Home Styles and Features Appropriate for Aging in Place

By Elaine VonCannon, ABR, SRES, Associate Broker, Notary, Team Leader, Property Manager, Award Winning Agent

What is aging in place? Why is this phrase used so commonly now? The huge boost in the aging population, created by the baby boomers, is spurring a completely different discussion about aging and dying, then has been seen in generations. With a majority (75%) rejecting health care settings and even retirement communities -Boomers are indicating a majority preference for staying in the home and in their communities as they age. In the Late 19th and Early 20th Centuries, single-family homes were kept in the family, and elders aged at home. The difference is now, we live in a mobile society, and children are often out-of-state pursing careers and taking care of families.

So, when a senior experiences the death of a partner, he or she will often opt to age in place. Aging in place means staying in the suburbs, or the rural or urban community where a senior has lived for decades. Yet making the choice to stay in the family home means renovations may be needed in order to keep living at home. Or, perhaps the family home needs to be sold and a newer, more appropriate property will be purchased as the perfect residence to age in place.

Homes designed so seniors can age in place are not just the wave of the future. They are here and now. As concepts about aging change, and life expectancy is lengthened by as much as 15-20 years, Boomers are finding they have to rethink their retirement. Building concepts and renovations of existing homes will continue to change and adapt to the growing senior population's needs.
The Harvard Joint Center for Housing Studies (HJCHS) has been looking closely at this shift in the housing needs for the Baby Boomer generation, also dubbed the ‘silver tsunami.' Jen Molinsk, a Housing Perspective Associate from the HJCHS, says, "Abilities may change over time. The definition hints at the dynamic nature of aging in place, rather than the absence of action and change regarding one's living environment." Needs often precipitates change. Anticipating problems with walking and walking up stairs while aging makes it necessary to live on the first floor or have elevator access to a residence.

Desirable Home and Community Features for Aging in Place

• Easy no-step entrance to a unit
• First floor living (or elevator access)
• Wider doorways and turnaround areas for wheelchair access
• Bathrooms with easy access to tub and shower and grab bars
• A range of housing types in close proximity to daily needs and public transportation

The National Association of Realtors (NAR) has also studied aging in place communities. NAR research shows that transportation is a major issue, because seniors who no longer drive still need to get to the grocery store, the doctor and eat out. "By 2015, 15.5 million Americans 65 and older will live in communities where public transportation service is poor or non-existent," says the report, "Aging in Place, Stuck Without Options."

Communities Adapt to Residents Needs to Age in Place

Places like Arlington, Virginia and Cobb County, Georgia are actively correcting this lack of public transportation and successfully retaining a senior community. "We wanted to make the whole community senior friendly, rather than make them move to a separate development that is senior friendly," said Dana Johnson, of Cobb County. In Arlington, a solid infrastructure is in place, including wider sidewalks with sloping corners and more public transportation options just for seniors.

The types of housing I recommend to seniors include condominiums with elevators (or first floor) and townhomes. Also, if an aging person were presently located in a rural area, would his or her lifestyle benefit from a move closer in to doctors, family, friends and grocery store? Is the home they are living in too big to manage? Are there too many floors and too much yard space for upkeep? If so, selecting another home, more suitable for aging in place, will be the most likely option to take.
The Williamsburg, Virginia area has always been a retirement destination. Williamsburg, VA continues to be a retirement mecca because of a mild winter and a four seasons climate, and its convenient location in the Mid-Atlantic region. As Williamsburg seniors decide to age in place, and more retirees relocate into the area, builders are responding. They are constructing more first floor ranchers, cottages and single-family homes with a master bedroom on the first floor. Sometimes retirees will request a master on the first floor and one on the second floor, so there is room for a caregiver to live with them.


With the 65+ population set to double by 2030, and a large percentage of seniors stating they want to age in place, demand for appropriate housing will continue to grow. Learn more about housing that is perfect for aging in place in Williamsburg, Virginia, visit: http://www.voncannonrealestate.com.

Williamsburg Area Learning Tree (WALT) Seminar on Real Estate in Williamsburg: Is it a Seller's or Buyer's Market?

By Elaine VonCannon, ABR, SRES, Associate Broker, Notary, Team Leader, Property Manager, Award Winning Agent

(Williamsburg, Virginia) The topsy-turvy state of the real estate market is a challenge to buyers and sellers and REALTOR Elaine VonCannon will be addressing this in an upcoming presentation: "Riding the Rollercoaster: Is it a Seller 's Market or a Buyer 's Market in Williamsburg, Virginia?" VonCannon 's educational and informational seminar is open to the public and is sponsored by Williamsburg Area Learning Tree (WALT). It is scheduled for Wednesday October 8th from 6:30-7:30 p.m. at Walsingham Academy on Jamestown Road, in Williamsburg Virginia. Cost is $15. Seating is limited. Participants may register and pay for the WALT class online to ensure a seat.

Jeff Hurd, a Loan Officer with Movement Mortgage in York County, Virginia will be present to speak briefly about current trends in mortgage lending and answer questions.

Elaine VonCannon is an award winning REALTOR. She is an author and a regular guest on the radio show "Ask the Expert" on WNBG 740 am in Williamsburg, Virginia, which also streams on the Web.

