Richmond Home Shopper

Advice for First Time Richmond Homebuyers

RHS Publisher — Wed, 10 Mar 2010 13:31:46 +0000

During the height of the Richmond real estate market a few years ago, many first-time buyers were frustrated by high prices and the short supply of affordable homes for sale. Prices have come down substantially in Central Virginia, there’s plenty of inventory, interest rates are historically low and the federal government’s $8,000 tax credit for first-time home buyers was extended to April 30 2010.

Even with the drastic change in the market, it’s not always easy for first-timers. Once-liberal lending standards are much tougher and lower priced homes in good locations are selling. There are still great homes available in Richmond and we are currently in a unique window where both prices and interest rates are low. If you’re in good shape financially, with a positive credit score, this is an ideal time for a first-timer to buy in Central Virginia.

Here are important factors first-time buyers should consider:

PRICES

The fundamentals of the housing market nationwide are showing positives signs as is the Richmond area market. Median sales prices are still substantially down in Central Virginia from the high in 2006, but there are signs the market is beginning to bottom out.

Some experts predict that prices overall may continue to fall as foreclosure sales and short sales (where a home is sold for less that the balance owed on the mortgage) continue to affect many neighborhoods. However, not all homes, in all areas of Richmond will continue to fall in price. If a home is priced right, many times it will sell for close to asking. For example, one house may be listed at $300,000, the current market value – and sell at that price or close to it. Another house may be overpriced at $300,000 and end up selling for far less.

First time homebuyers should first decide what area of Richmond they want to live in . Are you willing to live farther out in say Hanover and get more house? Or do you want sacrifice square footage for a home in the Near West End? Our Buyer’s Agents at Skye Bruce Properties will show you what you can get for your money in different parts of Central Virginia.

INTEREST RATES

Many observers expect 30-year fixed mortgage rates to hover between 5 percent and 6 percent during the first quarter, but then start moving up, nudging closer to 6 percent by year-end. It’s important to keep a close eye on these rate movements, so buyers can calculate the full cost of a home purchase. Remember even if home prices drop 10 percent, a 1 percent rise in interest rates would likely result in the same monthly mortgage payment. Waiting for home prices to drop further can cost y0u more out of pocket in the long term if interest rates rise.

THE TAX CREDIT

Under the extension of last year’s federal tax credit program, an eligible buyer must sign a contract to purchase a principal residence by April 30 and close on the home by June 30. The tax credit of up to $8,000 again has been authorized for qualified first-time home buyers, in addition to a tax credit of up to $6,500 for qualified repeat home buyers. The credit is available to individuals with a modified adjusted gross income of up to $125,000, or $250,000 for couples. Most experts agree that the tax credit has been a huge success in boosting the sagging housing market but believe the government won’t offer another extension. Contact Skye Bruce Properties for more information about this Tax Credit!

AFFORDABILITY

When deciding what kind of house they can afford in Richmond, buyers generally should plan on not spending more than 30 percent of their gross income on the monthly “PITI” (mortgage principal, interest, taxes and insurance) payments. Don’t buy a Richmond home based on what you can qualify for, buy based on what you can afford in keeping with your lifestyle. Remember you don’t want to be house poor! Know your budget and stick to it! Be realistic about what it costs to maintain a home.

THE MORTGAGE

Mortgages are pretty cut-and-dried right these days. Lenders are returning largely to standard 30-year and 15-year fixed mortgages and Federal Housing Administration loans. It’s back to basics with mortgages. Documentation is required for everything: income, assets credit, etc.

New rules issued by the Department of Housing and Urban Development should make it easier for borrowers to figure out closing costs and fees. Within 72 hours after prospective borrowers apply for a loan, lenders are now required to provide a uniform three-page document that spells out the good faith estimate of the loan’s total cost.

FORECLOSURES

While the inventory of foreclosed homes is down from a year ago, the problem won’t be going away anytime soon. Foreclosures take a long time to work out. There probably will be another wave of foreclosed homes for sale in the coming months as banks decide to release more of the properties they own into the market. These foreclosures will help keep prices down. Buying foreclosures can be complicated and many times “the great deal” you thought you were getting may not be so great. Our Buyer’s Agents at Skye Bruce Properties have the expertise and experience to insure the foreclosure you may be considering is a smart buy short term and long term.

