David Bruce

Real Estate News and Statistics Category

March 26th, 2012

Richmond Real Estate Market Heating Up!

The Richmond area real estate market continues to show positive signs.  In many areas inventory is down 30%++ from a year ago and pending sales are up considerably.  We have experienced multiple contract offers on a number of properties in the first few days on the market,  Prices are closer to asking a price and have even received offers above list price.  In many neighborhoods there is a shortage of homes and buyers are waiting on the sideline for new listings.  Popular neighborhoods in the Deep Run High area have especially been hot of late.

Nationally the market is also showing signs of recovery.  See recent AP article below….

U.S. home sales are gradually coming back. A mild winter and a stronger job market have helped boost sales ahead of the crucial spring buying season. The past two months made up the best winter for sales of previously occupied homes in five years, when the housing crisis began. Read the rest of this entry »

March 6th, 2012

New Home Trends Can Maximize Your Home’s Value When Remodeling Your Richmond Area Home

(ARA) – A significant shift in consumer preference in new home purchases is the latest by-product of the still-struggling economy. The residential construction market is shrinking and so are houses.

Homebuilders expect newly constructed single-family homes to average just 2,150 square feet by 2015. That’s 10 percent smaller than previously, according to the National Association of Home Builders (NAHB), which conducted the survey.

To maintain this compact size, luxuries will be out and practicality will be in. Formal living rooms are going by the wayside, NAHB says, making way for smarter, multi-function layouts. What we’ll see more of: eat-in kitchens that eliminate the need for a separate dining room; and great rooms that can accommodate entertainment as well as office space.

Homeowners looking to remodel existing homes – that they will someday put up for sale – would be wise to pay attention to these new home construction trends, which signal what the competition will look like down the road. Choose the right improvements today, and you may be better positioned to sell your home when the economy picks up. Read the rest of this entry »

March 3rd, 2012

Existing-home sales expected to rise 6.8% in 2012

More homes went under contract in January compared to December and a year ago, according to an index released today from the National Association of Realtors that tracks pending sales of existing U.S. homes.  NAR’s Pending Home Sales Index, which is based on purchase contracts signed but not yet closed, rose 8 percent from January 2011 and 2 percent from a downwardly revised 95.1 percent in December, to 97. According to revised figures, that’s the highest index score since April 2010, just before the deadline for a federal homebuyer tax credit program, when the index was at 111.3.

Lawrence Yun, NAR’s chief economist, said in a statement that “the trend in contract activity implies we are on track for a more meaningful sales gain this year.” “Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun added. Read the rest of this entry »

February 2nd, 2012

Thinking of Remodeling Your Richmond Home? Which Remodeling Projects Pay Off the Most?

When tackling home remodeling projects, you’ll find some projects pay off more than others at times of resale. Remodeling Magazine, in conjunction with REALTOR® Magazine, recently released findings of its annual Cost vs. Value report for 2011-2012, revealing which remodeling projects offer the biggest bang for your buck.

Overall, the trend right now is replacement over remodeling–swapping out the old for the new rather than doing a total gut job, which can be much more costly.

This year’s Cost vs. Value report found that exterior replacement projects–such as new garage doors and a new entry door–offer some of the best returns at resale, allowing home owners to recoup close to 70 percent or more of the costs of the project at times of resale. Read the rest of this entry »

January 18th, 2012

Henrico County Foreclosures Drop in 2011

Henrico County foreclosures dropped by nearly 20% in 2011.  There were 786 foreclosures in Henrico in 2011 compared to 971 in 2010.

There had been a steady increase in foreclosures each year dating back to 2006.

The market continues to improve as inventories of homes are down in many neighborhoods and pending sales are up!

 Questions about the Richmond area real estate market?  Contact Skye Bruce Properties, one of the Top 10 Volume Real Estate Teams in all of Central Virginia!

January 2nd, 2012

Most Expensive Richmond Homes SOLD in 2011

This time of year it’s always interesting to look back and review the most expensive homes sold in the Richmond area. According to data reported by the Central Virginia Multiple Listing Service there were 31 single family homes which sold for $1,000,000 or more in the Richmond area. The City of Richmond had the most with 15, followed by Henrico (7), Goochland (6) Chesterfield (2) and Hanover (1).

