Why Experts Say the Housing Market Won’t Crash [INFOGRAPHIC]

Some Highlights

• Many people remember the housing crash in 2008, but experts say today’s market is fundamentally different in many ways.
• First, there isn’t an oversupply of homes for sale today. Plus, lending standards are much tighter, and homeowners have record levels of equity. That means signs say there won’t be a wave of foreclosures like the last time.
• If you have questions about the housing market, let’s connect.

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has 15+ years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Download FREE Home Buyer/Seller Guides here: https://igli.me/myraspanohomes

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is ready to provide the real estate guidance you need. Let’s make your home dreams come true!

Benefits of Homeownership

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has over 10 years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is awaiting to provide the real estate guidance you need. Contact us now to make your home dreams come true!

 

Get Ready To Garage Sale

A well-planned garage or yard sale can give you extra space in your home, get rid of unused items and make some money but it needs some of the same considerations that any business needs to be successful. 

• Start early to research and plan
• Promotion is key
• Display items attractively
• Price items right
• Organize checkout

Determine the date of your sale, remembering that there are exceptions, but Saturdays are generally the best day.  Experienced garage-salers believe that a well-planned one-day event will do as well as a multi-day event.  Serious purchasers will look for the “new” sale and most people don’t come back multiple days.

Recognize that the first day of the sale will have the most people.  Everyone will be looking for a bargain but some of them actually want to purchase things for them to resell at their own sales.

Advertise in local newspapers and free online classified sites like Craigslist.  If several families are going together for the sale, mention that in the ad; it will be a big draw.  Mention your bigger-ticket items like furniture, equipment and baby items.

Garage sale signs can be purchased or you could have them made at Office Depot or FedEx Office.  Signs need large lettering so they’re easy to read without too many words on them.  Remember that people will be driving when they see them.  Most important info: Garage or Yard Sale, address, date and time.  Directional signs are also important along with balloons and streamers to attract attention.

Consider using the service Square so that you can take credit cards.  The cost is 2.6% + 10¢ per swipe and you can do it on your smartphone or iPad.  You’ll need to sign up at least two weeks in advance to receive your reader.

You will be amazed at what sells and what doesn’t.  If your goal is to get rid of some things regardless, put those items in the sale and at the end of the sale, donate what you can to Goodwill and the balance goes to the dump.  If you can’t bear to do that, box them up and try again next year or possibly, at one of your neighbors’ sales.

Other supplies you’ll need will be:

• Labels and markers for pricing items.
• Newspaper and clean, grocery bags to wrap breakables.
• Tables to display the items.

Unless you’re having an estate sale, keep your home locked.  You don’t want people wandering through your home while you’re outside.  If you start to accumulate a lot of money, take some of it inside.  Don’t discuss how much money you’ve made during the sale or how successful it has been.

People will want to bargain; it’s the nature of the game.  Consider this strategy: less negotiations early in the sale and possibly, more toward the end of the sale.

All my best,

Myra Spano, REALTOR®

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About the Author:
Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has over 10 years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.
For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.
If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.
Myra Spano & Berkshire Hathaway HomeServices Towne Realty is awaiting to provide the real estate guidance you need. Contact us now to make your home dreams come true!

Understanding Your Credit Score – Infographic

Because of its prominent role in the home buying process, it’s important for you to understand what a credit score is, how it’s compiled and how to obtain your credit report. For your FREE credit report, go to https://www.annualcreditreport.com and let me know if you have any questions!

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has over 10 years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is awaiting to provide the real estate guidance you need. Contact us now to make your home dreams come true!

An Investment Perspective On A Home

Looking for an investment that will turn $10,000 into $80,000 in seven years?  Sound too good to be true?  What if I told you that you could live in it every day during that seven years?  Would that sound even better?

A $300,000 home purchased today on an FHA loan would have a $10,500 down payment.  If it appreciated at 2% annually, which is less than  the U.S. average, the future value of the home would be $344,606 in seven years.  The unpaid balance on the loan would be $256,350 based on normal amortization which would make the equity in the home $88,256.

The annual compound rate of return on the down payment would be 35%.  This number sounds so large, that you might start doubting the credibility of this example.

Looking at some alternative investments, a ten-year Treasury note is currently paying 1.73%.  You can earn 2.1% on a ten-year certificate of deposit.  If you could handle the volatility of the stock market and pick the right stock, you might earn 7-10%.

There really is no alternative investment that can earn the return that an owner-occupied home can offer while giving you the ability to live and enjoy the home during the holding period.

Even if you could find an investment that paid a good return, when you realize the gain, you’ll be required to pay income tax, either at long-term capital gains rates or ordinary income.  However, a person who has lived in a home for at least two of the last five years can exclude up to $250,000 of gain from their income if they are single and up to $500,000 of gain if the owners are married, filing jointly.

A home can certainly be a place of your own to feel safe and secure, to raise your family, share with friends and build memories.  A home could be considered an emotional investment and one that pays big dividends.  A home is also a financial investment not just for the reasons mentioned above but also because the equity can be accessed by doing a cash-out refinance or a home equity line of credit.

See what your investment might look like by using the Rent vs. Own and giving us a call at (757) 563-3110.

All my best,

Myra Spano, REALTOR®

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About the Author:

Myra Spano is a service and results oriented real estate agent with her client’s goals as top priority.  Myra has over 10 years of experience and is recognized as a top producing agent in her office in Virginia Beach and enjoys working with both buyers and those selling their homes.

For information about purchasing a home in Coastal Virginia, visit her website.  This site is focused on homes available for sale in coastal Hampton Roads, Virginia.  Email, call or text to make an appointment and begin your home search.

If you are considering selling your home in Virginia Beach or one of the surrounding areas, visit the seller’s website to learn what your property is worth.

Myra Spano & Berkshire Hathaway HomeServices Towne Realty is awaiting to provide the real estate guidance you need. Contact us now to make your home dreams come true!