Archive for April, 2010
April 28th, 2010
Richmond Real Estate Results Jan-Mar
George Mason University has just released the first quarter real estate report for Central Virginia. Positive News! At Skye Bruce Properties we are also seeing marked improvements in the market. We are seeing homes sell faster, limited inventory in some areas and more and more buyers moving up. Signs are pointing towards a recovery in the Richmond area. See report below!
Central Virginia Area Housing Market, First Quarter 2010
National and Local Economic Overview
Nationally, a number of indicators suggest that the economy is recovering. For example, the U.S. Leading Economic Index has increased for eight consecutive months, Gross Domestic Product (GDP) was up 5.6% in the Fourth Quarter of 2009, and retail sales have improved since the first quarter of 2009. In Central Virginia, despite significant job loss in 2008 and 2009, the unemployment rate in the Richmond Metropolitan Area was 8.6 percent as of February–1.8 percentage points below the national rate. While the national and local economies appear to be improving, the question that remains is how strong is the recovery and how long before the local housing market sees sustained recovery. Read the rest of this entry »
April 23rd, 2010
News Positive/Negative for Real Estate
A mixed bag of news this week on the real estate front. Home sales are up and the real estate market and economy improves but mortgage rates are creeping up.
While inflation remained low, stronger than expected economic data released this week was negative for mortgage markets. As a result, mortgage rates ended the week a little higher.
The big news in this week’s economic data came from the housing sector. March Existing Home Sales rose 7% from February, and existing home sales were 16% higher than one year ago. Inventories of unsold existing homes fell to an 8-month supply, from 8.5-months in February. March New Home Sales were even better, jumping 27% from February to the highest monthly rate since last July. This marked the largest single-month increase in new home sales since 1963. The chief economist of the National Association of Realtors (NAR) credited the homebuyer tax credit for the strong March housing data. Buyers must sign a contract by April 30 to take advantage of the tax credit, so the April data should benefit as well. Read the rest of this entry »
April 21st, 2010
More News About The Federal Club and the Mountain Run Development…
Below is a Richmond Times Dispatch article about about the latest developments in the bankruptcy proceedings of The Federal Club and Mountain Run Development in Western Hanover County. The Federal Club is a new Arnold Palmer designed golf course which opened as a private golf club but now allow the public to play for a daily fee. The Club never attracted enough members to stay private or build the amenities that were initially planned such as tennis courts, clubhouse etc. Mountain Run is the adjacent development where there are 99 single family home sites. Timing could not have been worse for this project with the downturn in the economy and the housing/real estate crisis. Interested in learning more about Mountain Run and other golf developments in Central Virginia? Skye Bruce Properties has a Golf Expert on staff to help you find that perfect golf course or country club property. Contact Skye Bruce Properties!
Richmond Times Dispatch Article: Fate of Federal Club in Hanover still in limbo
By CAROL HAZARD Published: April 21, 2010
The fate of The Federal Club golf community in Hanover County is still in limbo, despite a hearing yesterday in U.S. Bankruptcy Court in Richmond.
A purchase agreement by a group of club members interested in buying only the golf course for $2 million has not yet been signed.
Meanwhile, Atack Properties in Henrico County, one of the area’s largest developers, has come forward with a proposal for an undisclosed amount in cash to buy all the assets, including the Arnold Palmer-designed golf course and unsold land. Read the rest of this entry »
April 19th, 2010
Will The Homebuyer Tax Credits Be Extended?
Many in the Richmond area are are wondering whether the First Time Home Buyer Tax Credit (set to expire May 1, 2010) will be extended later into 2010 or even all the way into 2011. All indications point to no. However, Congress and the President could always change their minds, but as of now, there are no plans to extend the First Time Home Buyer Tax Credit to 2011. It seems like the focus of the government has shifted to healthcare and other issues and away from the housing market.
There is a big debate as to what effect the expiration of these tax credits will have on the area real estate market. Timing is probably pretty good as we are entering a historically busy time of year for area real estate. Spring and early Summer usually produces a surge of home sales around Richmond. Interest rates are also at low levels which continues to help the market.
Interested in more insight into the Richmond area real estate market? Contact Skye Bruce Properties. Our Agents are market experts and can help you make the right decisions whether you are buying or selling a Richmond area home. Email Skye Bruce Properties or call 804-467-7041.
April 11th, 2010
Homebuying Tax Credits Ending Soon!
Late last year Congress modified the $8,000 First-Time Home Buyer Tax Credit program, turning it from a “first-time” buyer program into an “Everybody” Home Buyer Tax Credit program.
Under the program’s new terms, first-time buyers are eligible for up to $8,000 in federal tax credits and long-time homeowners get up to $6,500. A “long-time” homeowner, according to the IRS, is someone who has used a home as a primary residence for at least 5 consecutive years dating back to 2002.
This is an important qualifier for existing homeowners.
If you plan to claim the Home Buyer Tax Credit in 2010, here’s what you need to know.
Time is running out!
In order to claim the Home Buyer Tax Credit, you must be under contract for your new home no later than April 30, 2010 and you must be closed on your new home between the dates of November 7, 2009 and June 30, 2010.
More details… Read the rest of this entry »
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