Richmond Home Shopper

July Mortgage Rates Climb to 5.2%, Still 1.5 Points Lower Than 12 Months Ago

FOX Business Article…

Freddie Mac reports July mortgage rates climb t0 5.2%, still 1.5 points lower than 12 months ago.

Katie Culp FOX Business–  A rise in U.S. mortgage rates for the first time in four weeks was reported Thursday by Freddie Mac, the world’s second-largest mortgage buyer, building on hopes that the housing market is headed toward a recovery.

“Mortgage interest rates were mixed this past week with fixed-rate loans averaging somewhat higher while initial rates on ARMs were flat-to-down slightly,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a written report.

Freddie Mac’s weekly survey showed the average 30-year fixed-rates (FRE: 0.6008, 0.0088, 1.49%) jumped to 5.2%, a tick up from the prior week’s average of 5.14%.

This time last year, 30-year rates averaged 6.63%. Read the rest of this entry »

It’s Still a Buyer’s Market in Richmond!

The economy is improving and there are positive signs in the real estate market BUT, it’s still a buyer’s market!  Central Virginia area home sales numbers along with National and State numbers show a real estate market down compared to a year ago but,  improving compared to earlier this year.  Median prices fell as well.  Richmond area home prices dropped about 12 1/2 percent to $206,904 in the second quarter compared to the same period last year.  In Virginia prices fell about 8 1/2 percent to $245,885 in quarter 2 (April/May/June).  While prices are off they are not as far off as they were in the first quarter of 2009 (Jan/Feb/Mar).  What does it mean?  There are still more houses for sale than there are buyers and it’s still a great time to buy a home.

Nationally, sales of previously owned homes rose for the third straight month in June. The National Association of REALTORS reports sales increased about 3 1/2 percent in June which is better than predicted and expected.  The national median price for June was $181,800 in June, down about 15 1/2 percent from a year ago.

Interested in buying a Richmond area home?  Skye Bruce Properties can help make sense of the current real estate market and help you develop a buying strategy to get the most home for your money.  Contact Skye Bruce Properties today!

Strategies to Increase Home Sale Profits

The proposition of selling a home is getting better with each passing day according to a recently released report from the National Association of Realtors. If you need to sell your home, a few smart strategies can help you increase your profits.

A number of real estate pundits are pointing to the recent decline in home inventory and the fact that interest rates have increased on the 30-year fixed mortgage as a positive endorsement of a healthier housing market.

Joanne Sebby, a licensed real estate broker in Chicago, and operator of a local Two Men and a Truck moving franchise, believes she’s benefitting from what could be the start of a real estate “bloom,” if not a full “boom.” Read the rest of this entry »

New Willow Lawn Area Development

Remember the cool, retro style motel in the movie FORCES OF NATURE starring Ben Affleck and Sandra Bulluck.  That was none other than the old Executive Motor Inn on Broad Street near Willow Lawn.  Today the old hotel/motel is closed, fenced in and looking ready for demolition.  The Henrico County Planning Commission recommended approval to demolish the structure to pave the way for a mixed use of residential, office and retail space.

As development moves farther and farther west on Broad Street to Short Pump and beyond it’s great to see revitalization “back east” on Broad.  The Willow Lawn area was certainly a Short Pump type area in the 60’s and 70’s and today it remains a vibrant and prime location.  A block over in the 5200 block of Monument Ave, a new luxury condo/townhome development called Monument Square is being built where just a few years ago stood old, blighted apartments.

Interested in learning more about new developments around the Richmond area?  Skye Bruce Properties has a team of experts in helping home buyers locate the best new developments and communities.  Contact Skye Bruce Properties today!

Today Show Video: Buying vs. Renting

Today Show segment about deciding whether to buy or rent a home.   David Gregory interviews Barbara Corcoran, Real Estate Expert.  Click on photo below to see video!

Click Photo To See Video

Mortgage Market Update

Positive inflation numbers helped mortgage rates move lower early last week, but stronger than expected economic data turned them higher later in the week, leaving mortgage rates nearly unchanged from the previous week. The announcement of larger than expected Treasury auctions next week ($104 billion) also was negative for mortgage rates. Read the rest of this entry »

Richmond Foreclosures; A Good Deal?

Rarely does a week go by that we don’t hear from a home buyer; “I want a great deal.” No one wants to pay asking price for a home these days so many home buyers are looking for Richmond area foreclosures to get a deal. But are you really getting a great deal when you purchase a home from the bank?

The short answer to this question is maybe. Property values throughout the county have dropped considerably over the last couple of years. If you compare current home values in Richmond with what value of homes were three years ago, home buyers are getting a great deal across the market whether its a foreclosure or not. Read the rest of this entry »

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.

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 »

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 »