and often!

Your agent can send you property values.  Are you wondering about property values in the neighborhood? Many homeowners don’t realize that tax assessments are only a rough indicator of value; professional appraisers review recent closed values, preferably in the past 6 months, in order to determine property value. Your agent can provide those to you.

Your agent can advise you on remodeling projects.  Are you wondering about the advisability of a remodeling project you are considering? Your agent can give you the real estate perspective on the value of any home improvement you have made, or are planning to make. 

Let your agent help you create and preserve value in your property for the future.  Remember, creating and preserving value in a property is an important part of building your future…and your agent is your partner every step of the way. 

Sellers, buyers, owners and renters in the Hampton Roads area–please feel free to call me at 757.869.7070 or email me at melissa@askformelissa.com, any time you need real estate help. My goal as a Realtor  is to make sure you have the information you need to make the best real estate decisions you can, in every situation.

 Talk to you soon!

Know “What Lies Beneath” and plan for it.  However, if “what lies beneath” has not been addressed before going on the market, what happens next may be very painful, especially for the sellers. Underlying conditions that are discovered upon home inspection can A) cause the buyers to walk away; or B) require that the sellers perform expensive repairs for which there is no budget; or C) negotiated away at home inspection only to turn into lender-required or walk-thru-required repairs due upon settlement. Any of these options can be fatal to a contract, and they typically arise when settlement is imminent. The pressure to close on time often means a seller is forced to accept an exorbitant price to complete a repair; or, worse yet, fails to complete the repair within the contractual time limit. Even if both parties are willing to delay settlement as needed to allow completion of repairs, sellers who have negotiated more time may be forced to pay lock-in extension fees for the buyers in order to keep them under contract.

Win in the market!  plus reduce cost, stress and risk by having a pre-market home inspection performed.  A pre-market  home inspection is a critical step in preparing for sale, one that will more than pay for itself as a cost-, stress- and risk-reducer. A seller who has made repairs up front can avoid the painful, expensive task of tearing out freshly renewed surfaces because of the need to make repairs before settlement. If repairs have been done before going on the market, lender-required or walk-thru required repairs are unlikely to be a problem. Risk is also reduced because if any previously undiscovered underlying conditions do surface after settlement, there will be documentation (the home inspection report) showing that the sellers were unaware of them.

1. Dirty and/or damaged front doors—Buyers waiting for their agent to unlock the front door at a showing have extra time to notice front doors with peeling paint, corroded or difficult to operate door locks and hardware. Make sure the front door shines. Also make sure it is EASY to unlock, i.e., both deadbolt and doorknob locks should be easy to operate and keyed alike. Homeowners who habitually drive into the garage and enter by an interior garage door may not have noticed front door problems.

2. Dirty and/or damaged doormats–replacements are affordable and quick to put in place. Effective (allowing plenty of surface to wipe your feet and keep dirt out of the house) is important, but so is appearance—don’t go super cheap.

3. Dirty and/or damaged porch floor and porch furniture—Damage to porch floors such as rotten or cracked materials can be repaired more easily and cheaply than sellers imagine. Areas of deterioration on decking can be spot replaced and finished to match; the concrete surface of poured porches can be broken out and replaced. Paint spills left by sloppy painters in the past should be cleaned up before sale. Porch furniture that is dirty or damaged should be cleaned, stored, or discarded rather than kept in place where it can sink your sale. Optimally, attractive seating near the front door suggests positive things to the buyer about the pleasures of interaction with neighbors. However, seating and tables that are less than pristine reduce marketability, and are usually visual clutter that is better removed.

4. Dirty and/or damaged storm doors, trim, skirting, or windows—A storm door which is damaged and has corroded hardware sends a message that the house has not been well-maintained and is not a good value. Trim showing moisture damage also suggests deferred maintenance, and it should always be repaired and painted before a house is put on the market (note: start on what is visible from the front walk).   Trim around the garage door may have rotted where it rests directly on the pavement; trim around the doors and windows should also be inspected for damage, and repaired as soon as possible. Skirting made from trellis panels and window glass are easily damaged by rocks thrown by mowers. Replace broken skirting, broken glass, clean dirty windows and repair or replace damaged screens. Note—never discard window screens, as they are equipment which is part of the window assembly.  If you are not using them, store them in the shed or garage so buyers who like screens have one less item to request at home inspection.

5. Hose left out between uses. This is a common oversight that is embarrassingly simple to correct. A garden hose habitually lying on the ground in front of the house is convenient for you, but creates the impression of carelessness for the buyer. A hose pot or an attractive hose reel should be put into place and used, or the hose should be stored in the garage or garden shed between uses.

