RE/MAX Alliance VB Makes a Difference as ‘Miracle Office’ for CHKD for the 22nd Year

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RE/MAX Alliance has made a difference in Virginia Beach and the overall Hampton Roads community by receiving the Miracle Office designation by fundraising over $166,000. Primary funds are generated by the Miracle Home and Miracle Property programs, RE/MAX Associates can make a donation to Children’s Miracle Network Hospitals® after each residential and commercial transaction that the company has streamlined to make it an easy process for their agents. All donations benefit Virginia’s only free-standing children’s hospital, Children’s Hospital of The King’s Daughters (CHKD), the local CMN Hospital. Miracle Office is a designation awarded exclusively to RE/MAX brokerages through their national partnership with the Children’s Miracle Network organization. The Virginia Beach office has successfully achieved this designation for 22 years, ever since the launch of the Miracle Home program and partnership. This office is to join just two other offices total with this privileged designation for 2018.

The second major source of support to this local hospital is an internally-initiated ‘full service’ Holiday Toy and Gift Drive hosted at the real estate office, complete with personal gift wrapping (wearing ugly holiday sweaters of course), followed by hand-delivering to the patients with their very own Santa. After over 14 years of participating in this annual staple, they now collect 1,000+ gifts per year- truly spreading holiday cheer throughout the four hospital floors. Due to their large presence, the RE/MAX Alliance VB-provided Santa is now the only Santa, replacing what was three that would share duties.

Holiday Gift Drive organizers Trudy Hoff (Co-Owner and REALTOR®, RE/MAX Alliance VB), the late Mick Hoff (Co-owner, RE/MAX Alliance VB), and Traci Lewis VanCamp (REALTOR®, RE/MAX Alliance VB) initially started this venture with the wish to support local terminally ill children, which progressed naturally from hospital tours by inviting their colleagues and friends, turning into an annual Christmas visit, ultimately advancing to the now mega 1,000+ gift collection annual event.

RE/MAX Affiliates across the U.S. and Canada have raised more than $165 million for 170-member hospitals across the country to support children’s services. In 2017 alone in Hampton Roads more than $37,000 was raised to support CHKD. RE/MAX Miracle Agents, Offices and Teams are dedicated supporters who pledge to donate after each closed property sale and take the time to personally thank their clients for choosing them and that a donation was made in their honor, known as Honor Cards.

The immense participation in both the commission program and the gift drive have resulted in value and connection to the Hampton Roads community out of the natural need to support their personal friends, colleagues, and clients who need this hospital at difficult moments in their lives. The Miracle Office and Miracle Home program is a simple yet impactful way to help raise awareness for the local CMN Hospital.

With the goal to continue to make a difference in the lives of kids such as “Ironman” who pens thank you notes to Santa via the real estate office, the little girl who dreams of ballet shoes, and the 16-year-old with depression who have had a lasting impression on their team and who serves as their ongoing motivation to continue to expand their program. “The few minutes Mick was there as Santa they were not in pain, as Mick was completely immersed in helping these special children” says Trudy Hoff. Per RE/MAX corporate, 62 children enter a CMN Hospital for treatment every minute. As Ms. Hoff continues to explain, as leaders in the Virginia Beach business community, “it’s vital that we show our support for the kids and their families”.

RE/MAX Miracle Agents, Offices and Teams help make a significant impact on the lives of sick and injured children treated at CMN Hospitals across the U.S. and Canada. Over the years, their support of CMN Hospitals has helped provide life-saving treatments, advanced medical equipment and valuable research and education. And the local hospitals determine the best way to allocate those funds based on local need. At CHKD this year, the funds raised support specific programs for Child Life (patient and family support), Buddy Brigade (pet therapy), pastoral care, social work, and more.

The Child Life program is particularly close to the heart of Trudy since her personal creation of her Santa Mick Memorial Fund, to honor her late husband Mick, is the only endowment for Child Life at the hospital. Mick Hoff retired as a Navy Captain for the Civil Engineer Corps. in the Navy, where “supporting military children and families” was a true calling and purpose they shared in together, says Trudy, as they continued to build their relationships and real estate business in Virginia Beach since being stationed here for Mick’s Naval career. One of the hospital’s primary focuses this year is “seeking approval to build a pediatric mental health facility here in Norfolk to improve access to critically-needed inpatient psychiatric care for children and adolescents in our community”, as Kate Ryan in Development for CHKD explained.

As co-organizer of the Annual Christmas Gift Collection event, Traci says, “over time we have developed a system to fully categorize the gifts by gender and age so the donated gifts can be distributed throughout the year”. The future goal of this program is to turn it into a Foundation to be able to receive more outside donations so they can impact even more families year-round.

This office truly proves that that they are actively engaged and remain consistent with their stated mission “To be the Hampton Roads real estate leader, achieving our goals by helping others achieve theirs. Everybody wins.”

Many homes on remax.com are flagged as a Miracle Homes with a CMN Hospitals yellow and red balloon icon. For more information about the Miracle program or RE/MAX Alliance office, please visit www.remax-alliance-virginiabeach-va.com or call 757-456-2345.