John Wilson, owner of the brokerage VonCannon works for, Coldwell Banker Traditions in Williamsburg, has assessed the local real estate market as follows: "Supply and demand dictates the market. The overall real estate market in Williamsburg, Virginia continues to struggle to get any appreciation and/or momentum. The homes on the market need to be turnkey, ready to go, and must be priced correctly. The sellers must be ready to beat the market with the condition of the home and be priced to compete. This is especially true for the upper end." There are still many distressed homes and foreclosed properties on the market, and coming onto the market regularly. This means that homeowners who want to list their property must make sure it is move in ready, because sellers have the option of buying bank owned 'fixer uppers.'

Elaine VonCannon also frequently presents information on the real estate market in the Williamsburg area with John Starke, a financial planner. VonCannon speaks at investment seminars Starke hosts. Her articles on real estate have been reprinted in national publications and she is recognized in the region as a reliable real estate expert, with her finger on the pulse of the market. VonCannon has been in the real estate profession for 15 years. To read more articles on the current market or view real estate listings in Williamsburg, visit http://www.voncannonrealestate.com or email Elaine at voncannonrealestate@cox.net.

Active Baby Boomers (47-54) Interested in Purchasing Second Home While Older Boomers (55-64) Want to Downsize, Aging in Place

By Elaine VonCannon, ABR, SRES, Associate Broker, Notary, Team Leader, Property Manager, Award Winning Agent

Baby Boomers are about to explode in numbers into the retiring population, changing the face of aging in the United States. Active Baby Boomers are generally 47-54 and still in the workforce. Older Baby Boomers (56-64) are either retiring early or preparing for retirement. According to an article on Realtor.com, "The Boomer Effect" by author John Van Gieson, statistics forecast 10,000 Baby Boomers a day will retire in the next 20 years. This sets the stage for the doubling of the aging population in the decades to come. Because of the implosion this will create on the American economy and Social Security and Medicare, this aging Boomer population has been dubbed the 'silver tsunami.'
At the same time this population ages, life expectancy is extended for this group largely because of medical technology. This combination of factors sets the stage for a very particular group with specific housing needs pre and post retirement.
Though some Boomers may have lost property and jobs during the recession, many held onto their homes and kept equity in their homes. The financially secure Baby Boomers are ready to make a move or an investment. As the real estate market continues to repair from the great recession, some of these Boomers are considering a move now. This may involve downsizing from a large family home to a property with no exterior maintenance. Meanwhile, many Active Boomers, looking onward towards retirement, desire second homes and investment properties.

What geographic areas in the U.S. will the silver tsunami prefer?

Some Boomers may purchase property in Florida. But Florida will no longer be the mecca for retired homeowners, as it was for many years. Current trends indicate this generation of Boomers will tend to purchase properties in the Mid-South region in places like Virginia, the Carolinas and Tennessee.

Virginia Homes for Sale Desirable for Boomers

According to the U.S. Census, population across the state of Virginia grew 3.2% between 2010 and 2013. In my own geographic region, Williamsburg and James City County, population increased 5.2% during the same time period. Williamsburg, James City and York Counties have always been popular retirement locations, and as statistics indicate - this trend will continue. The historic triangle is a popular place in Virginia to purchase a home because the region is family oriented, rich in history, and has ample dining and entertainment opportunities, with easy access to larger urban areas such as Hampton, Newport News, Norfolk and Richmond.

Virginia Recommended for Retirement by Marketwatch.com

In 2013, a writer from Marketwatch.com, a savvy online financial publication, recommended locations across the Commonwealth of Virginia as ideal for retirement. Locations included: Virginia Beach, Williamsburg, Roanoke, Winchester and Charlottesville. Virginia's low(er) property tax rates compared to Northeastern states, its central location in the Mid-South (making it convenient to Northern cities and states) and its mild climate with four seasons were cited as reasons for retiring here.

Current trends in purchasing real estate for the Baby Boomers: Aging in Place

The aging in place lifestyle is a desirable one for many, especially those who do not wish to end up in retirement communities, but would rather be in their own home while they age. For the Boomer who wants to age in place, selecting the right property will allow this person this choice, without moving. First floor dwellings with attached garages as well as no exterior maintenance of a property are some characteristics of a residence where one may easily age in place. Boomers are also looking for homes convenient to shopping, doctors, children and grandchildren.

How are Boomers' Housing Needs Defined?

Often a Boomer's housing needs close to or nearing retirement will shift. Many will require less space than the family home once provided, - perhaps considering a 1,000-2,000 square feet home rather than 3,000-4,000. Preference will be given to homes with easy entrance and exits on the first floor with none - or very few - steps.
For the Boomer wanting to purchase a second home intended as a retirement property for a full time residence at a later date, the same parameters may apply. A desirable location in a quiet area with low property taxes (maybe even out-of-state) will be the most likely impetus for a move for many Boomers.

As the Baby Boomers mature and become the 'silver tsunami,' expected lifespans are lengthening, too. So, if a Boomer retires at 60 or 65, he or she may enjoy another 15 to 20 years of independence, provided good health prevails. Choosing the right housing for retirement is an important decision that will potentially impact a Boomer for decades to come and should be thought out carefully. Rely on a professional REALTOR to help make the right choice in purchasing a home for retirement. Visit http://www.voncannnonrealestate.com for more information on homes for sale in Virginia.

