Richmond Virginia Real Estate Blog

10 Questions To Ask When Interviewing Richmond VA Home Inspectors

Tue, 09 Mar 2010 03:00:00 GMT

Before you make your final buying or selling decision, you should have the home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective Richmond VA home inspectors:

1. Will your inspection meet recognized standards? Ask whether the inspection and the inspection report will meet all state requirements and comply with a well-recognized standard of practice and code of ethics, such as the one adopted by the American Society of Home Inspectors or the National Association of Home Inspectors. Customers can view each group’s standards of practice and code of ethics online at www.Ashi.org or www.Nahi.org. ASHI’s Web site also provides a database of state regulations.

2. Do you belong to a professional home inspector association? There are many state and national associations for home inspectors, including the two groups mentioned in No. 1. Unfortunately, some groups confer questionable credentials or certifications in return for nothing more than a fee. Insist on members of reputable, nonprofit trade organizations; request to see a membership ID.

3. How experienced are you? Ask how long inspectors have been in the profession and how many inspections they’ve completed. They should provide customer referrals on request. New inspectors also may be highly qualified, but they should describe their training and let you know whether they plan to work with a more experienced partner.

4. How do you keep your expertise up to date? Inspectors’ commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important in cases in which a home is older or includes unique elements requiring additional or updated training.

5. Do you focus on residential inspection? Make sure the inspector has training and experience in the unique discipline of home inspection, which is very different from inspecting commercial buildings or a construction site. If your customers are buying a unique property, such as a historic home, they may want to ask whether the inspector has experience with that type of property in particular.

6. Will you offer to do repairs or improvements? Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest. Contact your local ASHI chapter to learn about the rules in your state.

7. How long will the inspection take? On average, an inspector working alone inspects a typical single-family house in two to three hours; anything significantly less may not be thorough. If your customers are purchasing an especially large property, they may want to ask whether additional inspectors will be brought in.

8. What’s the cost? Costs can vary dramatically, depending on your region, the size and age of the house, and the scope of services. The national average for single-family homes is about $320, but customers with large homes can expect to pay more. Customers should be wary of deals that seem too good to be true.

9. What type of inspection report do you provide? Ask to see samples to determine whether you will understand the inspector's reporting style. Also, most inspectors provide their full report within 24 hours of the inspection.

10. Will I be able to attend the inspection? The answer should be yes. A home inspection is a valuable educational opportunity for the buyer. An inspector's refusal to let the buyer attend should raise a red flag.

Are you a home buyer with questions concerning Richmond VA home inspections? Give me a call. I’m glad to answer all your questions. Also, visit our website to learn more about buying a Richmond VA home.

Search all Richmond VA homes for sale.

Information is courtesy of Realtor Magazine with permission by the National Association of Realtors.

Richmond VA Real Estate for Sale: 3019 Windy Marsh Court

Thu, 04 Mar 2010 09:38:00 GMT

Richmond VA Real Estate for Sale:

3019 Windy Marsh Court, Chester VA
MLS# 1000703

Short Sale! IMMACULATE 4 bedroom home with water views!

IMMACULATE! Lifestyle Builders built 4 bedroom home overlooking a beautiful creek!! 35 trees & shrubs planted by seller! Formal rooms provide elegant living spaces! HUGE eat-in kitchen with tile flooring! Family room boasts a large gas fireplace! All windows throughout are tinted! Custom Levelor window shades throughout home convey! 4 bedrooms with wall-to-wall carpeting, lighted ceiling fans and lots of light in each room! Master has 2 walk-in closets, plus a large bath with jetted tub and double vanity! 10x12 floored attic for storage! Shed conveys, as well as John Deere tractor and the Honda self-propelled mower! Whirlpool Neptune washer/dryer, deck furniture, and garage gardening tools convey too! Great insulation throughout! WOW! Sellers are relocating.

Learn more about 3019 Windy Marsh Court by visiting TheGitsGroup.com.

Search all Richmond VA real estatre and homes for sale.

Richmond VA Foreclosure Trends – January 2010

Tue, 02 Mar 2010 03:00:00 GMT

There were 1,798 Richmond VA foreclosure homes for sale with 132 new foreclosures in January 2010. The average selling price of a Richmond VA home was $200,986 in January and the average foreclosure selling price was $137,911, a savings of $63,076, according to RealtyTrac.com.

