Hampton Roads Real Estate and Community News

Feb. 1, 2023

What is PITI?

What is PITI?

PITI is an acronym for Principal, Interest, Taxes, and Insurance. These are the 4 components of a borrower's monthly mortgage payment to the lender. The principal, or the amount borrowed, plus the interest, goes to the lender as repayment of the loan. The property taxes and homeowners insurance go into an escrow account set up by the mortgage company, which will make those payments on the borrower's behalf.
The PITI system provides a convenient way for borrowers to pay all their bills related to the loan - principal, interest, taxes, and insurance - in small installments throughout the year. This makes it easier on the borrower financially and gives assurance to the lender that all payments are being made adequately.
Posted in Buying a Home, First Time Homebuyers
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Jan. 23, 2023

Real Estate Vocabulary: Earnest Money

What is Earnest Money? 

 

It’s a deposit a prospective homebuyer makes as evidence of good-faith intention to complete the purchase, and it’s generally submitted once all parties ratify the contract.  You may see it abbreviated to EMD (earnest money deposit).

 

The amount of the earnest money is negotiable between the buyer and seller, and it's typically held by the title company or the buyer’s broker in an escrow account until the home sale closes.

 

At closing, the earnest money goes toward the down payment or the buyer’s closing costs.  If the sale falls through, the deposit is either returned to the buyer or given to the seller, depending on how the purchase agreement is written.  

 

 

Have a real estate question? We'd love to help you find the answer!

Posted in Buying a Home, First Time Homebuyers, Selling Your Home
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March 21, 2022

Newest Virginia Beach homes for sale

sandy beach with beach grass and search bar that reads newest Virginia Beach homes for sale

 

From an oceanfront condo in Virginia Beach to investment properties near Oceana Naval Base, many different types of homes are currently for sale in Virginia Beach.  Check out the latest VB listings here:  https://bit.ly/NewinVB

Posted in Buying a Home, Market Updates
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March 16, 2022

Home improvements that bring better offers

 

You’re almost ready to put your house on the market & you know the market is strong.  

You want to make sure you get top dollar, right?!  So, what home improvements are worth your time & money?

 

Here are six to consider:

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Posted in Selling Your Home
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Feb. 24, 2022

Homes in Hampton Roads on 3+ acres

green grass and blue sky with white text that reads: 3+ acres in Hampton Roads

Room to grow

Are you looking to spread out a little, but also hoping to stay within the immediate Hampton Roads area?  Take a look at the newest listings in the 7 cities that have 3 or more acres.

From a luxury Virginia Beach waterfront estate to a Suffolk barndominium on 10 acres, there's something for everyone!  So whether you're looking for a spacious Chesapeake horse farm or just a huge yard in Hampton don't miss these newest homes for sale!

 

Posted in Buying a Home
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Jan. 19, 2022

9 steps to get winter storm ready

snow falling on a 2 story brick home with snow on the ground. Text reads: 9 steps to get winter storm ready

 

Just a few inches of snow can cause extended power outages and shut down roads, schools, and businesses in Hampton Roads, so it's important to be prepared before the storm hits. 

Here are some steps you can take to keep yourself, your family, and your home safe:

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Posted in Home Ownership
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Jan. 14, 2022

Ask smart questions when buying your home!

light gray background with two white talk bubbles. Text reads: Instead of this: How old is this home? Ask this: How old are the roof, HVAC, windows, electrical, and plumbing systems?

 

One of the first questions many buyers ask is "How old is this house?"

A great question to ask, especially when house hunting in some of our older & historic neighborhoods.
What they really want to know is "What potential problems will I have to deal with if I move forward on purchasing this home?"
To get a more detailed picture of possible future issues the house faces due to its age, ask “How old are the home’s systems and features such as the roof, windows, HVAC, electric, and plumbing/septic/well?”
Asking good questions is key to making an informed decision!
Posted in Buying a Home, First Time Homebuyers
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Dec. 28, 2021

3 steps to becoming a homeowner in 2022

Green leafy plants in front of a pale pink wall, large graphic number 3 in green. Text reads: 3 steps to becoming a homeowner in 2022. 1. Get pre-approved, 2. create a budget, 3. Find the right real estate agent for you

Are you hoping to become a homeowner in 2022?

Smart move! Home ownership can be key to creating wealth for your family. Wondering how to get started? Here are your first steps:

❶ Get pre-approved. Getting pre-approved now will help stream-line the process and make everything easier later.
❷ Create a budget. Knowing what you can afford, or what you’re comfortable spending, will make house hunting easier and less stressful. Getting pre-approved will help you create a realistic budget.
❸. Find the right real estate agent for you. Interview several & find someone you’re comfortable working with. A good real estate agent should educate you on current market conditions, be able to thoroughly explain the buying process, foresee and help you navigate potential issues and challenges that may arise throughout the transaction, have a curated network of industry professionals such as inspectors and contractors for you to call on when needed, and always have your best interest at heart.
Our team prides itself on working hard for our clients. We know buying a home can feel scary and we treat each client like a member of our family. We’d love to earn your business this year! Give us a call when you’re ready to start interviewing Realtors 757-714-2692
Posted in Buying a Home, First Time Homebuyers
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Dec. 22, 2021

What does Clear to Close mean?

White and natural wood mid-century modern style table and chairs with a black and white rug in front of a gray wall and wood hutch with small bookshelf. Text reads: Real Estate Vocabulary, Clear to Close

What Does ‘Clear To Close’ Mean?

After “Your offer was accepted!” “Clear to close” is the phrase homebuyers can’t wait to hear.
Clear to close means you’ve met the requirements and conditions to close on your mortgage. At this point, your lender has fully inspected your documents and verified that you meet the expectations of the type and amount of mortgage you’re requesting.
Once a borrower is clear to close, lenders will start preparing for closing day. Your loan officer will contact your title company and your Realtor to schedule a date and time for your closing meeting. Your lender will also assemble any final documents that you’ll need to sign on your closing date.
Posted in Buying a Home, First Time Homebuyers
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Dec. 21, 2021

Don't make this housewarming gift mistake!

Smiling Black woman holding a bottle of wine with a bow with two people with their backs turned in the foreground. Text reads: Which one is bad luck to give as a housewarming gift? A. Spoon, B. Knife, C. Fork

 

Which one is bad luck to give as a housewarming gift?

A spoon, a knife, or a fork?

The answer…a knife!
A long-standing superstition says that gifting a knife will sever the friendship between the giver & the recipient.
The only way around this unfortunate outcome is to tape a penny to the knife, which then must be removed & given back as payment for the knife.
So, go ahead & gift that cutlery set but don’t forget the lucky penny!
Posted in Buying a Home, Community News, First Time Homebuyers, Home Ownership
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