First Time Homebuyers in Virginia Real Estate Market: Millennial Children Come of Age

By Elaine VonCannon, ABR, SRES, Associate Broker, Notary, Team Leader, Property Manager, Award Winning Agent

Millennial Children are the youth of America, now coming of age when it comes to owning their first home. Millennial buyers are between 18-34 and their financial lives are much different then their forbears. Challenges many have faced include: unemployment, high student loan debts and tight credit. So, for many Millennial Children, their ability to purchase and finance a home has been curbed in their twenties. But as they enter their thirties, Millennials are going to be an increasingly large group in the home buying market. In National Association of Realtors (NAR) "Field Guide to Millennial Home Buyers," updated in August 2014, the Joint Center for Housing Studies of Harvard University found, "the number of households in their 30s should increase by 2.7 million over the coming decade, which should boost the demand for new housing."

The entry of Millennial children into the home buying market is a good sign that home sales are improving. When first time homebuyers are a significant part of the real estate market (currently nearly 40%) it means the real estate market is stabilizing and even trending upward.

For many first time homebuyers, the ability to make a down payment of 5% or more plus closing costs is a significant barrier. Real estate industry researchers estimate fifty percent of Millennial Children will ask their parents or someone in their family for the money for a down payment for a home. The other 50% will aspire to be homeowners with their own resources. In order to qualify for mortgage financing, these Millennial Children must be employed and in good standing with their credit.

For REALTORS selling to the Millennial group, the steps to purchase a first home have not changed, though the needs of this particular age group are different then their predecessors – Generations X and Y. These older generations purchased their first homes during more prosperous economic times when jobs were plentiful. Many were able to hold onto their properties during the recession and are now looking at selling and moving to upgrade for more space or downsize for retirement. Millennials will be their buyers - and so will active Baby Boomers.

There are a few options REALTORS can recommend to first time homebuyers pressed for down payments and closing costs. If Millennnial Children have good credit and want help with the down payment and/or closing costs, some states may provide this sort of assistance, with special programs that backend costs onto the mortgage and/or charge zero interest on the amount needed, or even forgive the down payment debt after a certain number of years.

Home Ownership Assistance Programs for First Time Homebuyers in Virginia

For the first time homebuyer in Virginia, it is worthwhile looking into loan programs by the Virginia Housing Development Authority (VHDA). The goal of the VHDA is to help Virginians acquire quality, affordable housing. There are multiple 30 year-fixed rate mortgage programs to choose from: conventional fixed rate mortgages, an FHA insured loan with low down payments or FHA Plus - with a second mortgage to finance a down payment. Depending upon the area where the home is purchased, a homebuyer may be eligible for a Rural Housing Services (RHS) government insured zero down payment loans. There are also Veterans Administration loans for those who qualify. VHDA is a privately funded organization that makes all of these programs available through one agency and makes it easy to apply. Visit http://www.vhda.com for more information on home lending programs.

First Time Home Buyer Savings Plans (FHSPs)

In 2014, The legislature of the Commonwealth of Virginia, recognizing first time home purchases are an indicator the economy is healthy and growing, decided to implement a program to strengthen this market. The First-time Homebuyer Savings Plan (FHSP) was established to stimulate more first time home sales now and in the future. The FHSP can be set up by any resident of the Commonwealth as a state tax-free savings account that can accrue up to $50,000 towards the cost of down payments for home purchases in Virginia. These special savings accounts are only sheltered from state taxes, so long as funds are used to purchase a home in Virginia. The future homeowners, or their parents or relatives that want to save money on their behalf may establish FHSP accounts. If the funds are used for anything except purchasing a first home, then the funds are subject to the usual Commonwealth of Virginia taxes and fees.

The FHSP program in Virginia is another example of the way in which first time homebuyers are being encouraged to complete their first home purchase, and move the economy forward.

Besides securing financing for a home, first time homebuyers have other decisions to make before purchasing. The property should be a good investment that will be conducive to resale if the homeowner wants to step up to another property. A first home is most likely to be a good investment if it is located convenient to shopping, dining and entertainment. A detailed look at a home inspection will reveal any pressing problems with the property and title insurance must be able to be obtained. A good, qualified REALTOR can handle all of these inquiries and details. For more information on homes for sale in Virginia that are perfect for first time homebuyers, contact: voncannonrealestate@cox.net or visithttp://www.voncannonrealestate.com.

Types of Historic Homes for Sale in Southeastern Virginia

By Elaine VonCannon, ABR, SRES, Associate Broker, Notary, Team Leader, Property Manager, Award Winning Agent

Virginia has a rich history dating to the Colonial era and also a wide variety of historic homes and properties for sale. It was one of the first places colonized by the British and is also known for Civil War era structures as well as Late 19th and Early 20th Century homes. When it comes to purchasing historical properties, the home buyer has various choices in Virginia. There are rural and urban historic homes for sale across the Commonwealth of Virginia today, from many different eras and in various conditions.

It takes a special type of home owner to purchase and renovate or restore a historic home. Oftentimes, historic home purchasers are so enthusiastic about history they want to preserve part of our American heritage by living in or restoring a historic property. While many are passionate about history, they also seek special amenities such as equestrian facilities or waterfront docks and want to live in unique properties with maximum privacy in a secure, quiet setting.

