David Bruce

Real Estate News and Statistics Category

July 27th, 2009

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!

May 29th, 2009

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 »

May 27th, 2009

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 »

May 7th, 2009

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 »

March 27th, 2009

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 »

March 23rd, 2009

More Good News for Richmond Homebuyers!

The fed’s made the decision to buy bonds and mortgage backed securities in hopes of bringing down long term interest rates. So far so good!  Interest rates have dropped under 5% last week to their lowest levels in more than 30 years. Whether you are a buyer or a seller, this is good news. If you have a higher interest rate and don’t plan on selling, contact your lender about refinancing. If you are a buyer, there is no better time to buy with rates under 5% and with the $8000 tax credit available to many in 2009.  What are you waiting for?  Search available homes with our 3 great options! OR contact Skye Bruce Properties, the Official REALTORS and Buyer’s Agents of RichmondHomeShopper.com.

February 23rd, 2009

National Real Estate News Update

Fears about the economy led to a stock market decline and pushed mortgage rates a little lower during the week. Even with Tuesday’s passage of the new $787 billion stimulus plan, economic growth forecasts from Wall Street economists and from the Fed were revised lower.

Wednesday, President Obama announced the $275 billion Homeowner Stability Initiative, which contained broad outlines of three major elements intended to help prevent foreclosures and falling home values. Read the rest of this entry »

February 19th, 2009

Henrico School Redistricting Plan

In the fall of of 2010, Henrico County will open a new middle school and a new high school. Elementary, middle and high school bounderies for many of the county’s schools will be changed as a result. This no doubt is something residents are very interesed in and many are concerned. Anytime you change school boundery lines it leads to very passionate opinions and discussions to say the least. Some families don’t want the change and want to keep kids in the same school for a variety of reasons, others want their children to go to the newest and most modern schools in the county and feel slighted if they are left out. This is always a tough issue! Read the rest of this entry »

February 18th, 2009

Obama’s Foreclosure Plan

President Obama to set aside $75 billion to slow foreclosures! Goal to bring mortgage payments down to 31% of income!

The Obama administration has rolled out a plan to help 9 million troubled homeowners modify their mortgages at a cost of $75 billion to  taxpayers. There are two parts of the plan to help:

#1  To help refinance 5 million home owners in trouble with loans owned or guaranteed by Fannie Mae or Freddie Mac.

#2  To make loan modifications with government subsidies to lenders to reduce monthly interest payments.

Some highlights…. Read the rest of this entry »

February 17th, 2009

Stimulus Falls Short For Real Estate

Late last week the House and the Senate agreed on a compromise $789 billion fiscal stimulus plan, which is expected to pass within days. The Obama administration estimates that the plan will create 3.5 million jobs. Both the House and the Senate had passed versions which were larger than the final compromise plan, and the reduction in scope helped mortgage markets. A smaller plan means that the government will have to issue less debt. Unfortunately, one of the spending cuts in the final plan was a provision for a $15,000 homebuyer tax credit, which came with an estimated price tag of $35 billion. This was a measure which experts say could have quickly energized the real estate markets. Instead, the government will leave in place an existing $7,500 tax credit, applicable to only first time homebuyers. The good news and primary change to the tax credit is that it will no longer need to be repaid. The estimated cost of this $7,500 tax break is less than $3 billion.

In the market for a home in the Richmond area?  Be smart and meet with a knowledgeable REALTOR and mortgage lender. Skye Bruce Properties, The Official REALTORS and Buyer’s Agents of RichmondHomeShopper.com has a support team of industry experts including mortgage lenders. Contact them today!