David Bruce

October 1st, 2010

What Will Become of Fannie, Freddie?

Housing industry experts from the business and academic worlds joined U.S. Treasury Secretary Timothy Geithner and Housing Secretary Shaun Donovan in August for the Conference on the Future of Housing Finance in Washington, D.C. The discussion focused on what role, if any, the secondary mortgage market companies Fannie Mae and Freddie Mac should have in the future. Most participants said the realistic course of action is to keep some type of government-backed entity behind the conventional mortgage market for 30-year fixed-rate and other plain vanilla loans. But the predominant view was that the backing should look more like catastrophic insurance, with the federal government acting as a backstop only after private insurers took the first hit. The FHA would be maintained in its role as lender of last resort for creditworthy moderate-income households who are having trouble getting conventional financing at an affordable rate. The federal government is under a congressional mandate to release initial recommendations for reforming Fannie and Freddie, which are under federal conservatorship, by January 2011.

Source: Realtor.com

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September 22nd, 2010

10 Reasons To Buy A Home!

Enough with the doom and gloom about home ownership. Brett Arends explains why owning a home is a good thing in this Wall Street Journal online article.

Enough with the doom and gloom about homeownership.

Sure, maybe there’s more pain to come in the housing market. But when Time magazine starts running covers that declare “Owning a home may no longer make economic sense,” it’s time to say: Enough is enough. This is what “capitulation” looks like. Everyone has given up.

After all, at the peak of the bubble five years ago, Time had a different take. “Home Sweet Home,” declared its cover then, as it celebrated the boom and asked: “Will your house make you rich?”

But it’s not enough just to be contrarian. So here are 10 reasons why it’s good to buy a home… Read the rest of this entry »

September 7th, 2010

Jumbo Loans More Available!

A year ago, even the most creditworthy borrowers struggled to secure home loans of more than $729,750—the cutoff for conventional conforming loans backed by Fannie Mae and Freddie Mac. But since this spring, the interest-rate spread between conforming and jumbo loans has narrowed and the number of lenders offering the loans has jumped.

As of late July, lenders were offering jumbo loans at a typical rate of about 5.5 percent, down from almost 7 percent a year earlier and not too different from what’s available for conforming loans, according to data available on Bankrate.com. NAR Chief Economist Lawrence Yun said in a late-July press conference that sales of existing homes priced at $750,000 and above jumped 30 percent from mid-2009. “Credit was extremely tight a year ago, but now it is beginning to loosen up,” he said. Read the rest of this entry »

August 16th, 2010

Get Represented When Buying A New Home From A Builder!

Even in a down real estate market there is no shortage of NEW homes being built and marketed by builders.  Many new home developments in the Richmond area have information or sales centers.  Be cautious when visiting as the builder’s sales agents are paid to represent the builder, regardless of what they may tell you. Due to the high volume nature of new home sales, usually builder’s agents are paid less than a traditional commission; some earn a salary plus incentives, so closing a high volume of deals is important to their livelihood. They are negotiating for the builder, not you and you could lose out on incentives, discounts and upgrades if you go it alone.

Hire a Buyer’s Agent to represent you before you visit an information/sales center.  Sometimes once you visit a development without an agent builders will not let you have representation at a later date.  Your Buyer’s Agent will be paid by the builder a set commission so having representation will not cost you more, you will only save through having your interests represented.

Skye Bruce Properties has new construction experts on staff to help you through the new construction process for any home in the Central Virginia area. Your Skye Bruce Properties REALTOR will represent you, be your fiduciary and will highlight the positives as well as the negatives about the transaction.  Builder’s agents don’t discuss drawbacks. Thinking of buying a new home from a builder?  Contact Skye Bruce Properties first!

