Harrisonburg Real Estate Guru

Foreclosures, Short Sales, Distressed Properties in Harrisonburg, Virginia

Harrisonburg Real Estate News and Commentary

Are There Really Deals Out There?

I can tell you first hand there are some pretty incredible deals out there.  I recently helped and investor find a foreclosed home that was trashed on the inside by the last owner but “the bones” of this beauty were top notch.  It was priced by the bank, who owned the property, at over $100,000 less than it’s most recent appraisal (before the trashed interior, no doubt) and it sold - after tough negotiation - for nearly $200,000 less than the current tax assessment. My client was elated.  He is currently working to renovate the home and will no doubt reap a great reward in the coming months as he re-sells the home at a very tidy profit.

Now this is not as easy as some would make it sound.  There are many land-mines and booby-traps to consider when buying foreclosures and other types of distressed properties. That is why you should always seek professional help to work with you.  This is of paramount importance.  From identifying possible great deals, to knowing when to involve other professionals, a good real estate consultant working for you will reduce the inherent risk that buying these types of properties poses. 

Timing and Patience is Crucial

One thing to keep in mind, there are no short cuts when seeking out short sales, foreclosures and distressed properties.  Unlike other types of arms-length transactions in real estate, these transactions involve many competing interests and nothing happens quickly.  Often you will make an offer on a property only to see the bank or other lending institution sit on your offer awaiting another better one.  But like in most areas of business, there are ways to make a lender move quickly, but remember patience is a virtue.

How Are Your Other Investments Performing?

I am finding that many people are deciding to take a more active role in seeking out other investment avenues.  By divesting from stagnant financial market unpredictability and returning to real estate some people are finding ways to make up for losses in their once burgeoning stock portfolios. You might be thinking, what did he just say, didn’t we just go through the worst real estate fall since the Great Depression?  The answer is YES and NO.  Many large metropolitan areas of the country saw ridiculous and unsustainable increases in values of real estate over the past decade while other smaller areas lagged behind.  This inequity of appreciation resulted in those small, relatively stable areas, like Harrisonburg and the surrounding valley, seeing only small declines in real value.

Is Buying and Selling Distressed Properties For Everyone?

The answer is definitely NO, not for everyone!  For those who who have the financial ability to make a large investment and then subsequent smaller investments in order to bring a rough piece of coal through to be a gleaming diamond, Yes.  For those casual investors who think I can make a lot of money flipping houses using the equity in my only home, NO.

Investors interested in more information regarding REO’s, Foreclosures, Short Sales and other real estate investment opportunities, fell free to call me.

Barry Suttles – Realtor

www.BestValleyHomes.com

KlineMay Realty

Licensed in the Commonwealth of Virginia

540-246-5666 anytime mobile

Regency Park – One Level Townhouses That Beat the Competition

 Outstanding Quality Townhouses at Affordable Prices

If you are looking for a great townhouse in a great location, Regency Park is for you.  Regency Park is one level living at it’s best…. no steps, no problem! 

These days most people either begin home ownership in a townhouse or their last home is a downsize into a townhouse. Pricing for this type of home is usually better than that of  a single family home, so it makes sense that first time home buyers often find themselves in a townhouse.  The usual configuration of a townhouse is a narrow dwelling, oriented up and down, with levels linked with lots of staircases.  That’s not a problem for most people; but what if you would like a quality affordable home without the stairs?  Then, Regency Park is for you.  Regency Park Standard Features: 

INTERIOR CONSTRUCTION

• 9-Foot Ceiling Height
• Choice of three standard colors for wall paint
• White interior doors & trim
• Electric heat pump & central air with upgraded puron refrigerant
• Finished garage, paint & trim
• Two panel roman interior doors with lever action door handles
• Ceiling fan/light in bedrooms and great room
• Storage area in attic, accessed by pull-down stairs

Level Living in Harrisonburg Near EMU and VMRC

KITCHEN

• Custom made oak or cherry cabinets with choice of door style
• Granite counter tops with under mount sinks
• Garbage disposal
• Choice of package General Electric appliances
• Recessed lights

BATHROOMS

• Shower unit with built-in seat and reinforcement for grab bars
• Bath accessories to match fixtures
• Tube skylight in master bath

FLOOR COVERINGS

• Three standard choices of hardwood in great room, dining, hall, and bonus room
• Ceramic tile in foyer, kitchen, laundry, and bathrooms
• Choice of carpet in bedrooms with 8lb pad

EXTERIOR CONSTRUCTION

• Anderson double pane, double hung “low E” glass windows
• Metal insulated garage door with windows, one garage door opener
• Brick and premium low-maintenance vinyl siding
• Rear patio

Custom Cabinets and Optional Stainless Steel Appliances 

Den Area

Dollar for dollar, you will be hard pressed to find the quality and value of these fine homes at a lower price. 

