6 Reasons to Relocate to Virginia Beach, VA

 

Many people have regarded Virginia Beach as a great place to live! It's a great city for young adults as well as naval military residents. It provides fair rents and has an ideal ratio to have enjoying life outside. Not too long ago, we uncovered top rankings upon top rankings about Virginia Beach that support these claims that the city is definitely a worthwhile place to move.

 

Reason #1: Virginia Beach is among the top cities in the U.S. for renters

Rent prices are going up in lots of cities in the U.S.  In a recent study by GoBankingRates, Virginia Beach ranked number one where you can afford to live alone due to higher average earnings for full-time workers. Based on the May 2022 study, Virginia Beach has a great livability index at 79.

 

Reason #2: Virginia Beach is a top 5 city for work-life balance

SmartAsset ranks Virginia Beach in the top 5 for work life balance. They've reviewed this by analyzing metrics that included work environment, affordability, and livability. Reasons include metrics such as the labor force participation rate.  The city is also a leader in arts, entertainment and restaurants as a percentage of all establishments.

 

Reason #3: Virginia Beach is the 106th best place to live in the U.S. in 2022

U.S. News and World Report evaluated 150 metropolitan areas in the U.S. to discover the best places to live based on the quality of life and the job market, along with the value of living there and people’s desire to live there. Another Virginia city, Richmond came in at #57.

Specialized employment opportunities for both the civilian and government sectors make moving or remaining in the area attractive, from defense contractor positions to hotelier jobs."

 

Reason #4: Virginia Beach ranks 3rd for parks & walkability in the U.S.

The study was performed by CommercialCafe which ranked the city third-best in the country for its abundance of urban green space, clean air, and equity. The city has over 33,000 acres of recreational facilities and parks. Their public park land features roughly 62 acres per 1,000 residents.

 

Reason #5: Virginia Beach is ranks highest bike-friendly city in the world
Virginia Beach features more than 300 miles of bikeways and trails, including trails in over 230 parks and natural areas, 27 miles of unpaved paths. Not surprisingly it is ranks high as an award-winning "Bicycle Friendly Community". 

 

Reason #6 Virginia Beach has earned a top spot as a top digital city in the U.S.

The city ranked third among the top 3 cities in the 250K-499K population category for the fifth straight year.  The ranking is for how well a city utilizes technology to improve services, connect with its communities, handle social issues, and more.

 

Considering a move there and want to buy a home? Speak with a Virginia mortgage advisor before you go shopping to confirm what you can afford. It may be more than you thin with the plethora of loan products available to consumers.

Down Payment Help You May Not Be Aware Of

 

How Down Payment Assistance Increase the Pool of Homebuyers

A lot of people, individuals, couples, and families, are determined to purchase a home soon since low mortgage rates remain a great benefit for homeowners and first time buyers. However, the latest study from Sparks Research reveals that one out of every five first-time homebuyers report not enough financial education as a barrier to getting them to the closing table.

It's not easy to reach a decision if you're unsure of the process of buying a home. The truth is, around 80 percent of homebuyers need help on what they can even afford. This makes the reason for finding the right professionals to help you through the homebuying process so important.

Furthermore, the same study states more than 66-percent of potential homebuyers feel they'll need financial assistance for the down payment so they end up stop looking. What they may be unaware of is that there are many down payment assistance programs at the state and local levels, and many  have funds available waiting for prospective buyers.

Down Payment Assistance Programs Are Available for Many Types of Homebuyers
It is not restricted to just first-time homebuyers so it's worth checking out additional options wherever you are in your path to homeownership. As an illustration, if you have a job that gives you the flexibility to work from home, you may want to consider moving to a more inexpensive area where you can buy more goods with your income along with having more space. The Chief Economist for the National Association of Realtors (NAR), Lawrence Yun,  points out:

    "Suburban and Rural areas have home loans, like USDA loans, that can be financed with a zero down payment to qualified borrowers."

If affordability is one of your concerns and you know that working from home long-term is cemented, the perfect home could be in an area you never considered before. Moreover, the down payment assistance program you are looking for may be within reach too.

