Monday, December 14, 2009

Southern Home Owners Opportunity to be part of ABC's Extreme Home Makeover

To my Southern Friends, this is a great opportunity for those that live in the South.
This info reblogged by The Hampton Roads Real Estate Lady!
Via Homes for Heroes, Inc.:
Homes for Heroes is asking our affiliates and friends of heroes to search your databases, to recommend a family for the February 2010 episode ABC’s Extreme Makeover Home Edition. This is of extreme urgency. We will need this in the next day or so. For the February episode, we are looking for someone in the Texas, Florida, Georgia, Louisiana, Mississippi, Alabama or South Carolina areas. Please forward any names Here are some of the criteria:
1. The applicant must own their home and have deed or title to it.2. There must be an urgent need for the makeover.3. The applicant’s home should not be a nice or newer home (remember,they tear them down) and home should have serious issues.4. Any extra story of deserving in an interesting way would be a niceadditional element.5. This is not necessary but it’s always nice if there are children inthe family.
As you all have come to realize… our true heroes in need are often humble and won’t ask for help. Please obtain as much information as possible and forward it to us immediately. Time is of the essence!

Thursday, October 29, 2009

Its ALMOST official The Homebuyers Tax Credit Extended, with a few changes!!!

The Senate indicates that First time Homebuyers Tax Credit will be renewed until at least April of 2010!
This is Great news! Here are the biggest changes:
The credit would be cut slightly to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.
This is the biggest change: The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.
At this time, it is believed that the credit will allow anyone purchasing (even if the property is not closed) a home by April 30, 2010 to participate and receive the full credit available. The credit will be continued (but reduced by 2% each 90 days) through the end of 2010! The credit will be slightly lessened, but it will be renewed and this extension should allow the market to continue to recover into and through next summer's selling season. Of course, there's always the possibility that it could be renewed at that time, as well.
Here's the text of the story as reported in Bloomberg News today:Senate Democrats on Board with Credit Extension
Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed - not closed - by April 30. Purchasers would have another 60 days to close the sale.
This info passed on by Dee Dee Jones Wainwright Real Estate The Hampton Roads Real Estate Lady!

Friday, May 29, 2009

More Chinese Drywall

Add Virginia Beach and Chesapeake Homeowners to the list of those complaining of Chinese Drywall found in their homes. Residents have joined for a lawsuit against the local supplier, contractor and Chinese manufacturer of the drywall. The suit is one of several locally connected to the use of Chinese-made wallboard. Chinese-made drywall, which has been the focus of complaints in several states by people who say it emits a corrosive gas that damages household electrical systems and causes respiratory problems.
The local Virginia Beach couples are out of thousands from replacing appliances, they all have experienced bouts of sickness, and the inconvenience of a nagging egg like odor has made their homes difficult to live in. They have asked the CPSC to investigate.
According to CPSC, To date, the CPSC has received over 365 reports from residents in 18 States and the District of Columbia who believe their health symptoms or the corrosion of certain metal components in their homes are related to the presence of drywall produced in China. State and local authorities have also received similar reports. We received our first incident report from a consumer on December 22, 2008. The majority of the reports to the CPSC have come from consumers residing in the State of Florida while others have come from consumers in Alabama, Arizona, California, Georgia, Kentucky, Louisiana, Mississippi, Missouri, New York, North Carolina, Ohio, Tennessee, Texas, Virginia, Washington, Wisconsin, Wyoming, and the District of Columbia.
Consumers largely report that their homes were built in 2006 to 2007, when an unprecedented increase in new construction occurred in part due to the hurricanes of 2004 and 2005.Common features of the reports submitted to the CPSC from homes believed to contain problem drywall have been:
Consumers have reported a "rotten egg" smell within their homes.
Consumers have reported health concerns such as irritated and itchy eyes and skin, difficulty in breathing, persistent cough, bloody noses, runny noses, recurrent headaches, sinus infection, and asthma attacks.
Consumers have reported blackened and corroded metal components in their homes and the frequent replacement of components in air conditioning units.
For more info visit

This info brought to you by The Hampton Roads Real Estate Lady! Dee Dee Jones Wainwright Real Estate

Tuesday, May 5, 2009

Chesapeake Jubilee

The Chesapeake Jubilee is May 14-17 ,
This event will be held at Chesapeake City Park, of South Greenbrier Pkwy near Kempsville, This fun family friendly event is geared to all Ages. There will be rides, food, giveaways, and more food.
Amusements of America provides us with the largest array of traveling carnival rides and games east of the Mississippi!