For maximum risk reduction, get representation.  Having your property marketed by a real estate broker, who will represent your interests only when negotiating the contract for you, is an important risk reduction strategy.  Hiring a real estate attorney, rather than a title insurance company, to handle your settlement can be equally important to a successful outcome. 

Title insurance companies do not represent you. Although I have deep respect for all of the title company professionals I know—they are an exceptionally hard working, intelligent, and informed group of people—the fact is, they do not and cannot represent your interests in a transaction, nor can they answer legal questions.  In fact, although the companies are typically owned by attorneys, the personnel assisting you at a title insurance company are constrained by law from giving legal advice.  They are often knowledgeable about the issues you are concerned with, but, by law, only an attorney at law is allowed to give you advice about legal matters, or represent you in a dispute.

The value of having an attorney involved in a real estate settlement.  In the context of a real estate settlement—where last-minute demands by the other party are commonplace, and in which time is of the essence—not having representation in place can be painful and costly.  If a dispute arises, it will be difficult, if not impossible, to find a lawyer to help you on a timely basis.  In contrast, having an attorney overseeing the entire process means having one available and in place to give you advice; and then on-hand to make that all-important phone call (often stopping the other party’s unreasonable demand in its tracks).  

Know where you stand.  In summary, (1) always hire an attorney to conduct your real estate settlement and (2) always make sure, if the party elects to have its part of the settlement taken care of by the same firm, that you are still being fully represented by a separate attorney.  You must clarify this last issue, as you should any other issue about representation. 

Remember, there are no stupid questions!  Ask questions early, and often. This is particularly true when you are involved in a real estate transaction.

Get a professional.  Although pressure washing machines are available for purchase or rent, consulting a professional (found under “pressure” in your local yellow pages) may be your best bet, especially if you plan to put your house on the market. “Soft washing,” unlike high-pressure cleaning, uses chemicals such as chlorine to remove debris and grime, so offers little or no risk of inadvertently causing damage. Professional cleaning of paved surfaces generally outperforms do-it-yourself, as hot water is used. A professional exterior cleaning service can sweep your roof and clean your gutters as part of the job, and some provide spot painting (after pressure washing) for areas that need touchup.

Get it done before you go on the market.  Exterior cleaning can be contracted on a monthly or quarterly basis, so that your house sparkles throughout the year, despite the changing conditions (pollen, falling leaves) of the environment. Calling a professional for a thorough job just before the photos are taken for your MLS listing and marketing pieces is a wise step, if you want to be sure your house goes on the market looking its best.

As an agent, from the moment that I pull up a record in MLS, I make it my business to be aware of any and all of a property’s serious drawbacks, especially the ones that cannot easily be changed. For example, a property’s location on a lot with the neighborhood’s brick monument sign in the yard, or the property’s proximity to a busy road, are features that will usually remain outside of the owner’s control. Many times I have encountered driveways that have been installed so thoughtlessly that they inevitably fall into the category of incurable defect. Although there are many driveways that are obviously inadequate, due to lack of surfacing, poor location on the lot, or being out of proportion to the house, these are not the driveways to be concerned about. On the contrary, these are often deficiencies that can easily (if not cheaply) be corrected; if the seller is willing to make a price concession, and the buyer is willing to undertake the risk of an unknown outcome, often a deal can be made that is a good match for both parties.

However, many a buyer (who then becomes a sadder but wiser seller!) has been fooled by a driveway that appears to be fully functional. It does not have any of the aforementioned problems; more often that not (because it has been installed by a builder) it will be expensively surfaced and attractively placed as well as sized in proportion to the house. Its problem? such a driveway may be far too steep, too straight, or may have an apron that is much higher than the grade of the street and prevents access without scraping. And, there can be no cure for any of these defects, because these features are a function of the placement on the lot of the house’s attached garage. It is important to understand that this is a house with an incurable defect; as such, it will always be relatively difficult to market and will never bring the same price as comparable houses without a driveway problem.

I always encourage my clients to make a full investigation of the driveway at each house they consider. Only after walking up and down a driveway (preferably in high heels, as your party guests will have to do!); after driving into it and backing out of it (possibly scraping your car’s bottom on it!); after turning around (or not!) in it and slowly pulling into the garage or carport from it; will you know what the defects of a particular driveway are, thereby knowing more about the potential appreciation of the property where it has been installed.

This is great news!  Given the short time left to benefit, houses in most neighborhoods will be in higher than usual demand, as buyers rush to get under contract before the deadline.

