Richmond Home Shopper

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 »

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 »

Choosing The Right Richmond Area Neighborhood For You

Where do you want to live in the Richmond area? The answer depends on your wants and needs, and you should choose a Richmond area neighborhood accordingly.

If you’re just starting out, you may want a home for investment purposes, where you can live in one part of the home and rent out the other to defray costs. If you don’t have a car, the proximity of shopping, public transportation, and recreation will be important. And if you have a family, your central concerns may be schools, libraries, playgrounds and recreation centers. Read the rest of this entry »

Richmond Housing Shortage?

Lawrence Yun, the Chief economist for the National Association of REALTORS wrote this interesting article about a possible housing shortage in the future.  The lesson to keep in mind is that the real estate market is very cyclical with regards to inventory, pricing etc. Believe it or not there is actually a shortage of homes on the market in some Richmond neighborhoods and while it will still take some time for the market to completely rebound as a whole, we are experiencing a real estate recovery.

In the current market, the idea of a housing shortage may be hard to accept. There are simply too many For Sale signs and delinquent mortgages threatening to turn into foreclosures to make a housing shortage seem like a serious possibility. Read the rest of this entry »

Pending home sales rise 6.7 percent

Biggest monthly jump in more than seven years may signal slump is ending!

WASHINGTON – The number of U.S. homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in more than seven years, a sign that sales are finally coming to life after a long and painful slump.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3, far exceeding analysts’ forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent. Read the rest of this entry »

The “Keys” to Homeownership

(ARA) – “It’s a buyer’s market” is a popular headline right now. It’s one that’s hard to ignore, especially if you’re a young adult or even a long-time renter who has been waiting for the right time to pursue the American dream of owning your own home in Central Virginia.

Buying your first home can be scary, but as with anything else in life, the right preparation should bring you good results – a great Richmond area home you want and one you can afford.

Whether you are ready to buy a Richmond area home in the next few months or next few years, preparation is critical. The following are important “keys” to homeownership. Read the rest of this entry »

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 »

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 »

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 »

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.