October 13, 2009
1.Do you mind laundry on a line?
2. Mc Mansions might be a thing of the past
3. Consumer debt is dropping
4. Debit card is the new Credit card
2. Will another mortgage giant fall?
3. Will the neighborhood of Truxton see a revival
4. What is absorption rate when talking about Real Estate?
5. 8k House tax credit will it be extended
6. October Halloween funs
So it seems the American family is reducing debt and shrinking thier homes footprint. Recent studies are showing everything from everyday spending to gas guzzling is down. Some recent studies are saying we might be saying god bye to the Mc Mansion’s that were being built in the last few years. Buyers seem to be looking for homes that meet thier needs these days not their ego. Still interesting enough our homes are about twice the size of European homes. In 2007 the average American home was about 2521 Sq feet compared to Germany and France’s 1200 Sq feet and an ever smaller English house of 900 Sq feet.
(Sources Parade.com) 10-11-2009 Va. Pilot Edition
Saving money is on the mind of many Americans. Does that sight of laundry drying on the line bother you or take you back to a simpler time in life? My family recently erected the umbrella style clothes line this past summer. Its not an eye sore and can be easily removed when company comes. We decided to try and save on some of the utility cost. It’s worked out pretty well I have to say and the smell of air-dried clothes has become a treasured scent. However the debate is on for some who just don’t like the looks of it. Some states are supporting the residents even if the neighbors don't like it. Colorado, Hawaii, Maine and Vermont support hanging the clothes out to dry since clothes dryers use up to 6% of the your electricity consumption. Other states that are looking to reveres clothesline blight laws are our wonderful state of Virginia as well as North Carolina Oregon and Maryland. Some pros and cons to think about
1. Sheets blowing in the wind as compared to someone underpants?
2. 2. You can save money and help the globe by hanging your laundry out
Whatever suits your fancy is fine with me but if you come to my neck of the woods you just might see my wardrobe basking in the sun.
Are you using your debt card more than then credit card!!! Well congratulations if you said yes. It seem that FINIALLY Americans are getting wise and not going deeper and deeper in debt these days. Americans are saving money as well. Personal savings accounts went up to 4.2 percent, which is a 1% increase from early lat year. The Federal Reserve reported revolving credit dropped 6.1 % in July or 8.1% annualized. Dave Ramsey you would be proud.
Are we on the verge of another Economic Failure for the mortgage industry? Americans and politicians are watching the FHA. It seems after sustaining the mortgage crisis from the start of the year they are starting to falter now. 20% of the FHA loans insured last year and up to 24% from 2007 are facing serious problems.
Portsmouth neighborhood Truxton might get some local help. This historic town of Portsmouth Va from 1919 is crying of for a revival. These homes were initially built to house African American shipyard works in the early 1900. City Council will vote today on a revitalization plan for the community. 600 families in the area would hopefully be able to see equity streaming in to the value of their homes if it passes.
Follow up on the Macarthur mall Curfew story:
It seems this ruling is creating a HUGE stir among patrons of the mall. It seems 8 in 10 people actually opposed the rule. Some people think it will boost Lynnhaven Malls sales as teen migrate here to do their late night shopping and socializing.
What is absorption rate?
Defined it’s the amount of homes on the market compared to what has sold. If you look at the amount of time to have every home sold by months that is your absorption rate. Many feel that a 6-month absorption rate is a balanced market. Hampton roads absorption rate still indicates a buyers market. Homes that are over 1 million in price are likely to take years to sell. As you move to the lower price ranges when we get to the 215-price range that market time drops to about 7.8 months. As a local Realtor here its pretty interesting that the numbers show this because as I turn buyers in this price range the market choice is much more limited and the competition is a bit more. I can feel the market demand on these homes a lot more than the 300 = range. Essential if your home is over 300+ in sales price expect to be holding it on the market for about 8-9 months.
Now some October fun!
Ghost trails and Prate tales 6 and 8 pm in down town Norfolk call 664-1000
Haunted Halloween fest Hunt Club forest Virginia Beach 7-11 pm Call 4779520
March of Dome spooky Acres Haunted House. Portsmouth 7-10 pm call 535-4828
Great Pumpkin Fall Fling Hampton 12-6 pm Sat. Call 727-0900
Monster Fest 6 Chesp central library call 410-7120
Don’t forget to check out pembroketowncenter facebook fanpage to see about the Halloween events happening at the plaza. While your there become fan of the page. Submit Photos and reviews.
5511 Princess Ann Rd
Virginia Beach, Va 23642
Licensed Agent in Virginia
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