The Classic Virginia Estate

A classic example of an estate property found in Virginia would date from the late19th Century and be made from brick - in the Colonial style. This style of custom built estate home may still retain many of its original features such as cathedral ceilings and multiple fireplaces. Original details like walnut bannisters and yellow pine floors, brass locks and fittings, chair rails and built in bookcases may still be in place. Many of these scenic, expansive Virginia estate properties are surrounded by fresh water ponds or streams and even offer waterfront access with docks on property. Historic properties may offer hardwood forests, meadows, equestrian facilities and water features as well as multiple outbuildings. Even with these amenities, privacy and 19th Century charm, many historic properties with at least five acres can be purchased for around one million to five million dollars. Compared to single family home pricing in many urban markets such as San Francisco, New York City and Boston, Virginia estates are an affordable acquisition. Those who have the means for this lifestyle - and are prepared to maintain a property of this size - find the extra luxuries extremely satisfying and worth the price.

Renovation/Restoration Budget

Investors in historic homes in Virginia may want to include a renovation (or restoration) budget in their purchase plans. Finding the right historic property is the first step. Renovating or restoring the property can make all the difference in quality of life there. Customizing a historic property for an individual or family lifestyle will be important to making it feel more like a home.

Historic Homes in Richmond and Henrico County Virginia

In downtown Richmond and areas such as Shockoe Slip and the Fan, there are many 1920s ad 1930s Art deco homes to choose from. Since restoration of the historic district began in the 1970s, Shockoe Slip has now become a premiere shopping and dining destination in Virginia. The Fan is in close proximity to Virginia Commonwealth University (VCU) making it a popular section of Richmond. Many historic estate properties and farmhouses are located just outside of Richmond in Henrico County.

Rural and Urban Historic Homes in Virginia

The Southeastern portion of Virginia, also known as the Tidewater region or Hampton Roads, was the site of original English colonization. Many historic properties have waterfront access and docks because boats were a main form of transportation in Early America.

In rural areas, such as Surry and Charles City, Virginia, buyers will find historic farmhouses and even plantations along the James River and its tributaries. While a search for a historic home in Williamsburg, James and York City Counties will yield many 18th and 19th Century urban properties. Many of Williamsburg's historic properties are owned by Colonial Williamsburg Foundation or the College of William and Mary. But the Foundation and College do not exclusively own all Williamsburg historic properties. The buyer will find numerous historic treasures in Williamsburg and in surrounding counties because Williamsburg was the 18th Century capital of Virginia and attracted many prominent residents, artisans, students and families as well as those charged with governance.

Historic Homes in the Northern Neck of the Chesapeake Bay

In Gloucester and Gloucester Point Virginia and areas north of here, such as Mathews and Gwyn's Island, the seafaring way of life has been a longstanding tradition. These areas are known for historic sea cottages and estate properties built on the York River, Chesapeake Bay and its tributaries. Many of these historic properties are waterfront, with docks. Today these tranquil areas are known as the Northern Neck of the Chesapeake Bay. The Northern Neck is not highly populated and it is the perfect environment for the waterman, those who love boating - or people who simply enjoy being on or near the water.

Smithfield & Isle of Wight County: Hidden Historic Homes

Across the River from Williamsburg, Virginia, many historic homes can be found in Smithfield and surrounding Isle of Wight County. I once sold an 18th Century cottage in downtown Smithfield to an editor of the Daily Press. This was the oldest home in Smithfield. Like many who purchase historic homes, this particular buyer had a passion for history, and she fell in love with the home, its history, and its location. Outside of Smithfield in Isle of Wight County, there are many historic estates, farmhouses and even plantations.

Whether it's a love of history, or wanting to live a luxurious lifestyle on an estate in Virginia, historic home buyers find a wide variety of choices across the Commonwealth of Virginia. The Southeastern part of Virginia has a plentiful amount of historic properties, largely due to its proximity to the coast and coastal rivers as well as being deeply rooted in Colonial history. Learn more about historic homes in Virginia for sale, call Elaine VonCannon at 757-288-4685 or email voncannonrealestate@cox.net. Visit http://www.estatesinvirginia.com for more information about Virginia estates currently for sale.

Historic Homes in Virginia: Options to Consider in Today's Market

By Elaine VonCannon, ABR, SRES, Associate Broker, Notary, Team Leader, Property Manager, Award Winning Agent

It takes a special buyer to purchase a historic home or property, one who intends to give it tender loving care, perhaps after years of neglect. Restoring a historic property or renovating and updating a historic home for a primary residence are the dream of some. These individuals are connected to the past, and want to live a lifestyle that puts them in touch with that remembrance. The cultural and aesthetic legacy historic homes possess, as well as ample acreage and lavish living spaces indoor and out – make these dwellings a status symbol for some, while it's a lifestyle choice for others.

Extra Features of Historic Properties

In Virginia, many historic homes are remnants of times long past, when there were large land grants and plantations. As a result, many of these historic properties are set-up with some unique features such as: smokehouses, basements designed for preservation and storage of food and beverages, springhouses, stables and barns, additional outbuildings and living spaces, and even more.

A sense of nostalgia and a desire to return to Early American roots motivates many who purchase and cherish historic homes and estates, making them more popular than ever. There are many historic homes for sale all over the state of Virginia.

Funding Historic Home Restoration

Some properties are in the National Register of Historic Places program, and owners are eligible for preservation benefits and incentives from the federal government. Others historic homes may be qualified to be in this Register, and need to be nominated and accepted to be recognized as such. Then there are a slew of historic properties that are privately held and preserved – or updated – over time at the expense of owners and their inheritors.

Why Has Interest in Owning Historic Property Risen?