If you would like to sell your home, this is a fantastic time to do it!

This latest tax benefit expands the eligibility standards, too! Buyers who file separately may now be eligible for the full amount of the credit, even if their Main Gross Adjusted Income levels are as high as S125,000/year filing separately, or $225,000/year if filing jointly!

Call the agent of your choice for an expert opinion on what your house would bring at sale.  April is only 2 months away, so there’s no time to waste!

Note: if you are already working with an agent, this is not intended as a solicitation.  Consult the appropriate financial, tax, insurance, or legal professional before making decisions.  

In Hampton Roads, where gorgeous waterways add to the quality of life, flooding can be a serious and perennial problem for many homeowners.  Recently the Hampton Roads area experienced two severe weather events that brought rainfall causing flooding in many locations.  All around the area, but especially in extremely low elevations (known as Special Flood Hazard Areas), properties have sustained serious damage which may take months to repair.  Although many homeowners in Special Flood Hazard Areas have flood insurance as a condition of financing, not all properties are financed (e.g. their loans are paid of, or they were transferred by cash payments or inheritance), and therefore many are not protected adequately, if at all.  Despite the fact that it seems clear that to go without coverage in these areas is extremely risky, there is no law requiring that owners purchase flood coverage, unless they have entered into a legal agreement, such as a mortgage, which requires it. 

In fact, it would be prudent for any homeowner, regardless of the elevation of the property owned, to purchase flood insurance.   Most of us are not aware of the facts, which speak for themselves: according to the National Association of Realtors, approximately 25 percent of flood insurance claims come from low- to-moderate flood risk areas.  Homeowners need to be aware that floods are not just the product of weather events affecting high-risk areas.  A flood is defined not only as the product of rain or storms.  Any inundation of two or more houses, or of two or more acres of normally dry land, constitutes a flood.  Floods can result from, but are not limited to, overflow of inland or tidal waters, runoff of surface waters, mudflow, or even backed-up storm drainage systems.  

The good news: you can be prepared in advance with the purchase of a flood policy.  For relatively little expense, if water inundates your house, you will be protected from the high cost and devastating impact of water damage.   It is important to realize that flood maps are changed over time to reflect changing risk assessments, based on the increase or lessening of the incidence of flooding.  You can get up to date information about your specific location by calling your city government office or contacting your National Flood Insurance Program State Coordinator (a list of state coordinators can be found at: www.floods.org/StatePOCs/stcoor.asp).  If your home is located in a low- to moderate flood risk area, you may even be eligible for a very inexpensive Preferred Risk Policy.  To learn more about flood insurance and flood risk in general, and to get more tips for homeowners, go to the federal government’s site, www.FloodSmart.gov 

NOTE: Information contained herein is general in nature.  Do not make financial, real estate, tax, or insurance decisions without consulting the appropriate expert.  Copyright 2010, Melissa Mason Hoffman.

Great news for Hampton Roads residents. The housing market continues to improve, according to The Virginian-Pilot, as October’s numbers show to be greater than September’s and October 2008.

Much of the rebound has come from first-time home buyers taking advantage of the $8,000 tax-credit, which will hopefully continue because of the recent extension of the tax-credit until April 2010.

Also, the extension of the tax-credit includes higher-incomes and an option for current homeowners to “move up”. These qualities will hopefully help move more valuable houses on and off the market that first-time homebuyers could not purchase.

“First-time buyers rushing to take advantage of the now-extended federal tax credit continued to drive home sales in Hampton Roads in October, according to a report released Monday.

Last month, sales volume was up 2.3 percent over September and 28.1 percent over October 2008, according to Real Estate Information Network Inc. The Virginia Beach-based multiple listing service reported 1,107 homes in the region sold in October, compared with 864 a year ago.

October’s was the biggest year-over-year gain for 2009, and it was the fifth month of such increases since home-sales volume turned positive in June. The rebound in home sales stands in stark contrast to the homes market a year ago, when sales were plummeting amid deteriorating economic conditions.

The federal tax credit for first-time homebuyers has buoyed sales across the country. Congress recently extended the $8,000 tax credit, originally scheduled to expire this month, through April and expanded the credit to include $6,500 for home-owners who have lived in their home for at least five years and want to buy a replacement primary residence.

‘The tax credit, no question about it, has had a positive impact on the market,’ said Ron Pearman, regional vice president for Long & Foster Real Estate. Of a sampling of homes that closed last month with Long & Foster, 70 percent were first-time buyers, Pearman said.

Other local brokers said Monday that the tax credit has accounted for as much as half of their recent sales.”