Richmond VA Foreclosure Activity by Zip Code

Richmond VA Foreclosure Geographical Comparison

January Richmond VA foreclosure activity was lower 0.04% lower than national statistics, 0.05% higher than Virginia statistics, and 0.08% lower than Chesterfield numbers.

Richmond VA Foreclosure Activity by Month

The number of Bank-Owned Richmond VA homes increased from 33 Bank-Owned homes in December to 40 in January. The number of Auctioned homes increased from 66 to 92. The six month foreclosure trend is rising.

Are you or someone you know behind on your mortgage payments and facing a Richmond VA foreclosure? You do have options. A foreclosure is not the only way. A short sale may be the answer to saving you, your family and your home. I have the training, knowledge and experience needed to help save your home from foreclosure. The clock is ticking. Don’t hesitate. Give me a call for a private consultation.

Learn more about selling your Richmond VA home by visiting our website.

6 Tips for Richmond VA Home Buyers

Tue, 23 Feb 2010 15:50:00 GMT

2010 will be a good year for Richmond VA home buyers. Lower prices, near record low interest rates and high inventories are all working in the favor of Richmond VA home buyers. Those home buyers making good long term financial decisions will reap the benefits of the currently soft market for years to come.

Here are 6 home buying tips for 2010.

1. Think long-term

We may see soft prices for in the short-term, but real estate like other markets, is cyclical. Over the long haul, the market will bounce back and prices will rise.

2. Think local

Real estate is local. Ignore national headlines and listen to your local real estate expert. The real estate market in Columbus OH is not the same as the real estate market in Richmond VA. Work with an experienced Realtor who has been around for awhile and sells real estate full-time.

3. Think deal

Look for deals…foreclosures, short sales and motivated sellers. But be realistic, you are not going to be able to buy for 40-50 cents on the dollar. Your real estate expert and advise you as to what to expect in Richmond VA.

4. Re-think risk

Don’t buyer a foreclosure for the price alone. Many foreclosed properties are in deplorable condition. Get a home inspection and know exactly what you are getting into before you buy.

5. Think budget

Take a close look at your finances and determine how much house payment you can realistically afford. Don’t over buy. It is no fun to be house poor.

6. Think tax credit

The home buyer tax credit is still available until April 30, 2010 with credit limits up to $8,000 for first-time home buyers and up to $6,500 for current home owners.

Learn more about Richmond VA home buying at SearchHomesInRichmond.com.

Search all Richmond VA homes for sale.

Reasons to Own Your Richmond VA Home

Tue, 16 Feb 2010 03:00:00 GMT

You've probably seen lots of financial arguments about why you should invest in real estate and own your own Richmond VA home rather than rent. This includes budgeting (no rent increases) and the tax savings you'll most likely have. Now we're going to give you some reasons you probably haven't heard.

1. Freedom to pursue other goals in life once the major goal of home ownership is achieved.

Strange as it sounds, many of our first-time buyers have told us that once they bought the house, other things in their life started to fall into place. It's as if not owning took so much of their mental energy that other goals were not worked on until that big goal was reached. So buy a home and get on with your life!

2. A greater sense of belonging to the community.

Once you own a Richmond VA home, you feel more attached to the city in which you live. You're more interested in what happens in Richmond, to the roads, schools, and shopping areas. Some people even become involved in local politics.

3. A commitment to something, a sense of stability.

Home ownership is an anchor, something that cannot be pulled out from under you. You'll never get a notice that you have to move. You're kids will never have to change schools. It gives you freedom to plan years ahead.

4. You can change things, a feeling of being in control.

It's your home. You can add to it, remodel it, change the landscaping, do whatever projects you want. You have a feeling of being in control of something in your life. At work we don't always have control of what happens, but your home is your castle and you have dominion over it. You can see what you're building take shape before your eyes.

5. More control over the children than in an apartment complex

In a neighborhood, kids usually play in the yards or go to friend's houses a few doors away. Our clients have told us that in an apartment complex they never knew where the kids were. They could be in any of hundreds of apartments, doing who knows what. In a home you get to know the neighbors and watch out for each other's kids.

6. Children do better in school and feel more secure.

This one surprised us, but buyers have reported to us that their kids calmed down in school after they bought a house. We don't know why, but it seems to work that way. We remember a single mom watching her son play in the yard, making steps in the slope and building things. She didn't have to tell him to leave everything alone, like she did at the apartment complex. I guess kids feel the same need for control we adults do.