Builders stopped building during the recession, and people who wanted to own a home needed to look at living in a historic home as an option. With historic home owners, the choice is clear: either revive the home to its glory days of the past, or update it. Over the past several decades salvaging fixtures and parts of old homes before they were torn down has been a lucrative business. Some homeowners want to restore their home with period appropriate décor and fixtures and features. For them, finding specialized parts is easier these days, with companies like Salvage Dogs in Roanoke, whose main focus is salvaging parts of historic homes and reselling them to people who want to restore them properly.

Areas in Virginia Where Historic Properties are Clustered

There are many historic homes in Virginia. Some are even found in the National Register of Historic Places. It's common to find a wide selection in the following areas of Southeastern Virginia: West Point, Smithfield, Williamsburg, Richmond, Gloucester and Mathews. A buyer can purchase a historic cottage in Gloucester or Mathews that is on the York River or the Chesapeake Bay. Many of these historic properties come with piers or access to boat launches on property or nearby. Rural or urban choices are available for historic homes. The buyer will find plenty of historic homes in Williamsburg and Richmond and on the corridor in between - Route 5 continuing all the way to Henrico County. West of Richmond there are even more choices for historic homes. Some of these may be working farms or equestrian properties, offering additional sources of income and space for livestock.

For those who love old, historic homes, Virginia is one of the top places in the U.S. to find them. These historic properties may have been designed for other eras, but luxury, privacy, and the desire for spacious living never go out of style.

Waterfront Homes in Tidewater Virginia

By Elaine VonCannon, ABR, SRES, Associate Broker, Notary, Team Leader, Property Manager, Award Winning Agent

The Tidewater area of Virginia is especially scenic because of the waterways that meander from the Chesapeake Bay. Tidal rivers, such as the York, James, Chickahominy and Rappahannock Rivers are great for boating, fishing and other watersports. Tidal rivers are fed by estuaries, streams, canals and coves and are often connected to deeper waters.

The geographic area of Tidewater, Virginia begins in Virginia Beach and extends as far west as New Kent County and the western shorelines of the Chesapeake Bay, also known as the Northern Neck. There are many desirable places to live the waterfront lifestyle. Avid boaters and fisherman choose the Tidewater area for retirement because they enjoy these activities, or they have wanted to live on the water. There are some ideally situated waterfront homes and lots for sale in the waterfront communities, some include piers, while others have marinas and other recreational facilities.

This overview will highlight waterfront properties for sale, waterfront communities and likely places to find waterfront property in these areas. They include: Williamsburg, York and James City Counties, Gloucester, Gloucester Point, Mathews and Lancaster. This article will exclude waterfront homes on the Southside of Tidewater - Virginia Beach and Norfolk. Here, waterfront home prices may trend higher, because these waterfront properties are located in desirable urban markets.

Buyers need to simply be willing to travel twenty to thirty minutes from an urban area to find better pricing on comfortable waterfront living. A buyer who has the luxury of searching outside an urban area will find a choice of properties in a more rural setting for a more affordable price than urban waterfront homes.

Waterfront homes in a rural area are well worth owning because they provide access to rivers and bays, brackish or salt water, and are often situated on larger pieces of property. Waterfront properties can be held as investment properties, rented for part of or the entire year. Or, they may be primary residences or second homes.

The waterfront home market is beginning to ignite once again, as many put the recession behind them, or decide to retire in their fifties or early sixties. Having a waterfront home is a lifestyle choice and those who choose it are willing to pay for the luxury of being on the water. Many who own waterfront homes also own boats and they want their own dock so they can use their boat at their leisure.

Here are some great examples of waterfront communities in rural Virginia that provide access to the water and in many cases – additional amenities any boater will covet. Many recreation communities also provide facilities to lead an active physical and social life, too.

Waterfront Homes for Sale Near Williamsburg: The Colonies

The Colonies is an established waterfront community in New Kent County, Virginia, just 20 minutes west of Williamsburg and 25 minutes from Richmond Airport. The Colonies is a longstanding bedroom community of waterfront homes. Grocery stores are only 10 minutes away. Even though New Kent is a rural county, amenities are not faraway, making the location convenient. For some locals, The Colonies are a well-kept secret.

Situated on large 2-6 acre lots, many of the homes are waterfront, some are not. Woods and other natural features are well preserved on these properties, adding to the scenic, tranquil setting.

There is a home currently for sale on Colony Trail, with a property on the shoreline of the Chickahominy River. This property comes with a wood pier, so it appeals to boaters who want this convenience. Another waterfront property in The Colonies that is currently available is on Island Trail, where a pier is being constructed. The seller intends to attract a buyer with a boat who wants to live a suburban lifestyle.

Heritage Point in Lancaster, Virginia, is a remote location. This particular waterfront community is located at the northernmost point on the Northern Neck, not far from the Rappahannock River. This recreation community includes a marina, boat ramp, clubhouse, pool, beach, tennis, basketball and deep water access for boating. Although Heritage Point is situated at least an hour’s drive from urban areas, these homes are perfect as a second home or a retirement dwelling and ideal for boaters. Home sites are available in this community.

Gloucester, Gloucester Point, Mathews

Multiple waterfront properties are available in these locations, also known as the Northern Neck: Gloucester, Gloucester Point and Mathews, Virginia. These are affordable places to purchase waterfront homes. Southern access to these remote areas is restricted by a bridge across the York River. Here the homebuyer may find almost any type of waterfront home, from a seaman’s cottage, to a single-family residence, to an historic mansion.

