September 25th, 2009
Richmond Area Golf Course Living
Most area golfers dream of living on a Richmond area golf course or country club and being able to look down the fairway while sipping morning coffee. But you don’t have to be a golfer to enjoy the benefits of living on a course.
Having a home on a golf course gives you all of the benefits of living beside a park. There are open spaces to enjoy, wildlife to watch, and an incredible amount of peace and tranquility. We live on a golf course and our biggest surprise was how quiet our backyard is since we don’t have backyard neighbors. A golf course home makes your property more relaxing and easier to enjoy. A course also doesn’t have the downsides of a park- because it has controlled access, especially if its a private club. Read the rest of this entry »
September 23rd, 2009
Help Extend Homebuyer Tax Credit!
We would like to ask for your assistance on a timely issue that is critical to our national economy and its recovery, the expiration of the First-Time Homebuyer Tax Credit on November 30.
As most of you know, the First-Time Homebuyer Tax Credit has had a positive impact on our market this year. Over a third of all home sales have been to First-Time Homebuyers, and research shows that each home sold puts about $60,000 into the local economy. A great return on the government’s investment.
The Tax Credit has been beneficial and it needs to be extended. It would also be helpful to expand the credit to include all homebuyers. In normal times, we would not favor such government involvement, but these are not normal times. At Skye Bruce Properties, we feel strongly that such Tax Credits will not only help stabilize housing prices, but will help us from falling back into recession.
Many independent analysts favor such a Tax Credit. Mark Zandi, Chief Economist with Moody’s, says market conditions “remain extraordinarily fragile” and that “the risks of not doing something like this are too great.” Zandi also says that the benefit multiplier of a Tax Credit for all homebuyers is greater than most other credits for individuals and businesses.
For those of you who would like to have some influence on the process, I would encourage you to write to your Senator or Representative in Washington. Now is the time to take action, before the Tax Credit expires! Click here for a list of US Senators and Representatives from Virginia.
The recovery is NOT certain yet. Our market is still fragile. Foreclosures remain at record levels, unemployment is still rising and home prices are not rebounding. An extended and expanded Tax Credit would provide continued momentum and keep us on the road to a full recovery.
Thanks in advance for getting involved and making a difference!
You can make a difference. Contact your legislators, and please talk to your colleagues, clients and friends and do what you can to promote a Homebuyer Tax Credit.
September 21st, 2009
Richmond Mortgage Market Update
It is worth remembering that the average 30-year mortgage fixed-interest rate measured 6.12% a year ago, and that the markets were reacting to multiple financial crises.By way of contrast, this past week was a quiet one. The average 30-year mortgage rate, according to HSH Associates, eased two basis points over the course of the week to 5.54%. In a more anxious market, it is possible that the mortgage rate markets could have reacted to such things as gold’s successful run at $1,000 an ounce—the metal ended the week at $1,005.20—but rates stood firm. Read the rest of this entry »
September 18th, 2009
Experts See Housing Bottom by 2010!
Reuters polled 41 economists on housing and found….
13 economists said the market bottom has already been reached; 27 said the bottom would be hit within a year. Just one said it would take up to two years.
The closely watched Standard & Poor’s/Case-Shiller 20 city-index will drop by 14 percent this year before climbing 2 percent next year, based on the median forecast.
House prices will fall before stabilizing to 33 percent from the peak in mid-2006, based on the median forecast.
29 of 39 economists said a housing price rebound is not needed to end to the economic slide.
When asked to rate average home prices on a scale of 1 to 10, with 1 being extremely undervalued and 10 being extremely overvalued, the median forecast was 4. In prior Reuters housing polls, prices were deemed slightly overvalued with a 6 reading.
Read complete Reuters article here!
Contact Skye Bruce Properties for the latest market data for Richmond, Virginia real estate.
September 17th, 2009
Richmond Real Estate Investment 101
It could be a good time to invest in Richmond real estate or other area markets, given the amount of foreclosures and other distressed properties with reduced prices. It could also be a bad time to invest in real estate, if you don’t know what you are doing. That is the key. It’s a good time to invest, but it is difficult.
