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Leigh Anne’s Local Picks + Tips

Real Estate

IT’S FALL Y’ALL! This is a great time to get out into the community and take advantage of the many seasonal activities happening around Suffolk. Here are a few of my picks for upcoming events that might interest you and your family in the coming weeks:

28th Annual Driver Days Fall Festival                   Legends of Main Street: A Suffolk Ghost Walk           

October 16-17                                                              October 22

Driver Village (Kings Hwy)                                        Suffolk Visitor Center

https://driverevents.com/                                            VisitSuffolkVa.com

 

Driver Fall Vintage Market                                       Music Bingo Night

October 23                                                                     October 25

Simply Vintage (Kings Hwy)                                      Nansemond Brewing Station

VisitSuffolkVa.com                                                         nansemondbrewing.com/

 

Touch A Truck, Train, & Trick or Treat

October 30

Seaboard Station Railroad Museum

VisitSuffolkVa.com

 

Come on out and enjoy what our local community has to offer this season! And if you’re ready to FALL for a new home, I can help you find the home of your dreams. Give me a call today for answers to all of your real estate questions! Now is a great time to start the process of working to achieve your real estate dreams  and here at Chorey & Associates Realty, Ltd., we are committed to our clients and our community. Put your trust in the Locals’ Choice!

Right now, there is a shortage of homes on the market. What does that mean for you? It means that if you are considering SELLING, now is a prime time to list your home for sale. There are buyers looking specifically in Suffolk and the surrounding areas and many of those buyers are willing to pay over the asking price!

Thinking about selling a home? Curious to know the current value of your home in today’s market? I’m here to help! Please don’t hesitate to call or text me directly at (757) 676-9790 with your real estate questions!

LEIGH ANNE PARKS, Associate Broker

Chorey & Associates Realty, Ltd.

757-676-9790 (CELL)

757-539-7451 (OFFICE)

leighanne@choreyrealty.net

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Questions to Ask When Seeking Suffolk Land for Sale

Real estate is a significant investment, and it can prove to be a valuable one if you make a smart purchase. The value of property always seems to be on the rise, and the piece of land you buy today can be worth considerably more next year if you do some research prior to purchasing. So, whether you plan to purchase some Suffolk land for sale as a way to make your money grow or as a building lot for a new home or business, this blog post is for you.

You must ask some important questions as a buyer, and the team at Chorey & Associates Realty, Ltd. will address a few of them here.

Why does location matter? Location is everything and you don’t want to rush into a purchase of land with no resale value. Know how you to intend to use the land. Do you want to build a home or business and if so, can you do that on any potential properties you are considering?

What are potential costs involved? You will need a professional land survey and could incur that cost if a recent survey hasn’t been done. Survey costs vary depending on location, size of property, and other factors. Also, utilities and building costs should absolutely be considered up front. Will you need to have utilities run to the property or are they in place? This can be a tremendous cost. Do you know if the soil is good quality? You may need to pay for a soil quality test to be sure.

What are zoning restrictions? These are laws that tell you what can and can’t be done with the land. You’ll want to know how these apply to your potential properties. Can you build a house? Or have a business? Contact the local zoning office for more useful information.

What about access to the land? If the property is not accessible by public road, is there an easement in place or will you need to work with a real estate lawyer to negotiate an easement with the owner of a neighboring property?

Additionally, you always want to be aware of any environmental hazards on the land. This is not always apparent from a tour of the property; it pays to ask.

Here at Chorey & Associates Realty, Ltd., our team is standing by to help you. We have the answers. Several of our real estate professionals have decades of experience in land transactions and are licensed in Virginia and North Carolina.

Give us a call today to get started. (757) 539-7451.

Is There a Financial Benefit to Homeownership?

buying a homeThere’s no denying it: homeownership is still an important part of the American dream. But as time moves forward, many individuals start to wonder if owning a home in today’s world is as beneficial as owning a home in previous decades. The good news is that there are still countless positives associated with owning a home, including many financial upsides. When you’re looking for homes for sale in Suffolk, VA, remember that a house isn’t just a place to live—it’s an investment in your future. Take a minute to read about two of the main financial benefits of homeownership.

Builds Wealth

Housing prices do not remain stagnant. Therefore, the price you pay today will likely be lower than the price that the next person will pay when they buy the home from you. The difference between these numbers is all wealth that you’ve accumulated simply by owning a home. This increase in housing equity is a significant financial advantage for homeowners if you make a smart purchase and buy within your means.

