Buying a home now will save you money

The average price of a home in Coastal Virginia is about $250,000. Take note. Making the decision to buy a home now will save you a lot of money.

Create a Unique Outdoor Space In Coastal Virginia

Farmhouse Porch by Atlanta Architects & Designers Historical Concepts

NORFOLK, VA, Apr 11, 2014—With spring here and summer on the distant horizon, more and more Coastal Virginia homeowners are stepping outside to tackle outdoor projects that have been laying low all winter. One popular project is revamping outdoor living spaces in preparation for the warmer months. Whether you're looking for a great space to entertain or just hang with the family on the weekends, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty gives some great advice on creating unique outdoor living spaces.
Tailor to your needs. “Think specifically about what you will be using the space for,” suggests Eisenberg. Just because a grill and a picnic table are standbys for a barbecue area doesn't mean that's what you need to go with. Maybe your family has a longstanding Saturday night pizza tradition, and so a wood-fire oven would be a better fit. Have young kids? Consider placing a swing set or a hanging hammock chair near your lounge chairs to keep the little ones entertained while you relax nearby with a watchful eye.
Go bold. Statement pieces don't only belong indoors. A unique set of tables and chairs or weatherproof sofa and chaise can look great in your garden. Are you an art fan or birding enthusiast? Consider a statue or a series of colorful bird baths and feeders.
Upgrade your furniture. Outdoor furniture has developed far past the traditional plastic deck chairs. “From wicker to wood and canvas, there are so many fun options that can really add character to your living space,” says Eisenberg.
Porch party. Porches aren't just meant as a reprieve from inclement weather. “Think of your front porch as a mini deck,” suggests Eisenberg. Homeowners with front porches can take advantage of their space by adding a luxurious feel with a daybed, a quaint reading nook, a space for sipping coffee on Sundays, or even a narrow bar with stools for entertaining.
Outdoor oasis. Love gardening? Create a living space within your garden beds by hanging a hammock between two trees, adding a delicate tea table, or several oversized outdoor chairs for lounging. “Adding a stone walkway or small patio can really up the garden atmosphere,” says Eisenberg. Garden party, anyone?
Keep it simple. Just because your outdoor space is limited, it doesn't mean your options need be, notes Eisenberg. A pair of elegant outdoor chairs and a small card table can go a long way in improving the livability of your yard. Add a trellis so plants can grow upward and provide a bit of privacy, ideal for urban dwellers.
For more real estate information, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, 757-572-7244, or www.LouisEisenberg.com.

How To Simplify Your Home Buying Experience

For more information and Assistance on Home Buying contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510. 757-572-7244, leisenberg@prudentialtownerealty.com www.LouisEisenberg.com

The Cost Of Waiting To Buy a Home

Determining Your Home's worth

NORFOLK, VA, Mar 18, 2014—One of the most difficult parts of selling your home occurs before you even place it on the market: determining its listing price. Coming up with a realistic number can be a confusing process, as a home is ultimately worth what it is paid for it. Everything else is really an estimate of value.
Take, for example, a hot seller’s market when demand for housing is high but the inventory of available homes for sale is low. During this time, homes can sell above and beyond the asking price as buyers bid up the price. The fair market value, or worth, is established when “a meeting of the minds” between the buyer and the seller takes place.
So how do you decide what your home is worth? “A comparative market analysis and an appraisal are the two most common and reliable ways to determine a home's value,” explains Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty.
Your real estate agent can provide a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties. “Reviewing comparable homes that have sold within the past year along with the listing, or asking, price on current homes for sale should prevent you from over or under pricing,” suggests Eisenberg.
In order to find the appraisal price, a certified appraiser is needed. After visiting the home to check such things as the number of rooms, improvements, size and square footage, construction quality, and the condition of the neighborhood, the appraiser then reviews recent comparable sales to determine the estimated value of the home.
However, it is often the buyer—not the listing party—who brings in the appraiser. Lenders normally require an appraisal – which run between $300 to $400 – before they will approve a mortgage loan. This protects the lender by ensuring the home is worth the money you want to borrow.
“You also can check recent sales in public records, through private firms, and on the Internet to help you determine a home’s potential worth,” notes Eisenberg.
Below are some other points you will have to understand when finding a listing price:

List price vs. sales price
You probably hear both terms being tossed around, and it may be causing some confusion. The list price is a seller's advertised price, or asking price, for a home. It is a rough estimate of what the seller wants to complete a home sale. A seller can price high, low – which does not happen very often – or very close to what they hope to get. “A good way to determine if the list price is a fair one is to look at the sales prices of similar homes that have recently sold in the area,” notes Eisenberg.
The sales price is the actual amount a home sells for.

What about appraised value and market value?
“A certified appraiser who is trained to provide the estimated value of a home determines its appraised value,” Eisenberg explains. The appraised value is based on comparable sales, the condition of the property, and several other factors.
Market value is the price the house will bring at a given point in time, once the buyer and seller establish a “meeting of the minds” on price.

For more information on buying in our Coastal Virginia low inventory market, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Buying a Home vs. Renting

For more information contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, 757-572-7244, leisenberg@prudentialtownerealty.com, www.LouisEisenberg.com

Year Over Year Home Price Change By Region

Year over year home price change by region. For more information contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510. 757-572-7244, leisenberg@prudentialtownerealty.com, www.LouisEisenberg.com