The risk of a Virginia home losing value over the next two years is dropping as the economy improves, according to the latest PMI Market Risk Index report. The report doesn't discuss how much a home's value could change -- only the likelihood that in two years it will be worth more or less than it is today. The Market Risk Index is historically about 80% accurate.
Researchers calculated the risk using factors such as unemployment rates, housing affordability, and past price appreciation.
Our attorneys have been getting several variations of this question recently...
Q: My buyer clients made an offer on a short sale on April 29. The sellers ratified the contract on April 30th. The bank hasn't even had an opportunity to review the offer yet. Will my clients be able to claim the homebuyer tax credit?
Our quarterly home sales report for transactions completed between January 1 - March 31, 2010 was released today. The highlights:
May 1 is May Day. Could be an appropriate thing to say the day after the homebuyer tax credit expires, don'tcha think?
So here it is... Life after the homebuyer tax credit. For about two years now we've had this artificial economic stimulus at work in the housing market. Some say it helped the housing market avoid a complete collapse. Others say it was a waste of money, and simply moved up Americans' home purchases by a few months. And there's no denying it generated activity in the market. But in just a few scant hours: *poof!* it's gone.
In Governor Bob McDonnell's first 100 days in office, Virginia closed more than 50 economic-development deals that together will create 3,100 jobs and generate $360 million in investments in the Commonwealth.
Jobs and community investments are key issues for homeowners. New jobs allow existing homeowners to pay the mortgage and stay in their homes. A strengthening economy also encourages buyers to shop for new homes, possibly driving up prices and holding down the number of days houses stay on the market before being sold.
Read more in the Richmond Times-Dispatch....
CRS Training Meeting and Board of Directors Meeting
Agenda to follow
VAR's Q1 home sales report is out. So how’s the housing market in Virginia?
Well, it depends on which market in Virginia you’re talking about. And even within markets, things can vary: one part of your community may be faring much better than another. The first quarter home sales numbers are in, and all across Virginia, some statistics are sweet, others are sour. Only one thing’s clear: There’s no sign we’re out of this housing mess yet, and that’s a fact that’s hard to swallow for Virginia homeowners. The good news is that some data seem to be signaling what could be the beginning of the end of the housing market's woes.