Known for its great fireworks show. This is a must see event. The fireworks will be Saturday the 16th, at 9pm. Bring your lawn chair and a blanket and listen to live music all day and the headliners below.
Announcing the musical lineup for the 2009 Jubilee
The greatest living exponents of Jamaica's reggae tradition provide a dynamic start to the 2009 Chesapeake Jubilee. It promises to be an unforgettable evening of music as the Wailers perform the legendary "Exodus" album.
Brandishing heavy guitars and an unabashed fetish for British Invasion Pop, The Smithereens carved their niche on album rock radio and earned a reputation as a great concert attraction with sizzling pop songs including: "A Girl Like You," "Only A Memory," and "Blood and Roses."

These talented singer-songwriters bring their amazing "A Place to Land" tour to Chesapeake. Come hear the future of country music as Little Big Town's highly acclaimed album comes to life with a thrilling live performance on the Bagley Stage at City Park.

If you think you are the grill master on the 15th & 16th there will be a bbq cookout. Over $10,000 in cash and prizes are up for grabs.

From funnel cakes to smoothies, the Jubilee has food for everyone's taste

this info brought to you buy Dee Dee Jones The Hampton Roads Real Estate Lady,

Wednesday, April 29, 2009

Timely Tuesday Title Tips...Gimme Five...!!!

Ok it is Wednesday but here are Tuesdays title tips from Fran The Title Man but its worth the read.
Via Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.):
From time to time I like to pass on some practical suggestions that we glean from seeing a number of Real Estate closings pass through our system...
Keeping in mind 'Real Estate is local', and as such, real estate transactions are subject to local laws and customs...thus, practices may differ from region to region even within a State...!
1. If you hire an attorney to guide you through a transaction, be sure to employ them BEFORE you sign any legal documents, especially an agreement of sale...!!!
2. Be prepared to document all funds required in a transaction...'mystery' monies often will negate a transaction from providing bank statements detailing recent deposits will expedite greatly your closing time...!
3. When shopping for a mortgage, please don't use 'quoted interest rates' as the sole determinant of your final choice of lenders...interview loan officers until you find one you trust...then stick with him/her...!
4. Select your own choice of settlement service providers...don't buy into that 'one stop shopping' ploy...if someone wears more than one hat in a real estate transaction, chances are they have multiple agendas, which may not place you at the top of their 'care list'...!
5. In real estate transactions, where so much of your time and money are invested, there are no such thing as 'dumb questions'...there are, however, 'dumb answers', so don't be afraid to ask questions of the many real estate professionals involved in a typical real estate transaction...and don't wait until the last minute...if something is bothering you that you don't fully understand, raise a flag and get an answer...
Finally, use these tips and be assured that in spite of what you may read or hear about real estate professionals, the majority are concerned consumers just like you and me...!!!
From Fran the Man
Brought to you buy, Dee Dee Jones The Hampton Roads Real Estate Lady!

