David Bruce

Real Estate News and Statistics Category

April 23rd, 2010

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 »

April 21st, 2010

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 »

April 19th, 2010

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.

April 11th, 2010

Homebuying Tax Credits Ending Soon!

Late last year Congress modified the $8,000 First-Time Home Buyer Tax Credit program, turning it from a “first-time” buyer program into an “Everybody” Home Buyer Tax Credit program.

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… Read the rest of this entry »

March 31st, 2010

Invest Your Tax Refund into Your Richmond Home: $1,000 Projects

Consider these five great projects that cost around $1,000 if you decide to invest a tax refund in your home this year.

Getting money back from the IRS is a silver lining to paying taxes, but why invest a tax refund in your home instead of, say, a weekend getaway? Because your home is probably your biggest asset, so it pays to take care of it–literally. Even modest investments such as a new washing machine or exterior door can yield surprisingly big returns.

The average tax refund changes from year to year, but lately it’s totaled around $2,500. That’s a tidy windfall. Not everyone is so lucky, of course, but even if you only get back half that amount, there are many great ways to invest a tax refund in your home. Consider these five projects that cost around $1,000. Read the rest of this entry »

March 23rd, 2010

10 Kitchen and Bath Trends to Help Sell Your Richmond Home!

(ARA) – Does your kitchen or bathroom look like it’s stuck in a time warp? Not good if you’re getting ready to sell your Richmond area home. The old saying is Location, Location, Location in real estate, maybe today it should be Location, Kitchens and Baths! Kitchens and Baths sell homes. These rooms are the most-used rooms in your home and homebuyers look long andhard at these rooms when buying. If you are putting your home on the market and your kitchen and baths are dated, it might be time to update.  Read the rest of this entry »

March 15th, 2010

Skye Bruce Properties Expands with New Brokerage and New Offices

For Immediate Release:

Skye Bruce Properties Expands with New Brokerage and New Offices

Richmond/Glen Allen, VA — March 15, 2010 — Skye Bruce Properties, a dominant residential real estate force in the Glen Allen/Short Pump area of Richmond, today announced its expansion with a new brokerage and new offices.  Their offices are now located on the corner of Nuckols Road and Wyndham Lake Drive.  The new office opened on March 1^st and will be a state of the art, full service, residential real estate brokerage including a Home Selling Team, a Home Buying Team, a Mortgage Team, Title Company and an interactive real estate Sales Center for clients. Read the rest of this entry »

February 1st, 2010

Six Surprising Facts About the Homebuyer Tax Credit

The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.

1. To qualify for the move-up tax credit, a homeowner must have occupied the same principal residence for five of the last eight years consecutively.
2. Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
3. Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms online. The wait for a refund is three or four months.
4. The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
5. The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
6. A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.

Source: Bankrate.com, Marcie Geffner (01/21/2010)

Skye Bruce Properties has a team of mortgage and home buying experts to answer your questions about the Homebuyer Tax Credit.  Contact Skye Bruce Properties  today!

January 29th, 2010

2010 Richmond Real Estate Outlook

Great summary and outlook for the 2010 local real estate market by Lisa A. Sturtevant, PhD and John McClain, AICP from the George Mason University Center for Regional Analysis. For more detailed information and data on the Richmond real estate market contact Skye Bruce Properties.

While there are some positive signs for the Central Virginia Area housing market going into 2010, there are other factors that recommend caution. Sales and pending sales are both higher at the end of 2009 compared with the end of 2008. In the first half of 2010, it is expected that sales activity will continue to increase. The Federal home buyer tax credit program has been expanded to include both first time and move up homebuyers. The program requires buyers to sign a contract by the end of April, with closing by the end of June. Many potential homebuyers who want to buy in 2010 may accelerate their decision to the early part of the year. As a result,sales might slow down in the second half of 2010. Read the rest of this entry »

January 26th, 2010

Final 2009 Richmond Real Estate Report

2009 was a real mixed bag in the Richmond area real estate market.  While the number of homes sold in the area in 2008 and 2009 were about the same the market continued to get stronger as the year went on. There was continued price degradation throughout the Richmond region and it’s questionable if the market has bottomed out with regards to pricing.

Here are the highlights from the Central Virginia Multiple Listing Service:

2009 Central Virginia Home Sales Activity

In 2009, there were 11,162 existing homes sold in the Central Virginia region, which was virtually unchanged from 2008. In the 4th quarter of 2009, there were nearly 3,000 homes sold, an increase in sales of 29% over the 4th quarter of 2008.

In the Richmond Metro Area, there were 2,392 home sales, up 38% over the 4th quarter of 2008.

In the Tri Cities Area, there were 242 home sales in the 4th quarter of 2009, an increase of 17% over the 4th quarter of 2008.

In the 4th quarter of 2009, there were 2,466 pending sales in the CVR MLS, an increase of 17% over 4th quarter 2008 sales. Many of these pending sales will translate into closed sales in early 2010. Read the rest of this entry »