The Office on Fire!

April 30th, 2010 brought the end of the window to buy a home and receive the home buyer tax credit for most of us (certain military members have an extra year to buy.)  There are, however, compelling reasons to buy a home despite the expiration of the credit.

1. Affordability is at an unprecedented high. Long & Foster has prepared a video  on the Housing Affordability Index which explains why the current conditions are the best since 1971.

As you can see in the video, low mortgage rates and moderate housing prices have combined to make this one of the best times to buy in recent history.

2. According to a survey of 224 renters on ApartmentRatings.com, rents in the Roanoke, Virginia area have risen by more than 30% over the past 2 years. Yet housing prices have dropped. Mortgage rates are excellent. This could be the “perfect storm” for buying rental properties!

3. Move-up buyers can make out well. In a hypothetical example, lets say that house values have dropped by 8% (this varies by area, hence the hypothetical.) A $180,000 home sells for $165,5600, due to the 8% drop in values. Those sellers move up to a $220,000 home, but pay $202,400 due to the 8% market drop. The sellers lost $14,400 on the home they sold, but saved $17,600 on the one they purchased. In effect, they came out $3200 ahead! Of course, results vary by situation,  but this market can be a great time to move up.

4. You’re not buying a tax break; you’re buying a place to hang your hat. A tax credit can’t give you shelter from the storm, memories of holiday dinners, recollections of laughter and love, or the joy of coming back each evening, to that very special place called home.

L&F Roanoke North voted Best in Botetourt

Long & Foster Roanoke North has been voted the best Real Estate Company in Botetourt County. Thank you to everyone who voted for us! Our office name says “North” but we cover ALL of Roanoke, Vinton, Salem, plus Botetourt, Bedford, Franklin, Craig, Montgomery, and Floyd counties. We also have agents who cover Lynchburg and Rockbridge County. Need real estate help? Call the Best! (540) 966-5700.

Download a color flyer detailing home sales price “ups and downs” for a variety of Roanoke area zip codes. The link is here.

Long & Foster’s Roanoke North office is proud to announce the launch of its annual toy drive to benefit the U.S. Marine Corps Reserves’ Toys for Tots Campaign.
Toys may be dropped off Monday-Friday between 9AM-5PM at Long & Foster’s Roanoke North office located at 1638 Roanoke Rd., Daleville prior to December 18, 2009.

Long & Foster’s Roanoke North office manager, Dolores Farmer said. “We are proud to participate in The Long & Foster® Companies 19th annual toy drive throughout its seven-state Mid-Atlantic region in support of the U.S. Marines Corps Reserve Toys for Tots program. We hope you will be generous with your donation to help less fortunate children throughout our community.”

Wes Foster, Chairman of The Long & Foster Companies said, “We take great pride in being able to once again assist this worthy cause and to help give the needy children in our communities the Christmas they deserve. For nearly two decades, Long & Foster and its affiliated businesses have remained committed to helping provide a better holiday season to children in need in the communities we serve.”

Between now and Dec.18, each of the company’s more than 200 sales offices throughout seven states will accept donations of new unwrapped toys for distribution to financially and/or physically disadvantaged children. Long & Foster employees at the company’s corporate headquarters in Chantilly, Va. will also participate in the annual holiday event.

Once the toys are collected and presented to area Marines, they are distributed to local churches, social welfare agencies and to less fortunate children throughout Long & Foster’s service area.

The U.S. Marine Corps Reserves Toys for Tots program began with a single campaign in 1947. Last year, 18 million toys were distributed to underprivileged children nationwide by The U.S. Marine Corps Reserves program. Long & Foster collected more than 25,000 toys which were distributed to charitable and service organizations in the communities Long & Foster serves.

As a “transplant” to Roanoke, I have always appreciated its beauty and quality of life. This Wall Street Journal article names Roanoke as one of the best places to retire.