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5 Housing Market Predictions for 2015

Categories: Articles, Homebuying | Posted: January 6, 2015

Here is a great article from Realtor.com, giving their opinions on what’s in store for the US housing market in 2015. Like any year, Napolitano Homes always hopes that the future is more successful than the past, but it’s looking like 2015 may have the economic predictors in place that benefit both buyers and sellers. We look forward to seeing that happen!

From Realtor.com: It’s a new year—and the outlook on the housing market is definitely brighter. After all, 2014 was the best year in the U.S. economic recovery since the recession of 2008-2009.

With an accelerating economic recovery fueling job and income growth, prospects are good for homeowners and would-be home buyers.

1. Mortgage Rates Will Head Back Up

The flip side of the improving economy is that (sigh) mortgage rates will inevitably head up again. We’ve had a great run, but the honeymoon is over, and it’s time to settle in for a relationship that balances job growth with higher-but-still-reasonable interest rates.

The Federal Reserve has indicated it will increase the federal funds rate—which has an indirect but significant effect on mortgage rates—next year. The rate has remained near zero since December 2008.

Although the Fed might wait as late as early 2016, realtor.com® Chief Economist Jonathan Smoke suggested the increase will come in mid-2015, and mortgage rates will increase ahead of the Fed’s move.

“Our forecast for housing assumes the 30-year fixed rate will reach 5% by the end of 2015,” Smoke said. “The one-year adjustable rate will likely rise less if much at all, and accordingly, we are likely to see a shift into more adjustable and hybrid mortgages over fixed.”

2. Millennials Will Set Up House

The millennial generation is beginning its ascent—and no, not all of these youngsters born between 1981 and 2000 are living with their parents as they struggle to pay off student loan debt. Sure, they’ve faced huge challenges in the job market, but employment is improving, and older millennials are planning ahead.

About 65% of first-time home buyers are part of this older millennial group (ages 25-34), Smoke noted, pointing out that these young adults are at an age when many marry and start families.

“Millennials make up around 65% of first-time home buyers,” Smoke said. “Of the millennials who are buying a home, 86% indicate that their motivation is a change in family size.”

But with tough credit qualification standards and limited credit history, he added, millennials are expected to buy more in affordable areas in the Midwest and the South.

More than two-thirds of household growth in the next five years is expected to come from millennials, according to Smoke. This generation is bigger than the baby boomer generation, so even though its youngest members will be only 15 in 2015, the market is only beginning to feel its impact.

3. Builders Will Break New Ground

Although total housing starts (construction on new housing units) barely broke 1 million in 2014 and was driven by multifamily homes, Smoke noted the pace will pick up in 2015 and shift in focus.

“We are forecasting 16% growth in starts, driven now more by growth in single-family starts, which we are expecting to grow 21%,” he said.

But shortages of labor and building product material will limit further growth in single-family construction and will keep overall supply tight.

“The constraints on new construction supply factor into our assumptions about existing home sales growth and overall tight supply of homes for sale,” Smoke added.

4. Credit Will Continue to Be a Major Factor

Strict mortgage qualification standards are keeping many consumers, especially younger ones, from buying a home with a bank loan. This situation has remained about the same for the last four years, although it’s possible that various new federal housing policy initiatives might help loosen those standards in 2015.

If not, it will increasingly become clear that lack of access to credit is holding back the housing market.

“If you just look at the distribution of credit scores, at least 10% of current homeowners with mortgages would not qualify for a new mortgage today,” Smoke said.

Opening up access to credit would be a game changer in the housing market, Smoke noted, allowing 500,000 to 750,000 would-be buyers who are now cooling their heels to achieve the dream of homeownership.

5. We’ll Close Out the Foreclosure Crisis

It’s been seven years since the housing bubble burst and foreclosures skyrocketed, but in 2015 we’ll see the end of that era. Already this year has seen a major improvement in the composition of sales—that is, there are fewer foreclosures and short sales in the mix.