7. Time and money saved by not going to the Laundromat.

A small point, but if you have kids, you know the value of this one. You gain a whole evening a week when you buy a house! The wash gets done in between other things, or while you're at work. What would you do with the extra evening you'll have? How about going out for dessert with your spouse with all those quarters?

We've been in a home of our own for so long; we take these benefits for granted. We forgot what it's like to be renters! If you have anything you can add to the list, please let us know via email. We would love to hear from you!

Start your Richmond VA home search.

Is Richmond VA Home Ownership A Good Investment In Today’s Economy?

Tue, 09 Feb 2010 03:00:00 GMT

As a long-term investment, Richmond VA home ownership is still one of the best investments for individual households.

Everywhere you look, headlines say the housing market is in a free-fall, foreclosures are rising at an alarming rate, and mortgage money is so tight that buyers can’t get a home loan at any price.

In today’s economy, is buying a home and investing in a good idea? As a long-term investment, homeownership is still one of the best investments you can make. And the operative word here is “long-term.”

Why is Richmond VA home ownership a good investment?

Why is Richmond VA home ownership a good investment, you ask. The housing market, like all markets, is cyclical and will inevitably have ups and downs. But, homeownership has a track record that is virtually unmatched by any other investment of stocks, bonds or mutual funds.

Despite the current unrest in the mortgage industry, if you have good credit, a job and steady income, you will find there is still plenty of mortgage money to be had at decent interest rates. For well-qualified buyers, rates close to historical lows and the home buyer tax credit.

Homeownership’s Real Value

Why is Richmond VA home ownership is a solid stepping stone to financial security and the single largest creator of wealth for many Americans. Despite cyclical ups and downs, real estate has consistently appreciated over the long-term. The National Association of Home Builders reports home appreciation has, historically, increased 5-6 percent annually.

This may not seem like much, but let’s look at some figures that will put it into perspective. If you were to put down the 3.5 percent required by FHA on a $200,000 house, you would put down $7,000. At a 5 percent annual appreciation rate, that $200,000 home would increase in value $10,000 during the first year. Earning $10,000 on an investment of $7,000 is an extraordinary annual return.

In contrast, putting that $7,000 down payment into the stock market and getting a 5 percent gain would only yield a $350 profit.

Home Ownership Compared to Stocks

Looking at it another way, over a longer period of time, if someone put $10,000 into the stock market in 1996, the average annual S&P return would make that investment worth $21,500 today—an increase of $11,500. The median home price in 1996 was $140,000.

Today, that same home would have gained nearly $100,000 in value.

Don’t miss out on the benefits of Richmond VA home ownership. Visit SearchHomesInRichmond.com or give us a call for more personal attention.

Search all Richmond VA homes for sale.

What Impacts Your Credit Score When Buying Richmond Real Estate?

Tue, 02 Feb 2010 17:30:00 GMT

If you are buying Richmond real estate, you will want to know what your credit score is. Lenders look at your credit history, debt-to-income ratio and your credit score when qualifying you for a home loan. Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

Are you thinking of buying Richmond real estate? Learn about the home buying process at TheGitsGroup.com or give me a call for more personal service.

Search all Richmond real estate and homes for sale.

Reprinted from Realtor Magazine with permission of the National Association of Realtors.

Why You Should Sell Your Richmond Home In Winter

Wed, 27 Jan 2010 14:33:00 GMT

The holidays have passed, the festivity has faded, and the winter blahs are on the horizon. How can you keep them at bay and infuse your life with a newfound purpose? That’s easy--put your Richmond home on the market. Although spring is traditionally considered the optimum time to sell a home, there are positive aspects to selling in the winter.

Buyer time constraints: A majority of corporate moves take place around January, and transferees need to find a home quickly. Parents are also anxious to get their children settled in a new school as soon as possible. By the way, some experts believe it is better for a child to move during the school year as opposed to the summer months. Starting a new school immediately upon arriving in a new location allows for an easier time of making friends and establishing new routines..

Tax credit extension: Now that the Home Buyer Tax Credit Act deadline has been extended to April 30^th, many first-time buyers and “repeat buyers” are seriously looking to purchase a Richmond home--and soon!

Motivated buyers: In addition to those mentioned above, other potential buyers are also out there looking. Those who have recently sold their own home or renters whose lease is ending are desperately in need of a new home. Remember, too, that house shoppers who brave cold temperatures, hard rains, and possible flooding can surely be considered serious buyers.

