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

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

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

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.

Yes Virginia, There is a Harrisonburg!

Retirement at its Best 

Even as I write this, I realize that there are people out there looking for a great place to live and enjoy their golden years.  Many say that that is the last thing you need to be thinking about during a downturn like the one we are currently experiencing, is real estate.  Poppycock!

If you would have bought a retirement home 3 years ago in many places across the country, you would have bought at the top of the market and then subsequently watched in horror as the value of your retirement home lost 20% or more.  Well, in Harrisonburg Virginia even the people who bought at the top have weathered this storm quite nicely with prices declining 3 to 5 percent.

Harrisonburg is a great place for retirement.  The current national statistics say we are still in a slumping market but be careful when you read these.  Real estate, like politics, is local. The Harrisonburg area has had very little decline in real estate prices during this national crisis.

Live Where Others Pay to Visit Every Year

Here are just a few reasons to consider retiring in Harrisonburg Virginia.

• The Shenandoah Valley is beautiful, and every year thousands of people from all over the globe come to enjoy this gift of nature.
• Many great schools - Eastern Mennonite University, James Madison University, Bridgewater College. Every year thousands of students come to study in Harrisonburg and the surrounding area and many never go back home after graduation.
• Culture – only 2 hours from Washington DC and other great cultural hot spots
• Strong Local Economy
• Retirement communities like Virginia Mennonite Retirement Community, and Bridgewater Retirement are great places.
• Recreation – I could write a book on this. People who live here know that you don’t ever have to be board. There is so much to do and see you will always be busy…..if you want to be.

Call me if you are considering a move to Harrisonburg.  Better yet, let me know when you are going to be here and we can have a cup of coffee and I can help you get started finding your next home!

Barry Suttles – Realtor

540-246-5666 mobile anytime

540-246-5666 mobile anytime

$8000 Housing Credit Explained

Taken from a report by the National Association of Realtors.  

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Register for Sept. 3rd  Research First-Time Home Buyer Tax Credit webinar (Aug. 24)

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer’s income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

If you are ready to buy your first home in Harrisonburg or the surrounduing area, call me at 540-246-5666.  Time is running out on this tax credit and there is some doubt that it will be extended.

Barry Suttles – Realtor

Recipe For Success When Buying a Home

Assemble all of the ingredients

Whether you are cooking in the kitchen, or preparing to buy a home, you need to assemble the proper ingredients.

• Check your credit – call your bank or a mortgage professional, they can help you
• If your credit is good, set up an appointment to meet and discuss your mortgage needs
• Once you have an idea of the amount of money you can spend on a home, call a reputable Realtor and set an appointment with him/her and let them know what is important to you

Now you have all of the ingredients for a successful home search and a subsequent purchase.

Mix and allow to work

You have now assembled a team of professionals to work for you.  It is now time to allow them to use their tools and expertise to your advantage.  That does not mean that you sit back and wait for a home to fall in you lap. But now that you have these highly motivated individuals in place you can begin the search for that perfect home.

It is important that the Realtor you choose knows exactly what you want in your next home. Set up a folder that you take with you on every trip with your agent.  In the folder you will have a checklist that you will create that will list all of the important factors of your next home.  You’ll need to include items like:

• Neighborhood – (close to parks, close to shopping, close to work, etc.)
• Number of beds and baths
• Number of square feet needed
• Garage, parking, public transit etc.
• other important items

On the checklist keep track of each house you visit and take copious notes. These notes will be helpful if you have several houses that are in the running to be “your house”.  Use them after your visits to refresh your memory of the house later.  A good agent will want you to see as many houses as you need to make an informed decision.  If you get pressure from an agent to make a quick decision, run away as fast as you can.

Best served cool

Markets are different and knowing “the temperature” of your market will help you.  In a market where there is stiff competition between sellers you will have a better chance of getting a great deal.  This is where having a knowlegable and passionate agent working for you will be worth a lot when the negotiation for your new home begins.  Although you may begin to have an emotional attachment to a home you are considering, it is good to know that your agent is experienced with making offers and will assist you in preparing an attractive one.  Always remember, if you have asked an agent to assist you in purchasing a home, the agent works for you. You are her client and you can fire them if they are not working with your best interest in mind.

