Chesapeake Real Estate: Those New Windows....Worth Doing?

The New Window Dilemma

You couldn't possibly turn on the T.V. or Radio with out hearing an ad from and Window Company or a contractor offering "Lowest Price on Star Rated Windows".   These ads are almost frequent as new car advertisement in Chesapeake and all of Hampton Roads.

From clients, I have heard the common tactic, probably to be expected as there are options available, of the window salesman offering more energy efficient window.  As heating/cooling costs are one of the largest monthly cost in home ownership, it is very logical for a home owner to seek energy efficiency.

As noted in Al Clark's Home Action article below, window replacement may not be the absolute first thing a home owner should do.  Not surprisingly, improved insulation will typically improve the energy efficiency better.

Not as flashy as new windows, but more bang for the buck.

Albert Clark Co- Creator, HomeActions 570 510 3507 aclark@homeactions.net HomeActions About Us Features Pricing Contact Us

Window Replacement Firms Mislead On Energy Savings If you’re in the market to buy new windows, you’ll hear a lot of claims about how much energy you could save. Be skeptical of anything you hear because the Federal Trade Commission has repeatedly fined window companies for false claims. The FTC’s window-buying advice is worth reading before you shop. As it turns out, new windows aren't nearly the most cost-effective or energy-effective means of making your house more energy efficient. Energy experts, like Brandon Theil of Chicago Energy Consultants, say that the best bang for a homeowners buck is sealing leaks and increasing insulation throughout the home. Other energy solutions include: Use weather stripping around your windows. Seal up holes with caulk or other materials. Apply plastic to cover drafty windows. Insulate the attic space. Eventually your windows will have to be replaced, but if these other issues aren't addressed first your home won’t be any more energy efficient than it was before. Start with ensuring that there are no places where air is escaping your home. For example, this may be at areas in your basement where plumbing work emerges from the walls. If this isn't sealed properly it may cause a huge reduction in energy efficiency. If you’re serious about improving your home’s energy efficiency, start with an energy audit. That’s a home inspection followed by recommendations for which tasks to do first and estimated savings. Contact me if you need a referral to an energy auditor.

Why Chesapeake?

Why Chesapeake?

In working with buyers, it isn't unusual for relocating buyers to understand the advantages of living in Chesapeake versus the other cities in Hampton Roads.

Chesapeake boast an active but laid back suburban feel that is common to many major markets.   Though Chesapeake lacks the vibrancy of the Virginia Beach Ocean Front, Chesapeake boasts many fine neighborhoods with large lots and executive homes mixed with modest priced homes, townhomes and condos.  Without a doubt, single family housing is predominant in Chesapeake.

It is the city that "you come home to after a long day's work".

But you rarely stay home, if you have kids or desire physical activity!!   A host of baseball, soccer, volleyball, softball and basketball teams, traveling teams and school teams will keep the kids busy every night if you want it so.  Then the numerous bike clubs that fill the roads with serious bicyclists every Saturday morning(I am sure they are out daily!!).  

With quiet streets and winding neighborhood baths, runners and walkers are very common each morning and evening.  Even some very hardy people can be seen during the middle of the day!!

I will stick to the mornings.

Without doubt, the fine Chesapeake Schools are another key advantage of living in Chesapeake.  Always enjoying a high number of schools meeting state accredidation and always being a top performer in students graduating on time and those going on to post high school education attest to the quality of the schools.  Yet, the Special Needs Programs, Music Programs, Sport Programs and numerous clubs ensure the educational programs meets varied student needs.  An extensive Adult and Continuing Education programs allows adult to get GEDs or to simple explore a topic of interest!

Though very much a bedroom community, Chesapeake doesn't lack for places to shop and to eat!  With two major Mall/Shopping districts, Greenbrier Mall area in Central Chesapeake and Chesapeake Square Mall area in Western Branch Chesapeake have all the major players.  But add a host of Wal-Marts, Targets, Bed Bath & Beyonds, ect and one never has trouble finding needed item.