Waterfront Homes in York County Virginia

Just across the York River from Gloucester Point is York County, Virginia. Here, waterfront living is enjoyed in the seaside town of Seaford; this northeastern tip of land is perfect for waterfront properties, some on the York River, and other properties overlooking the Chesapeake Bay.

West Point

This often-ignored area is where the Mattaponi and Pamunky Rivers meet. Scenic waterfront properties can be found here. West Point is not only known for its waterways, but also its excellent schools. Families wanting to enjoy the waterfront lifestyle may find West Point appealing, so will professionals from the Richmond or Williamsburg areas, because it offers a convenient commute to either city.

For many, purchasing a waterfront home is the dream of a lifetime. Perhaps it is the tranquility and beauty of living next to a body of water that is appealing. Or, maybe the idea of boarding a boat docked on the property and enjoying a leisurely day on the water is a desirable way to spend time. Buyers who want waterfront properties need to look more extensively at the selection of homes in the Tidewater Virginia region - outside of urban areas - where the waterman’s way of life has been practiced for centuries.

Why Are Cash Real Estate Deals on the Rise?

This is an ideal real estate market for cash buyers and according to CNN Money, cash sales accounted for 43% of the national real estate market in 2014.  This is nearly half of all transactions. What has caused an increase in paying for a property in cash?  Several factors contribute, including a tough mortgage lending market.  There are only a limited number of qualified buyers who have not suffered a dent in their credit, a foreclosure or short sale of property in the last five years.  Banks and mortgage brokers are still quite strict with lending requirements.   With Baby Boomers’ retirement looming or imminent, many have the means - and find it easier to pay with cash, rather than relying upon a mortgage lender. 

In some markets, there are inventory shortages, and cash buyers want to go to the head of the line. Often they do – because the real estate purchase is simplified and the closing time may be shortened if the buyer is able to pay in cash.  

Who is the Cash Real Estate Buyer?
There are many different personas capable of paying cash for a home purchase, and there are foreign buyers influencing cash purchase figures.  The reality is that cash buying is on the advance in many states, including Virginia, where the brokerage I represent, Coldwell Banker Traditions says that cash buyers account for 33% of all sales in 2014 as of May 2014. 

Retirees Pay Cash for Homes
The retired sector of the economy now has decades of equity in homes and they are once again on the move. As the real estate market perks up in various U.S. markets, retirees are considering moving out of state to lower expenses and downsizing or embracing retirement community living lifestyles.  Living in the Williamsburg, Virginia real estate market has always been popular with retirees, especially those who love golf, history and plenty of outdoor activities.  

Cash Buyers Looking for Deals
John Starke is a Registered Principal at Financial West Group, based in West Lake Village, California. He said, “I purchased a foreclosure in Virginia that was in excellent condition, so I picked it up.  I saved at least 35% by paying cash for the home in the fall of 2013. The property is in Mechanicsville, Virginia. It’s just 10 miles from Richmond and sits on a half acre.  It’s a 3 bedroom 2 bathroom with an enclosed backyard, to keep my dogs happy,” added Starke. 

Jeff Hurd, Loan Originator at Fidelity Bank Mortgage in Newport News says, “As a lender, I don’t see the cash buy of owner occupied homes. I think the number of people has increased, simply because a lot of people are meeting more resistance to getting a mortgage in the first place.  It’s more of a ‘perceived’ hassle to finance a house.” 


Clearly the trend to pay in cash has benefits for the home buyer.  There are lots of reasons why home buyers prefer this to traditional financing. The most popular cash buyers in today’s market are the second home purchaser, the owner occupied home purchaser and foreigners purchasing real estate in the United States. 

Second Home Purchases Often Paid for With Cash
The second home purchase is becoming increasingly popular for cash buyers in Florida.  In fact, in the Cape Coral area of Florida, cash buys account for 74% of all purchases in 2014.  This is a significant portion of the market, accounting for three out of four real estate transactions.  In the Williamsburg, Virginia market, Coldwell Banker Traditions has measured their cash buys at 33% in 2014 – accounting for one in every three home purchases being paid for in cash. 

Owner Occupied Buyers Pay Cash
The National Association of Realtors (NAR) reports that less real estate investor cash buys are occurring, while property buyers looking for a primary residence who are willing to pay in cash are on the rise. This includes retired couples and individuals who sell their homes and purchase a new one with the equity gained over the past several decades.  It’s also reported that 50% of millennial children will ask their parents to help buy them a home.  Speculatively - many millennial children may be paying cash for homes. For all age groups, nothing compares to the security of home ownership. 

Hurd says that many people are searching for 100% mortgage financing. “It is not available to all home buyers,” Hurd cautions.   To qualify, home buyers must be Veterans, first time homebuyers or homebuyers in rural areas.

Down payments commonly range from 5-50% of home value. “I do have buyers put a big chunk of cash down,” observed Hurd. “It varies. I would say that more than 50% of the people I work with put 5% or less down. Many are Veterans who do not need a down payment or they are in transition and do not have cash at the ready,” commented Hurd. 

Heftier down payments are common, too.  Hurd says, “Occasionally I have a client that puts down 20% or 30% or even 50% on a home purchase. Many people I work with could have bought a house with cash only, but because interest rates hover above 4% it is still enticing to have a mortgage and receive a federal tax break each year.”   