Tuesday, April 21, 2009

10 Reasons That You Should Wait to Buy in this Market

My AR associate JL Boney III, from South Carolina gave 10 reasons that are great for anyone who is on the fence to read. This message forwarded by The Hampton Roads Real Estate Lady, with a little humor the point is well made so I am sharing his post with you.
Via JL Boney, III Columbia, SC Real Estate (Russell and Jeffcoat):
With all the posts out there about how now is the best time in history to run out and buy a home, I thought it only fair to show you the reasons that you should not do so. The last thing this economy needs is for consumers to start spending money, that would actually cause the great deals to go away. Mainly due to the fact that it would cause the economy and the real estate market to recover, and at this point that's the last thing we need.
10- Rent is fun to pay. I mean it's not at all like having to pay your own mortgage, why do that when you can pay a mortgage for someone else. If you went out and bought a home, there would be one less investor out there getting a free house with your money.
9- The amount of homes for sale on the market. There is no need to running out there when you have a ton of homes for sale at your disposal. You should certainly wait for the numbers to dwindle so you will have less of a choice you decide to buy. This will keep you from having to be so picky.
8- The great deals will be the first to go. This will be your indicator that you are getting close to time to start looking. All the good homes will be taken and then you can go sift through the left overs for what you can salvage.
7- Low Interest rates. Low interest rates will cause your mortgage payments to be lower, and this may make you feel like you are not doing your fair share. You should definitely wait around for those rates to rise so you can make a higher monthly payment. Then you won't have to deal with the guilt of saving money.
6- The price of homes for sale. Currently many homes for sale are on the market at very competitive lower prices. If you can manage to hang in there a little longer without buying a home, then you can catch market during or after a recovery. This means that you will get to pay more for the home than you would today.
5- With today's rates and prices, mortgages on many homes for sale are actually cheaper than rent on the same homes. Again this would possibly save you money, and that's not what you want to do. You need to wait for the prices to rise so you're not getting as good of a deal.
4- A 10% of the sales price tax credit up to $8,000. If you were to buy a home now,and you are a first time home buyer, then you would receive this tax credit. If you can hold out until next year, then you will be able to avoid this tax credit all together. This will save you the aggravation of trying to decide what to do with the extra money on next year's tax return.
3-Builder incentives. At present, in addition to the competitive prices, many builders are offering other incentives on new homes. Incentives like a percentage of of the home for sale depending on your employment and reduced pricing on upgrades. Some are even offering free upgrades and tossing in little extras that they normally do not offer in order to sweeten the pot. This would mean that you could get a great deal on a brand new home in your area, and that's the last thing you want. Wait for these deals to be snatched up other buyers before you even consider looking for your new home.
2- Lack of competition for you. Right now with many would be buyers sitting on the fence trying to make a decision, you would have your pick of the litter as far as the homes currently available are concerned. You need to wait until many more buyers are on the search, that way you can possibly end up in multiple offer situations and have to fight another buyer over the home you really want.
1- The pride of home ownership. There is no reason to come home to a home that actually belongs to you. Why not constantly come home to a house that you are buying for someone else.

I hope that in some way this has helped anyone reading to figure out why you should stay on that fence. There are really too many great deals and incentives out there to subject yourself to making a decision as to which one you want. So hang in there and stay on those sidelines. With a little discipline and a little luck you'll be able to avoid all the great deals that this current market has to offer. Best of luck to you.

Monday, April 6, 2009

09 Hampton Jazz Festival

If you have never gone to the Hampton Jazz Festival, this year the line up is one of the best. Hampton, VA is home to the Hampton Colisuem. Every year many people travel to visit the Colisuem to check out great music for all ages. Do not miss this event.

Friday, June 26 at 7:30 pm

Kenny "Babyface" Edmonds, George Benson, Ledisi, Jazz Attack featuring Rick Braun, Jonathan Butlerand Richard Elliot.

Saturday, June 27 at 7:00 pm

The O'Jays, Michael McDonald, Fantasia, The Forte Jazz Bandfeaturing Brian Pinner

Sunday, June 28 at 2:00 pm

Patti Labelle, Robin Thicke, Chuck Brown, Keiko Matsui

Tickets to the 42nd Annual Hampton Jazz Festival are priced at $52.50 per seat, per performance, plus service charge and handling fee where applicable. Tickets will go on sale this Saturday, March 28 at 10 am online at, at all VA, MD, and DC Ticketmaster Ticket Centers, charge-by-phone at 1-800-745-3000 and at the Hampton Coliseum Box Office. Group rates are available for groups of 45 or more. Additional Festival information is available online at

Thinking of selling this Spring ? -- NOW is the time to start the PREPARATION !