SKYE BRUCE PROPERTIES

Need advice with buying your first home? Contact the home buying experts at Skye Bruce Properties. A Skye Bruce Properties‘ Buyer’s Agent will take the time to understand your needs, provide you with information about available homes around Richmond, take you on tours of homes you are interested in, help you secure a mortgage and walk you through the closing process. Email Skye Bruce Properties or visit our new Sales Center on the corner of Nuckols Road and Wyndham Lake Drive.

Skye Bruce Properties, 12000-B Wyndham Lake Drive, Glen Allen VA 23059, 804-467-7041

New Listing in Kings Charter! $289,000

RHS Publisher — Wed, 03 Mar 2010 01:02:15 +0000

Absolutely immaculate 4 bedroom, 2,5 bath home in the Manorwood Neighborhood in the planned community of Kings Charter in Hanover County. This home features hardwood floors on the entire 1st floor, spacious rooms, Kitchen with granite counters, large Master with vaulted ceiling and walk in closet, Master Bath with vaulted ceiling, tile floor, glass enclosed shower & garden tub, hall bath with tile, deck, stone patio and wooded backyard with great privacy. Additional upgrades include 2″ blinds, upgraded Carrier Puron HVAC, professionally landscaped yard with landscape lighting, new interior paint, new carpet, irrigation system and Chickahominy/Atlee schools. Over 2000 square feet! (2048) Contact us today to tour this great home!

Exclusively offered by Skye Bruce Properties, 12000-B Wyndham Lake Drive, Glen Allen VA 23059.

Staging Your Richmond Home To Sell

RHS Publisher — Mon, 01 Mar 2010 22:54:23 +0000

If you are trying to sell your Richmond area home, staging your home can make all the difference. You always hear about LOCATION in real estate, but no matter where your house is located in Richmond, if it’s messy, cluttered or over furnished it can hurt your chances of selling. Staging is a critical part of selling a home. Furniture that makes the home look spacious and comfortable can make the difference when selling. A room crammed with furniture can make even a large room look small and cramped.

Skye Bruce Properties has an Accredited Home Staging Specialist on staff to help our clients stage their homes correctly from the start of the home selling process. “In today’s buyer’s market, a home staged correctly can give you an edge over other homes on the market” says Skye Bruce. “First impressions are so important in today’s real estate environment and many times a few simple changes can make a big difference. We have even invested in an inventory of stylish staging items to give homes a special look from the start.” added Skye.

Thinking of putting your home on the market? Contact Skye Bruce Properties with questions about home staging and the home selling process!

Skye Bruce Properties, 12000-B Wyndham Lake Dr., Glen Allen, VA 23059, 804-539-8571

Six Surprising Facts About the Homebuyer Tax Credit

RHS Publisher — Mon, 01 Feb 2010 20:11:25 +0000

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.

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.
Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
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.
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.
The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
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!

2010 Richmond Real Estate Outlook

RHS Publisher — Sat, 30 Jan 2010 01:26:13 +0000

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. While the number of potential buyers will increase in early 2010, so, too, will the confidence of potential sellers. As a result, it is expected that the number of listings will increase, giving buyers more options. While sales activity will likely increase, it is not certain that prices will rise in the first half of 2010. There are two major factors that may contribute to the slow price growth. First, foreclosures remain a potential problem as the economic recovery unfolds. As prices continue to be lower than a year ago, homebuyers face the risk of getting in a situation where they are underwater. If a household member loses a job, foreclosure or short sale are possibilities. The stock of foreclosures and short sales will likely not diminish until later in 2010. These homes will generally be lower priced and will continue to dampen prices in the overall market. Second, potential sellers have been holding off from listing their homes. Evidence of improved sales activity will encourage more sellers to list in the first half of 2010. While demand is also expected to be up, it is possible that the new supply of homes will be as great or greater than demand, keeping prices from rising appreciably. Heading into 2010, then, it is expected that the number of sales will continue to increase in the first half of the year, with a small pull-back in the second half of the year, with price appreciation expected later in 2010.