Foreign Buyers Invest Cash in Real Estate
The NAR also reports foreign purchases of U.S. real estate often occur in cash. For example, in Miami, Florida, Latino families and individuals are likely to purchase homes for cash.  In California those of Asian ancestry often pay in cash, too.  Each ethnic group wants their stake in the American dream - and they want it without a mortgage. 

In brisk real estate markets where inventories are low - such as urban areas like San Francisco, Boston and Washington D.C. - some buyers believe if they pay in cash, they will go in front of financed buyers. “From my perspective, a cash buyer may be chosen for the contract in front of a financed buy,” says Hurd. “ It is a generally accepted perception that the home purchase will close much faster if it is not reliant upon financing,” says Hurd. Cash buyers are not receiving the deep discounts (such as the example provided by Starke) in real estate as they did in years past.  Still, in some markets where inventories are low, cash deals may be rather enticing to sellers to speed up the sale.    

Cash home purchases are certainly an optimum way to buy if the resources are available.  Many finance experts usually recommend using only a portion of savings to purchase a home. So, in some cases, a 30-50% down payment may suffice, especially with today’s mortgage rates still low enough to be enticing. 

Learn more about homes for sale in Williamsburg, Virginia. Visit http://www.voncannonrealestate.com.   

Riding the Rollercoaster: Is it a Seller’s Market or a Buyer’s Market?

Is it a seller's market or is it a buyer's market in real estate this year? I say both. This question is posed repeatedly, and answers may vary. In my regional market, Williamsburg and Richmond, Virginia, it is an equal market for buyers and sellers heading into peak sales periods in the spring and summer seasons.

National Association of REALTORS (NAR) Home Sales Statistics

The National Association for Realtors (NAR) reported in April 2014 housing sales and price depends upon the geographic area of the property location. For example, inventories are low and housing is in demand in the Boston and San Francisco real estate markets, driving prices higher quicker. But in Florida, housing prices and home sales are just beginning to recover after years of decline during the recession.

Virginia Association of REALTORS (VAR)

The Virginia Association of Realtors (VAR) statistics report there is an increase of over 17% from March to April 2014 in Virginia real estate market sales, a trend in keeping with previous spring seasons followed by snowy, icy winters. Yet overall Virginia home sales are down by almost 3% compared to April 2013.

The good news for sellers in the Virginia market is that the median sales price for a home is up by almost 3% compared to April 2013, an indicator that market prices are stabilizing. According to the VAR research by the Virginia Center for Housing Research at Virginia Tech, “These numbers indicate that housing prices have recovered in Virginia and have reached a fairly stable level. We expect prices to increase at a moderate rate throughout the spring, as long as inventory increases at an adequate rate to meet demand.”

Inventory is a crucial issue that affects pricing in many markets but it impacts Virginians from all areas of the state quite differently. While Northern Virginia homebuyers may be experiencing bidding wars due to low inventories in some areas, people searching for homes in Southeastern Virginia are experiencing a shortage of inventory in median priced homes ($180,000-350,000). Lack of available choices may put a damper on the decision to buy, but there are not currently bidding wars in the Southeastern Virginia real estate market.

Inventory problems in median priced homes reflect the current Williamsburg real estate market's status quo. So many homeowners are still underwater. Whether they purchased homes at high prices or refinanced, they cannot sell. Sellers that do place their homes on the market need to make sure features are updated – or the price tag has to reflect a lack of updating. In some cases, homeowners that have cosmetic issues (not structural or mechanical) may have to cut listing prices by as much as $10,000-30,000 in order to sell in this market. It's no longer a market where you can just put any home up for sale and expect to sell it in 90 days. Ideally, improvements need to be made prior to placing a home on the MLS.

Request a Custom Market Analysis (CMA) from a Licensed REALTOR

Do not rely on a home's assessment value, or the sale of the home right down the street to accurately price a property. The best way to determine an actual fair market price for any home is to ask a REALTOR experienced in your regional market to perform a custom market analysis. The realtor will examine home sales within a 1-2 mile radius that are comparable to your own home and will let you know the real market value.

What Price to List?

In my opinion, sellers need to get in reality about their home's listing price. Many sellers need to either make improvements or lower the listing price, so they don't miss opportunities to sell a home because it is priced inaccurately or is not adequately updated. I have seen too many homes sit on the market for far too long, for just this type of reason.

There are still vacant homes that are foreclosures and bank owned properties on the market. Many homes have been vacant for some time. When a house is not occupied and nobody is there to see the small repairs, leaks and maintenance nuances going on it will inevitably fall into disrepair. Homebuyers will stop looking at these homes as the stale listing becomes 'shopworn.'

Sellers and Buyers Can Meet at the Table

Sellers must face reality AND buyers must also look more closely at today's real estate market in order to obtain the best price on a home. The days of bidding low on a property purchase by $30,000-50,000 or even more are over. 
Some buyers I have worked with think they can find a home with 100% of the amenities they desire in the price range they want to pay. Because of low inventories in some markets, these homes don't exist. Buyers become frustrated- and this is understandable.

Be Open to Making Cosmetic Changes on the Home

Taking a thorough look at the home market in Williamsburg and Richmond, Virginia areas, I can say that finding a home is easier if buyers are willing to purchase a home and tweak it as they go along, performing upgrades slowly. I recommend sellers accept homes that are not 100% everything they want or cosmetically perfect. However, these homes must be structurally and mechanically sound. If home buyers can make some concessions in covering closing costs or take responsibility for making upgrades after home purchase, many more homes for sale in Virginia would have “sold” in the initial three months on the market.