Availability of professionals: Because the winter season is not a particularly busy one in the field of real estate transactions, agents, mortgage brokers, and settlement attorneys will be more accessible to you and your buyer. Questions may well be answered more quickly, problems anticipated in advance or solved more calmly, and settlement times more flexible and accommodating.

No matter when you put your house on the market, you must pay attention to pricing, maintenance, curb appeal, and staging. Some tips for these areas include the following:

Pricing: Be knowledgeable and realistic about the current prices of homes in your community and be guided by them--and by the advice of your real estate agent. Winter home buyers are looking for a property that is fairly and reasonably priced. Remember, a well-priced house will sell in any season.

Maintenance: Given today’s economy, potential buyers do not have extra cash to spend on repairs and are “turned off” by a house that appears to need work. Besides taking care of all items needing repair or replacement, it is certainly in your best interest to invest in a pre-inspection to reassure buyers that your home is indeed in good condition and is “move-in ready.”

Curb appeal: Be sure that walkways and lawns are free of fallen branches and leaves and trim overgrown bushes. Consider adding fresh mulch to existing beds. Make the entrance to your home attractive and provide a new door mat--and an umbrella receptacle during the rainy season.

Staging: During the winter season you need to make a particular effort to create a warm, welcoming, and inviting atmosphere inside your Richmond home. Keep the temperature comfortable and cozy, have a fire burning in the fireplace, and use available lighting to brighten rooms and create cheery spaces. As always, clean until your house sparkles, remove large pieces of furniture to show off space, eliminate all clutter, and provide the pleasant aroma of freshly baked cookies.

So, “Why not sell in winter?” Be a savvy seller, give us a call and take advantage of the opportunities offered by selling your Richmond home in the early months of 2010. You’ll be sure to have a happy new year if you do!

What's your Richmond home worth?

A New Year’s Resolution You Won’t Regret!

Wed, 20 Jan 2010 03:00:00 GMT

Are you tired of the same old promises you make to yourself every January 1^st but forget by February? Not this year! Here’s a 2010 resolution that’s so beneficial you simply must keep it: buy a Richmond home! Now that the Home Buyer Credit Act has been extended and qualifying income levels have been raised, this is an ideal time to purchase a house. Generally advertised as a tax credit for first-time buyers, the new legislation actually benefits many current homeowners, also.

Basic facts:

Changes: Originally slated to end in November 2009, the credit deadline has been extended to April 30, 2010. If you have a binding, signed contract and settle on a Richmond home before July 30, 2010, you are also eligible.

First-time buyers are those who have not owned a home in the last three years. They are eligible for a credit of 10% of the purchase price (not to exceed $800,000), up to $8000. Ownership of a vacation home or rental property not used as a prime residence does not disqualify a buyer as a first-timer.

Repeat buyers, or those who have owned and lived in a principal residence for at least 5 consecutive years of the last 8, may qualify for a credit of up to $6500.

Income levels have been increased to $125,000 for individuals and $225,000 for couples.

Military exception: For an active-duty member of the U.S. military serving an extended tour (90+ days) more than 50 miles from home, the deadline is April 30th (or June 30) 2011.

Applying for the credit is easy. Buyers purchasing in 2010 will have the option to claim the credit on their 2009 (by filing an amended return) or 2010 income tax return. Applicants will use the new IRS form 5405 and attach copies of their HUD settlement form.

Important notes:

Applicants must be 18 years of age at time of settlement.
Principal residences may include single family homes, condos, townhouses, co-ops, and duplexes.
For married couples, the homeownership history of both parties must qualify for the credit.
Recipients of the credit must own and live in the purchased home for at least 3 years or face repayment of the credit amount.
Your Richmond home may not be purchased from any family member.

Remember that a tax credit is far more advantageous than a simple deduction as it provides a dollar-for-dollar reduction in what a taxpayer owes. If the amount of the credit exceeds the amount owed, a refund will be issued.

If you have specific questions or need additional information, contact a tax professional or the Internal Revenue Service at 1-800-829-1040.

Enjoy the New Year in your new Richmond home!

Search all Richmond homes for sale.

Should I Buy a Home Now?

Tue, 29 Dec 2009 03:00:00 GMT

I'm often asked if this is a good time to buy a home. Some clients are concerned that Richmond home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Richmond home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

Search all Richmond homes for sale.