Promotes Financial Stability

Seeing your mortgage shrink every month is a great feeling that shows your progress as you build equity. On the other hand, when you pay your monthly rent, all you see is a decline in your bank account. For this simple reason, owning a home is often the better option. Many mortgage payments are similar or lower than rent payments—with the added benefit of contributing toward a goal. Owning a home is a step toward financial stability in the long run.

Contact Chorey & Associates Realty, Ltd. today for more advice and to discuss local homes for sale.

Buying a Townhouse? Read This First

townhouses A townhouse can be a great option if you are looking to buy a place of your own. The team at Chorey & Associates Realty, Ltd. is here with a few tips on searching for townhouses for sale in Suffolk, VA.

For the right buyer, there are a some excellent reasons to purchase a townhome as opposed to other options on the market. Townhouses are often more affordable than single-family homes of the same size and similar location. You are responsible for fewer maintenance items than a single-family dwelling, thanks to a homeowners association. Additionally, a townhouse community will keep you in close proximity to others if you prefer to be near your neighbors. A pool, clubhouse with fitness center, playground, and more amenities are usually within close distance and easily accessible.

Ready to start your search? You want to make sure you have an experienced real estate professional working to help you find listings, negotiate pricing, and guide you through the purchase process. Know your budget and prepare ahead of time by working with a mortgage lender to get pre-approved before you immerse yourself in the search for the perfect property.

Our team here at Chorey & Associates Realty, Ltd. is happy to help you find townhouses for sale and get you into one that’s perfect for you. Give us a call today to get started. (757) 539-7451.

 

couple touring a home with their real estate agent

What to Look for in a Starter Home

Congratulations on your decision to purchase your first house. It’s a big step and one to be celebrated.

Now that you’re ready to start scouring the market for listings, the team at Chorey & Associates Realty, Ltd. is going to tell you what to look for in a starter home. We are intimately familiar with the listings for homes for sale in Northern Suffolk, VA, and happy to share the benefit of our knowledge and insight.

The primary thing to keep in mind is that it’s best not to let emotions rule your decision. You may find a home that you love, but it could be way out of your price range. It’s important to buy a house you can afford to you avoid any financial difficulties down the road. At this particular time, our local market is hot and with limited inventory, potential buyers are encountering bidding wars. Stick to you budget and hold out for the right home so you don’t get yourself into an uncomfortable situation.

When you’re looking for homes for sale, do your research about the location, especially if you are new to the area. Do you want to be close to your family, work, and the places and activities you enjoy? Are you willing to make a daily commute?  Buying your first home is not only a financial commitment!

If you have any questions about being a first-time home buyer, we’ve got the answers. Please contact Chorey & Associates Realty, Ltd., and our experienced professionals will help make your dreams of home ownership a reality. We love what we do and we get results!

family standing in front of their new home with SOLD sign

House Hunting Tips to Find Your Dream Home

Buying a house is one of the biggest decisions you’ll ever make in your life, and you don’t want to go into it unprepared. Knowing what you’re looking for and what’s most important to you can make this often stressful process much easier. Get a sense of the Suffolk real estate market and surrounding areas by researching community information (crime rates, property taxes, flood zones, and school ratings, etc.)  Knowing your price range and anticipating future needs (growing family or downsizing, for instance) can make  a huge difference in how much you invest now and can possibly sell for later. Work with a mortgage broker to have your preapproval, price range, and down payment ready, so you’ll be prepared to make an offer in this competitive market.

Not sure if it is good time for you to buy or sell? An experienced REALTOR® from Chorey & Associates Realty, Ltd. can tell you whether Suffolk real estate is a buyer or seller’s market right now. A buyer’s market is when available properties exceed the number of buyers. That offers you (as a buyer) more leverage and flexibility in negotiations, like requesting upgrades as part of the contract. Currently, in March of 2021, we are seeing a seller’s market scenario, where the available inventory does not meet the demand. Considering a move this spring? You’re in luck! Our team of professionals is here to help you every step of the way.

land for sale

Buying Land to Build Your Dream Home – Things to Know Before You Purchase

You’ve been planning and saving for years, and now you are ready to make a real estate investment. Congratulations! If you are considering purchasing land to build your dream home, there are some things you will want to seriously think about before making a commitment to a particular parcel. It’s a big decision to make, so let us help by providing information about purchasing land for sale in Suffolk, VA, and surrounding areas.

You want to build your home in a place you love and eliminate the stress of unforeseen issues in the process. Doing some homework beforehand can help prevent potential problems before you begin construction. These are some things to think about as you begin your property search:

Financing: What type of loan will you need? Are you financing the land AND the construction of your home? Let your real estate professional connect you with an experienced loan officer who can give you the best options based on your particular circumstances and goals.

