Richmond Home Shopper

Weekend House Hunting In Richmond

Weekend house hunting is a great way to explore the Richmond area and find that perfect home.  Get up on a Saturday or Sunday, grab a paper,  head to a neighborhood cafe for a cup of joe and plan your house hunting adventure.  But wait a minute, there aren’t many houses listed in the paper anymore.  No worries!  Skye Bruce’s RichmondHomeShopper.com can help you with a list of homes on the market to check out, plus plenty of great tips and tools throughout our BLOG and website.

Know what you want, but not sure how to find it?  That’s normal. Using our search tool above request information about homes on the market which meet your criteria and plan your Richmond area home tour. Find homes by ZIP, area, neighborhood, size, price, school etc. and line up a fun afternoon by checking out multiple homes. Checking out homes on a Saturday or Sunday also give you a great feel for the neighborhood as families are usually outside and about enjoying activities.

If you see that perfect house and want to get inside, we can help.  Our Buyer Specialists at Skye Bruce Properties can give you a tour of any home in the Richmond area.  Contact Skye Bruce Properties anytime you want to schedule a tour!  Happy House Hunting this weekend!

Recovery Signs in Housing Market Stir Some Hope

New York Times Article….

Recovery Signs in Housing Market Stir Some Hope

DAVID STREITFELD, NEW YORK TIMES-  After a plunge lasting three years, houses have finally become cheap enough to lure buyers. That, in turn, is stabilizing prices, generating hope that the real estate market is beginning to recover.

Eight cities, including Chicago, Cleveland, Denver and San Francisco, showed price increases in May, up from four in April and one in March, according to data released Tuesday. Two other cities, Charlotte, N.C., and New York, were flat. Read the rest of this entry »

The Cows Are Happy In Varina!

Cows and Crops win out over Homes in Eastern Henrico County.

Looks like dense suburban development won’t be coming to Varina in Eastern Henrico County. Supervisors unanimously voted yesterday to adopt the 2026 Comprehensive Plan, with amendments to ease concerns of Varina area residents who want to keep their part of Henrico County rural.

Varina Farm, a very attractive tract of land along the James River at the i-295 bridge will remain a farm instead of a Suburban Mixed Use development, according to the final version of the plan.  Henrico County will also retain separate, distinct designations for rural residential and prime agricultural land.

To receive updates to your email or desktop with the latest Richmond estate news and information about buying and selling homes, subscribe to RichmondHomeShopper.com today.  It’s free!

More Tax Breaks in 2009 and Beyond

Homeownership and green improvements will be more affordable for more Americans in 2009, thanks to several provisions in the American Recovery and Reinvestment Act. The changes will put more money in taxpayers’ pockets and allow homeowners to save thousands of dollars over the next several years.

The First-time Homebuyer Credit has been extended and increased to qualifying individuals who purchase a home in 2009 before Dec. 1. First-time homebuyers are defined as those who have never owned a principal residence or who have not owned a principal residence at any time during the three years prior to the date of purchase.

For 2008 and 2009 tax returns, the credit is equal to 10 percent of the home purchase price, up to $8,000. It phases out when modified adjusted gross income is $75,000 for an individual or $150,000 for joint filers. Married taxpayers must both qualify as “first-time homebuyers” in order to receive the full credit. Read the rest of this entry »

July Mortgage Rates Climb to 5.2%, Still 1.5 Points Lower Than 12 Months Ago

FOX Business Article…

Freddie Mac reports July mortgage rates climb t0 5.2%, still 1.5 points lower than 12 months ago.

Katie Culp FOX Business–  A rise in U.S. mortgage rates for the first time in four weeks was reported Thursday by Freddie Mac, the world’s second-largest mortgage buyer, building on hopes that the housing market is headed toward a recovery.

“Mortgage interest rates were mixed this past week with fixed-rate loans averaging somewhat higher while initial rates on ARMs were flat-to-down slightly,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a written report.

Freddie Mac’s weekly survey showed the average 30-year fixed-rates (FRE: 0.6008, 0.0088, 1.49%) jumped to 5.2%, a tick up from the prior week’s average of 5.14%.

This time last year, 30-year rates averaged 6.63%. Read the rest of this entry »

It’s Still a Buyer’s Market in Richmond!

The economy is improving and there are positive signs in the real estate market BUT, it’s still a buyer’s market!  Central Virginia area home sales numbers along with National and State numbers show a real estate market down compared to a year ago but,  improving compared to earlier this year.  Median prices fell as well.  Richmond area home prices dropped about 12 1/2 percent to $206,904 in the second quarter compared to the same period last year.  In Virginia prices fell about 8 1/2 percent to $245,885 in quarter 2 (April/May/June).  While prices are off they are not as far off as they were in the first quarter of 2009 (Jan/Feb/Mar).  What does it mean?  There are still more houses for sale than there are buyers and it’s still a great time to buy a home.

Nationally, sales of previously owned homes rose for the third straight month in June. The National Association of REALTORS reports sales increased about 3 1/2 percent in June which is better than predicted and expected.  The national median price for June was $181,800 in June, down about 15 1/2 percent from a year ago.

Interested in buying a Richmond area home?  Skye Bruce Properties can help make sense of the current real estate market and help you develop a buying strategy to get the most home for your money.  Contact Skye Bruce Properties today!

Don’t Buy the Most Expensive Home in a Richmond Neighborhood!

It’s much better to own a modest home in an expensive Richmond neighborhood than the most expensive one in a modest Richmond neighborhood.

I’m sure most of you have heard this saying (or something similar like “never buy the most expensive home in your neighborhood”) at least a few times. It’s a good rule-of-thumb. If you own the most expensive home in an area you are limiting the market for its resale. Why is that? Because people that buy more expensive homes generally want to live in more expensive neighborhoods, not one that’s a step or two down from the home they’re buying. Read the rest of this entry »

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 »

Pending home sales jump 3.2%!

CNN-Money Article….Buyers defy expectations with an increase in sales contracts signed during March. Is the housing meltdown ending?

Pending home sales rose in March for the second consecutive month and are up year over year. The Pending Home Sales Index from the National Association of Realtors showed a 3.2% gain to 84.6 from February, when it was 82. The index stands 1.6% higher than a year ago.  The consensus forecast of industry experts polled by Briefing.com had predicted no increase in the index.

It may still take a while before the market gains enough momentum to firmly state that the downturn has been reversed, according to Lawrence Yun, NAR’s chief economist. And, the upturn may have been boosted by the first-time homebuyers tax credit, a temporary measure that will lapse in December. Read the rest of this entry »

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 »