Its that time of year time to declutter, spring clean, put your house on the market and get it Sold. If you are thinking of selling a home in the Hampton Roads area this year the time to get started has come. Looking for great home selling tips and Real Estate advice, then look to my fellow Active Rainer - That British Agent from Maywood, NJ Sheldon Neal- Sheldon recently shared the following Active Rain Blog. This is great real estate advice for even Hampton Roads Sellers to follow so I am passing it on. The Hampton Roads Real Estate Lady.

Via Sheldon Neal -- That British Agent -- (Bergen County, NJ - RE/MAX Real Estate Limited):

If you are planning to put your home up for sale this upcoming Spring, don't be surprised if it creeps up on you, and that you find Spring is here before you know it !!

It is already more than a week into February and the Groundhog has already seen his shadow - but these next six weeks will probably fly by, and you may find yourself faced with the less desirable scenario of being forced to RUSH your home onto the market, so that you don't miss the Spring Buying Season - the season which historically sees the most buyers out there looking for homes out of all times of the year.

Selling in this current market can be stressful enough, but adding a last-minute-preparation-panic to the mix, will almost certainly make it that much more difficult for you and your family to deal with.

So to help you prepare your home - and yourself ! - for the Spring Season, keep the following points in mind, and they should give you the best chance for success with selling your home over the next months.

1) Start Now ! -- The more time you have to implement some of the following items, the more likely you can fit it all in along with your current daily schedule.

2) Get A "Home Sale" Notebook. You can pick them up for a dollar or two from Staples, CVS or similar stores, and make it RED, or another color that stands out - this way it will be hopefully be easier to spot when you need it ! The purpose of the "Home Sale" Notebook, is so that you always have a central place to refer to as your home sale progresses. When you have questions that you want to ask your Realtor, write them in the notebook so you dont forget them, when you have things to add to your "To-Do" list, add them to your notebook so you can always refer to it and stay on track. You will collect various papers along the way too, tuck these in the back of the notebook, again, this way you keep all thing related to your "Home Sale" in one central place.

3) Have a Family Meeting ! Selling your home will affect everyone under your roof in different ways. It is important that you are all together for support and assistance. There will certainly be packing, moving, & cleaning, & possibly painting and other tasks, so rally the troops and make sure everyone is on the same page. (Pizza or chinese food are often good incentives for jobs well done !!) ... and if there are children in the family, they may need a one on one chat in private just to check-in and make sure they are doing OK - moving house, possibly away from their friends, their school, and their comfortable neighborhood, can often be particularly scary for kids - and a friendly check in from time to time from mom or dad, letting them know it's all going to be OK, can often ease that anxiety.

4) Choose a Realtor NOW ! -- Don't wait until the week that you want to list your home. Here's why. Typically your local, knowledgeable Realtor can help you with your preparation, and make sure you are focusing your energy on the most beneficial tasks to get your home in ship-shape for listing ! There are sometimes decisions that homeowners make, which actually hurt the desirability of their home to most potential buyers - so set up your Realtor interviews now, find out how they plan to market your home, and once you select a Realtor, schedule a time to sit down with them as soon as possible to go over a PRE-LISTING Gameplan !

5) Take a Deep Breath ! -- You are just taking the first steps, but starting out on the right foot can often lead to a smoother, less stressful journey though your real estate transaction.

6) Do a 'Home Walkthrough' - with your Home Sale Notebook ! -- Go room by room, and jot down things that you feel need to be done before you can list your home. These things may include removing and storing excess clutter or un-needed furniture, fixing or replacing broken blinds, light switches, closet doors, noting rooms or furniture that need to be painted, jot down which rooms may have carpets that need cleaning, or even replacing. Hardwood floors are a desired floor covering for many buyers right now, so it is important that even if you have carpets, that you know whether there is hardwood underneath the carpet or not. Note your findings down in your notebook and go over them with your chosen Realtor at your PRE-LISTING Gameplan meeting !

