David Bruce

June 3rd, 2009

What Is Your Richmond Home Worth?

The last year has been a tough one financially.  Our investments such as 401K’s have taken a hit and many of us follow the stock market and our investment accounts monthly, weekly and sometimes even daily.  But what about our homes?  For most of us its our largest investment.  Are you among the 95% of homeowners who don’t know the market value of your home?

If so you should consider having a REALTOR prepare a Comparative Market Analysis (CMA) for your home.  A CMA compares your house with similar ones on the market in your neighborhood and homes which have recently sold.  This information will give you an accurate value of your homes worth.  Remember the real estate market constantly fluctuates so its a good idea to obtain one each year.  Even if you are not selling your home right now, a CMA can help you determine your current net worth. Remember a CMA is the only market based method of measuring home values.

“Thinking of buying a home?  A CMA for the property you are considering can be an important component in developing a negotioation strategy in determining your first offer and what you are willing to pay for a home”, says Skye Bruce of Skye Bruce Properties.

Would you like a CMA for your home?  Contact Skye Bruce Properties, The Official REALTOR of RichmondHomeShopper.com for a custom CMA or create one yourself by using Skye Bruce’s MARKET SNAPSHOT.  MARKET SNAPSHOT allows you to see all the homes on the market in your area and what homes have sold for recently.

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 18th, 2009

Driveway Improvements Speed Home Offers and Lower Costs

(ARA) – With a “For Sale” sign in your Richmond area front yard, you’ll want potential buyers to take a good, long look at your property. And even if you’re not planning a move, you want to be sure you protect and maintain your home to keep future repairs at a minimum.

Real estate is a tough market today in Richmond. If you’re a seller, creating curb appeal is a key to entice potential buyers to come inside for a second look. Home selling experts predict that as many as 40 percent of potential buyers reject a home based on their first impression of the front of the house. The general appearance of the front yard is the single largest factor shaping impressions of your home.

“Driveways and sidewalks are the first impression people have of your home. Well-maintained driveways and sidewalks create a strong first impression. On the other hand, if they are worn, cracked, stained and faded, that creates messages about what someone might find inside the home,” says home improvement industry expert Gordon Blickle of Gardner-Gibson. 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 »

May 4th, 2009

Buying A Richmond Area Townhouse

For those who feel a single-family house too big or takes to much effort to maintain, buying a townhouse can be a perfect solution. Here are a few things to keep in mind that will help you with your purchase of a Richmond area townhouse.

A townhouse is part of a building with attached neighbors, but the neighbors are only beside the unit, not above or below. Also, a townhouse often includes a small deck or backyard space.

Check out the homeowners’ association of any townhouse that you are interested in purchasing. Ask to see the previous month’s minutes so that you can see what issues were brought up. This can give you insight in to what issues are considered important in the townhouse community. When buying a townhouse, also remember to find out how much the homeowner’s dues are and what comes with paying that fee. Read the rest of this entry »

April 26th, 2009

First-time Richmond Homebuyers Tips

(ARA)   Spring–  for many Richmonders it’s synonymous with the Strawberry Hill Races, the Monument Avenue Easter Parade, warmer days, greener landscapes … and a more plentiful housing market. Just as daffodils start popping up in neighborhoods throughout Richmond, so too will “for sale” signs adorn lawns all over Central Virginia.

But given the current economy, does this mean that it’s a good time to buy for first-time homebuyers? For Eric Wright, assistant director of admissions at Brown Mackie College – Louisville, who has more than 12 years of experience in the mortgage industry, the answer is yes. “It is probably the best time to buy or refinance ever,” he says. “It is a buyer’s market, and interest rates are the lowest they have been in history. Also, homebuyers can receive an $8,000 tax credit this year if they purchase a home by Dec. 1, 2009.” Read the rest of this entry »

April 24th, 2009

Buying A Golf Course Home

For reasons such as a love for golf, great views, a fun lifestyle, and a smart investment, many people are buying real estate near golf courses. Living on a golf course may seem to some as a minor point when buying a home or a condominium, however when someone is shown real estate on or near a golf course people readily change their minds. Golf courses are in almost all cases, beautiful places with large areas of fresh green grass and strategically placed trees and ponds. When you own real estate right next to a golf course, you usually live in beautiful surroundings.

Golf course homes (single family, condos, townhomes) on or near a golf course will tend to be priced higher than similar homes in the same city or county. Just like with real estate located right next to the ocean, you pay for the view and the proximity to recreation as well as for the home itself. For many people, especially golf enthusiasts, the extra price is worth it. Not only will the real estate be near grounds that are constantly maintained for maximum beauty, it will also appreciate in price at an optimum rate. Unlike a high priced luxury vehicle, an investment in a home located next to or near a golf course can bring a handsome profit if or when you ever want to put it on the market. Read the rest of this entry »

April 21st, 2009

Virginia #3 Relocation Destination in US!

ALLIED VAN LINES ANNOUNCES 41st ANNUAL MAGNET STATES REPORT…

Virginia moved up from 5th to the 3rd spot in the list of States with the most inbound relocation moves.

For the fourth year in a row, Texas took the lead as the No. 1 destination state in 2008 based on Allied’s report, which tracks U.S. migration patterns. North Carolina ranked second. 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 »