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50% Of Homes Sold In 30 Days In March [INFOGRAPHIC]

Some Highlights:

  • The National Association of REALTORS® recently surveyed their members for their Confidence Index.
  • The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
  • Homes sold in less than 60 days in 35 out of 50 states and Washington D.C.
  • Homes typically went under contract in 30 days in March!

Source

Hampton Roads Homes

Why Home Prices Are Increasing

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There are many unsubstantiated theories as to why home values are continuing to increase. From those who are worried that lending standards are again becoming too lenient (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.

However, the increase in prices is easily explained by the theory of supply & demand. Whenever there is a limited supply of an item that is in high demand, prices increase.

It is that simple. In real estate, it takes a six-month supply of existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything more than seven months will cause prices to depreciate (see chart below).

According to the Existing Home Sales Report from the National Association of Realtors (NAR), the monthly inventory of homes for sale has been below six months for the last five years (see chart below).

Bottom Line

If buyer demand continues to outpace the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.

Source

Search Virginia Beach Homes

Boomerang Buyers: Most Qualify For Financing In 2-3 Years

According to a new study from Lending Tree, Americans who have filed for bankruptcy may be able to rebuild enough credit to qualify for a home loan in as little as 2-3 years.

This is in stark contrast to the belief that many have that they need to wait 7-10 years for their bankruptcies to clear from their credit reports before attempting to apply for either a mortgage or a personal or auto loan.

The study analyzed over one million loan applications for mortgages, personal, and auto loans and compared borrowers who had a bankruptcy on their credit report vs. those who did not to find out the “Cost of Bankruptcy.”

The study found that 43.2% of Americans who filed bankruptcy were able to repair their credit back to a 640 FICO® Score in less than a year. The percentage of those who achieved a 640 FICO® Score increased to nearly 75% after 5 years. The full breakdown of the findings was used to create the chart below.

Boomerang Buyers: Most Qualify for Financing in 2-3 Years | Keeping Current Matters

Americans who were able to repair their credit scores to a range of 720-739 within three years of filing were able to obtain the same financing options as those who had never filed bankruptcy.

According to Ellie Mae’s latest Origination Insights Report, 53.5% of those who were approved for a home loan had FICO® Scores between 600-749 last month. This is great news for Americans who are looking to re-enter the housing market.

Boomerang Buyers: Most Qualify for Financing in 2-3 Years | Keeping Current Matters

Raj Patel, Lending Tree’s Director of Credit Restoration & Debt-Related Services had this to say:

“People may think that filing a bankruptcy would put you out of the loan market for seven to ten years, but this study shows that it is possible to rebuild your credit to a good credit quality.”

“LendingTree’s research found that very few bankruptcy filers have a harder time [obtaining a mortgage] than those who have not filed for bankruptcy.”

Bottom Line

If you are one of the millions of Americans who has filed for bankruptcy and think that you have to wait 7-10 years to make your dream of returning to homeownership a reality, meet with a local real estate professional who can help you find out if you qualify now.

Source

Virginia Beach Homes

5 Reasons Why To Sell This Spring!

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Here are five reasons listing your home for sale this spring makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory has declined year over year for the last 32 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enoughhomes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.

Historically, the average number of years a homeowner stayed in their home was six but has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 45 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own!

Prices are projected to appreciate by 4.8% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

Source

Virginia Beach Homes

Should I Wait Until Next Year To Buy? Or Buy Now? [INFOGRAPHIC]

Some Highlights:

  • The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac predicts interest rates to rise to 5.1% by 2019.
  • CoreLogic predicts home prices to appreciate by 4.3% over the next 12 months.
  • If you are ready and willing to buy your dream home, find out if you are able to!

Source

Virginia Beach Homes

Millionaire To Millennials: Don’t Rent A Home… Buy!

In a CNBC article, self-made millionaire David Bach explained that: The biggest mistake millennials are making is not buying their first home.” He goes on to say that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.

Bach went on to explain:

“Homeowners are worth 40 times more than renters. Now, that first home doesn’t need to be a dream home, it can be a very small home. You might literally have to buy a small studio apartment, but that’s how you get started.” 

Then he explains the secret in order to buy that home!

Don’t do a 30-year mortgage. You want to take that 30-year mortgage and instead pay it off early, do a 15-year mortgage. What happens if you do a 15-year mortgage? Well, one, you pay the mortgage off 15-years sooner, that means you’ll be able to retire in your fifties. Number two, you’ll save a fortune (on potentially hundreds of thousands of dollars in interest payments).”

What will it cost to pay your mortgage in fifteen years? He explains further:

“For fifteen years, you got to brownbag your lunch. Think about that! Brownbag your lunch literally for fifteen years. You can retire ten years sooner than your friends. You’ll have real wealth, because you bought a home – you’re not a renter. And you’ll be financially secure for life.”

Bottom Line

Whenever a well-respected millionaire gives investment advice, people usually clamor to hear it. This millionaire gave simple advice – if you don’t yet live in your own home, go buy one.

Source

RE/MAX Alliance Homes