7) Do a Repair Cost Analysis-- This is often overlooked by sellers. But all the items that you note down from your walkthough, (or that are recommended by your Realtor) have a cost associated with them. Sometimes a lot of repairs or improvements can be done relatively inexpensively, but if you wanted to give your kitchen a 'boost' by installing a new granite countertop for example before putting it on the market, then you will need to know exactly how much that estimate will be, so you can confirm that it is within your budget to install. Keep track of all your desired improvements and their costs.

8) Plastic Tubs are your FRIENDS! -- These 18 gallon containers that you can pick up from Target, Wal-Mart or similar stores, can make your life a whole lot easier - and if you check the Sunday Newspaper supplements, you can often find them on sale for just $3.99 or $4.99. Now cardboard boxes can be OK, but the plastic tubs are extremely durable, they stack well, and the most important thing, is that if for some reason the boxes are stored in a basement or place that may get a water leak of any description, the plastic tubs will almost certainly protect all your belongings inside - in that situation, a cardboard box will simply soak up the water and your belongings may be ruined.... this I can attest to from personal experience many years ago ! Now, I use plastic tubs without question

9) Consider PODS or a Storage Unit -- Many sellers that understand the need to remove a lot of items or furniture from their home to give the best 'first impression' to anyone who walks through the front door, choose to store the excess items in a storage unit, or in PODS (Portable On Demand Storage).

10) Divide and Conquer ! -- It's much more difficult to do all the preparation on your own, so take that list of To-Do items and see who in your family, or which friends can help you. Again, it's often good to have an offering of lunch or dinner at the ready ! - especially for the extra time consuming chores like room painting or packing a mountain of boxes !

11) Confirm and keep track of your next home. -- Whatever your plans are for your next home, whether you have already secured a home to move into, or if you have to coincide the sale of your current home, with a purchase of a new home, make sure you stay in tune with the availability and timing.

12) PRICE IT RIGHT ! -- When all your improvements are completed, and you are ready to list your home, sit down with your Realtor again and spend a significant amount of time digesting the market analysis your agent will provide. It is the single most important factor right now in positioning your home to sell as fast as possible. If you price it incorrectly, it can be a lost cause from the start. Determine the market value, and if you have the ability to list it a small cut below that price, you will draw the most attention possible right out of the gates !

13) Remind yourself that selling your home is a good thing ! -- It may be easier to say this to yourself now, but it's important to remind yourself of this periodically, even if the road becomes challenging at times. A way to keep focused and positive is to choose the right Realtor. They will be by your side from start to finish, so it is critical that you choose the best fit for your family and your intentions.

These thirteen tips will get you started on the right foot, and will help you organize your weeks leading up to putting your home on the market !

Contrary to many media reports out there, homes are selling right now !!!

... just make sure you do everything in your capabilities to make sure your home is one of them !

And remember your Realtor is there by your side, every step of the way !

Good Luck !

Friday, April 3, 2009

Did you know you can challenge your tax bill?

Did you know you can challenge your tax bill?

In Hampton Roads cities many homes are being appraised for less than there tax value for the first time in years. If you are in an area of declining value and you have proof or believe your tax assessment is to high you can call your city real estate assessor's office to point out the discrepancy and challenge the assessment.

We all know lower taxes and lower interest rates can give us the lowest possible payment and many are taking advantage of refinancing their homes. In the past year, the median price for homes in South Hampton Roads has dropped 7.4 percent, according to our mls, Real Estate Information Network REIN, the Virginia Beach-based multiple listing service. Sales of existing homes also have fallen to unusually low levels.

For those of you looking to save money, after finding a qualified loan officer to assess whether you can or should refinance your home, do not forget to consider reviewing your tax bill and home owners insurance policy. Reducing these costs can save you hundreds more dollars a month. Or often times error such as wrong room sizes, square footage adjustments, and additions can be updated to make the bill more accurate.

To contact your local assessor in the seven cities click your city link;







This info brought to you by

The Hampton Roads Real Estate Lady!

