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!

One of the most important facts you should consider when determining whether now is the right time to buy a new house relates not to the market but your own situation. Consider how long you plan to live in the home. While you might not be able to look into a crystal ball and see the future, consider what you know at the moment. If you know for a fact that you plan to upgrade or even move out of the area within the next five years, then now might not be the best time commit to the purchase of a home. On the other hand, if you feel fairly confident with the fact that you will be living in the home for at least five years, then now could be a really good time to purchase a home.

You also must consider how comfortable you are with taking risk as well. If you feel comfortable with a possible drop in a home price if you need to re-sell within the next few years then now might be a fine time to make a purchase. The reality of the current market is that the fluctuations have not yet stopped. Things are improving in some areas of Richmond, yet some areas are still struggling.

In addition you should be aware that lending restrictions remain tight throughout much of the country as well. Loans are available for the purchase of a home, but restrictions are much tighter than they were in the past. Make sure you know exactly what is on your credit and how much you will be able to offer for a down payment before you consider purchasing a home in the current market. At the current time, lenders simply are not comfortable with taking a high degree of risk when it comes to mortgage loans and as a result, they tend to be more conservative when offering approval.

While now could very well be an excellent time for you to buy a new home, it is important to consider your own situation as well as how comfortable you are with taking possible risks over such a large purchase in the next few years. The current market certainly is offering good deals in many markets, but before you rush out to grab one, make sure that you are fully informed.

Interested in getting some help in determining whether now is the right time for you?  Skye Bruce Properties has a team of home buying experts to provide you with the information you need to make the right decision.  Contact Skye Bruce Properties!

Looking for more great tips when buying a Richmond area home?  Our Buyer’s Agents at Skye Bruce Properties are Accredited Buyers Agents and are experts at helping people through the home purchase process. They know Richmond and give critical advice and support to get you in a great home at a great price. Contact Skye Bruce Properties!

Follow These 3 Simple Tips!

So you are shopping for a new home around Richmond.  Guess what?  It likely won’t be the last home you buy. That’s why it pays to go home shopping with the people you will eventually sell the home to in mind. Sound crazy? Maybe, but its smart to shop for a home this way. Make sure you buy a home with these simple but critical features which will make it easier for you to sell in the future!

Storage While curb appeal and designer decor can attract potential buyers, what they can’t see is just as important. Buyers are serious about storage space. Fifty-seven percent say a garage with two or more bays is key, and 53 percent want a walk-in closet in the master bedroom.

Modern Systems Your next house can be any hue, as long as it’s green on the inside. The eco-friendly trend gets high marks from 46 percent of buyers, so try to find a property with energy-efficient features like newer windows, Energy Star appliances and a well-maintained HVAC system. And a growing number of buyers want to stay wired at home — nearly half say cable and satellite connections are important, while 40 percent want access to high-speed Internet.

Exterior Features and Location When you’re shopping for a Richmond area home, what’s on the outside definitely counts. Half of all buyers say a backyard is important, and 36 percent would like a fence. And you know the real estate cliche about location, location, location? Make it your house-hunting mantra. Location, you can’t change. Everything else, you can. Research the Richmond area school district before you invest, even if you don’t have kids, the next owner might. Steer clear of high-power lines, highways, homes on busy streets and yes even water towers in your backyard like the photo above, which will raise red flags for potential buyers.

Shopping for a Richmond area home and need some help?  Contact Skye Bruce Properties. At Skye Bruce Properties our Buyer’s Agents work with you as a home buying consultant to make sure the home you buy is a smart purchase and a good investment!

If you don’t need it, don’t pay to move it. Movers base their prices on what you’re shipping, so cutting down on clutter will simplify your life and lighten up the load in the moving truck. We’re talking to you, the owner of the treadmill-turned-drying-rack. You can sell what you don’t need or donate it to charity.

Get multiple in-home estimates. There are many good movers in the Richmond area.  Make some calls and talk to 3 or 4. If you’re hiring a professional mover to do the heavy lifting and packing, prices can vary widely between companies.

Don’t use a jack-leg or fly-by-night mover! You’ll be loading up all your worldly possessions and putting them on a truck with a few workers you barely know. Protect yourself! Look for red flags and get recommendations from friends and neighbors to avoid getting scammed.  Skye Bruce properties has a list of recommended movers and you can also check with the Richmond Better Business Bureau to make sure your mover is reliable.

Use what you have for packing, and then buy your own supplies. Moving companies often charge hefty fees for packing supplies. Save money by filling up containers you already have, like suitcases or plastic bins. Use sheets and linens to wrap items. Buy the packing materials you still need from a recycled box company, or get them free from a local business.

Ask questions to unearth hidden moving costs. Even legitimate movers might not spill all the costs unless you ask. To get an accurate quote of your total, ask if they’ll charge for heavy items, repacking, stairs or waiting so you are not surprised when you get the final bill.

Use portable storage and delivery.  Companies like PODS will deliver a storage unit to your door. You’ll save money packing it yourself, and they’ll pick it up and deliver it to your new digs. Not a bad option if you don’t have a lot to move.

