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What are current interest rates?

Interest rates change with the way the market fluctuates. Interest rates are based on what your credit score is as well as what type of loan program you pick. To find out what rate you can get, we recommend you contact our preferred lender, Nathan Techanchuk with Movement Mortgage at 757-747-0577 or nathan@movementmortgage.com.

How do you know if the price per square foot is reasonable or if the home is really off in its price per square footage?

Some people look at the value of a house based on the price per square footage. This is not always the most accurate way to look at the price of a home. Say you have 2 homes that are next door to each other and they are the exact same square footage. One has 3 bedrooms and one has 4. The one that has 4 bedrooms is going to have a higher price per square footage than the one that has 3 bedrooms because an extra bedroom increases the value of the house.

Most homes in the neighborhood should have a similar price per square footage, but there will be small variations based on how many bedrooms, baths, etc. One of our agents will be happy to look at the comparable homes in the neighborhood to let you know how the home you are interested in compares with the others.

What neighborhood has the lowest crime?

A question we are often asked is which city of neighborhood has the lowest crime rates? These are stats that vary based on many conditions. These stats should be checked to see if the city you are looking in meets your criteria. Below, we have posted links to each city in Hampton Roads where you can view the crime rates for yourself.

What are the best schools in Hampton Roads?

One of the top motivators for people when buying a home is schools! Being in a good school district is important for many buyers as well as looking at the resale value for your home. You should do your research on finding which schools are best in your city and the areas that you are looking to buy. We have provided links below to the cities in Hampton Roads so you can see how the schools are ranked in areas that you are looking.

Virginia Beach
Newport News

I’m ready to buy my first investment property…what should I be looking for?

First you have to remember that real estate is similar to the stock market (although I believe a much safer investment than stocks) – you cannot predict what the market will do. But you can try to buy the best house in the neighborhood – so that when it is time to sell, no matter what the market is, your home is most desirable!

Location, location, location! This is what is most important. Look for homes in good school districts that will be a desirable neighborhood. Avoid homes that back up to major roads and loud nuisances (shopping centers, railroad tracks, highways- just to name a few). Try to get homes that are on the interior of the neighborhood and located in cul de sacs.

You will also want to buy it for about 60% of its value. This helps cover the costs of repairs that will be needed, keeping utilities on while it is vacant, fees for flipping the house, commissions to pay when selling it, among other fees that may come up. Depending on the condition of the home, you will have to adjust your margin based on the repairs you will need to do.

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