Dee Dee Jones

Wainwright Real Estate

Saturday, March 14, 2009

Chesapeake Park District Spring Summer 09

Looking for Spring and Summer Activities for your kids and family to do!

Chesapeake Park District put out the Spring Summer 09 Leisure Guide today. You can pick one up at any Chesapeake Recreation City or go to view or print the pdf. You will find activities for toddlers thru senior ages and for boys and girls. Dance, Gymnastic football and use of the gym are my families favorite activities.

For those of you new to the area Chesapeake and Virginia Beach have two of the areas best park and recreation programs. Check out the link and register early because classes do fill up. You can go to the main website view the pdf or there is also instructions on how to receive a guide by mail.

This information brought to you by

The Hampton Roads Real Estate Lady

Dee Dee Jones

Wainwright Real Estate

Wednesday, March 11, 2009

Home Buyers stop standing on the side lines playing double dutch

Buyers stop standing on the side lines playing double dutch. If you do not know when to jump in, The Time to buy a home is now. You keep thinking next month, next week, or next year you can get the best home or best rate, and best deal. You don't realize the best time is now before you throw away more money renting.

Reasons to Jump in the market now:

1. Rates are great. I know every year you see ads that say rates are the lowest they have been in years. Well it is true. Rates are the lowest they have been in years.

2. Great deals are out there. There are many owners that will pay your closing cost, pay discount points, or even give you furniture. The deals are out there and you need a good agent to help you find them.

3. Loans, even with all the problems banks, brokers, and mortgage companies have had many are putting together great loan packages for buyers. But you have to jump in by calling a loan officer to get preapproved not just prequalified. Which will give you even greater purchasing power. And remember they are also competing for business so you may be able to negotiate fees and rates depending on the company you choose.

4. Inventory, You have choices in this market. You do not have to settle for anything. Resale homes by desperate sellers, relocating sellers are the best deals. Foreclosures, REO properties, and repos are out there but may take special financing. Short Sales can be great deals if you have the time to wait out the process. A good agent can show you your choices and help you make a good decision. Your loan type may dictate what properties you can view.

For information on Buying a home in Hampton Roads 7 cities call me The Hampton Roads Real Estate Lady! or if you need help finding a great competent agent in another city or state contact me.

Dee Dee Jones

Wainwright Real Estate

Tuesday, March 10, 2009

The power of TV and social media

Ok, I was working and watching ELLEN this am and, P Diddy is explaining to her what Twitter is and how he now has 100,000's of followers. He tweets that he is sitting with her to show her an example on how to do it. So then she plays a game with some viewers and mentions that Vizio the tv company is giving away a million dollars worth of Flat screen 55 inch tvs, go to They have a link to share the sweepstakes with your myspace, twitter, and facebook audience. When I log on to Twitter, it says temporarily over capacity. I think is this directly related to Ellen's show. The power of TV is awesome.

It is amazing that with Twitter you can reach out to all your followers in seconds.

The power of new social media is exploding and for those of you who fought against Internet advertising you will be left behind if your not on Twitter, linked in ,Myspace,Facebook, create your profile and get cracking. A good agent in 2009, will be using these tools to market homes, you can share videos and pictures, and contact your sphere of influence with no pressure. Do not let this FREE technology pass you by.

Dee Dee Jones

The Hampton Roads Real Estate Lady

Monday, March 9, 2009

Will the uncluttered homes please stand up

After a day of showing property in Hampton Roads I was left baffled at how many sellers do not bother to unclutter or just simply clean up their homes. I went to a home in Norfolk, VA in which I literally stepped over underwear to show the bathroom and had to tell my clients to imagine a shower with out hanging bras. I had gave a days notice so this was not a last minute appt. We looked at a few more homes then wandered in a home in Chesapeake, VA that had to be owned by a person with DISPOSOPHOBIA the fear of getting rid of stuff. This is not the actual home but it looked this bad.

It only takes a moment to council sellers on the proper way to show a home so it will Sell. This is a buyers market and appearance is everything. Take the time to clean of the counters and refrigerator. Its Spring the best time of the year to clean out drawers, closets, and get rid of stuff even furniture you do not need. If its in good shape sell your stuff on ebay, or craigslist.