Call me today for your personal tour, and see why people are talking about Regency Park.

Barry Suttles – Realtor

www.BestValleyHomes.com

KlineMay Realty

Licensed in the commonwealth of Virginia

540-246-5666 anytime mobile

Harrisonburg’s Blizzard of 2010 Creates a Snowstorm of Real Estate Interest

Harrisonburg Real Estate News and Commentary

THROUGH RAIN SNOW, SLEET, HAIL, A REALTOR’S JOB…….

I know how important it is that we get our mail, and the creed for the mail carrier is a familiar one, but you might not apply it to my line of work. You might just think that after repeated snowfalls that caused cancellations of nearly everything, accumulations measured in feet, that people would not be interested in going out and looking for new homes- you’d be wrong and so was I.   

The day following our 19″ + snowstorm I received a phone call from clients asking me if it would be possible to see some houses in the Harrisonburg area.  I had just settled inside my own home after hours of shoveling out my sidewalk and driveway. My back was already hollering “uncle”, but as I considered it, I recalled my father saying  “you should make hay while the sun is shinning boy”.  So even with no sun shinning, I agreed to make some appointments and much to my amazement many sellers out there in the frozen tundra were anxious for me to bring my clients to see their homes. On this snow swept and cold winter’s day we trekked through what looked like Minneapolis rather than Harrisonburg Virginia, and I showed seven homes that day.   

One of the homes I toured that day was a foreclosure on nearly 2 acres. This stately home set in the middle of the nearly 2 acres and was vacant. The snow plows had created a five foot wall between the house, my investor client, and me. We decided we would slog through the back of the property in order to get to the front.  The white fluffy snow was up around our knees and higher as neared the house and I never felt more out of shape. No one had shoveled the lovely semi circular driveway and the grand front entrance had drifted to three feet deep. Even with all of this, we were able to see this house and the buyer put in an offer and in the coming days and after some tough negotiation the seller finally accepted our offer.  Both the buyer and the seller were happy that we ventured out in the snow that day.  

A few days later the Harrisonburg-Rockingham County area received another storm and I again received a call from buyers wanting to see houses in the Harrisonburg area. This time I showed five homes and wrote another offer!    

Two storms plus 20″+ of snow =  2 offers in that week-  go figure.  I guess my wise old father dad was right.  There is never a bad time to buy and sell a home.  If you are buying or selling a home in Harrisonburg or the surrounding area, call me for a no obligation interview.  I can help you achieve your goals and I’m anxious to serve you no matter the weather!   

Barry Suttles - REALTOR   

Kline May Realty   

540-246-5666 anytime mobile   

540-437-3671 office   

www.BestValleyHomes.com

Buying a New Home In Harrisonburg, Virginia?

Harrisonburg Real Estate Guru

If you are buying a home in the Harrisonburg Virginia area, you’re in luck.  There is an abundance of very nice homes at every price point and there are some real bargains.  

 An example of a great deal on a home is this example. This home is really spectacular with over 7000 square feet of incredible space this home boasts 5 bedroom and 5 and a half bathrooms.  All brick construction this exquisitely crafted home is situated on 5 acres in the Shenandoah Valley of Virginia with country views, a stream running through the back border of the property and convenience to Harrisonburg, Charlottesville and Waynesboro. Generous sized rooms with indoor and outdoor recreation space makes this a once in a lifetime purchase. Stellar views, Security System,gym,steam shower,home theatre,granite kitchen,studio, game room and more. 

Incredible Home Deal - GONE

 But alas it is gone. And it sold…..hold on……are you sitting down?… for $700,000 when it was originally listed at $1,399,000.00.  Now that is a bargain.  Less than $100 / per sq. ft. in a top notch luxury home. 

Buying a home in the Harrisonburg area has never been better and if you are seeking the services of a highly trained and proven professional Realtor, call me.  I can help you find deals just like this one, but they are moving fast, so don’t wait or you’ll miss them.

