Fed Cuts Key Rate to a Record Low
The Federal Reserve entered a new era yesterday, lowering its benchmark interest rate virtually to zero and declaring that it would now fight the recession by pumping out vast amounts of money to businesses and consumers through an expanding array of new lending programs.
http://www.nytimes.com/2008/12/17/business/economy/17fed.html?th&emc=th


Homes and Food, Inc.
is dedicated to exploring where we live and what we eat with an emphasis on Hampton Roads, Va.
Also, find out real estate information for Hampton Roads, Virginia Beach, Chesapeake, ...<< MORE >>

With home prices taking a tumble, many people are finding out that they are paying real estate taxes on more than what their home is worth in today's market.  Most don't mind paying the tax  but it has to be at least fair. 

Several years ago a typical home in Hampton Roads was valued at about 20% higher than what the city had assessed their home.  This was a good thing.  You actually want your assessed value as low as possible because the assessed value is mulitplied by the tax rate.  Lower assessment means lower tax bill.  Nowadays, some home ...<< MORE >>

Wythe is one the oldest, most historic neighborhoods of Hampton, Va., named after George Wythe, one of the original signers of the United States Declaration of Independence. The hundreds of homes that reside in this landmark boast of pride and beauty. Pride really does say it all when driving through the area or stopping to speak with one of the residents. Members of the neighborhood's home owners association take their roles serious in maintaining the integrity of this section of Hampton. My travels through Wythe led me to some of the friendliest people in the city. There was always someone either giving a welcoming wave or eager to offer their assistance when I had a particular question. It is not unusual to find people jogging, riding their bikes, or even having an occassional block party. The streets are inviting with large trees lining most of them. Another part of the neighborhood comes with stunning water views that make you wish you lived in one of the large homes that sit along it's banks.

Construction in Wythe began in the late 1800's but most of the homes have well-maintained and even updated. From long time residents to newcomers, this area has something for everyone, in all price ranges. Currently there are 55 homes for sale in Wythe ranging from $104,900 at 1348 square feet to $899,900 at 3834 square feet on deep water. Of course, the architecture and the uniqueness of the properties are worth far more. Homes just aren't made like this anymore.

Schools for Wythe include Hampton High School and Armstrong Elementary.

To get a complete list of all the homes for sale in Wythe or any other part of Hampton Roads contact me at:

Jeff Nelson
The Real Estate Group
757-749-1616
or visit www.homesandfood.com.

        

I'll be the first one to say that home prices will not take an up swing for at least another year, however, the Hampton Roads real estate market is beginning to show signs of leveling off.  I've been beating this drum for a few weeks now due to all of the conversations that I've had with sellers, buyers, and other colleagues.  The deep discounts that buyers enjoyed for the last couple of years are coming to a close.  With over 15,000 listings currently on the market, sellers are still very motivated to make something happen but from what ...<< MORE >>

Rates close out at 5.35% making it the lowest drop since the beginning of the year.  I was watching Fox News yesterday and they said that the Treasury Department was considering dropping rates even further to 4.5% in order to ignite the housing industry.  Things are looking up.  Buyers really do have everything on their side now.  With the combination of the decreasing rates and home prices at drastically reduced prices, home buyers can now qualify for homes that they couldn't even come close to a few years ago.  My site is the most comprehensive and informative real estate site ...<< MORE >>

Remodeling Projects With the Highest Returns
For the second year in a row, REALTORS® report that exterior remodeling projects return the most money as a percentage of cost, as detailed in the 2008 Remodeling Cost vs. Value Report.

On a national level, wood deck additions and all types of siding replacements–upscale fiber cement, midrange vinyl, and upscale foam-backed vinyl–returned more than 80 percent of project costs upon resale. Of these, the most profitable project was upscale fiber cement siding, which recouped 86.7 percent of costs, ...<< MORE >>