By all indications, the real estate market nationally, and in my region, is stabilizing and prices are on the rise – albeit slowly – while inventory is flagging in some areas. Buyers and sellers who want to complete home sales have to get together on the transaction to make it work. Compromise and concessions are the keywords of this 2014 real estate market.

Visit:  http://voncannonrealestate.com/articles/riding-the-rollercoaster-is-it-a-sellers-market-or-a-buyers-market.php

Will New Home Building Help Inventory Shortages in Real Estate Markets?

By Elaine VonCannon, ABR, SRES, Associate Broker, Notary, Team Leader, Property Manager, Award Winning Agent

What are homebuyers searching for in today’s real estate market? There are many characteristics of a home – and a neighborhood – that appeal to the current buyer. Many people in the professional job market are experiencing a greater flexibility with personal mobility. They are able to work from home or relocate to a desirable place where employment opportunities are numerous.

Many buyers prefer new homes to existing homes when making a purchase, for a variety of reasons. A new home is not likely to need immediate maintenance. It may even come with a one year home warranty – making the first time homebuyer feel secure in the initial year of purchase.

Housing Market Uptick

With personal mobility on the rise, there are also more female homebuyers (20% of the present real estate market) and the potential for household formation is greater than it was during the recession. Housing priorities that are looked at closely by the buyer have shifted slightly with the times. Homebuyers in today’s market want: shopping, restaurants and entertainment nearby, economic growth, public parks and walking/biking paths, walkability and more.

Low Housing Inventory in Some Markets May be Only Temporary

Since the recession, there are low inventories of saleable properties in many different U.S. markets. Check with the National Association of Realtors (NAR) and state real estate organizations to find the current inventories in your area. The NAR reported on May 22, 2014, "Total housing inventory at the end of April jumped 16.8 percent to 2.29 million existing homes available for sale, which represents a 5.9-month supply at the current sales pace, up from 5.1 months in March." This is a sign that inventories are improving overall.

Renovation Loans and Construction to Perm Loans Available Now

Many banks and mortgage companies now offer renovation loans. These loans are designed to encourage homebuyers and real estate investors to purchase bank owned properties and foreclosures, which generally need maintenance and upgrades upon acquisition. To build new homes to specifications, construction to perm loans are now available. All of this bodes well for low housing inventories in various markets.

New Home Builders, Williamsburg and James City County, Virginia

New home builders in the real estate market today are striving to create communities based on chosen lifestyles. For example, in my region, the Williamsburg, Virginia real estate market, excellent community planning has helped James City County grow in leaps and bounds. There are numerous 55+ communities, golf communities, and gated communities with families and children, and a well-respected education system.

In James City County, new homes for sale include townhouses and condominiums situated near shopping areas and recreation. Many moving to the Williamsburg area are impressed with the plentiful green areas for public recreation and the mild, year round climate. Other enticements for growth include low real estate taxes, compared to taxes in Northeastern states, making a home purchase in Virginia appealing for retired homebuyers.

Major Employers in Williamsburg, VA

Economic opportunities in Williamsburg exceed years past thanks to new growth and strong, key players in the local economy. Employers include: Colonial Williamsburg, The College of William and Mary, Riverside Regional Health System, Sentara Hospital, The National Park Service and many more. In nearby West Point, Virginia, the RockTenn Company paper mill employs many in well-paying jobs.

In Williamsburg, Virginia, strategic community planning combined with economic growth has created desirable surroundings for many. The town is occupied by college students, young professionals, families with children and a significant number of retired people as well as Active Boomers. New home builders have risen to the occasion by adapting their vision to the town’s own future – with great success.

Some of the most well-known communities in the Williamsburg area are Fords Colony, Kingsmill and Stonehouse. These are excellent examples of golf communities that provide quiet, scenic surroundings in luxurious settings as well as numerous other amenities.

New Homes for Sale in Williamsburg, Virginia

Many of the builders currently working in Williamsburg are national production build companies such as Ryan Homes, creating a project in Upper York County named Washington Ridge. Lennar is working on Colonial Heritage in James City County, a 55+ community boasting an active lifestyle for residents. On site there are tennis courts, golf course, pool and a spa as well as other amenities. Then there are numerous communities where the home purchaser can have their dream home built on site, from the ground up.

Buyers Agent Needed for New Home Purchase

Many home buyers find this out the hard way, so be forewarned: do not rely on the builder to provide adequate representation when purchasing or building a new home. By law, a real estate buyer is entitled to a representative, so make sure to secure an agreement with a professional real estate agent. Remember, all of the representatives of the builder work for that particular company – not the buyer. The company representative may be trained to upsell home features and add more cost to the home purchase. A buyer’s agent will negotiate the best deal, at the average cost per square foot in that particular real estate market and is well worth the commission.

As the recession passes into memory and the economy continues to improve, more people will find secure employment and begin new endeavors. Many will want to purchase a home. Any individual, couple or family searching for a home wants to have choices. According to present indicators, low housing inventory will not be a challenge to the home buyer for long as new home building and home financing opportunities become available and popular with buyers. Learn more about new homes for sale in Williamsburg, Virginia. Visit http://www.voncannonrealestate.com.