If you're curious about getting more information about these local assistance programs, further information can be obtained from Down Payment Resources. Your real estate agent should be able to help you figure out which option is best for you personally.

The Takeaway
As a result of several down payment assistance products, low-cost home buying options are available for today's prospective homebuyers.  Get connected in order to get started on the path towards homeownership.

Warnings That Could Cause Problems for Homebuyers

  Imagine you've located the ideal home in the perfect neighborhood. It checks off every box in your list of cant-do-withouts, a lot of room, as well as all of the nice-to-haves. But when you go see it with your agent, a few big problems stand out, like evidence of water damage,low ceilings in the kitchen and other rooms, or a visible crack in the wall. The question is now do you take this off the list from what seemed like your dream home?

Watch Out for These Warning Signs During a Showing

When you view homes for sale, it's good to keep in mind that the seller may not ever disclose (or know) the entire truth about their home. They may have moved in just within the last few years and it's a 10 or 20-year old home.

With regards to your home's condition, ask a professional home inspector or your agent because they'll usually be able to identify problems that you may not see yourself.  Their experience can be very valuable in terms of cost savings if you decide to purchase the home.  

And although the home may look well-maintained at first glance, there could be some remaining defects that aren't noticeable to an untrained eye—the following are a few examples.
Foundation issues

Water damage in ceiling

A bad foundation is among the largest and most expensive issues you will have in a home. If you discover any foundation cracks (either inside or outside) it may indicate the home may have significant structural defects if its larger than one-third of an inch.

Additional clues of possible foundation problems consist of doors that don't shut closed, window frame gaps, or floors that droop in spots.

Quick handyman fixes like a leaky faucet or ungrounded electrical outlet may point to a much bigger problem. If you're looking at a home you're interested in putting an offer on or have your offer accepted already, tell your agent to find out the age of the wiring and plumbing.  This should be very important to you in order to prevent potential floods or fires and costly repairs in the future.

Ideally, roofs should be replaced every 12 to 15 years. So if you notice some missing or curling shingles, it could mean that a home's roof is getting pretty close to the end of its life cycle. If you're unsure regarding the age of the home's roof, just ask your agent. They can contact the seller's agent for more information or get a home inspector.

Did you notice any dark spots in the ceiling and floors of the home? If yes, this may be a evidence of water damage, which is usually an expensive repair. Make it a point to examine the drainage condition of the home. Following a big rainstorm in a yard that isn't appropriately graded could result in water to leak inside the home.

Homes that have basements are more likely to have leaks than homes without a basement, so remember to go downstairs to search for water damage!

Insects, rodents, and other unwanted pests can become a huge problem for a home, especially if it's extensive in the home. Termites for instance should be a big red flag because they can ruin a home's total structure prior to being discovered.

If you see a huge number of bugs or mice droppings during your viewing, you may want to pass on the home and move on to the next.

If you smell a foul odor during a showing, these scents could be an indication of mold, mildew, water damage, pests, poor ventilation, and numerous other issues. You should be especially concerned if a seller appears to be masking odors with heavily scented candles or air fresheners.

Even if you don't come across any of these issues, it's highly recommended to have a physical inspection after your offer is accepted. A professionally licensed  home inspector can identify trouble both big and little and will give you a comprehensive report of everything he/she inspected that must be repaired.

Once you have the report in hand and it has issues the seller was unaware of, you may want to consider renegotiating the price of the home or request the seller to fix the problems. Having said that, if the home is being sold "as-is," you may just have to accept the cost and do your own repairs.

Orange County home prices make another record high at $775,000

 Looking to purchase a home in a hot real estate market?

There's no question that 2020 has been a challenging year for a majority of people, but especially for those who were trapped in a city that totally shut down because of COVID-19.   In major cities,  people fortunate enough to have the means left for homes they owned in the suburbs or rented one.

 That's quite the solution in the middle of a pandemic. This has also sparked a surge in home buying in suburban areas across the country and away from dense metros.