Barry Suttles - REALTOR

Kline May Realty

540-246-5666 anytime mobile

540-437-3671 office

www.BestValleyHomes.com

Playing Chess, Time Machines, Beauty Contests, and Ugly Children

Harrisonburg Real Estate News and Commentary

HGTV Can’t Sell Your House

Many people these days are wondering why the home they have loved and enjoyed has been on the market for many days and months without a contract….without a sale. One woman said to me, “I have had a professional designer stage my home, and I had a landscaper help to create the curb appeal HGTV said was so important.”  “We listed our home with professionals, and we have done everything you have asked without success.” “What are we doing wrong?”  She was doing a lot, but the most important thing that lures buyers to your home is price. She priced her home too high and then wouldn’t take sound advice to lower it to market price.

It’s a Chess Game and You Are Protecting Your King

Staging, curb appeal, and all of the other HGTV buzzwords are only a small part of what ultimately helps to sell a home. Like a game of chess there are a number of winning strategies you can employ.  But, protecting your king (price) so fiercely that you ultimately fail to achieve the goal of selling your home is ridiculous and a game loser. Your king may have to move to win the game!  Why are you wasting your time, and your Realtor’s time marketing a wonderful property when you really are not ready to sell?  When you have had your property listed for months with no bona fide offers or interest in your home, what makes you think that holding your price steady will sell your home? It has been rejected by the market! Ouch! 

It’s the bigger sucker theory at play, hugh?  You know the one I’m talking about….there must be someone out there so stupid that they won’t know my home is overpriced.  Likewise a strategy of reducing the price over time while following a retracting market is even more fool-hearty. You’re chasing your opponents queen all over the chess board with your pawn….another losing strategy.  If you consider the time value of money you will find that holding out for a price actually costs you money in the long run.  Like the true chess-master you need to see all the angles of the board in order to beat your opponent (that pretty little rancher or cape cod down the street) and secure that elusive buyer in today’s market.

A Time Machine Would be Helpful Right Now

In a buyer’s market where there are many sellers in competition, your best move is to price your home aggressively below the market right from the start.   Also keep in mind that all of the money you think you’ve made as your home appreciated in value over the years fluctuates up and down.  No real gain is recognized until you actually sell!  So if you are agonizing over the fact that your home would have sold for more money 3 or 4 years ago, try building a time machine, go back, and sell. That will be easier than trying to convince a savvy buyer, who has all of the information of the internet at their disposal, to pay you more today.  No one should try to time the market, buying and selling your home in order to make quick money.  This is a strategy best utilized in the stock market and even there should be done over a long term. 

More Than Just a Beauty Contest

Many people make the mistake of believing “..my house is better, bigger, nicer, newer, prettier, etc.. than they guy’s across the street, so I’ll be able to get more than he got.”  We all think our children are more beautiful than anyone else’s children. Is that the truth or are we deluding ourselves?  Where did all of us ugly people come from?  (Come on….my mother used to tie a pork chop around my neck so that the dog would play with me, but she thought I was beautiful.) Just because you added this upgrade or that addition to your home,.. or built and painted that,..your home will not necessarily sell for more. 

Case in point, I sold a house to someone who installed a beautiful pool soon after they purchased.  Years later they asked me to help them sell their home. We eventually sold it to someone who really loved everything about the home, but the pool.  The new purhaser wanted to pay less for the home because they saw a pool as a liability and they subsequently had it filled in. 

So remember, home buying is more about emotion to the buyer and seller than any other purchase in our lives. Which brings me to my final point…….

Hire a Professional to Help You to Win the Contests

Emotions aside, buying and selling a home is often the most significant financial event in our lives.  After you have uttered these words, “I think I would like to sell my home”, or “I think it is time to buy a home”, the next step is to hire a professional who will put emotions aside and guide you through the myriad of complex processes and negotiations with a goal of insuring you get your best deal. It will pay you dividends in the long run.

Barry Suttles - REALTOR

Kline May Realty

540-246-5666 anytime mobile

540-437-3671 office

www.BestValleyHomes.com 

Buying a Home- An Investment or A Place to Live?

Harrisonburg Real Estate Guru - News and Commentary You Can Use

Buying a home?  Well… why are you buying a home?  Are you buying a home to sell at a huge profit in a few years?  Not so fast! 

