David Bruce

June 7th, 2010

Richmond Housing Shortage?

Lawrence Yun, the Chief economist for the National Association of REALTORS wrote this interesting article about a possible housing shortage in the future.  The lesson to keep in mind is that the real estate market is very cyclical with regards to inventory, pricing etc. Believe it or not there is actually a shortage of homes on the market in some Richmond neighborhoods and while it will still take some time for the market to completely rebound as a whole, we are experiencing a real estate recovery.

In the current market, the idea of a housing shortage may be hard to accept. There are simply too many For Sale signs and delinquent mortgages threatening to turn into foreclosures to make a housing shortage seem like a serious possibility. Read the rest of this entry »

June 2nd, 2010

Pending home sales rise 6.7 percent

Biggest monthly jump in more than seven years may signal slump is ending!

WASHINGTON – The number of U.S. homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in more than seven years, a sign that sales are finally coming to life after a long and painful slump.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3, far exceeding analysts’ forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent. Read the rest of this entry »

May 12th, 2010

The “Keys” to Homeownership

(ARA) – “It’s a buyer’s market” is a popular headline right now. It’s one that’s hard to ignore, especially if you’re a young adult or even a long-time renter who has been waiting for the right time to pursue the American dream of owning your own home in Central Virginia.

Buying your first home can be scary, but as with anything else in life, the right preparation should bring you good results – a great Richmond area home you want and one you can afford.

Whether you are ready to buy a Richmond area home in the next few months or next few years, preparation is critical. The following are important “keys” to homeownership. Read the rest of this entry »

May 9th, 2010

When Buying A Richmond Area Home, Think About Selling It!

Follow These 3 Simple Tips!

So you are shopping for a new home around Richmond.  Guess what?  It likely won’t be the last home you buy. That’s why it pays to go home shopping with the people you will eventually sell the home to in mind. Sound crazy? Maybe, but its smart to shop for a home this way. Make sure you buy a home with these simple but critical features which will make it easier for you to sell in the future! Read the rest of this entry »

May 4th, 2010

Richmond Moving Tips!

If you’re moving into a new Richmond home, your pockets probably feel pretty empty right now. You’ve just paid a down payment, closing costs etc, so the last thing you want is an expensive move. Here are some tips to help you pack up and ship out on a budget no matter if you are moving across the street, across town or across the country!

If you don’t need it, don’t pay to move it. Movers base their prices on what you’re shipping, so cutting down on clutter will simplify your life and lighten up the load in the moving truck. We’re talking to you, the owner of the treadmill-turned-drying-rack. You can sell what you don’t need or donate it to charity.

Get multiple in-home estimates. There are many good movers in the Richmond area.  Make some calls and talk to 3 or 4. If you’re hiring a professional mover to do the heavy lifting and packing, prices can vary widely between companies. Read the rest of this entry »

April 28th, 2010

Richmond Real Estate Results Jan-Mar

George Mason University has just released the first quarter real estate report for Central Virginia.  Positive News! At Skye Bruce Properties we are also seeing marked improvements in the market. We are seeing homes sell faster, limited inventory in some areas and more and more buyers moving up.  Signs are pointing towards a recovery in the Richmond area. See report below!

Central Virginia Area Housing Market, First Quarter 2010

National and Local Economic Overview

Nationally, a number of indicators suggest that the economy is recovering. For example, the U.S. Leading Economic Index has increased for eight consecutive months, Gross Domestic Product (GDP) was up 5.6% in the Fourth Quarter of 2009, and retail sales have improved since the first quarter of 2009. In Central Virginia, despite significant job loss in 2008 and 2009, the unemployment rate in the Richmond Metropolitan Area was 8.6 percent as of February–1.8 percentage points below the national rate. While the national and local economies appear to be improving, the question that remains is how strong is the recovery and how long before the local housing market sees sustained recovery. Read the rest of this entry »

April 23rd, 2010

News Positive/Negative for Real Estate

A mixed bag of news this week on the real estate front.  Home sales are up and the real estate market and economy improves but mortgage rates are creeping up.