For more info on the proper way to sell your home call

Dee Dee Jones

Wainwright Real Estate

The Hampton Roads Real Estate Lady

Monday, March 2, 2009

What snow in Hampton Roads, VA

I am originally from Southern California, I have lived in Louisiana, Illinois, and now Virginia. Today, was so funny. It finally snowed in Hampton Roads, VA and you would have thought the world was coming to and end. The News talked as if the mother of all storms had hit. School District started calling at 5:45am that school would be on a 2 hour delay. Two of my kids school buses never showed up. I just knew that I would go out side to see my car buried in 4 inches of snow. I thought I would need to fine my ice scraper and shovel. To my surprise I was greeted by a very cold wind, a half inch of snow, and a thin layer of ice. The neighborhood looked slightly powdered in sugar. So that made my 3 kids extra excited.

My youngest do not remember Illinois having to shovel snow and spinning on black ice which is the worst thing. But I know by 5pm this snow will be melted and gone for another few years. There were reports of 39 accidents in Hampton Roads. But, In the end the North East, Mid West, and even the Carolinas would be laughing at what we call a snow storm down here in the 7 cities. Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, and Virginia Beach.

Dee Dee Jones

Wainwright Real Estate

The Hampton Roads Real Estate Lady

Tuesday, February 24, 2009

Homebuying Tax Credit 09 info for Hampton Roads

For those of you who asked about updated Tax Credit info here it is: for more info.

Tax Credit for Homebuyers
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction - a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Tax Credit Versus Tax Deduction
It's important to remember that the $8,000 tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a homebuyer were to owe $8,000 in income taxes and would qualify for the $8,000 tax credit, they would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a homebuyer is liable for $4,000 in income tax, he can offset that $4,000 with half of the tax credit... and still receive a check for the remaining $4,000!
Phase-out Examples
According to the plan, the tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.

To break down what this phase-out means to homebuyers who are over those amounts, the National Association of Homebuilders (NAHB) offers the following examples:

Example 1: Assume that a married couple has a modified adjusted gross income of $160,000. The applicable phase-out to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time homebuyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Example 2: Assume that an individual homebuyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Remember, these are general examples. You should always consult your tax advisor for information relating to your specific circumstances.
Homes that Qualify
The tax credit is applicable to any home that will be used as a principle residence. Based on that guideline, qualifying homes include single-family detached homes, as well as attached homes such as townhouses and condominiums. In addition, manufactured or homes and houseboats used for principle residence also qualify.

Higher Loan Amounts
More good news - there is an extension on the additional tier of conforming loan amounts which had been first established in 2008. This tier of home loans are those greater than $417,000, and with a maximum that depends on the area, but is not greater than $729,750. These loans will again be eligible for rates that are slightly higher than conforming loan rates, but less expensive than the standard "jumbo" loan rates.
FHFA News Release -

For more info go to for more info.

I will be sure to update you with more info as more changes come.

Dee Dee Jones

Wainwright Real Estate

Monday, February 9, 2009

Direct Buy Programs

Has anyone taking the direct buy free look orientation or bought a membership?

I admit it looks and sounds great. But besides Sam's Club I hate to pay monthly for anything.

Their website boast, that they are "the #1 way to buy direct for your home. Discover how you can purchase home furnishings and appliances directly from the manufacturer."

The commercials outline huge discounts of course I know it is a commercial. They weigh the pros & cons of wholesale vs resale.

They even mention discounts on contractors.

So If you know anything about this program. Please pass on the info. Thanks in advance for sharing.

Dee Dee Jones

Hampton Roads Real Estate Lady!

Tuesday, February 3, 2009

More State and Govt Real Estate Programs

Everyone is focused on the $7500 tax credit but do you know about the other state and government programs and there impact on the economy.

Foreclosure Relief- This will offer a refinance program that will help struggling homeowners stay in their homes. Yeah Less Foreclosures!!!

