David Bruce

Buying A Home Category

June 23rd, 2009

Today Show Video: Buying vs. Renting

Today Show segment about deciding whether to buy or rent a home.   David Gregory interviews Barbara Corcoran, Real Estate Expert.  Click on photo below to see video!

June 11th, 2009

Richmond Foreclosures; A Good Deal?

Rarely does a week go by that we don’t hear from a home buyer; “I want a great deal.” No one wants to pay asking price for a home these days so many home buyers are looking for Richmond area foreclosures to get a deal. But are you really getting a great deal when you purchase a home from the bank?

The short answer to this question is maybe. Property values throughout the county have dropped considerably over the last couple of years. If you compare current home values in Richmond with what value of homes were three years ago, home buyers are getting a great deal across the market whether its a foreclosure or not. Read the rest of this entry »

June 3rd, 2009

What Is Your Richmond Home Worth?

The last year has been a tough one financially.  Our investments such as 401K’s have taken a hit and many of us follow the stock market and our investment accounts monthly, weekly and sometimes even daily.  But what about our homes?  For most of us its our largest investment.  Are you among the 95% of homeowners who don’t know the market value of your home?

If so you should consider having a REALTOR prepare a Comparative Market Analysis (CMA) for your home.  A CMA compares your house with similar ones on the market in your neighborhood and homes which have recently sold.  This information will give you an accurate value of your homes worth.  Remember the real estate market constantly fluctuates so its a good idea to obtain one each year.  Even if you are not selling your home right now, a CMA can help you determine your current net worth. Remember a CMA is the only market based method of measuring home values.

“Thinking of buying a home?  A CMA for the property you are considering can be an important component in developing a negotioation strategy in determining your first offer and what you are willing to pay for a home”, says Skye Bruce of Skye Bruce Properties.

Would you like a CMA for your home?  Contact Skye Bruce Properties, The Official REALTOR of RichmondHomeShopper.com for a custom CMA or create one yourself by using Skye Bruce’s MARKET SNAPSHOT.  MARKET SNAPSHOT allows you to see all the homes on the market in your area and what homes have sold for recently.

May 27th, 2009

Buying A Richmond Home For Less!

While buying a home can be a stressful process, it can also provide you great sense of achievement and satisfaction. Here is some helpful advice for you to consider when trying to get the best deal on a Richmond area home.

Vacant Properties

Vacant properties in the Richmond area are a great way to get good deals. Properties that are vacant do not have anyone living in them and are not making any money for the seller. Often, sellers are very willing to enter aggressive negotiations to get these properties off their books. This can be a great negotiation point for you, the buyer. Read the rest of this entry »

May 4th, 2009

Buying A Richmond Area Townhouse

For those who feel a single-family house too big or takes to much effort to maintain, buying a townhouse can be a perfect solution. Here are a few things to keep in mind that will help you with your purchase of a Richmond area townhouse.

A townhouse is part of a building with attached neighbors, but the neighbors are only beside the unit, not above or below. Also, a townhouse often includes a small deck or backyard space.

Check out the homeowners’ association of any townhouse that you are interested in purchasing. Ask to see the previous month’s minutes so that you can see what issues were brought up. This can give you insight in to what issues are considered important in the townhouse community. When buying a townhouse, also remember to find out how much the homeowner’s dues are and what comes with paying that fee. Read the rest of this entry »

April 26th, 2009

First-time Richmond Homebuyers Tips

(ARA)   Spring–  for many Richmonders it’s synonymous with the Strawberry Hill Races, the Monument Avenue Easter Parade, warmer days, greener landscapes … and a more plentiful housing market. Just as daffodils start popping up in neighborhoods throughout Richmond, so too will “for sale” signs adorn lawns all over Central Virginia.

But given the current economy, does this mean that it’s a good time to buy for first-time homebuyers? For Eric Wright, assistant director of admissions at Brown Mackie College – Louisville, who has more than 12 years of experience in the mortgage industry, the answer is yes. “It is probably the best time to buy or refinance ever,” he says. “It is a buyer’s market, and interest rates are the lowest they have been in history. Also, homebuyers can receive an $8,000 tax credit this year if they purchase a home by Dec. 1, 2009.” Read the rest of this entry »

March 27th, 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 »

March 26th, 2009

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 »

March 25th, 2009

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 »

March 23rd, 2009

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.