Contact Skye Bruce Properties.

Final 2009 Richmond Real Estate Report

RHS Publisher — Wed, 27 Jan 2010 03:14:03 +0000

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.

2009 Central Virginia Home Prices

Existing home prices in the Central Virginia Region were down about 13% in 2009 compared with 2008. Prices were down in every quarter of 2009 and there is little evidence that they have reached a turnaround point.

In 2009, the strongest sales in the region were in the under $200,000 range. In the 4th quarter of 2009 more than half of all homes sold were priced below $200,000. By contrast, in the 4th quarter of 2008, only 40% of sales were in the under $200,000 range.

While there were fewer homes in the $200,000 – 299,999 price range sold in the 4th quarter of 2009 compared with 2008, pending sales were up in this price category – which may indicate a stabilization of prices in early 2010.

Want to know the detailed statistics for your neighborhood or area of Richmond? Skye Bruce Properties can help with custom real estate reports. Contact Skye Bruce Properties for your complimentary real estate report!

Remodeling To Sell Your Richmond Home

RHS Publisher — Wed, 20 Jan 2010 23:17:44 +0000

No doubt about it, remodeling is expensive. A bathroom remodel can quickly reach $10,000 and that’s about where the most basic kitchen remodels start. In short, remodeling is an investment and you want to make sure you get the best return on your dollars. Ever wonder if it’s worth it when it come to re-selling your Richmond area home? If you spend the money will you get it back? Check out this link to the 2010 COST versus VALUE calculator. It’s a great resource as you make important decisions.

What are the most effective areas to remodel when getting ready to sell your Richmond area home? Contact Skye Bruce Properties for great advice when preparing your home for sale. Skye Bruce Properties has a team of listing experts to help you make those important decisions to get your home sold as fast as possible at an optimum price.

Most Expensive Homes Sold in 2009

RHS Publisher — Fri, 08 Jan 2010 00:04:20 +0000

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 stately 14,255 square foot home located in the Windsor Farms development of Richmond. The home sold for $4,700,000 and had 9 bedrooms, 8 full baths and 4 half baths. Built around 1927 the home sits on 1.843 acres with a view of the James River.

Here is a Top 10 summary of the most expensive homes sold in the Richmond area in 2009. (Richmond, Hanover, Henrico, Chesterfield and Goochland)

9BR/8+BA, 14,255 SQFT Home on 1.8 acres in Richmond sold for $4,700,000
5BR/3+BA, 6,000 SQFT Home on 2.9 acres in Henrico sold for $2,325,000
4BR/5+BA, 7,100 SQFT Home on 1.3 acres in Goochland sold for $2,317,429
6BR/3+BA, 5,652 SQFT Home on 1.8 acres in Richmond sold for $2,227,000
5BR/5+BA, 6,818 SQFT Home on 3 acres in Goochland sold for $2,069,000
4BR/3+BA, 6,250 SQFT Home in Chesterfield sold for $1,800,000
7BR/3+BA, 9,608 SQFT Home on 4.2 acres in Goochland sold for $1,650,000
4BR/5+BA, 6,346 SQFT Home on 3.7 acres in Chesterfield sold for $1,600,000
4BR/4+BA, 4,730 SQFT Home on .56 acres in Goochland sold for $1,404,131
5BR/5+BA, 6,400 SQFT Home on 1.3 acres in Goochland sold for $1,350,000

Not sure if analyzing the most expensive homes in Richmond is much of a way to gauge the market, but it sure is fun to know what the really big homes sell for. If you’re looking to buy or sell a home understanding the market and neighborhood where you are buying or selling is critical. At Skye Bruce Properties we constantly analyze the market data and are experts in making sense of it. Our client’s love this about us and it’s a valuable service that can save you thousands of dollars! Contact Skye Bruce Properties for expert advice when buying or selling real estate in the Richmond area!

Buying A Richmond House in the Snow

RHS Publisher — Sat, 19 Dec 2009 12:28:14 +0000

Okay, we are in the midst of the blizzard of 2009 and a week before Christmas, who is really shopping for a home? Well if you’ve been thinking about buying a new home December, January and February are great months to buy a home in the Richmond area. Why? There are usually fewer homes on the market in these months and sellers tend to be very serious about selling this time of the year. This can often translate into a better deal for a Richmond area homebuyer.