August 10th, 2010

Richmond Area Foreclosures…

Area home sales have picked up, however prices continue to fall, although prices region-wide are down by less in the second quarter of 2010 than they were in the first quarter. The average sales price in the Central Virginia region was $229,545 in the second quarter of 2010, down four percent from the second quarter 2009 average. The median sales price was $196,383, also down four percent from a year earlier. Foreclosures are certailnly playing a role in this drop. Read the rest of this entry »

August 9th, 2010

Richmond Metro Area Experiences Accelerated Home Sales in 2nd Qtr!

More positive news for the Richmond area real estate market!  The Richmond Association of REALTORS and Central Virginia MLS are reporting accelerated home sales in the Months of April, May and June 2010.  Below is the report:

National and Local Economic Overview
The national economy slowed in the second quarter of 2010 as many indicators decelerated from their growth rates in the last half of 2009 and the first quarter of this year.  One of the reasons for the slowdown in the economic recovery was a growing concern about the financial stability of Western Europe.  This concern caused some negative volatility in the financial markets in the U.S., but those concerns seem to be subsiding as the EU central banks have acted and as many have realized how small the troubled countries’ economies are relative to all of Western Europe.

Another reason for the slowing is a following of historical trends—after a recession the economy bounces sharply and then grows more slowly.  It is likely that economic measures over the past few months are indicating a slow patch and continued adjustment will be seen before a steadier and sustainable climb will be realized.

The Richmond economy is clearly in a better position in 2010 than in 2009, and is almost back to realizing job growth again, which will be a very positive sign for the housing market. Read the rest of this entry »

July 27th, 2010

Choosing The Right Richmond Area Neighborhood For You

Where do you want to live in the Richmond area? The answer depends on your wants and needs, and you should choose a Richmond area neighborhood accordingly.

If you’re just starting out, you may want a home for investment purposes, where you can live in one part of the home and rent out the other to defray costs. If you don’t have a car, the proximity of shopping, public transportation, and recreation will be important. And if you have a family, your central concerns may be schools, libraries, playgrounds and recreation centers. Read the rest of this entry »

July 15th, 2010

Time To Buy A Richmond Area Home?

Is Now the Right Time to Buy a Richmond area home? Given all of the drops in the Richmond area housing market in the last few years, many people are wondering whether now is the right time to buy a new house. Should you snatch up the good deals before prices start to rise or should you wait it out a little bit longer to see if the prices will drop even more? It can be somewhat of a gamble, so it is important to make sure that you know a few facts about the current market so that you can make the best possible decision.

One of the most important facts you should consider when determining whether now is the right time to buy a new house relates not to the market but your own situation. Consider how long you plan to live in the home. While you might not be able to look into a crystal ball and see the future, consider what you know at the moment. If you know for a fact that you plan to upgrade or even move out of the area within the next five years, then now might not be the best time commit to the purchase of a home. On the other hand, if you feel fairly confident with the fact that you will be living in the home for at least five years, then now could be a really good time to purchase a home. Read the rest of this entry »

June 14th, 2010

Homebuyer Tip: Look Past Paint!

When buying a Richmond area home don’t worry about the paint color!  It’s an easy fix and change.  Most experienced homebuyers realize this, but many new or first time homebuyers sometimes get caught up in wall colors and other aesthetic features which can be easily changed.  Check out this clip from HGTV’s Property Virgins.  Good advice!

Looking for more great tips when buying a Richmond area home?  Our Buyer’s Agents at Skye Bruce Properties are Accredited Buyers Agents and are experts at helping people through the home purchase process. They know Richmond and give critical advice and support to get you in a great home at a great price. Contact Skye Bruce Properties!

June 12th, 2010

SUMMER HOME TOUR!

Each summer Skye Bruce Properties has a special event called the SUMMER HOME TOUR!  This week we are kicking off the event featuring 3 great Open Houses on Sunday!  Check out our “listings page” for details by clicking HERE! Be on the lookout for more great Open Houses throughout the summer and look for Skye Bruce Properties at summer events and festivals throughout the Richmond area!  Thinking of buying or selling Richmond area real estate?  Nobody helps people buy and sell homes like Skye Bruce Properties!  Contact us today!