The most expensive was a stately 10000 square foot home located near the Country Club of Virginia in Richmond. The home sold for $2,514,500 and featured 7 bedrooms, 8 full baths and 2 half baths. Built around 1860 the home sits on over 3 acres and has a pool.

Here is a Top 10 summary of the most expensive homes sold in the Richmond area in 2011. (Richmond, Hanover, Henrico, Chesterfield, Goochland and Powhatan) Read the rest of this entry »

October 25th, 2011

Time To Buy That House!

Great article below from WSJ.com posted in 10/15/11. Now is the time for sure to buy. Prices in the Richmond area are close to bottom and interest rates are below 4 percent. The moment we reach bottom and there is the slightest improvement,interest rates will jump quickly to 5 1/2 – 6 percent.  ~~Skye Bruce Properties

U.S. house prices have plunged by nearly a third since 2006, and homeownership rates are falling at the fastest pace since the Great Depression.

The good news? Two key measures now suggest it’s an excellent time to buy a house, either to live in for the long term or for investment income (but not for a quick flip). First, the nation’s ratio of house prices to yearly rents is nearly restored to its prebubble average. Second, when mortgage rates are taken into consideration, houses are the most affordable they have been in decades.

Two of the silliest mantras during the real-estate bubble were that a house is the best investment you will ever make and that a renter “throws money down the drain.” Whether buying is a better deal than renting isn’t a stagnant fact but a changing condition that depends on the relationship between prices and rents, the cost of financing and other factors. Read the rest of this entry »

June 24th, 2011

Homeownership Still A Priority For Most

The National Association of Home Builders recently conducted a survey and found the vast majority of Americans still consider a home to be a good investment.

The May 3-9 telephone survey found that 75 believe “that owning a home is the best long-term investment they can make and is worth the risk of ups and downs in the housing market.”

Survey feedback on home ownership was very positive….

• 95 percent of the home owners said they are happy with their decision to own a home
• Of non-homeowners, 73 percent said owning a home is one of their goals
• 80% of home owners would advise a close friend or family member just starting out to buy a home

Good signs for a still struggling national real estate market!  Considering buying or selling a home in the Richmond area?  Contact Skye Bruce Properties for detailed information about the area real estate market and specific neighborhoods.

 

 

 

May 18th, 2011

Living in a Planned Community like Wyndham

A well-planned community like Wyndham in the Glen Allen suburb of Richmond offers a variety of benefits and housing choices. For many homeowners, it’s the perfect choice for today’s 24/7 lifestyles. So how do you decide which community is best? One of the biggest considerations facing any potential homebuyer is location. Is where you live convenient for work? Are there quality schools nearby? What’s the community like? Is it attractive? What about recreation — like a pool, parks, or a golf course?  Wyndham is certainly a popular choice.

Compare the neighborhoods you like, keeping in mind the advantages of living in a planned community. There are many more questions to ask, since location is a matter of personal preference, but the following basics will get you started as you begin your home search… Read the rest of this entry »

May 13th, 2011

Twin Hickory, Richmond’s Most Convenient Neighborhood!

Picture a neighborhood with an elementary, middle and high school in walking distance.  Picture a neighborhood with a grocery store, restaurants, ice cream shop, cleaners, pharmacy and other shops in walking distance.  Picture a neighborhood with a YMCA and public library in walking distance.  Picture a neighborhood with sidewalks, walking paths, playgrounds and pools. Sound to good to be true?  Not if you live in Twin Hickory!  Twin Hickory offers all this plus easy access to all area interstates, a 5 minute drive to Short Pump Town Center and West Broad Village, 3 minutes to Innsbrook, 5 minutes to 2 championship golf courses, 15 minutes to downtown Richmond and a straight shot down I-295 to Richmond International Airport. This planned development in the Richmond suburb of Glen Allen is a wonderful community and offers a wide range of homes. Check out these homes featured by Skye Bruce Properties! Read the rest of this entry »