Is this Really a Buyers Market?

With falling home prices and higher inventories, most of the public views real estate as a “buyer’s market,” in which buyers hold more of the control and sellers will more eagerly accept lower offers just to sell.

Not so fast, say buyers and sellers. More buyers are finding the sellers in the driver’s seat.

Buyer Young Hammack gave up looking for homes for a while after being outbid on three properties in California. "It's a false buyer's market," Hammack says. "If you think prices are cheap, wait until you start putting offers in."

Many sellers may be unable or unwilling to lower their home prices — mostly because they may be underwater on their mortgage — so buyers are increasingly finding lower offers than list price denied. Buyers, on the other hand, may be reluctant to agree to a deal if they don’t feel like they are getting it at a deep discount, industry insiders say.

Traditional buyers also are finding even buying a foreclosure can be difficult as they’re increasingly outbid by investors who are willing to pay cash.

"There's a shortage of attractive inventory," says Glenn Kelman, chief executive of Redfin Corp. "Customers just keep getting outbid on the houses that they want."

Real estate professional Steve Capen with Keller Williams Realty in St. Petersburg, Fla., says that the homes most in demand among buyers often don’t require much repair work and are located in good school districts and choice neighborhoods near transit hubs.

"What's selling is the cream of the crop, and they sell fast," Capen says. "If it's not cream of the crop, it's getting hammered."

What do you think? Please leave a comment!

Home Picks of the Week!

Suffolk-4003 Hargrove Landing-You will absolutely love this home located on a quiet St. This home is very immaculate and is sure to please the pickiest buyers large columns hardwood floors and granite in the bathrooms are just a few of the upgrades throughout. $269,000

-Gated Waterfront community. End unit. Walk 2 beach. Gourmet kitchen.  stainless steel appl, pantry, granite, two sinks, bar. Hardwood floors. Each bedroom has its own full bathroom. 4th floor loft can be 4th bedroom. Onsite storage. Reserved covered parking. Has space to add an elevator. $349,900

Norfolk-2080 Ocean View Ave E

-#7A

Chesapeake- 308 Sedgewood Ct-Contemporary home situated on a cul-de-sac in prestigious Riverwalk; high vaulted ceilings, open floor plan, granite countertops, Stainless fridge and stove, Bosch DW, two-tiered deck, updated baths with new tile, fixtures, and double sinks in master; 3 bdrms down plus loft/bdrm w/ 3rd full bath up. $275,000

Newport News-979 Drivers Lane-GOLF COURSE VIEW ON THE 1ST HOLE! NICE 3BR 2 1/2 BATH. WATCH THE GOLFERS WHILE YOU HAVE BREAKFAST OR WHILE YOU RELAX ON THE SECOND FLOOR BALCONY OFF THE MASTER BEDROOM. GAS FIREPLACE IN FAMILY ROOM, BACKYARD FENCED FOR CHILDREN/PETS. WASHER & DRYER GO WITH THE HOUSE. $273,900

Sue Tanea

Realtor

suetanea@verizon.net

757-635-2333

Call or email for more information on these homes or others!

To view all MLS Listings click to go to my website

http://www.suetanea.com/

Love Travel? Announcing Travel Thursday!

Beautiful Bermuda!

Since I was in the travel business for many,many moons (which in years , would be over 15 years) and love to travel, I thought I would start a Traveling Thursday on my blog! I have traveled extensively throughout the Caribbean, US, Mexico and have Cruised on over 15 cruises.

Each Thursday, I will update with information on cruises, resorts and vacations of all kinds. If you have a question, let me know and I will be happy to answer!

For any of your who have the travel bug, there is a great website and blog by Chris Elliott. He is a nationally know consumer advocate of travel and travel woes. Pretty interesting stuff... If you have travelled even just a bit, some of his insights will really hit home with you. 

Follow Chris at:      Consumer Advocate-Chris Elliott

So pack your bags and we are off to a wonderful place in our minds!

P.S. If you love travel and Real Estate, please become a follower of my blog:)

Waiting for Market Bottom Could Cost You More

Rising interest rates could eat up any savings you'd enjoy by waiting for prices to fall.

Posted by Teresa at MSN Real Estate on Monday, February 28, 2011 10:10 AM

No one knows when home prices will hit bottom, and the reality is that it won't happen everywhere at the same time.

Even if you have a great crystal ball, the state of the real-estate market should never be the determining factor in deciding when to buy a home. More important are the state of your finances, the state of your job and how long you intend to live in the area.

But if the time is right for you to buy, you may be better off acting now rather than waiting for the bottom of the market. This is why: While home prices may fall, interest rates almost surely will rise, and the two factors together will determine how much you actually pay. With higher interest rates, you could end up paying more for a cheaper house.

Alison Paoli of the Zillow blog offers three scenarios for a typical home she calls

100 Main St.

:  

• Buy the home for $300,000 in November 2010 with an interest rate of 4.1%: Monthly payment is $1,159.
• Buy the home for $294,600 in January 2011 with an interest rate of 4.7%: Monthly payment is $1,222.
• Buy the home for $276,924 in January 2012 with an interest rate of 5.1%: Monthly payment is $1,285.  