Flood Zone:  Here in Southeast VA and Northeast NC especially, you will want to know if the property you are buying is in a Flood Zone. This can make a significant difference in building and insurance costs.

Survey: A completed survey is a must for determining boundary lines and helping you with placement of driveways, fences, etc. Without a survey, you can potentially be setting yourself up for legal disputes down the road.

Utilities: Does the property currently have any utilities? There can be significant costs in adding them if none are in place. Check with your local city or county planning commission and utility companies to help you clarify answers to questions concerning these matters.

Perc Test: Some parcels of land cannot connect to city sewer and make a septic tank a necessary addition. In this case, a “perc test” needs to be done to determine if the land can handle a septic system. Testing and a septic system can be expensive additional costs. A failed “perc test” determines the site is unsuitable for building.

Zoning and Restrictive Covenants: Know of and review any zoning and/or legal restrictions in place that could dictate future building and usage plans for the property. A Realtor, Title Company, or attorney can provide this information to you.

Lot Prep to Build: Don’t overlook expenses if your lot of choice needs to be cleared or there are existing structures that will need to be demolished. This can add up quickly and needs to be considered in overall cost if applicable.

These are just a handful of many details to consider when buying land to build your home. With that in mind, have a look at available land for sale in Suffolk, VA, to find your homesite! Our real estate professionals can guide you through the process of finding what’s right for your needs. We have REALTORS® on our team with decades of experience in land transactions. Put our knowledge to work for you.

2020-2021 THOUGHTS FOR THE SUFFOLK AND SURROUNDING AREA REAL ESTATE MARKET

2020 has proven to be a banner year for both buyers and sellers in the Suffolk area! I would have never guessed when C-19 was “announced” back in Feb/March, that the housing market would take off as it has done in this area.   For buyers, the catalyst came from the extraordinarily low mortgage interest rates available to them and for sellers, the “cause and effect” by those incredibly low rates (less than 3.5%) generated an unprecedented demand for those houses.  With that avalanche of buyer demand, came an increase in sales prices, as suddenly buyers were “bidding” on homes such as what happened in the insane 2005-2007 cycle, but this bidding scenario came under different circumstances.   Buyers benefited by locking in interest rates close to 3% for 30 years, and sellers benefited by getting top values for their homes!!
 
Local statistics have shown the above to be true as home inventory in Hampton Roads is 32% lower than it was at the same time last year, and prices have increased almost 13% compared to the exact same time last year, according to the local MLS system. 
 
The good news is that most local economists fully expect the same trend to continue into 2021.  Just last month, according to the National Association of Realtors and the Mortgage Bankers Association, the 30-year mortgage rate is expected to average 3.075% which is slightly down from the current rate of 3.125%!  What that means in layman’s terms, is for every $1,000 a buyer borrows for a mortgage, the principle and interest payment is ONLY $4.26!    In other words, if a buyer borrows $250,000, his P and I payment would only be $1,065, which is probably much lower than the monthly rent one would expect to pay for a similar dwelling unit!!!   PLUS, buying gives the tax benefits of interest deductions and the property increasing in value (remember the 13% increase in value of homes from just one year ago!)
 
I’ve been in this business now going on 45 years, and I quite frankly have never seen anything like it where a market is so mutually beneficial for BOTH buyers and sellers.  At some point, I’m sure it’s going to end, but in near term foreseeable future, I see it continuing and I encourage those who are even contemplating a move, whether one is buying or selling, that NOW is the time…………Don’t wait as I fear you may regret it!

 

 Billy Chorey, Owner/Broker

Chorey & Associates Realty, Ltd.

330 W. Constance Rd. Suffolk, VA 23434

 (757) 539-7451

bchorey@choreyrealty.net

 

 

AVOID THESE MISTAKES THAT DELAY LENDER APPROVALS

If you’re getting ready to buy a home, you’re realizing that one of the most important parts of the process is getting approved for a mortgage that works for you. To get the best rate and avoid losing your deposit, keep away from these common mistakes.

Leaving out details from your financial profile.

The best way to avoid doing this is having a great mortgage lender. Making sure you include not only your basic information, employment and living history, income, assets and debts, but also ensuring you answer every single question. Leaving details out of your profile can throw off the entire process, so having someone who is meticulous enough to make sure all your information is made available is key.

Assuming pre-approval is equal to actual approval.

