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Archive for September, 2008
10 Common Mistakes Buyers Make!
For just about any activity we do in life there are usually best practices which give us the best chance to achieve our desired result. Home buying is no different and just like there are best practices there are also common mistakes buyers make. Here is a list of 10 common ones, if anyone wants to add to the list based on experience, please share with the group!
- Getting emotionally attached to house before negotiating a price.
- Not being pre-qualified for a loan before making an offer.
- Going it alone and not having a Buyer’s Agent representing you. Read the rest of this entry »
Wyndham Community in Western Henrico is expanding!
Wyndham, Henrico County, Virginia’s largest planned residential community is expanding. The Henrico County Board of Supervisors has approved developer HHHunt’s plans to expand Wyndham by 190 homes. Read the rest of this entry »
Rocketts Landing Marina Approved!
The Commonwealth of Virginia Marine Resources Commission approved an 87 boat slip marina for the Rocketts Landing development just east of Downtown Richmond on the James River. Read the rest of this entry »
City of Richmond Lags Behind Counties in Home Ownership, BUT Improving! What does it mean?
The City of Richmond continues to lag behind area counties in home ownership, but by percentage the city is improving. Based on figures from the US Census, the percentage of owner occupied properties in the city was 51% compared to 66.2% in Henrico County, 77.6% in Chesterfield County and 83% Hanover County for 2007. The Virginia statewide average is 69.5%. A bright spot for the City of Richmond is the 51% in 2007 is an improvement over the 46% in 2006 which could be attributed to a drop in housing prices in the softening real estate market. What does it mean? The current real estate market is a great opportunity for first time homebuyers to get in the home ownership game. Mortgage rates continue at low level, prices in the market have dropped and sellers are willing to negotiate more than ever before. This has created a window of opportunity for buyers to take advantage of.
Above figures from US Census Bureau.
Fannie Mae, Freddie Mac and the Election
John McCain and Barack Obama agree the Treasury needed to step in to rescue Fannie Mae and Freddie Mac. They disagree over how much the U.S. government should be involved in the housing market once the immediate crisis is past.
The differences between the two presidential candidates over the lenders mirror a broader philosophical divide over the part the government should play in the economy. Read the rest of this entry »
9/19/08 Historic Week in Financial Markets!
This was a historic week in financial markets. One major investment bank declared bankruptcy, another sold itself, and the world’s largest insurance company needed a government bailout. Central banks around the world had to inject hundreds of billions of dollars into the banking system to calm the markets. Through all this, mortgage rates ended a volatile week little changed. Read the rest of this entry »
Housing Bust? Not in Richmond!!!
Every time you open the paper or turn on the television, you are provided information about the possible Recession and the Housing Crisis. With the constant flow of bad news, it is no wonder the Richmond Region is facing a Consumer Confidence Crisis – NOT A HOUSING CRISIS. Read the rest of this entry »