Rent a truck for a totally do-it-yourself move.  Young and have a strong back? Renting a truck and doing it yourself is the most cost-effective way to move. Enlist your friends and family for packing.

Get moving insurance. Even the best movers have one potential pitfall: They’re human. If you do wind up with a lost or damaged item, you’ll likely need more than the measly 60-cent-per-pound coverage that comes free to replace it. Don’t skimp on this if you have nice furnishings!

Deduct your moving expenses from your taxes. Don’t forget to save those receipts — you can also save money after the big move! If you relocated for a new full-time job at least 50 miles away from your previous home, you can deduct the cost of packing, transporting or storing your household goods from next year’s tax return.

From home listings to home marketing to home searches to house hunting to mortgages to home inspections to closings and moving; selling and buying a home can be a complicated process.  At Skye Bruce Properties we have a team of industry experts to help you every step of the way.  Our expertise in supporting our clients throughout the home selling and buying process is what has made Skye Bruce Properties one of the Top 10 largest volume real estate teams in all of Central Virginia.  It’s why so many individuals and families choose Skye Bruce Properties!  Contact Skye Bruce Properties!

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…

The home may not be acquired from a mother, father, spouse, or child

The home may not be acquired from an entity in which you’re a majority owner

The home may not be acquired by gift or inheritance

The home’s primary buyer must be at least 18 years of age

The home’s purchase price may not exceed $800,000

The home must be meant for use as a primary residence

The maximum tax credit as authorized by Congress is for up to $8,000 for first-time home buyers and for up to $6,500 for long-time homeowners. Not everyone will get access to the full amount.

For one, the tax credit is limited to 10% of the home’s purchase price.

A $300,000 home is eligible for up to $8,000 in credits to first-timer home buyers and up to $6,500 to long-time homeowners

A $50,000 home is eligible for up to $5,000 in credits to first-time home buyers and up to $5,000 for long-time homeowners

And secondly, the tax credit is tied to the home buyer’s income levels.

If you are a single-filer with the IRS and your income is less than $125,000, you will receive the maximum credit. Same for joint-filers with income below $225,500. In households where income exceeds those limits, however, the home buyer(s) is subject to a tax credit haircut.

The credit reduction is 5% for each additional $1,000 in claimed income.

Single-filer earning $125,000 : 100% of the tax credit

Single-filer earning $126,000 : 95% of the tax credit

Single-filer earning $127,000 : 90% of the tax credit

Single-filer earning $145,000 : 0% of the tax credit (i.e. no credit)

The math is the same for joint-filers:

Joint-filers earning $225,500 : 100% of the tax credit

Joint-filers earning $226,500 : 95% of the tax credit

Joint-filers earning $227,500 : 90% of the tax credit

Joint-filers earning $245,500 : 0% of the tax credit (i.e. no credit)

At this point, you know your own eligibility, and the size of your credit. However, you may still have questions. Thankfully, the IRS thought of that with their Bizarre Scenario FAQ. It’s worth a look. The FAQ includes scenarios for couples getting married, divorced and separated, plus “flipping” and various “renting homeowner” scenarios.

Here’s how to claim the your Home Buyer Tax Credit. There’s just 2 very basic steps:

Review the eligibility requirements above — just in case!

File your 2010 taxes online

Or, if you want to receive your tax credit faster, consider filing an amended 2009 return. This is especially helpful for self-employed home buyers and other folks that typically file between April 15 and the October 15 deadline.

That’s it! Just be sure that you’ll use your new home as your “main home” for at least 3 years. Otherwise, the IRS will reclaim your refund.

Lastly, this article gives you a good overview, but please consult a tax professional for your specific situation!  Want to talk with a home buying expert or a mortgage expert?  Skye Bruce Properties has a team of real estate experts to help you though the home buying process.  Contact us today!

Our experience in the Richmond area shows that the cooperative style is the most effective and efficient way to complete a real estate transaction. Professional negotiators usually try to preserve the relationship between the parties, and work together to resolve problems. The goal is not to draw a line in the sand and reach an impasse, it’s to get you the home you want at the best possible price. Buyers sometimes through their REALTOR position an offer to the seller describing why their house is not worth what they are asking, pointing out deficiencies, etc. This can backfire, and start the negotiation off with a defensive seller. It is best to anchor your price to the Richmond marketplace, while remaining very complimentary of their home in the communication your REALTOR has on your behalf.

How do you work with a combative strategy by a seller?

We do see the combative style. This strategy includes: negative comments, emotional statements, table pounding, threats to walk away, ego involvement, and stated positioning like last offer. Creative solutions and trade offs are not as likely to be found in this environment. Working with a combative style negotiator requires a different, calm and strategic approach when buying Richmond area real estate.  Here are some suggestions:

• Do not respond emotionally. An angry or defensive response/counter offer can escalate the process into a no-win battle.
• Do not argue. Having your REALTOR argue on your behalf usually positions them more strongly and drags the negotiation process off course.
• Do not ignore their arguments or statements. Listen carefully to feedback your REALTOR gives you from the selling agent, but do not accept or reject.  Try to understand it so your next counter is more effective
• Firmly anchor pricing and other terms to outside data based on the Richmond area neighborhood or area the home is in. Have your REALTOR show that the price has not been chosen arbitrarily or by emotions.
• Do not allow hazy or unclear proposals to stand. If you don’t understand the details, ask your REALTOR for clarification and always get it in writing.
• Offer some “wins” on some of the terms. Face saving is very important to a combative seller.
• Look for ways to meet their underlying interests. Read between the lines and try to understand what is driving their combative approach.