Now when you go out to invest you are competing with plenty of other offers. The investors are back. Just like buying a home to live in, taking the real estate investment plunge requires taking stock of your financial goals, planning and lifestyle before taking the plunge. Pretty much like buying any property. If you’ve got the time, the money and the lifestyle that lends itself to managing a real estate investment, you are just about half way there. However, both halves are pretty big halves. The National Real Estate Investors Association says you’ve still got a lot of work to do. Here’s how much…. Read the rest of this entry »
September 11th, 2009
Weekend House Hunting In Richmond
Weekend house hunting is a great way to explore the Richmond area and find that perfect home. Get up on a Saturday or Sunday, grab a paper, head to a neighborhood cafe for a cup of joe and plan your house hunting adventure. But wait a minute, there aren’t many houses listed in the paper anymore. No worries! Skye Bruce’s RichmondHomeShopper.com can help you with a list of homes on the market to check out, plus plenty of great tips and tools throughout our BLOG and website.
Know what you want, but not sure how to find it? That’s normal. Using our search tool above request information about homes on the market which meet your criteria and plan your Richmond area home tour. Find homes by ZIP, area, neighborhood, size, price, school etc. and line up a fun afternoon by checking out multiple homes. Checking out homes on a Saturday or Sunday also give you a great feel for the neighborhood as families are usually outside and about enjoying activities.
If you see that perfect house and want to get inside, we can help. Our Buyer Specialists at Skye Bruce Properties can give you a tour of any home in the Richmond area. Contact Skye Bruce Properties anytime you want to schedule a tour! Happy House Hunting this weekend!
September 8th, 2009
First Time Homebuyer Experience
We love it when we here from our clients! Below is a note we recently received from a couple we helped buy their first home. A home purchase can be a complicated process, but at Skye Bruce Properties we try to make the process a fun and low stress experience!
Want to learn more about the home buying process? Check out our First Time Homebuyer Headquarters! Looking to buy your first home and want a low stress experience? Contact Skye Bruce Properties today!
August 31st, 2009
Neighborhood Profile: Wyndham Forest
Wyndham Forest is a community of approximately 376 single family homes located in Western Henrico County north of Nuckols Road between Cauthorne and Shady Grove Roads. The Chickahominy River and an environmental protected area lie behind portions of the neighborhood ensuring no additional development in those areas. This HHHunt community was built in the late 1990’s to early 2000’s and is divided into three areas-Wyndham Forest consisting of 216 homes, Chappell Ridge consisting of 122 homes, and Rivers Edge consisting of 38 homes. Read the rest of this entry »
August 14th, 2009
Recovery Signs in Housing Market Stir Some Hope
New York Times Article….
Recovery Signs in Housing Market Stir Some Hope
DAVID STREITFELD, NEW YORK TIMES- After a plunge lasting three years, houses have finally become cheap enough to lure buyers. That, in turn, is stabilizing prices, generating hope that the real estate market is beginning to recover.
Eight cities, including Chicago, Cleveland, Denver and San Francisco, showed price increases in May, up from four in April and one in March, according to data released Tuesday. Two other cities, Charlotte, N.C., and New York, were flat. Read the rest of this entry »
August 13th, 2009
Home Inspection Tips for Homebuyers
You have made an offer on a Richmond area home and it has been accepted. Congratulations!!! Included in your offer was a provision for a home inspection. Smart!!! Here are some tips for that all important home inspection.
Make sure that there will be proper access to the home and that all areas can be viewed and inspected. Make sure that all of the utilities have been turned on including water, electric, gas and oil supplies if there is oil fired equipment in the home. There have been many times recently that I did not have complete access to the home. Have the sellers remove storage away from foundation walls and garage walls so that they can be inspected. If the home inspector can not view the area he or she must indicate that in the report and that becomes an area of open risk because its not visible. Read the rest of this entry »
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