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Archive for March, 2009
Real Estate Starting To Bottom Out?
We continue to see good news! Existing home sales rose 5.1% last month nationwide to a stronger than expected pace of 4.72 million units. This is the latest sign that the real estate market could be bottoming out and beginning to rise. 2 other positive signs signs include:
#1- Homebuilders are breaking ground on new homes.
#2- First-time jobless claims are falling.
Good news for the country’s real estate market which has seen mostly bad news for the past 2 years. If the economy continues to trend stronger into the summer, it could also contribute to stock market gains, drawing cash away from mortgage bonds. The result would be higher mortgage rates. Remember our current mortgage rates are artificially low, supported by government intervention. After last weeks Federal Reserve’s announcement rates fell to record lows around 4.5%. Read the rest of this entry »
Home Inspection Helps Ensure Dream Deals Don’t Turn into Nightmares
ARA- You found your dream deal on a Richmond area home, but will that great price tag come with a different kind of higher cost? Buying a repossessed property, short sale or a home offered at a bargain price — because of its condition — can mean you’re assuming much higher risks.
Repossessed and short sale homes are often abandoned and neglected, leaving them with much more potential for unforeseen structural defects, plumbing, electrical, heating systems, environmental issues and many other problems. Fixing these woes can cost far more than the financial savings from a distressed property purchase. There also may be unknown defects, such as mold or radon, that could affect your family’s health and safety. Read the rest of this entry »
How To Make A Real Estate Offer
You’ve visited Bon Air, Ginter Park, Mechanicsville, Varina, Midlothian, Short Pump, the Fan and scores of other Richmond area neighborhoods looking for the that perfect home. After months of searching you finally found the home of your dreams. Now what? The next step in the process is to write an offer. How? It’s not as easy as it sounds. Your offer is the first step toward negotiating a sales contract with the seller. Since this is just the beginning of negotiations, you should put yourself in the seller’s place and imagine their reaction to everything you include in your offer. Your goal is to get what you want, and imagining the seller’s reactions will help you attain that goal. Read the rest of this entry »
More Good News for Richmond Homebuyers!
The fed’s made the decision to buy bonds and mortgage backed securities in hopes of bringing down long term interest rates. So far so good! Interest rates have dropped under 5% last week to their lowest levels in more than 30 years. Whether you are a buyer or a seller, this is good news. If you have a higher interest rate and don’t plan on selling, contact your lender about refinancing. If you are a buyer, there is no better time to buy with rates under 5% and with the $8000 tax credit available to many in 2009. What are you waiting for? Search available homes with our 3 great options! OR contact Skye Bruce Properties, the Official REALTORS and Buyer’s Agents of RichmondHomeShopper.com.
Buy Your First Home, NOW!!!
What a great time to buy your first home! Richmond area home prices are low making it a buyer’s market, mortgage interest rates are low and the government is now giving an $8000 tax credit that you do not have to pay back. The new tax credit is a great benefit that should be taken advantage of! It’s free money!
First-time home buyers who purchase a home this year can take advantage of the stimulus bill’s $8,000 tax credit, the U.S. Department of the Treasury said in a news release on Wednesday.
Unlike the previous $7,500 credit available to this group of buyers, the credit outlined in the American Recovery and Reinvestment Act of 2009 does not have to be paid back if the home remains the buyer’s primary home for at least 3 years after the purchase date, according to the Internal Revenue Service’s Web site. First-time buyers, for the purpose of this credit, are those who have not owned a home in three years. So even if you owned a home 3+ years ago you still qualify! Read the rest of this entry »
3 Important Tips For Selling Your Home
No matter how bad the Richmond real estate market seems to be these days, home sales do happen because people will always need a place to live. In fact, more than four million homes were sold in 2008. But with Central Virginia home values falling, today’s sellers are finding out every dollar counts when it comes to keeping as much of their home’s sales price as possible.
Since it is a buyer’s market where there are plenty of homes available in the Richmond area, it’s important to be aggressive and make your home stand out. Read the rest of this entry »
Taking Advantage of the Housing Crisis: New Construction
The economic downturn has already caused Richmond area home prices to drop. Home builders are feeling the pain as well and in some cases they are desperate to turn their inventory of new homes into cash.
How can potential new home buyers turn this to their advantage? Read the rest of this entry »