“We are on pace for foreclosure inventories to end 2014 down more than 30%, and next year should see a slightly greater decrease as foreclosures fall to normal levels,” Smoke said.

But while these trends will be apparent nationwide, housing is still a local issue.

“The situation differs in every market, even every neighborhood,” Smoke added. “Each has its own unique, long-term trends in home values, which reflects local demand and supply conditions.”

New Home of the Month – The Capri

Categories: Home of the Month, New Homes Chesapeake | Posted: December 17, 2014

The Capri model is one of the newest single family homes that Napolitano Homes just started offering at the end of 2014. It is exclusively available in Viridian Reserve at Hickory, but will also be available at our new communities as they open, such as Hanbury Manor in Great Bridge and Western Branch Reserve in Chesapeake.

Capri Traditional updated without hardware

A stately and grand appearance from the front, the Capri is one of the largest homes Napolitano Homes currently builds, starting at over 3,1000 square feet. It can be even larger, designed to expand to over 3,500 square feet by adding a Sunroom and bumping out the home’s footprint by 2′ in width, which adds square footage to the second Sunroom, Living Room, and secondary upstairs Bedrooms. These options create a new home that is more than enough space for a large family, or one who enjoys hosting!

The first floor of the Capri flows in a circular pattern, with the Dining Room, Living Room, Sunroom, Kitchen, and Family Room surrounding the gorgeous stairs and Entry in the center of the home. The Kitchen is MASSIVE, which is perfect for any culinary aficionado who puts counter space, storage, and appliances to the test. It also connects directly to the spacious Family Room, making The Capri an amazing home for both entertaining or just spending time with the family. An Owners Entry with a bench offers a perfect place to store shoes and coats as you enter from the 2 Car Garage.

Upstairs has 5 Bedrooms, including the Master Suite and Bath, which has a walk-in closet that rivals the size of our competitors’ bedrooms. Two of the secondary bedrooms have the option to be converted to a Loft and a Study in case you need more flex space than bedrooms.

If you are interested in learning more about the Capri in Viridian Reserve at Hickory, please contact Tara Strauser at 757-718-6322!

End of the Year Blowout for new Napolitano Homes

Categories: Announcements, New Homes Suffolk VA, Specials | Posted: November 18, 2014

Napolitano Homes year end specials

While 2015 may be right around the corner, there is still time in 2014 to not only buy a new dream home in Suffolk, Virginia Beach, or Chesapeake that you can move into by the holidays, but you can also save a lot of dough in the process!

Several of Napolitano Homes new homes communities currently have end of the year specials that are good until 12/31/14. If you go under ratified contract by that date, you will get the benefit of owning a gorgeous Napolitano Home and the following specials:

The Vineyards Nouveau Series (Suffolk)

Purchase either 26A or 27B and enjoy 1 year of FREE condo dues

Call Diana Jordan at 757-284-1845
The Nouveau Series community page

The Townes on the Square (Suffolk)

Become the lucky homeowner of a Sonoma luxury townhome located at 842 Bennetts Meadow Lane, and enjoy 1 year of FREE condo dues

Call Diana Jordan at 757-284-1845
The Townes on the Square community page

Edgewood at BelleHarbour (Suffolk)

Edgewood has an incredible FIVE inventory homes that are either move-in ready or very close to it. Each of them have received SIGNIFICANT free upgrades. Starting at $198,500, these 3 Bedroom, 2.5 Bath townhomes are some of the best deals in the entire area.

Call Charles Cox at 757-237-7615
Edgewood at BelleHarbour community page

Bob White Landing (Suffolk)

Enjoy a huge 1/3 acre yard, a full brick home, and over 3,000 square feet of living space in one of Bob White Landing’s three inventory homes. All three have received tons of FREE upgrades!

Call Sheri and Marshall at 757-686-4790
Bob White Landing community page

*Please note, the home does not need to close by 12/31/14 in order to qualify for these deals, just be under signed and ratified contract. 

Viridian Reserve at Hickory Pricing

Categories: Announcements, New Homes Chesapeake | Posted: November 5, 2014

 

Viridian Reserve Riley Model

Construction is underway on the model home at Viridian Reserve at Hickory, and several inventory homes are also in the ground and on their way up. Viridian Reserve is Napolitano Homes’ newest community to Hampton Roads, located in the Hickory area of Chesapeake, VA. Surrounded by shopping in Great Bridge and Hickory, and conveniently near the 168 Bypass that’ll zip you to the rest of Hampton Roads or a relaxing weekend on the Outer Banks, this new homes community is a perfect place to build your dream home. Napolitano Homes is building on 33 homesites, and the community itself has over 28 acres of preserved open space, 4 man made lakes, and a memorial park.

Some exciting standard features that new homes in Viridian Reserve include are James Hardie siding for a sophisticated look and durable performance, an energy efficient tankless water (all new homes in Viridian Reserve are part of our EnergySense Homes program), and gigabit ready internet connections from Cox Communications – one of the first neighborhoods in the ENTIRE COUNTRY to roll out this program!  Also a first in Viridian Reserve, Napolitano Homes is excited to roll out several outdoor entertainment packages that new home buyers can add to their backyards, such as stone patios, benches, and fire pits.

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Napolitano Homes is currently building 5 different floorplans with an incredibly array of  different options for each, making the possibilities almost endless for your new home in Viridian Reserve at Hickory. The models and base pricing of each are as follows:

Avalon Elevation C Option updatedThe Avalon
Base Price: $383,770
Square Feet: 2,398 – 2,645
Bedrooms: 4
Baths: 2.5

 

Belmont Craftsman Option updatedThe Belmont
Base Price: $372,770
Square Feet: 2,557 – 2,740
Bedrooms: 4 – 6
Baths: 2.5 – 4

 

Capri Transitional updatedThe Capri
Base Price: $414,770
Square Feet: 3,161 – 3,500
Bedrooms: 4 – 6
Baths: 3.5 – 4.5

 

Riley Craftsman updatedThe Riley
Base Price: $402,770
Square Feet: 2,754 – 3,367
Bedrooms: 3 – 6
Baths: 2.5 – 4

 

Waterford Traditional updated without hardwareThe Waterford
Base Price: $394,770
Square Feet: 2,738 – 3,352
Bedrooms: 4 – 6

Cox High Speed Pilot Program Introduced in Viridian Reserve at Hickory

Categories: Announcements, Events | Posted: October 29, 2014

Cox Communications announced yesterday, October 28th, they are rolling out gigabit internet in Viridian Reserve. Our newest community will be the FIRST in the area to get this high speed service.  In fact, Viridian Reserve at Hickory will be one of the first in the country! “The Gig Life” is currently only available in Phoenix, Las Vegas, and Omaha, and now Hampton Roads is next in line. Cox is partnering with Viridian developer Davenport Management Co. to wire new home sites at Viridian Reserve at Hickory in Chesapeake to give access to gigabit-per-second Internet service, Cox Communications President Pat Esser announced outside of our model that is currently being built in the community.

 

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Napolitano Homes hosted the entire event both indoors and out, which saw state senators and congressmen, local leaders, the president of Cox, and all of the builders and developers who are involved in Viridian Reserve.

The “ribbon cutting” ceremony was actually planting a long leaf pine tree in front of our model home, as a symbol for Davenport Management Company’s commitment to environmentally conscious development practices. The long leaf pine is an extremely endangered tree that used to cover much our area, and will be planted prominently throughout Viridian Reserve.

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The Townes on the Square Grand Opening

Categories: Announcements, Events | Posted: October 15, 2014

Please join us this weekend, October 18th, for the Grand Opening of The Townes on the Square!

DATE: Saturday October 18
TIME: 12pm – 6pm
WHERE: 840 Bennetts Meadow Lane
Suffolk, VA 23435

CLICK HERE FOR DIRECTIONS

Take a tour of the professionally decorated luxury townhome model, see our current Move-In Ready inventory, and learn more about the newest Napolitano Homes phase in Bennetts Creek Square. Food and refreshment will be available all day, as well as GREAT prizes to win! If you’re already in the neighborhood for this year’s Homearama, stop on by, the Townes on the Square is right around the corner!

Napolitano Homes is building a brand new phase in The Vineyards at Bennett’s Creek Square called The Townes on the Square! These new luxurious townhomes in northern Suffolk offer low maintenance living, community amenities such as pool and rec center, and a relaxed country lifestyle that is convenient to shopping and entertainment.

Please contact Diana Jordan at 757-284-1845 or diana@napolitanohomes.com for more details on The Sonoma or The Townes on the Square.

New Homes of the Month in Virginia Beach

Categories: Articles, Home of the Month, New Homes Virginia Beach | Posted: September 9, 2014

Normally we only pick one New Home of the Month, but recently we built and closed two new homes in Virginia Beach that turned out so well with their new homeowners’ selections and upgrades, that we couldn’t help but show them both off. They are both Lake Homes in Sajo Farm, meaning they are built on one of the beautiful lakes and have amazing views of the water and fountain. The new homeowners also can enjoy Sajo Farm’s clubhouse, pool, kayak landing, and nature trails!

The first home is The Carlisle. It is geared towards a more traditional buyer, one who enjoys a floorplan that has a more definitive space and each room has its own purpose. That said, it is FAR from compartmentalized. Rather than using confining walls and doors, The Carlisle has rich architectural details that define its space. This is most noticeable in the Entry, where varying ceiling height, slopes, lines, and trays clearly separate the Entry, Dining Room, and formal Living Room. The Family Room and Kitchen are around the corner, separated by open doorframes, but still offering views between the two. The Kitchen and Breakfast area is ENORMOUS, and in this Carlisle’s case, has the best views in the house of the lake and fountain. The Master Suite is also downstairs, making The Carlisle perfect for those looking for single floor living. Upstairs has 3 bedrooms for children or guests.

Exterior1 Exterior2 Entry Dining and Entry Dining Dining2 Living Room Entry2 Entry3 Family and Stairs Family and Kitchen Family Room Kitchen and Breakfast Nook Kitchen1 Kitchen2 Kitchen3 Master Bath2 Master Bedroom

 

Home of the Month #2 is The Regent in Sajo Farm. Another floorplan that offers first floor living, The Regent differs from The Carlisle greatly with its openness. This is not your typical open concept though. We literally take The Regent to the “next level.” Not only do the Entry, Family Room, Dining Room, Kitchen, and Sunroom all connect, but they also do so with HUGE ceilings and walls that soar all the way to the second story, connecting the first floor views with a Flex Space/Game Room as the top of the stairs. Napolitano Homes does have many other floorplans where ceilings slope to the second story, but ceiling height and expanse in the Regent is unmatched. Check out these photos below:

Exterior3 Entry Entry2 Family and Entry Dining Family Room Family Room2 Kitchen5 Kitchen1 Kitchen2 Kitchen3 Kitchen4 Kitchen6 Sunroom2 Sunroom Family and Sunroom Overlook Flex Space1 Flex Space2 Master Bedroom Master Bath Sitting Room

The Benefits of New Homes vs Used

Categories: Articles | Posted: August 27, 2014

Top 5 reasons to buy a NEW home vs Used in Hampton Roads

new-or-used-not-always-an-easy-choice1
Buying a new home is an exciting decision – and one full of choices. Here are 5 solid reasons why!

1. Customize the Floor Plan. Personalize your home so that it is perfect for you and your family. Floors, cabinets, countertops, hardware, room layouts, and more are hand picked by you! Why settle for someone else’s choices?
2. All NEW – Under Warranty. An old home is comprised of parts that may need to be replaced: a new roof here, a new furnace or water heater there… All things that can get incredibly expensive as they fail in their old age. With a Napolitano Home, everything is brand new and has manufacturer warranties. Furthermore, in the event that something does come up in your new home, our 1 year builder warranty and nationally recognized 2-10 Warranty company allows for peace of mind that it will be taken care of. See our Warranty Page for more details.
3. Energy and Cost Savings. With today’s stringent energy and building codes, a Napolitano Home built today is much more energy efficient, and therefore cost effective, than homes that are older.
4. Low Maintenance. It’s safe to say, all of us are SO busy with our hectic schedules and daily demands. Who has time to be attached to a needy house that demands constant upkeep and maintenance? Napolitano Homes keeps this in mind by using products and building materials that are low maintenance and stand the test of time.
5. Advanced Technology and Design.  A new home designed by Napolitano Homes is guaranteed to be up to date with modern styles and current trends: open and flowing floorplans with soaring ceilings, luxurious master baths, gourmet kitchens, and lots of natural light. A huge step beyond the boxy and compartmentalized homes of old. Furthermore, we can ensure your new home is built including the media, sound, and technology you want, all controlled on your smartphone!

First Time Home Buyer Seminar at The Vineyards

Categories: Homebuying | Posted: August 20, 2014

seminar

On Tuesday, August 26th, Diana Jordan of Napolitano Homes and Chris Fountain of Towne Bank Mortgage are leading a free Home Buyers Seminar. Rent is expensive, and mortgage rates are low. Diana and Chris help you answer the following questions:

  • Is home ownership for me?
  • Is now a good time to buy? (Spoiler Alert: YES! Mortgage rates are still very low)
  • What if I don’t have a down payment saved up?
  • What if my credit score isn’t great, can I still get a mortgage?
  • How can I buy a Napolitano Home sooner rather than later??

In addition to great information, there will be food, drinks, and door prizes! A $100 gift card is up for grabs! The seminar begins at 6pm on August 26th, and will be held at 949-D Vineyard Place, Suffolk, VA. Please call Diana at 757-284-1845 to RSVP.

Viridian Reserve at Hickory Model Permits

Categories: Announcements, New Homes Chesapeake | Posted: August 6, 2014

We are getting closer and closer to releasing Napolitano Homes‘ newest and most anticipated new homes community in Chesapeake: Viridian Reserve at Hickory. The land developer, Davenport Management Company, recently gave us the go ahead for pulling permits to build our model home. After several planning meetings that involved our sales agents, interior designer, and all 3 Napolitano brothers, we concluded our newest model is going to The Riley! Extremely well-received at Jordan Hall, the Riley model is a perfect example of Napolitano Homes’ innovative and inspiring craftsmanship. From the gigantic kitchen island to the soaring views through the family room and dining room, the model home impressed all who passed through. Why mess with a good thing? We will begin building The Riley as soon as permitting allows! Below are a few example photos of The Riley’s interior. We look forward to making the new model home even grander.

Entry Dining KitchenLiving Kitchen2 KitchenBreakfast Kitchen Breakfast Living2 Living4 Living3 GameRoom Walkway MasterSuite Porch

 Viridian Reserve at Hickory

Napolitano Homes has 33 homesites available in this new homes community. Conveniently located to Hickory and Great Bridge, it is just a short drive to shopping, entertainment, and the expressway to the Outer Banks! Not only is Viridian one of Chesapeake’s newest communities, it is also one of the most environmentally friendly. Its residents will enjoy an unprecedented 28 acres of preserved open space that encompass 4 man made lakes and the Frank V. Cogliandro memorial neighborhood park.  The first homes are expected to be delivered in winter of 2015.

If you are interested in Viridian Reserve at Hickory and would like to be on our VIP list (learn about homesite reservations, models lineup, and pricing), please email Dylan at info@napolitanohomes.com! He would be happy to assist.

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