Shopping for home in December, January and February is not the pleasurable experience it is in the spring so there are fewer buyers. Families also don’t want to pull their kids out of school mid-year. Fewer buyers means less competition and creates a buyers market and better deals.

Also mortgage lenders usually have fewer loans to process this time of the year. When lenders are not swamped with loans, you can expect a smoother mortgage process.

Finally, as all smart shoppers know, during and after the holiday season comes the season of bargain opportunities. This includes houses, as well. Thinking of waiting until Spring to buy? You may want to re-think that strategy and see what is out there now!

Have questions about Richmond real estate? Want to go house hunting? Want to know what homes are selling for? Skye Bruce Properties can help! Click here to contact Skye Bruce Properties!

Neighborhood Spotlight: Twin Hickory

RHS Publisher — Thu, 17 Dec 2009 02:15:59 +0000

Twin Hickory is a master planned community of about 1400 homes just off I-295 and Nuckols Road in western Henrico County. Twin Hickory is made up of unique neighborhoods and includes single-family homes, townhomes, and condominium homes. The community was developed by HHHunt, the same developer of master planned communities Wellsley and Wyndham.

Numerous amenities make living in Twin Hickory an incredible experience. The development includes Twin Hickory Town Center with shops, restaurants, a grocery store and is close to Downtown Short Pump, Short Pump Town Center and the newly developed West Broad Village. There is a beautiful community pool and tennis courts, a Henrico County Public Library, the Shady Grove YMCA, Twin Hickory Elementary School, Deep Run High School and other amenities which are accessible from a a network of sidewalks and paths. Twin Hickory offers a lot to its residents and is a great place to raise a family!

Check out these great featured homes in Twin Hickory!

11609 Hearthstone Drive, Glen Allen, VA 23059 $465,000 4BR, 3.5BA + Study + Loft

This beautiful Twin Hickory home is in immaculate condition and has had many upgrades added by present owner. Features include hardwood floors and 9′ ceilings on 1st floor, 2 Story Foyer, 1st floor Study, formal Living & Dining Rooms, Kitchen with granite counters and tile backsplash, Morning Room with vaulted ceiling, Family Room with 2 sets of french doors, open Loft on 2nd floor, Master with Sitting Area and huge walk in closet, luxurious Master Bath with jetted tub and enclosed shower, Jack & Jill bath between two bedrooms, private bath in one bedroom, new tile floors in bathrooms, deck, ceiling fans in all bedrooms, Security System, hardwood floors on 2nd floor (except in Master) and much more. Walking distance to schools, new Henrico Library, Twin Hickory Clubhouse/Pool and the Shady Grove YMCA. For more information about this home and to view a virtual tour click here! To tour this home contact Skye Bruce Properties.

5043 Willows Green Road Glen Allen, VA 23059 $455,000 5/6BR 4.5BA + Bonus Room

Absolutely immaculate Twin Hickory home features 9′ ceilings and hardwood floors on 1st floor, 2 Story Foyer with balcony overlook, Living Room with architectural columns, Dining Room with tray ceiling, Kitchen with granite counters and cherry cabinets, Family Room wired for Surround Sound, 1st floor Master with His & Her walk in closets, four spacious bedrooms on 2nd floor with walk in closets and Jack & Jill bathrooms, 2nd Master Suite with luxurious bathroom on 3rd floor could be Guest quarters or Recreation Room. Detached 2 car garage has overhead storage. Upgrades include Intercom/Music system, crown & hardwood in 2nd floor hallway, Rinnai tankless water heater, 1st & 2nd floor Laundry Rooms & much more! Walking distance to schools, new Henrico Library, Twin Hickory Clubhouse/Pool and the Shady Grove YMCA. For more information about this home and to view a virtual tour click here! To tour this home contact Skye Bruce Properties.

These homes are listed exclusively by Skye Bruce.

Skye Bruce Properties, REMAX Action, 11551 Nuckols Rd, Glen Allen VA 23058, 804-467-7041.