Sometimes you need to give a little to get a lot!  Thinking of buying or selling a Richmond area home?  Skye Bruce Properties has a team of accomplished real estate negotiators to help you find that special Richmond home and get it at the best price.  Contact Skye Bruce Properties to learn more!

Even with the drastic change in the market, it’s not always easy for first-timers. Once-liberal lending standards are much tougher and lower priced homes in good locations are selling. There are still great homes available in Richmond and we are currently in a unique window where both prices and interest rates are low. If you’re in good shape financially, with a positive credit score, this is an ideal time for a first-timer to buy in Central Virginia.

Here are important factors first-time buyers should consider:

PRICES

The fundamentals of the housing market nationwide are showing positives signs as is the Richmond area market.  Median sales prices are still substantially down in Central Virginia from the high in 2006, but there are signs the market is beginning to bottom out.

Some experts predict that prices overall may continue to fall as foreclosure sales and short sales (where a home is sold for less that the balance owed on the mortgage) continue to affect many neighborhoods. However, not all homes, in all areas of Richmond  will continue to fall in price. If a home is priced right, many times it will sell for close to asking.   For example, one house may be listed at $300,000, the current market value – and sell at that price or close to it. Another house may be overpriced at $300,000 and end up selling for far less.

First time homebuyers should first decide what area of Richmond they want to live in . Are you willing to live farther out in say Hanover and get more house? Or do you want sacrifice square footage for a home in the Near West End?  Our Buyer’s Agents at Skye Bruce Properties will show you what you can get for your money in different parts of Central Virginia.

INTEREST RATES

Many observers expect 30-year fixed mortgage rates to hover between 5 percent and 6 percent during the first quarter, but then start moving up, nudging closer to 6 percent by year-end. It’s important to keep a close eye on these rate movements, so buyers can calculate the full cost of a home purchase. Remember even if home prices drop 10 percent, a 1 percent rise in interest rates would likely result in the same monthly mortgage payment.  Waiting for home prices to drop further can cost y0u more out of pocket in the long term if interest rates rise.

THE TAX CREDIT

Under the extension of last year’s federal tax credit program, an eligible buyer must sign a contract to purchase a principal residence by April 30 and close on the home by June 30. The tax credit of up to $8,000 again has been authorized for qualified first-time home buyers, in addition to a tax credit of up to $6,500 for qualified repeat home buyers. The credit is available to individuals with a modified adjusted gross income of up to $125,000, or $250,000 for couples.  Most experts agree that the tax credit has been a huge success in boosting the sagging housing market but believe the government won’t offer another extension. Contact Skye Bruce Properties for more information about this Tax Credit!

AFFORDABILITY

When deciding what kind of house they can afford in Richmond, buyers generally should plan on not spending more than 30 percent of their gross income on the monthly “PITI” (mortgage principal, interest, taxes and insurance) payments. Don’t buy a Richmond home based on what you can qualify for, buy based on what you can afford in keeping with your lifestyle.  Remember you don’t want to be house poor!  Know your budget and stick to it!  Be realistic about what it costs to maintain a home.

THE MORTGAGE

Mortgages are pretty cut-and-dried right these days. Lenders are returning largely to standard 30-year and 15-year fixed mortgages and Federal Housing Administration loans. It’s back to basics with mortgages. Documentation is required for everything: income, assets credit, etc.

New rules issued by the Department of Housing and Urban Development should make it easier for borrowers to figure out closing costs and fees. Within 72 hours after prospective borrowers apply for a loan, lenders are now required to provide a uniform three-page document that spells out the good faith estimate of the loan’s total cost.

FORECLOSURES

While the inventory of foreclosed homes is down from a year ago, the problem won’t be going away anytime soon.  Foreclosures take a long time to work out.  There probably will be another wave of foreclosed homes for sale in the coming months as banks decide to release more of the properties they own into the market. These foreclosures will help keep prices down. Buying foreclosures can be complicated and many times “the great deal” you thought you were getting may not be so great. Our Buyer’s Agents at Skye Bruce Properties have the expertise and experience to insure the foreclosure you may be considering is a smart buy short term and long term.

SKYE BRUCE PROPERTIES

Need advice with buying your first home?  Contact the home buying experts at Skye Bruce Properties.  A Skye Bruce Properties‘ Buyer’s Agent will take the time to understand your needs, provide you with information about available homes around Richmond, take you on tours of homes you are interested in, help you secure a mortgage and walk you through the closing process.  Email Skye Bruce Properties or visit our new Sales Center on the corner of Nuckols Road and Wyndham Lake Drive.