Add hundreds(so it seems) of strip centers and a host of stand alone businesses, no one drives far to get a prescription, a hair cut or to fill up the car.   

Though fine dining may be less available in Chesapeake, numerous local venues like Courthouse Cafe, Chesapeake Pizza and Andrea's Italian Restaurant and those special new or newer places like Broken Egg(Breakfast/Lunch/Dinner) in Greenbriar along with a host of national chain restaurants makes meals at home optional.

And this is only a short list of "Why Chesapeake"!!  

October 2013 Sales Soar

       Fall Sales Soar!

As Fall 2013 unfolds, home sales in Hampton Roads continue to improve.  Overall, the housing market is in a traditionally strong position.  Homes in all, but the highest price ranges, are selling, on average in under 6 months. 

Homes under $350,000 are trending the best.  In Chesapeake and Virginia Beach, homes under $350,000 typically are sold within three months of the date listed.  This is sign of a very healthy market for modest priced homes.

Homes selling under 6 months are in a "Balanced Market" with low/modest price appreciation but sound buyer activity.  Under 3 months, price appreciation is the norm as buyers out number the homes available.

Below find data compiled by Rose & Womble Realty to provide a succinct statement of the market.

 

Time to Sell Your Home

Why Now is the Time to Move

Ben's Banter Sinks Stocks

Though Jeff Hurd always provide an update on the improving housing market, I thought that you have heard enough from me via this blog this week on that matter.   Perhaps you never get tired of hearing that the Real Estate Market is better every day!

Jeff covers the recent changes in the Stock Market.  As these changes impact all our sense of well being, I thought his perspective would be of interest to you.

Read and enjoy!!  Question me as needed!!!

Jeff Hurd Loan Officer780 Lynnhaven Parkway #420 Virginia Beach, VA 23452 Mobile: 757-329-1115 Fax: 866-396-6422

BEN'S BANTER SINKS STOCKS...  The major stock indexes fell for the week as investors bailed on equities thanks to Fed Chairman Ben Bernanke's comments after the Fed meeting. The written FOMC Statement indicated the Fed would keep buying $85 billion per month worth of mortgage bonds and Treasuries in its quantitative easing program to boost the economy and keep interest rates down. But Bernanke later commented that if positive trends continue, the Fed could reduce bond purchases later this year and stop them completely by mid-2014. Some experts suggested investors overreacted, and it will be a long time before the Fed raises short-term interest rates.

It didn't help that the economic data coming in was positive, indicating things are indeed improving. The Empire State index of manufacturing in the New York region hit a three-month high in June, showing strong expansion after contracting in May. May Existing Home Sales and the NAHB home builders index surprised to the upside, as did the Philadelphia Fed index, which registered solid expansion for manufacturing in that region. But worried Wall Streeters should have noted CPI inflation was just 0.1% for the month and the May unemployment rate of 7.6% is a long way from the Fed's 6.5% target.

The week ended with the Dow down 1.8%, to 14799; the S&P 500 down 2.1%, to 1592; and the Nasdaq down 1.9%, to 3357. 
Fears the Fed might taper its bond buying sooner than expected hammered Treasuries and mortgage bonds. The FNMA 3.5% bond we watch ended the week down 3.04, at $100.12.Yet national average mortgage rates slipped last week, after edging up for over a month, according to Freddie Mac's Primary Mortgage Market Survey. Rates are still up a tad from a year ago, but remain at historically attractive levels. The Mortgage Bankers Association reported purchase loan demand down slightly for the week, but up 12% from a year ago,.

DID YOU KNOW?... Although investors worried the Fed might soon tighten monetary policy, during the past four Fed tightening cycles since the 1980s, the economy was growing an average of 3.68%, versus an average growth rate over the last 12 months of 1.8%.

>> This Week’s Forecast

NEW HOME SALES UP, GDP TEPID, INFLATION AND MANUFACTURING OK... Economic data this week should show mild but steady growth, offset by some minor disappointments. New Home Sales are expected to continue their move upward in May, while Pending Home Sales should indicate existing home sales will increase a few months out. The GDP Third Estimate is predicted to show continued economic growth at a modest rate.