FHA Modernization - maximum loan will increase to 115% of median home price in area up to $625,500. This means will be seeing a lot of FHA buyers in 09.

Mortgage Revenue Bonds-States will be given the authority to issue an additional $11 billion dollars to be used to refinance subprime loans and help more first time buyers obtain a mortgage.

GSE Government Sponsored Enterprises- will regulate the industry helping buyers secure financing for homes in high priced markets such as California and the North East. And will become a viable alternative from interest only loans.

LIHTC Low Income Housing Tax Credit and Bonds-helps construct and rehabilitate affordable housing. This will also create more jobs. Open up home ownership opportunities to more people.

Community Development Block Grants -The legislation provides $3.9 billion in grants to state and local governments for the purchase of foreclosed homes and the rehabilitation or redevelopment of residential property. This also will create and sustain more jobs.

For more information on these programs go to

Dee Dee Jones

The Hampton Roads Real Estate Lady


Free Denny's Gram Slam Breakfast TODAY ONLY!

Dennys's Free Breakfast to everyone in America

Did you see the Superbowl Commercial?

Free Gram Slam Breakfast TODAY ONLY!

Dine-in only. Offer limited to Tuesday, 2/3/09, 6 am to 2 pm in all Denny's restaurants in the United States*, Canada and Puerto Rico while supplies last.
*With exception of 350 Baker Blvd., Baker, CA and 740 S. Main St., Las Cruces, NM.

visit to find a location.

Dee Dee Jones

The Hampton Roads Real Estate Lady!

Wainwright Real Estate

Wednesday, January 14, 2009

The Time to Buy a Home is Now!

There are many great home buying deals and great interest rates right now. The question is how long will this last? The time to buy is definitely now! I bought my current home in April 2007. Now I'm wishing I would have waited to 09 to sell and buy. I know- I do realize that the home I sold then did yield a hire price then I would have gotten today. Yes I do realize it took less time to sell then, then it would today. I just hate seeing the great resale, short sale, and foreclosure deals rolling around the Hampton Roads MLS in my price range. I could have got almost 1000 more sqft had I waited and as a mother of 3 every sq inch counts. Anyways, I know there is a lot of factors. And pros and cons in both markets.

And lets not talk about interest rates. There dropping so low I want to cry or refi. If you have not checked in with your preferred lender then give them a call to check out what they are offering. Your lender would be glad to help you navigate the numbers, payments, new loans, and loan guidelines. If your a buyer I just would like to say "DO NOT MISS OUT ON THE GREAT DEALS THE TIME TO BUY IS NOW"! I'm not sure how long the low rates will last so act now and do not say nobody told you.

If you want more info on the Hampton Roads Real Estate Market then contact

Dee Dee Jones

Wainwright Real Estate

Real Estate Agent

Homearama 2009 in Hampton Roads

The Hampton Roads VA area is known for its fabulous Homearama events that feature fancy luxury homes with state of the art amenities. But now the market is effecting the future of this event. The Tidewater Builders Association which manages Homearama recently announced that the 2009 event will be in a much less expensive area in The North Suffolk VA area in 2009. It will be interesting to see if the homes sale faster because they will be more affordable. I am glad to see at least one showcase that caters to the middle class. And there is no better time then now. Hopefully in the future they may keep a few affordable options depending how this presentation will go.

The homes will start in the $400,000 range featuring condos and single family homes. Which is a drastic drop from the 08 price range of 1.2 million in Ashville Park in Virginia Beach, VA and the 07 Edinburg Area in Chesapeake, VA. O8 featured luxury green homes, 09 will be a compact version, focused on a mixed use style community, with retail shops, offices, 2500 sq ft homes, condos all with craftsman style architecture. The change to less expensive was made due to the changing economy and the hesitancy of pass builders to participate in 09.

The event w ill be located in a new subdivision called Hampton Roads Crossing, when will be anounced at a later time. Ill be sure to pass on the info it is always a great one of a kind event.

Dee Dee Jones The Hampton Roads Real Estate Lady

Wainwright Real Estate