David Bruce

Archive for January, 2010

January 29th, 2010

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.

While there are some positive signs for the Central Virginia Area housing market going into 2010, there are other factors that recommend caution. Sales and pending sales are both higher at the end of 2009 compared with the end of 2008. In the first half of 2010, it is expected that sales activity will continue to increase. The Federal home buyer tax credit program has been expanded to include both first time and move up homebuyers. The program requires buyers to sign a contract by the end of April, with closing by the end of June. Many potential homebuyers who want to buy in 2010 may accelerate their decision to the early part of the year. As a result,sales might slow down in the second half of 2010. Read the rest of this entry »

January 26th, 2010

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 »

January 20th, 2010

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.

January 7th, 2010

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 »