Not only are interest rates rising, fees for loans are increasing as well, starting April 18.

Other factors, such as negotiation and supply and demand in your chosen neighborhood, will affect how much you pay for the house. Factors such as your credit score will affect which interest rate you actually pay. The ones we report are averages.

But both price and interest rate are important when calculating when to jump into the market.

Emily Trinks, writing at Zillow Real Estate Research, has some additional calculations. She tells would-be buyers:

With so much talk about when and where the real-estate market will hit bottom, it’s easy to forget that the home prices are only one part of determining how much buying a home will actually cost. We get caught up looking at the moving parts independently and often forget that, like airline seats, neighbors might be paying vastly different amounts for practically the same product.

Sue Tanea
Keller Williams - Greenbrier
Office phone: 757-635-2333

suetanea@verizon.net

http://www.suetanea.com/

Home Pics of the Week!

Great homes at Great Prices!

Chesapeake- 308 Sedgewood Ct. Located in Riverwalk. $275,000.

Contemporary home situated on a cul-de-sac in prestigious Riverwalk; high vaulted ceilings, open floor plan, granite countertops, Stainless fridge and stove, Bosch DW, two-tiered deck, updated baths with new tile, fixtures, and double sinks in master; 3 bdrms down plus loft/bdrm w/ 3rd full bath up.

Chesapeake-301 Driftwood. $262,000  1978 sq feet.

This great, 4 bedroom, 2.5 Bath home is clean, freshly painted and move-in ready! Natural stone sidewalk. Sturdy  deck. Enormous yard perfect for entertaining guests. Ideal location near to interstates, shopping, and sought after Great Bridge High School.

Virginia Beach-229 Oakengate Turn. $289,900. 2597 sq feetl 4 bedrooms 3 baths

Beautiful Water Front home with 4BR 3FB Formal Living and Dining Room. Family Room w/Fireplace Large Eat-in Kitchen. Shows well.

Virginia Beach-4220 Eagle Rock. $255,000 1955 sq ft. 4 bedrooms 2 1/2 baths.

This home has it all. Located in the Glenwood section of Virginia Beach this home has no POA fees, fireplace, large Bedrooms and ready for you to move right in. Large yard and so much more.

Virginia Beach-740 Teets Lane. $239,000 1600 Sq feet 3 bedrooms 2 baths. Totally renovated!

Beautiful home ! Eat In Kitchen,Granite Counters,Stainless Steel Appliances,Tile Floor! Everything New! Master bdrm with huge tiled shower! Large family Room and Living Room. New Roof,New HVAC,New Siding! Close to interstates,shopping and Town Center!

 Call for More Information

Sue Tanea

757-635-2333

suetanea@verizon.net

There's an APP for Everything!

Off the Real Estate Subject for a minute (don't worry, I will get back to it soon:)).

I don't have an Iphone..just a Blackberry, which I lovingly refer to as my Crackberry. I wasn't sure of all the hype about an app for this and an App for that until, on Christmas morning, I opened my IPAD! I played with it, trying to figure it all out...little by little, and app by app my world has changed!

I am beginning to really believe that there is an app for everything! Last night, friends were joking about buying a disco ball...WAIT , I said! I'm sure I have an app for that! (Of course my Ipad is with me all the time now:))  Guess what? Check out the Disco Ball App!  Yep, there is was!  I was able to watch all the March Madness Basketball games on the NCAA March Madness App..I can send emails or take notes by talking into the ipad using Dragon Dictation...no need to type anymore!

What are your favorite Apps?  Please comment below to help all of us Ipad/Iphone junkies find more useful apps to play with!

Back to Real Estate...told you I would get here! I have apps for Reality Mobile,NAR Express,Restats and docusign to name a few!  There is an app for everything!!!!

Home Picks of the Week!

Check out these beautiful homes for sale!



Va Beach-3025 Hemingway Rd. West Neck. 2857 sq feet. 4 bdrm 3 bath. $265,900 Tax assessment $337,000 VA owned

Va Beach- 1716 Purpose Dr. Brinkley Estates. 2660 sq feet. 3 bdrm 2 bath. $269,000 Tax Assessment $307,000

Va Beach-1284 Adair Drive.Glenwood 4bdrm 2.5 bath. $290,000

Va Beach-Aragona 3 bdrm 2 bath . Totally rehabbed $239,000

Chesapeake- 2236 Holly Berry Lane 1827 sq feet . 3 bdrm 2 bath .$208,000

Chesapeake-Holly Glen.2028 sq feet 4 bdrm 2.5 bath.  $235,000

Call or Email for more information on these homes or any others you may be interested in!

Sue Tanea

Keller Williams-Greenbrier

757-635-2333

suetanea@verizon.net

www.suetanea.com

OPEN HOUSE TODAY!

OPEN HOUSE TODAY
740 Teets Lane
Virginia Beach

1-3
Come visit!
See blog below for pictures and info
Or call Sue at 757-635-2333!

Wondering about School Ratings? Check this out!

Not sure about schools in the area you are looking to move? Check out Great Schools below...Find any information you may be looking for!

http://www.greatschools.org/