However, there are still lots of people throughout the country who are eager in to buy real estate in the city.  In California, the Orange County Register discovered a 5.2% home price drop versus 2019 – the largest drop since 2009. Based on a report by Curbed, this is the same decrease with what's occurring throughout the country; CoreLogic, a real estate data company, forecasts a 6.6% year over year price decline across the United States by May 2021.

Current Orange County data is as follows:
3,450 new and existing homes sold — an increase of 6.7% in a year. In the first 8 months of 2020, 16,917 purchases were closed, a reduction of 9.4% vs. 2019.

• $775,000 median selling price in Orange County — increase of 6.3% going back 12 months. The current median home price trumps the record of $765,000 made in June 2020. The only month this year a price record wasn't set was in May.

Home buyers are motivated by historically low mortgage rates. Southern California’s median price made a record high, as well.

Existing single-family houses: 2,312 sold, an increase of 7.8% in a year. Median price of $862,000 — a 7.7% rise over 12 months.

Existing condos: 918 sales, an increase of 5.9% over 12 months. Median price of $545,000 — an 8.5% rise in a year.

Newly built: Builders sold 220 new homes, a decline of 0.5% in a year. Median prices of $972,500 — a 9% rise over 12 months.

Possible Orange County Back to School Recommendations

Parents/Guardians of Students in Orange County Public Schools,

The CDC has  posted the following on their website concerning school reopenings.
Parents are not surprisingly worried about the safety of their children at school in the aftermath of COVID-19.  The best available evidence indicates if children become infected, they are a lot less likely to suffer severe symptoms.[1],[2],[3] Death rates among school-aged children are much lower than among adults. 

However, the health-related risks attributed to closed schools include lower rates of immunizations, higher rates of undetected child abuse and neglect, social, emotional, and behavioral health, economic well-being, and academic achievement of children, in both the short- and long-term, are well-known and significant. 

Moreover, the lack of in-person educational options disproportionately harms low-income and minority children and those living with disabilities.  The students in this category are a great deal less likely to be able to obtain private teaching and care.

Governor Gavin Newsom had given his school reopening rules but also noted that there are exemptions.
In a statement, Governor Gavin Newsom’s office noted that “There is a single exception. Local health officers may grant a waiver to allow elementary schools to reopen in-person instruction if the waiver is requested by the district superintendent, in consultation with labor, parents and community-based organizations.

When considering a waiver request, the local health officer must consider local data and consult with the California Department of Public Health."As part of the planning process, we gathered feedback from families about their preferred way to return to school. A survey completed in mid-June showed that 43% of parents prefer a return to in-person instruction; 34% prefer 100% digital learning; and 23% prefer an option that combines in-person instruction with digital learning.


If you have the choice for your student(s), please think carefully about what digital learning and in-person instruction will be like, and which might best for your child(ren). Review the information below

IN PERSON OPTION
What to expect at school…
•    Families should take temperatures daily before going to school. Anyone with a fever of 100.4 F or higher should not go to school. Students and adults also be screen themselves for breathing disorders like a cough and shortness of breath before going to school every day.
•    Periodic screenings, including unannounced temperature checks, will be performed. Students and staff with COVID-19 symptoms or a temperature of 100.4+ will be quarantined immediately and sent home.
•    All students and employees must stay home if they have COVID-19 symptoms, tested positive, or had close contact with a person with COVID-19 within the last 14 days.
•    Frequent hand washing and bringing hand sanitizer from home is recommended.
•    Cleaning/disinfecting of surfaces, frequently-touch objects, and facilities will be carried out more often.
•    Buses will be cleaned/disinfected after morning/afternoon routes.
•    The use of masks will be required. However, the wearing of masks will not be enforced for those who can't.
•    Students are discouraged from sharing books, materials, supplies, or equipment, including devices and equipment used for athletics/PE.
•    Water fountains will be sealed. Students are encouraged to bring water from home.

 DIGITAL LEARNING OPTION
•    Students who are in digital learning will have the same expectations as those attending in-school in terms of attendance, grading, and participation.
•    In general, digital learning will follow the same teaching hours as the in-person school day.

•    Students will need to have dependable internet and devices. Sharing a device is not advised since multiple students in a family would have digital lessons at the same time during the school day.