While inflation remained low, stronger than expected economic data released this week was negative for mortgage markets. As a result, mortgage rates ended the week a little higher.

The big news in this week’s economic data came from the housing sector. March Existing Home Sales rose 7% from February, and existing home sales were 16% higher than one year ago. Inventories of unsold existing homes fell to an 8-month supply, from 8.5-months in February. March New Home Sales were even better, jumping 27% from February to the highest monthly rate since last July. This marked the largest single-month increase in new home sales since 1963. The chief economist of the National Association of Realtors (NAR) credited the homebuyer tax credit for the strong March housing data. Buyers must sign a contract by April 30 to take advantage of the tax credit, so the April data should benefit as well. Read the rest of this entry »

April 21st, 2010

More News About The Federal Club and the Mountain Run Development…

Below is a Richmond Times Dispatch article about about the latest developments in the bankruptcy proceedings of The Federal Club and Mountain Run Development in Western Hanover County.  The Federal Club is a new Arnold Palmer designed golf course which opened as a private golf club but now allow the public to play for a daily fee.  The Club never attracted enough members to stay private or build the amenities that were initially planned such as tennis courts, clubhouse etc.  Mountain Run is the adjacent development where there are 99 single family home sites.  Timing could not have been worse for this project with the downturn in the economy and the housing/real estate crisis.  Interested in learning more about Mountain Run and other golf developments in Central Virginia?  Skye Bruce Properties has a Golf Expert on staff to help you find that perfect golf course or country club property.  Contact Skye Bruce Properties!

Richmond Times Dispatch Article: Fate of Federal Club in Hanover still in limbo

By CAROL HAZARD  Published: April 21, 2010

The fate of The Federal Club golf community in Hanover County is still in limbo, despite a hearing yesterday in U.S. Bankruptcy Court in Richmond.

A purchase agreement by a group of club members interested in buying only the golf course for $2 million has not yet been signed.

Meanwhile, Atack Properties in Henrico County, one of the area’s largest developers, has come forward with a proposal for an undisclosed amount in cash to buy all the assets, including the Arnold Palmer-designed golf course and unsold land. Read the rest of this entry »

April 19th, 2010

Will The Homebuyer Tax Credits Be Extended?

Many in the Richmond area are are wondering whether the First Time Home Buyer Tax Credit (set to expire May 1, 2010) will be extended later into 2010 or even all the way into 2011.  All indications point to no. However, Congress and the President could always change their minds, but as of now, there are no plans to extend the First Time Home Buyer Tax Credit to 2011. It seems like the focus of the government has shifted to healthcare and other issues and away from the housing market.

There is a big debate as to what effect the expiration of these tax credits will have on the area real estate market.  Timing is probably pretty good as we are entering a historically busy time of year for area real estate.  Spring and early Summer usually produces a surge of home sales around Richmond.  Interest rates are also at low levels which continues to help the market.

Interested in more insight into the Richmond area real estate market?  Contact Skye Bruce Properties.  Our Agents are market experts and can help you make the right decisions whether you are buying or selling a Richmond area home.  Email Skye Bruce Properties or call 804-467-7041.

April 11th, 2010

Homebuying Tax Credits Ending Soon!

Late last year Congress modified the $8,000 First-Time Home Buyer Tax Credit program, turning it from a “first-time” buyer program into an “Everybody” Home Buyer Tax Credit program.

Under the program’s new terms, first-time buyers are eligible for up to $8,000 in federal tax credits and long-time homeowners get up to $6,500. A “long-time” homeowner, according to the IRS, is someone who has used a home as a primary residence for at least 5 consecutive years dating back to 2002.

This is an important qualifier for existing homeowners.

If you plan to claim the Home Buyer Tax Credit in 2010, here’s what you need to know.

Time is running out!

In order to claim the Home Buyer Tax Credit, you must be under contract for your new home no later than April 30, 2010 and you must be closed on your new home between the dates of November 7, 2009 and June 30, 2010.

More details… Read the rest of this entry »