Real Estate News and Statistics Category
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!
February 16th, 2009
5 Ways To Control Your Homeowners Insurance Costs
Some great tips from the Richmond Farmers Insurance Team to control your Homeowners Insurance Costs. In our tougheconomic environment this is good advice. Sometimes we over-look evaluating things like this which can save us hundreds of dollars. It all adds up!
- Shop around. Remember, cheaper insurance rarely means better insurance. Ask your friends, realtor, or mortgage broker who they recommend. Seek out a trusted professional to explain vital coverage differences. You can also check the National Association of Insurance Commissioners (www.naic.org). They will have information to help you choose a reputable insurer in your state.
- Raise your deductible. Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim. The higher your deductible is the lower your premiums are. A typical Home Owner deductible is $500. If you can afford to raise it to $1,000 you can save as much as 25% in your premiums. Read the rest of this entry »
February 4th, 2009
$1,000,000+ Richmond Homes Sold!
What will $1,000,000 buy you in the Richmond area? Well in December five homes sold for more than $1,000,000 sold in the Richmond area. (Richmond, Chesterfield, Hanover, Henrico, Goochland, Powhatan) Here is what was reported sold in December by the Central Virginia Regional Multiple Listing Service for over $1,000,000:
- A 3BR/2.5BA, 3630 SQ FT Home on 97 acres in Goochland sold for $1,800,000!
- A 5BR/6.5BA, 6450 SQ FT Home on .77 acres in Chesterfield sold for $1,475,191!
- A 6BR/6.5BA, 9300 SQ FT Home on 3.1 acres in Chesterfield sold for $1,200,000!
- A 6BR/6.5BA, 7848 SQ FT Home on 5.03 acres in Goochland sold for $1,185,000!
- A 5BR/5.5BA, 6900 SQ FT Home in Powhatan County sold for $1,150,000! Read the rest of this entry »
January 27th, 2009
State Of The Union Address 2009 for Richmond Real Estate
In Richmond, Virginia residential real estate, 2009 arrives much the same way that 2008 did: via a rocky road with deepening potholes. While more homebuyers are swooping in and picking up great deals in Central Virginia, the ongoing excess inventory of homes (around 9 months worth at last check) continues to soften the market.
While potential Richmond home buyers are getting very low mortgage rates, they also are facing much tighter credit standards and demands for significantly larger down payments. And we have barely started to feel the financial fallout from adjustable rate mortgages, slated to ratchet up in 2009. Read the rest of this entry »
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