You should be buying a home to live in and to enjoy with friends and family and hope that one day it will be worth more someday.  A home is a utilitarian product and should not be viewed as a short term investment vehicle.  However, the people of America were deceived into believing that real estate was much like the stock market, or other financial markets, where you could buy and sell, over and over, (churning) and make some good money.  Like the dot-com boom, and other similar financial booms, there is always a bust.  Unfortunately today we are experiencing the bust in real estate.  Easy money and loose credit created an environment where many speculated and some made money but an awful lot of people were left holding nothing but the bag.  Such is nearly always the case in these “gold rushes”. 

Location, location, location it is said, is the most important aspect or attribute of real estate. Well our area has watched much of our market remain nearly unchanged because of our location and because of the conservative nature of its population.  This is not an insignificant thing to be considered if you are thinking of relocating or retiring soon. 

The long and short is that the Harrisonburg-Rockingham County area is a great place to live, and if you are considering a move, I’d love to speak to you.  

Barry Suttles – Realtor 

540-246-5666 mobile anytime 

Kline May Realty

Homebuyer Tax Credit Extended and Expanded

Harrisonburg Real Estate News and Commentary You Can Use

The Unemployment Insurance bill President Obama signed on November 13 included included a change critical for Realtors^®: An extension of the $8,000 homebuyer tax credit. Income limits have been raised, and now some existing homeowners can also claim a credit if they buy a new home.

The basics:

• To claim any credit, buyers must have a contract by April 30, 2010 and close by July 1, 2010.
• The income limit has been raised to $225,000 for couples.
• First-time buyers can claim an $8,000 credit, as before.
• Buyers who already own the home they are selling (or have sold), and have lived there for five of the past eight years can claim up to a $6,500 tax credit (on homes worth $800,000 or less).
• Both credits apply only to primary residences.

Barry Suttles – Realtor

540-246-5666 anytime mobile

New Homes Group – Kline May Realty

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The Best Client is a Happy One

Harrisonburg Real Estate Guru

I really love this business.  The best part for me, is when I get feedback from a satisfied client!  I set my personal standards for quality representation extremely high because I think my clients deserve to have an agent who:

•  returns their calls promptly
•  keeps them in the loop with frequent multiple contact channels
• gives them honest and easily understood feedback about market conditions without a bunch silly charts and graphs
• gets them quick and reliable results

Let’s face it, you have many choices.  You can choose anybody to market and sell your home, or you can choose to hire a proven and reliable professional who will work diligently to further your financial goals.  My business is about long lasting relationships and important connections. If you are buying or selling a house in Harrisonburg, or the surrounding areas, you owe it to yourself to be represented by a proven professional.  Call me!

Barry Suttles – Realtor

540-246-5666 anytime mobile

New Homes Group – Kline May Realty

http:\\www.BestValleyHomes.com

Preston Lake

Buying and Selling Homes in the Harrisonburg Area

From farm field, to idea, to conceptual drawings, to reality, Preston Lake is a community in Harrisonburg, Virginia…. a master planned community of unparallelled uniqueness. 

Master Planned communities are common in the U.S., but the idea in Harrisonburg is a new one.  Having housing plats, office parks, recreational parks, along with commercial centers all in one big beautifully manicured location is coming to our area. Generally a master planned community is distinguished by the large size and the number of amenities and conveniences. Communities incorporate extensive recreational options like lakes, golf courses, and expansive parks with bike paths, and jogging trails. However, the typical subdivision may have much smaller parks and recreation areas, and the size of the local neighborhood will be much smaller than found in a place like Preston Lake.

This video is of our first Charleston model. It has sold recently and we have a new model home at 3376 Charleston Blvd

Charleston on the Lake

Call Barry Suttles for more information 540-246-5666

Willow Ridge – Harrisonburg’s Hidden Jewel

Harrisonburg Real Estate Guru

Where’s this beautiful community that everybody’s talking about….Willow Ridge?   Willow Ridge is tucked back in an enclave all it’s own in Harrisonburg, right off Pleasant Hill Road.

Georgeous Home at Willow Ridge - Barry Suttles - Realtor

There is something you’ll notice, a certain something that you realize, when you pass through this community. It must be the subtle ambience or the feel of security, the quality of life that people experience in this place that sets it apart.  From the streetlights and sidewalks, to the architecture, to the very people who choose to live here, it is different at Willow Ridge.  Maybe it is the fact that this community was inspired by a woman who is the builder/developer of Willow Ridge?  Maybe it is because there is a real sense of community and closeness that is unique here? No matter what is is, it is palitable and waiting for you at Willow Ridge.