David Bruce

Real Estate News and Statistics Category

January 7th, 2010

Most Expensive Homes Sold in 2009

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 39 single family homes which sold for $1,000,000 or more in the Richmond area. Goochland County had the most with 16, followed by the City of Richmond (11), Henrico (6), Chesterfield (5) and Hanover (1).

The most expensive was a Read the rest of this entry »

December 3rd, 2009

Tacky Lights and Richmond Real Estate

It’s that time of the year!  Santa Claus’ outside Walmart ringing the bell, tree’s being sold about every 1/2 mile on Broad Street, even stop lights flash a bright red and green.  Wasn’t that in a song?  Seriously though the holidays are upon us and are a time for family, celebration, good cheer and yes, decorating.

 The decorating part can be a challenge if you are trying to sell your home.  While holiday decorating is fun and festive, too much can leave buyers unable to picture themselves at home in your house.  Not really the feedback you want to hear from prospective buyers. Also not everyone has the same beliefs and customs that you do. Remember when you are trying to sell a home you want to appeal to the masses, including homebuyers that do not observe Christmas. Read the rest of this entry »

December 1st, 2009

Richmond Short Sales Will Get Easier!

The U.S. Treasury Department on Monday released a plan to speed up and encourage Short Sales as a means to help families avoid foreclosure. We’ve been offering Short Sale proposals to public officials for over a year, and although the new guidelines aren’t everything we were hoping for, they do represent a significant improvement over the current situation.

Short Sales have been difficult to close, and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities.  Here’s an initial Reuters news story outlining the new policies. Read the rest of this entry »

November 24th, 2009

Richmond, U.S. Home Sales Rising!

Good news for the Richmond area real estate market!  Sales rose more than 32% in October, year over year.  992 homes were sold in October in Central Virginia compared to 749 homes in October of 2008.

Nationwide home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit. Home sales nationwide are now up nearly 36 percent from their bottom in January, data Monday showed, though they are still 16 percent below the peak in autumn 2005.  At the current sales pace, there is only a 7-month supply of homes on the market. Read the rest of this entry »

November 10th, 2009

$6,500 Move-Up and Repeat Homebuyer Tax Credit at a Glance

New Tax Credits Provide Outstanding Opportunities for Repeat Homebuyers Looking To Move Up!

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $6,500 for qualified repeat home buyers purchasing a principal residence. Here are the details for the $6,500 Move-Up & Repeat Home Buyer Tax Credit at a Glance… Read the rest of this entry »

November 10th, 2009

$8,000 First-Time Homebuyer Tax Credit at a Glance

New Tax Credits Provide Outstanding Opportunities for First Time Homebuyers!

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence.  Here are the details for the $8,000 First-time Home Buyer Tax Credit at a Glance… Read the rest of this entry »

November 7th, 2009

Homebuyer Tax Credit Extended!

President and Congress Also Expand Tax Credit!

Congress and the President wants more people to buy homes, so it’s extending and expanding a tax credit program set to expire in just a few weeks. Missed out on Cash for Clunkers? Congress has another deal for you: buy a home before May 1 and cut your tax bill. It’s all part of the government effort to help the struggling housing industry. Since January, first-time home buyers have been getting tax credits of up to $8,000 as part of the economic stimulus package.

The tax credit did help boost sales, just like Cash for Clunkers got people to buy new cars. The industry estimates 350,000 buyers would not have purchased their homes without the credit. But that credit was due to expire at the end of November. Congress agreed to extend it into the spring and to expand it to many people who already own homes. Read the rest of this entry »

October 24th, 2009

Existing Home Sales Surge

There were few major surprises in the economic news this week, and little change in the stock market. While there was a great deal of daily volatility, mortgage rates ended the week nearly unchanged.

A flood of housing market data was released during the week, and most of it reflected improvement in the sector. The biggest unexpected news came from the September Existing Home Sales report, which jumped 9% from August to the highest level since July 2007. Inventories of unsold existing homes dropped sharply to a 7.8-month supply from a 9.3-month supply in August. Read the rest of this entry »

October 1st, 2009

Richmond Area Short Sales

What is a short sale and should I consider buying one?

Short sales occur when someone owes more on their house than the house will currently sell for. The lender will consider it because it saves them the time and effort of a foreclosure. The foreclosure process can take a very long time and be very expensive for the lender.

An example would be a situation where the homeowner owes the mortgage company $250,000 on a house that is now worth only $200,000. The homeowner will be unable to sell their house because they do not have the $50,000 difference to make up to the lender. The lender can choose to accept a short sale on the property or they may choose to foreclose on the property. With so many properties currently in foreclosure the lender will more than likely entertain short sale offers. Read the rest of this entry »

September 23rd, 2009

Help Extend Homebuyer Tax Credit!

We would like to ask for your assistance on a timely issue that is critical to our national economy and its recovery, the expiration of the First-Time Homebuyer Tax Credit on November 30.

As most of you know, the First-Time Homebuyer Tax Credit has had a positive impact on our market this year. Over a third of all home sales have been to First-Time Homebuyers, and research shows that each home sold puts about $60,000 into the local economy. A great return on the government’s investment.

The Tax Credit has been beneficial and it needs to be extended. It would also be helpful to expand the credit to include all homebuyers. In normal times, we would not favor such government involvement, but these are not normal times. At Skye Bruce Properties, we feel strongly that such Tax Credits will not only help stabilize housing prices, but will help us from falling back into recession.

Many independent analysts favor such a Tax Credit. Mark Zandi, Chief Economist with Moody’s, says market conditions “remain extraordinarily fragile” and that “the risks of not doing something like this are too great.” Zandi also says that the benefit multiplier of a Tax Credit for all homebuyers is greater than most other credits for individuals and businesses.

For those of you who would like to have some influence on the process, I would encourage you to write to your Senator or Representative in Washington. Now is the time to take action, before the Tax Credit expires! Click here for a list of US Senators and Representatives from Virginia.

The recovery is NOT certain yet. Our market is still fragile. Foreclosures remain at record levels, unemployment is still rising and home prices are not rebounding. An extended and expanded Tax Credit would provide continued momentum and keep us on the road to a full recovery.

Thanks in advance for getting involved and making a difference!

You can make a difference. Contact your legislators, and please talk to your colleagues, clients and friends and do what you can to promote a Homebuyer Tax Credit.