References

 1.   Zhen-Dong Y, Gao-Jun Z, Run-Ming J, et al. Clinical and transmission dynamics characteristics of 406 children with coronavirus disease 2019 in China: A review [published online ahead of print, 2020 Apr 28]. J Infect. 2020;S0163-4453(20)30241-3. doi:10.1016/j.jinf.2020.04.030
2.    Choi S-H, Kim HW, Kang J-M, et al. Epidemiology and clinical features of coronavirus disease 2019 in children. Clinical and experimental pediatrics 2020;63(4):125-32. doi: https://dx.doi.org/10.3345/cep.2020.00535external icon
 3.   Coronavirus Disease 2019 in Children — United States, February 12–April 2, 2020. Morb Mortal Wkly Rep. 2020;69:422–426.

Homes for Sale in Orange County under $700,000

Some of the most affordable Orange County cities are Anaheim, Garden Grove, Buena Park,  Fullerton, Westminster, and Rancho Santa Margarita. Each of these cities are located in North OC, except for Rancho Santa Margarita.

Rancho Santa Margarita is located in South Orange County and has a population of 48,792.  RSM was officially incorporated on 1 January 2000 and is regarded as one of the best places to live in California. The city is mainly residential yet has convenient access to shopping in nearby Tustin and Laguna Hills as well as the job hub of Irvine a little farther north.

Most of the home styles have a Spanish theme with red tile roofs on single family homes or apartment buildings.  Dove Canyon, Robinson Ranch, and Rancho Cielo are the pristine and popular communities. Dove Canyon is most expensive neighborhood in RSM, where homes sell for roughly 1.5 million

The schools of RSM have half of them in Saddleback Valley Unified School District (SVUSD) and the other half in Capistrano Unified School District  CUSD (same school districts as Mission Viejo).

A lot of Rancho Santa Margarita's communities have a "Supplemental Fee" called Mello Roos. It is similar to a property tax, and is added to the semi-annual tax bill. An overwhelming majority of RSM homes come with Mello Roos fees.

Southern California's Housing Market Facing a Formiddable Challenge

The Southern California housing market was firing on all cylinders since the beginning of 2020, helped by low interest rates and a thriving economy.

Then the Covid-19 virus came to the US and globally. We are in a pandemic with the media reporting case counts and deaths 24/7. As a result of the fears people see all day and forced to shut down non-essential businesses in the economy, deals and escrows are being canceled. Sellers are slashing prices. Specific types of mortgage programs have been suspended until further notice.

A California Assn. of Realtors survey from early March revealed that  25 percent of agents had clients reconsider their plans to buy or sell due to the sudden eruption of the coronavirus.

A second survey was performed a week later: The agents working said the sellers who are delaying their plans had surged to 45 percent; over fifty percent had a buyer who put their plans on hold.

After that what made real estate matters worse, was the stay-at-home order issued by Gov. Gavin Newsome. Many agents said referrals for new purchases became nonexistent. Many identify the change to right around the time of the order.

Without question, the deterioration to the real estate market will be determined by how long the virus remains and how much economic pain it creates both through deaths and preventative measures for future viruses.

The sellers holding off may be a good things as they optimistically see this as a temporary crisis. It will certainly be interesting to see if pricing power drops once the epidemic subsides. 

At the time of the 2003 SARS virus that went on for several months in Hong Kong, Zillow's research shows the city's housing market was basically suspended. Home prices didn't drop very much, while sales volume fell like a brick as people stayed a safe distance from each other in an effort to save lives.  Once the epidemic ran its course, sales volume quickly returned to typical levels.

It's worth noting that the SARS virus was only responsible for the deaths of 774 people globally. The people who've died from COVID-19, has already exceeded 2,000 in the United States alone and 30,000 worldwide as of March 29, 2020.

Los Angeles Mayor Eric Garcetti has said the city could soon experience the levels of cases erupting now in New York. Newsom has announced that more than 1 million Californians have applied for unemployment benefits this month.

Zillow said the number of new listings now coming onto the market each day in Los Angeles and Orange counties is about 30% below what it was a year ago. That compares with a 4% decline at the beginning of the month.