Brighter news should come Thursday when Core PCE Prices are forecast to reveal inflation well under control in May. Personal Spending is expected to indicate the beleaguered consumer is staying in the game. The Chicago PMI reading of manufacturing health in the Midwest should dip a little but remain in expansion territory.

>> The Week’s Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates. 

Economic Calendar for the Week of June 24 – June 28

Date	Time (ET)	Release	For	Consensus	Prior	Impact
Tu Jun 25	08:30	Durable Goods Orders	May	3.0%	3.5%	Moderate
Tu Jun 25	10:00	Consumer Confidence	Jun	74.9	76.2	Moderate
Tu Jun 25	10:00	New Home Sales	May	460K	454K	Moderate
W Jun 26	08:30	GDP – Third Estimate	Q1	2.4%	2.4%	Moderate
W Jun 26	08:30	GDP Deflator – Third Estimate	Q1	1.1%	1.1%	Moderate
W Jun 26	10:30	Crude Inventories	6/22	NA	0.313M	Moderate
Th Jun 27	08:30	Initial Unemployment Claims	6/22	345K	354K	Moderate
Th Jun 27	08:30	Continuing Unemployment Claims	6/15	2.958M	2.951M	Moderate
Th Jun 27	08:30	Personal Income	May	0.2%	0.0%	Moderate
Th Jun 27	08:30	Personal Spending	May	0.4%	0.2%	HIGH
Th Jun 27	08:30	PCE Prices – Core	May	0.1%	0.0%	HIGH
Th Jun 27	10:00	Pending Home Sales	May	1.5%	0.3%	Moderate
F Jun 28	09:45	Chicago PMI	Jun	55.5	58.7	HIGH
F Jun 28	09:55	U. of Michigan Consumer Sentiment – Final	Jun	82.6	82.7	Moderate

>> Federal Reserve Watch   

Forecasting Federal Reserve policy changes in coming months... Even though there is talk of the Fed tapering its bond buying, economists still don't see the Fed raising the super low Funds Rate until the recovery is strong enough to bring unemployment down to 6.5%.Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.

Current Fed Funds Rate: 0%–0.25%

After FOMC meeting on:	Consensus
Jul 31	0%–0.25%
Sep 18	0%–0.25%
Oct 30	0%–0.25%

Probability of change from current policy:

After FOMC meeting on:	Consensus
Jul 31	<1 span="">
Sep 18	<1 span="">
Oct 30	<1 span="">

Will Higher Rates Hurt Market? Fannie Mae says NO

Sunny housing outlook image via Shutterstock

Does that make any sense??

      Higher Interest rates won't hurt housing 

                                             market??

You begin to read the Fannie Mae article and might wonder who had a drink too many before writing.  

Yet, Fannie Mae is correct.  The slightly higher interest rates won't hurt the recovery because:

  

    1.  Buyers realize that can't wait for "rates to

            go down"

    2.  Decrease in distressed homes raises 

             values and move buyers to buy before 

             values rise more.

    3.  Housing shortage causes fewer 

             selections for a buyer as homes

             sell faster than they come on the 

             market.

    4.   Home sellers waiting to sell will see

              items 1-3 reported in the news

              or in a blog(like this)

And the market will keep improving.

Read for your self below!         

Fannie Mae Says Higher Rates No Problem

Local Market Roars Back! Home Sales

 

 

Local Market Data:   REIN(Real Estate Information Network) is Hampton Roads MLS system with a report on sales in the past month.  

 

 

Just more good news.

 

 



January 2013 LOCAL Market Report--Hampton Roads

Rose & Womble is the Best!!!

Always with the best data on the market and the best agents in the business.    Yes, I am one of them!

Click the link and review all the charts!



January 2013 LOCAL Market Report


Below is a breakdown by price point pulled from the Market Report: