Richmond Home Shopper

Six Surprising Facts About the Homebuyer Tax Credit

The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.

1. To qualify for the move-up tax credit, a homeowner must have occupied the same principal residence for five of the last eight years consecutively.
2. Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
3. Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms online. The wait for a refund is three or four months.
4. The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
5. The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
6. A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.

Source: Bankrate.com, Marcie Geffner (01/21/2010)

Skye Bruce Properties has a team of mortgage and home buying experts to answer your questions about the Homebuyer Tax Credit.  Contact Skye Bruce Properties  today!

2010 Richmond Real Estate Outlook

Great summary and outlook for the 2010 local real estate market by Lisa A. Sturtevant, PhD and John McClain, AICP from the George Mason University Center for Regional Analysis. For more detailed information and data on the Richmond real estate market contact Skye Bruce Properties.

Final 2009 Richmond Real Estate Report

2009 was a real mixed bag in the Richmond area real estate market.  While the number of homes sold in the area in 2008 and 2009 were about the same the market continued to get stronger as the year went on. There was continued price degradation throughout the Richmond region and it’s questionable if the market has bottomed out with regards to pricing.

Here are the highlights from the Central Virginia Multiple Listing Service:

2009 Central Virginia Home Sales Activity

In 2009, there were 11,162 existing homes sold in the Central Virginia region, which was virtually unchanged from 2008. In the 4th quarter of 2009, there were nearly 3,000 homes sold, an increase in sales of 29% over the 4th quarter of 2008.

In the Richmond Metro Area, there were 2,392 home sales, up 38% over the 4th quarter of 2008.

In the Tri Cities Area, there were 242 home sales in the 4th quarter of 2009, an increase of 17% over the 4th quarter of 2008.

In the 4th quarter of 2009, there were 2,466 pending sales in the CVR MLS, an increase of 17% over 4th quarter 2008 sales. Many of these pending sales will translate into closed sales in early 2010. Read the rest of this entry »

Remodeling To Sell Your Richmond Home

No doubt about it, remodeling is expensive. A bathroom remodel can quickly reach $10,000 and that’s about where the most basic kitchen remodels start. In short, remodeling is an investment and you want to make sure you get the best return on your dollars. Ever wonder if it’s worth it when it come to re-selling your Richmond area home?  If you spend the money will you get it back?  Check out this link to the 2010 COST versus VALUE calculator.   It’s a great resource as you make important decisions.

What are the most effective areas to remodel when getting ready to sell your Richmond area home?  Contact Skye Bruce Properties for great advice when preparing your home for sale.  Skye Bruce Properties has a team of listing experts to help you make those important decisions to get your home sold as fast as possible at an optimum price.

Most Expensive Homes Sold in 2009

This time of year it’s always interesting to look back and review the most expensive homes sold in the Richmond area. According to data reported by the Central Virginia Multiple Listing Service there were 39 single family homes which sold for $1,000,000 or more in the Richmond area. Goochland County had the most with 16, followed by the City of Richmond (11), Henrico (6), Chesterfield (5) and Hanover (1).

The most expensive was a Read the rest of this entry »

Buying A Richmond House in the Snow

Okay, we are in the midst of the blizzard of 2009 and a week before Christmas, who is really shopping for a home? Well if you’ve been thinking about buying a new home December, January and February are great months to buy a home in the Richmond area.  Why? There are usually fewer homes on the market in these months and sellers tend to be very serious about selling this time of the year.  This can often translate into a better deal for a Richmond area homebuyer. Read the rest of this entry »

Neighborhood Spotlight: Twin Hickory

Twin Hickory is a master planned community of about 1400 homes just off I-295 and Nuckols Road in western Henrico County. Twin Hickory is made up of unique neighborhoods and includes single-family homes, townhomes, and condominium homes. The community was developed by HHHunt, the same developer of master planned communities Wellsley and Wyndham.

Numerous amenities make living in Twin Hickory an incredible experience. The development includes Twin Hickory Town Center with shops, restaurants, a grocery store and is close to Downtown Short Pump, Short Pump Town Center and the newly developed West Broad Village. There is a beautiful community pool and tennis courts, a Henrico County Public Library, the Shady Grove YMCA, Twin Hickory Elementary School, Deep Run High School and other amenities which are accessible from a a network of sidewalks and paths. Twin Hickory offers a lot to its residents and is a great place to raise a family! Read the rest of this entry »

Tacky Lights and Richmond Real Estate

It’s that time of the year!  Santa Claus’ outside Walmart ringing the bell, tree’s being sold about every 1/2 mile on Broad Street, even stop lights flash a bright red and green.  Wasn’t that in a song?  Seriously though the holidays are upon us and are a time for family, celebration, good cheer and yes, decorating.

 The decorating part can be a challenge if you are trying to sell your home.  While holiday decorating is fun and festive, too much can leave buyers unable to picture themselves at home in your house.  Not really the feedback you want to hear from prospective buyers. Also not everyone has the same beliefs and customs that you do. Remember when you are trying to sell a home you want to appeal to the masses, including homebuyers that do not observe Christmas. Read the rest of this entry »

Richmond Short Sales Will Get Easier!

The U.S. Treasury Department on Monday released a plan to speed up and encourage Short Sales as a means to help families avoid foreclosure. We’ve been offering Short Sale proposals to public officials for over a year, and although the new guidelines aren’t everything we were hoping for, they do represent a significant improvement over the current situation.

Short Sales have been difficult to close, and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities.  Here’s an initial Reuters news story outlining the new policies. Read the rest of this entry »

Richmond, U.S. Home Sales Rising!

Good news for the Richmond area real estate market!  Sales rose more than 32% in October, year over year.  992 homes were sold in October in Central Virginia compared to 749 homes in October of 2008.

Nationwide home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit. Home sales nationwide are now up nearly 36 percent from their bottom in January, data Monday showed, though they are still 16 percent below the peak in autumn 2005.  At the current sales pace, there is only a 7-month supply of homes on the market. Read the rest of this entry »