Consumer
Why the "R" is so much more than a logo
VAR launched two REALTOR® image commercials today. The spots have received great feedback so far. We are testing them first in the Richmond market and hope to continue to air around the state in the near future.
One is focused on the REALTOR® pledge and the other on what a REALTOR® can do for the consumer, both resulting in the Realtor logo/brand being a promise. So… look for the R…look for the REALTOR® promise.
Check them out (bet you’ll recognize some faces too) and let us know what you think!
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HARP (Home Affordable Refinance Program)
HARP 2.0 aims to help more homeowners.
Government program removes cap on refinancing with negative equity.
A recent expansion of the U.S. government's Home Affordable Refinance Program, or "HARP," will give homeowners who owe more than their home is worth a new opportunity to refinance at today's low interest rates.
The Federal Housing Finance Agency (FHFA) announced the latest updates to the program. These changes, denoted "HARP Phase II" or "HARP 2.0," are intended to let more homeowners refinance even if they have no equity, a position known as being "underwater" or "upside-down." Negative equity typically is a bar to refinancing through conventional loan programs.
Home Valuation
What determines a home's value? Location, condition, and age count more than improvements.
Do you know how much your home is worth?
The answer might not be as obvious as it seems. Because, in fact, most homeowners have only a vague idea of their home's true value, and that vague idea often is based on outdated, inaccurate or anecdotal data.
With that in mind, here's a look at the factors that do—and don't—determine a home's value.
What determines a home's value
Foreclosure Information
Faster short sales would reduce foreclosures
No one likes foreclosures. That's why Virginia REALTORS® support federal legislation to speed up the short-sale process.
It's impossible to talk about real estate in Virginia—or any other U.S. state, for that matter—without bringing up the subject of foreclosures. While experts disagree on exactly how much damage foreclosures cause to neighborhoods and home sales, there's no denying that the effect is generally negative. Foreclosures, truth be told, hurt everyone and benefit almost no one.
So what's the status of foreclosures in Virginia today?