Pre-approval for a mortgage means that you’ve talked to a potential lender or maybe even provided some documentation that gave the impression that you will be approved for a certain amount. Don’t be confused – this is not an actual approval. You need to make sure your loan is approved by an underwriter before making any offers to buy a home. When you are “underwriting approved” you will be able to get a formal loan commitment. Without this document, there is no proof of actual approval, meaning that your profile has been evaluated but nothing official to show approval.

Failing to provide every single piece of documentation needed.

Your lender is going to want very detailed documentation of your financial profile, including the following:

  • Pay stubs covering 30 days
  • 2 of tax returns & W-2s
  • YTD business financial statements (if you’re self-employed)
  • 2 months of statements for all your asset accounts
  • Explanations and paper trails of all deposits or withdrawals over $1,000
  • A home insurance quote with adequate coverage
  • Full financial information on any other homes/businesses you own

You will need to provide all these documents, and if you have a commissioned or variable income, you will need to give permissions to your lender to verify that income. Your credit will be run, which can expose any information you didn’t disclose.

Not knowing enough about mortgage rates.

Once a seller accepts your offer, you will be in contract on that home and you will be ready to lock in your mortgage rate. You cannot lock your rate until you’re in contract, which means that any rate market movement can impact you until then. Rates change throughout each day, and they are priced based on how long they are locked. A shorter lock, about a month or less, will have a lower rate than a lock of 60+ days. If you want to avoid any surprises, talk to your lender and ask them to use your closing timeline to quote rate locks.

 

Ivon Portellez, REALTOR®

Chorey & Associates Realty, Ltd.

330 W. Constance Rd. Suffolk, VA 23434

(757) 998-0575

ivon@choreyrealty.net

 

 

 

RENOVATIONS & HOME REPAIRS – WHICH ONES YIELD THE MOST VALUE? – August 2020

KitchenWe have all been spending A LOT of time at home recently during this pandemic. Many people are utilizing this time to tackle home updates or repairs with the idea of future resale in mind. However, many homeowners make a common mistake when it comes to remodeling or renovating. They incur costs through a home equity loan or overspend, expecting to recoup the costs when they sell the home!
Unfortunately, most of the time only some renovation investments are partially recouped at the time of the sale. So, which improvement projects offer the highest return on your investment? Check out the latest. If ever in doubt, please call or message me before investing your valuable time and money in extensive home improvements. We can talk about your timetable for resale and how your projects will impact the value of your home.

1. THE KITCHEN (That’s right, you guessed it!)
A minor kitchen remodel is one of the best investments you can make in your home. Keep it simple! Don’t spend too much on high-end products, stick with the standard granite or quartz countertops. Consider painting your cabinets, changing out hardware, and updating those outdated fixtures. Change out those old window coverings and go for ones that allow for an abundance of natural light.
According to Remodeling Magazine’s annual Cost vs. Value Report, the kitchen remodel has an average 80.5% return on investment.

2. MINOR BATHROOM REMODEL
Re-caulking around your tub and the floor is a simple repair to the dingy outline you may stare at every day taking a shower. If your tub is old but overall, in good condition, try deep cleaning and re-glazing. Add a fresh coat of paint and replace your dated light fixtures/fans, towel racks and shower doors with a more modern style.

3. LANDSCAPE & CURB APPEAL
First impressions matter! When someone drives past your home, this is what they see. Get rid of the overgrown shrubs, flowers, and weeds. Many local garden centers offer free services or have friendly, knowledgeable employees who are willing to answer your questions about plants and design. You may ask about choosing a focal point such as specific trees/plants, walkways, or fountains.

4. WINDOW/SIDING REPLACEMENT
You could recoup around 70% of the cost of installing replacement windows. Not only will this update the appearance of your home, but you will increase energy efficiency reducing the heating and cooling costs.

5. EXTERIOR REPAIRS (MINOR)
Give your exterior a boost! These are the items that many individuals don’t think about but make your home pop and some fresh curb appeal! Paint your front door and/or purchase a new storm door (one of my favorites). Select new garage doors that match your trim and/or siding. Remove old awnings and replace them with a fresh, new selection. Paint railings or change out wood with fiberglass composite railings that are low-maintenance and longer-lasting.

Resources:
https://www.bankrate.com
https://www.hgtv.com

This blog post has been brought to you by:

Leigh Anne Parks, REALTOR®Leigh Anne Parks, REALTOR®

HRRA Board of Directors, 2020-2021

Chorey & Associates Realty, Ltd.

330 W. Constance Rd. Suffolk, VA 23434

Contact her today to have your real estate questions answered!

 (757) 676- 9790 cell

 (757) 539-7451 office

 leighanne@choreyrealty.net