 Enjoy

Now that you have made a successful offer, closed the deal, and are living in your new home…..it is time to enjoy.

Call Barry Suttles – Realtor

540-437-3671

when you need an experienced real estate agent.

Housing is Getting More and More Affordable

Fixed 30 year Interest Rates at 4%???

Who would have thought that we would see interst rates so low?  Certainly I did not.  I refinanced my home several years ago as I watched the rates slump to 5%. I locked in my rate and slyly grinned, “We’ll never see interest rates this low again”, I thought to myself.

Well believe it, or not, we are seeing what I sincerely believe are the lowest rates we will see.  Couple that with slightly lower home prices in our area and add in the $8000 tax credit for first time buyers and you get an affordability index that is hard to beat.  People who thought they could not afford a home are now in the game because of these factors.  That is the good news, but here’s the bad. 

Purchasers are now required to have more money down in many cases and your credit score must be good……really really good to get the best rates.  It makes sense.

If you are confused about these things, don’t be alarmed.  I can help.  I have been working with buyers and sellers for years and I can make your experience a great one.  I am a full service agent and I believe that hard work will result in happy clients.  Call me and we can chat. 

Barry Suttles – Realtor

540-437-3671

Leverage In Today’s Market

Purchase Your Next Home From A Position of Leverage

If you are thinking about buying a home in today’s market, many would say you’re crazy.  Everywhere you turn you are inundated with negativity about real estate and the problems with buying and selling a home.  I’m here to tell you something very different.  Real Estate purchasers, and investors can really do quite well today if they possess a few key attributes and follow a few steps. 

Great Credit = Strong Purchaser 

Credit worthiness has never been more important when purchasing a new home.  In the past, credit worthiness for a mortgage meant that you had a pulse, and could sign a stack of unintelligible paperwork half the height of Massanutten peak.  Almost anyone could get a mortgage! 

I recall going to a seminar where representatives of Fannie May did a Power-Point presentation quiz asking questions about whether, or not, these fictitious people would qualify for a mortgage.  I missed many of the questions because, like many people of my generation, I was under the mistaken impression that someone who recently filed bankruptcy could never get a mortgage.  However, at that time, low credit scores, legal judgments, and bankruptcy would not necessarily preclude you from getting a mortgage and owning a home.

Today we live in a very different world.  Recently I heard a mortgage professional tell me that a 720 FICO score could have a problem getting a mortgage. A 720 score is pretty good credit.  The same professional told me that my client who was moving to the area and would have 40-50% to put down on a home, but had not yet secured a job in Harrisonburg, would not be able to purchase a home.  WHAT? Are you kidding?  Not without a job, he said. If you have great credit and verifible income, you will be negotiating your next offer from strength.

Contingencies

Strength without the Contingency.  

Buyers who create an offer for the purchase of real estate that is full of contingencies make their offer less attractive to a seller. Contingencies are provisions in a contract stating that some or all of the terms of the contract will be altered or voided by the occurrence of a specific event,   Common contingencies are the financing contingency, the home inspection contingency, and the sale of an existing home, along with others.

A contingency in an offer tells the seller that something might void or alter the contract in hand, so by having a contingency free, or virtually free contract you become a stronger buyer to the seller with more leverage in the buying and negotiating process.  Work with your agent to create an offer with few, or no contingencies and you will be negotiating from a stronger position.

Quick Close

If you have done a lot of the homework in advance and you have put yourself in a position to be able to move quickly, you strengthen your offer even more.  Telling the seller that you can close in 30 days with no contingencies, a letter of qualification from a local lender, is just about the best a seller could ask for in today’s market. Remember, an offer to purchase real estate is not only about the price which the seller is asking, it is more often about terms of the closing.  A savy buyer can purchase at a much lower price if they do some work up front.

Wrap Up 

All of these tips will make your offer even better to the seller.  I recently worked with a client who was able to walk away from the closing table with over $60,000 in equity after closing using these techniques.  He had excellent credit, could close quickly and had a virtually contingency free offer.  The seller was motivated and needed to sell and after some hard negotiation my client came away the with a great new home and a lot of equity. Understanding the market can literally be worth thousands of dollars. 

Barry Suttles

Manager New Homes Group - Kline May Realty http:/www.barrysuttles.com