David Bruce

Archive for August, 2010

August 16th, 2010

Get Represented When Buying A New Home From A Builder!

Even in a down real estate market there is no shortage of NEW homes being built and marketed by builders.  Many new home developments in the Richmond area have information or sales centers.  Be cautious when visiting as the builder’s sales agents are paid to represent the builder, regardless of what they may tell you. Due to the high volume nature of new home sales, usually builder’s agents are paid less than a traditional commission; some earn a salary plus incentives, so closing a high volume of deals is important to their livelihood. They are negotiating for the builder, not you and you could lose out on incentives, discounts and upgrades if you go it alone.

Hire a Buyer’s Agent to represent you before you visit an information/sales center.  Sometimes once you visit a development without an agent builders will not let you have representation at a later date.  Your Buyer’s Agent will be paid by the builder a set commission so having representation will not cost you more, you will only save through having your interests represented.

Skye Bruce Properties has new construction experts on staff to help you through the new construction process for any home in the Central Virginia area. Your Skye Bruce Properties REALTOR will represent you, be your fiduciary and will highlight the positives as well as the negatives about the transaction.  Builder’s agents don’t discuss drawbacks. Thinking of buying a new home from a builder?  Contact Skye Bruce Properties first!

August 10th, 2010

Richmond Area Foreclosures…

Area home sales have picked up, however prices continue to fall, although prices region-wide are down by less in the second quarter of 2010 than they were in the first quarter. The average sales price in the Central Virginia region was $229,545 in the second quarter of 2010, down four percent from the second quarter 2009 average. The median sales price was $196,383, also down four percent from a year earlier. Foreclosures are certailnly playing a role in this drop. Read the rest of this entry »

August 9th, 2010

Richmond Metro Area Experiences Accelerated Home Sales in 2nd Qtr!

More positive news for the Richmond area real estate market!  The Richmond Association of REALTORS and Central Virginia MLS are reporting accelerated home sales in the Months of April, May and June 2010.  Below is the report:

National and Local Economic Overview
The national economy slowed in the second quarter of 2010 as many indicators decelerated from their growth rates in the last half of 2009 and the first quarter of this year.  One of the reasons for the slowdown in the economic recovery was a growing concern about the financial stability of Western Europe.  This concern caused some negative volatility in the financial markets in the U.S., but those concerns seem to be subsiding as the EU central banks have acted and as many have realized how small the troubled countries’ economies are relative to all of Western Europe.

Another reason for the slowing is a following of historical trends—after a recession the economy bounces sharply and then grows more slowly.  It is likely that economic measures over the past few months are indicating a slow patch and continued adjustment will be seen before a steadier and sustainable climb will be realized.

The Richmond economy is clearly in a better position in 2010 than in 2009, and is almost back to realizing job growth again, which will be a very positive sign for the housing market. Read the rest of this entry »