Virginia Beach Real Estate

We have all heard and read the daunting news about the ongoing rise in the foreclosure rate. Realtytrac reports Virginia foreclosure filings jumped 18% in March compared to February figures, while the number of homes repossessed by lenders jumped 31 percent.

Many Virginia Beach homeowners are lulled into believing that it cannot or will not happen to them, but would you know what to do if you could no longer pay your mortgage?  It is important for Virginia Beach homeowners to know their options so that they can make an informed decision on the best way to move forward in a stressful situation such as foreclosure. 

This article from FreddieMac.com does a great job outlining the terms associated with foreclosure and the steps to take if you think you may soon be facing foreclosure.  Among the topics covered in this helpful article:

• What to do if you can not pay your mortgage
• What if you can no longer afford to keep your home
• Beware of scam artists

I would also add to the list of steps to take when facing foreclosure - contact an experienced Virginia Beach Realtor!  Along with a reputable lender, an experienced Realtor can help explain your options and guide you through whichever choice you decide to make. 

Also read: Beware of Virginia Beach Real Estate Scam!

For more information about Virginia Beach real estate, please call us today at 866-222-0158 #550 or visit ButlerTeamHomes.com, we are happy to help you.  You may also click here to receive a complimentary analysis of your homes value!

It’s here, the day we all hate - Virginia Beach tax filing deadline. If you are like many Virginia Beach home owners, you are rushing around today to complete your return and get it filed. Don’t fret, you have a number of options for filing before the deadline at mid-night tonight.

1. Put it in the mail. Most of the local post offices will be closng at their regular time of 5 p.m. but here are some that have later hours today:

• Hampton Main Office, Hampton, 809 Aberdeen Road; 7 p.m. 
• Patrick Henry Station, Newport News, 685 Turnberry Blvd.; 6 p.m. 
• Monticello Station, 5219 Monticello Ave., Williamsburg; 6 p.m. 
• Chesapeake Main Office, Chesapeake, 1425 N. Battlefield Blvd.; 6:30 p.m. 
• Norfolk Main Post Office, 600 Church St.; 6 p.m.
•  Main Office/Lynnhaven Station, 501 Viking Drive, Virginia Beach; 6:30 p.m. 
• Witchduck Station, 4831 Columbus St., Virginia Beach; 6:30 p.m. 
• Hampton Roads General Mail Facility, 600 Church St., Norfolk; midnight

The US Post Office website has tools to help you calculate the postage you will need and how to print your mailing label online.

Taxes must be postmarked by April 15 to qualify for timely filing. If you want an automatic extension to file your return, file Form 4868 Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. 

2. File electronically. If your adjusted gross income was $54,000 or less in 2007, you can use Free File to file your return. the other option is to use an authorized electronic filing provider. Find one here.

Thinking about buying Virginia Beach real estate with your tax refund? Visit ButlerTeamHomes.com or give us a call at 866-222-0158 #550. Search MLS for all Virginia Beach homes for sale.

It was a slow week on the news front - a good thing, considering most of what constituted the news was less than encouraging. Pending home sales surprised to the downside, declining 1.9% month-over-month, prompting one notable economist to vent: ˜The next move in the index will be a further decline, as it becomes clear that the accelerating drop in prices means bargain-hunting is seriously premature. Maybe, maybe not. Yes, some Virginia Beach home prices have fallen, but the evidence is far from clear that the trend is gaining momentum.

The Federal Reserve continued its headline-hogging ways. The minutes from its Federal Open Market Committee meeting on March 18 revealed that several members saw a risk of a ˜prolonged and severe downturn and that there had been ˜little indication of stabilization in the U.S. housing market.

Despite the gloomy near-term outlook, Fed officials generally expect that lower interest rates and the governments $152 billion stimulus package will spur a recovery starting in the second half of the year. Fed policy makers next meet at the end of April; futures markets are split over whether officials will cut rates by a quarter-point or half-point.

Meanwhile, the average Virginia Beach home buyers are evidently feeling as dour as our average central banker. Americans confidence fell to a new low, dragged down by worries about mounting job losses, record home foreclosures and zooming energy prices. According to the RBC Cash Index, confidence dropped to 29.5 in April, down from 33.1 in March. Over the past year, consumer confidence has deteriorated significantly. Last April, confidence stood at 85.4.

Any good news? Yes, on the Virginia Beach mortgage front, where the prime 30-year fixed-rate mortgage dropped 16 basis points to 5.96%, according to the Bankrate.coms national survey of large lenders. Similar drops occurred in the 15-year fixed-rate and 5/1 adjustable-rate markets.

Thats right, the deadline for Virginia Beach homeowners to file thier 2007 tax returns is tomorrow. If you are in a panic at this pint and dont know where to start, CNN Money has a great list of the 10 Sure-Fire Tax Breaks for Virginia Beach home owners.

1. Mortgage insurance premiums.

If you itemize your deductions and pay for mortgage insurance, for the first time you will be allowed to deduct your premiums on your 2007 return in addition to any mortgage interest you pay.

The one catch: your mortgage insurance policy must have gone into effect after Dec. 31, 2006. The deduction is also subject to income limitations.

The premiums, plus the interest you pay on your mortgage, is entered on line 13 of Schedule A.

Read more »

Continuing with yesterday’s discussion about preparing for tax season, I wanted to spend some time covering issues related to paying taxes on Virginia Beach vacation homes.  Many homeowners in Virginia Beach also own vacation or investment homes in the area - but can these homes truly be claimed as vacation homes? 

This article from RealEstateJournal.com answers this and other important questions, such as:

• When and under what circumstances do I have to pay taxes on rental income?
• What sort of deductions can owners of rental properties take?
• If my vacation home is considered a secondary home (not a rental home), what deductions can I take? 

Once you have determined which category your property qualifies as, the chart below gives you a quick overview of what you should expect during tax season: 

Other helpful links on this topic:

• IRS Publication 527: Residential Rental Property
• IRS Tax Topic 415: Renting Residential and Vacation Property
• IRS Publication 925: Passive Activity and At-Risk Rules

 Also read: The Tax Man Cometh To Virginia Beach-Part 1

To learn more about owning a Virginia Beach vacation home, please call us at 866-222-0158 #550 or visit ButlerTeamHomes.com.  You may also search the MLS for Virginia Beach homes!