Northern Neck Update June 2010

Here it is the beginning of June and I have so much to report I’m not sure where to begin, so let me start with last weekend. There were as many or more people here in the Northern Neck as I have ever seen.

Real Estate sales continue to rise here but it is still a long way from where I would like to see it. Talking with Realtors, lenders, and closers in Northern Virginia and Richmond I have learned that it has really been a turnaround for them as they report being busy. This is always a good sign for me as my market follows that market.

Some June Events

4 First Friday Kilmarnock
5 Farmer's Market Irvington
12-13 Annual Bluefish Derby
19 Heathsville Farmer's Market
19 Rock&Roll Oldies - Ingleside Vineyards
25-27 Family Boat Building Workshop - build a skiff Reedville Fishermen's Museum

I had been hearing rumors about how hard it was to get money for second homes and land that I called one of my friends in a local bank to get some advice on how to answer that. He too said that his business has dramatically picked up. He told me that they were still writing loans with the method that had always worked for them, 20% down, credit score of 620, and the ability to repay. He said that was for primary homes, second homes, or land and that his bank had the money for anybody that could meet that criteria. At the time we spoke his rate was under 5%. If you would like to know more just email me and I’ll send you his contact info.

Another thing that I have noticed in the last month is expired listings. Usually people renew the listing or change companies but lately what I think is an unusually high number are just withdrawing their home from the market.

I can understand their frustration and this might be the scenario. They listed their property at 600k. They had comps that justified that asking price but after listing they had no showings. They drop the price but still no showings. They lower the price again and this time it is well below the comps and still no interest. Finally they say I want out and they lower the price to 450k. Homes that are smaller and built on a lesser waterfront lot sell and for more but they still haven’t had a bite. I saw this happen twice last month.

I think they are a lot of people out there right now that will sell and for a considerable amount below the asking price but they are not lowering their price and are instead looking for offers. I’ll be glad to help you find those properties. Search the Northern Neck Real Estate website. If you see something that interest you let me know and I’ll see just how willing the seller might be.

My newsletter has some useful tips this month. I hope you enjoy it and find it helpful whether you are buying or selling.

This Friday starting at 5PM is the “First Friday Walkabout” in Kilmarnock. I’m not sure who the band is this month but come and enjoy an evening strolling Kilmarnock's Steptoe District.

Remember to keep searching the Northern Neck MLS.
 Ken

Ken Smith
RE/MAX Waterfront
79 South Main Street
Kilmarnock, VA 22482

ken@ksmithre.com

(804) 366-2325

 
  

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