Sales of existing homes increased in February and remain within a fairly stable range, according to the National Association of REALTORS.  Existing home sales including single family, townhomes, condos and co-ops rose 2.9%.  

Regionally, existing home sales in the Northeast jumped 11.3%.  In the Midwest the gain was 2.5%.  In the South, the increase was 2.1%.  However, in the West the slip was 1.1%.  We are sure that the media will continue to focus on the west coast market and ignore the good news everywhere else.

So things are looking up and our phones are ringing....let's celebrate!

Here in Richmond, VA we are constantly teased by warm weather early in the year. Spring fever runs high as early as February.  The jonquils have already bloomed and the tulips are not far behind.  The yards are loaded with robins and there is color everywhere.

This makes us want to go outside and replace plants that didn't make it through the winter either due to frost or disease.  But you might want to wait another week or two. 

Another thing Richmond, VA is famous for is changing weather.  As the saying goes " if you don't like the weather in Richmond, wait a day and it will change".  We usually rely on our local plant stand run by Jim and Robin Smith.  When they start setting up their shop on Patterson Avenue then we start making plans as well.

So when we see the plastic coming off of their building after winterization, we will let you know.  We just hope our azaleas don't bloom before they open the stand....one of ours is dead.

A home office or computer room is becoming a must have for many homeowners according to a recent survey of real estate agents.  93% of the agents polled said that their buyers were interested in a room specifically for this purpose.  The JELD-WEN survey also found that 44% of the agents said they have had clients who wanted home theaters, 26% said clients wanted an exercise room, 18% said clients have wanted an arts and crafts room and 8% said clients have wanted a music studio.

So keep these stats in mind when staging your home for sale.

Guess What?  We've changed companies.  We decided to join Elite Real Estate.  Elite is a" boutique" real estate office located in the West End of Henrico County.  It is not a franchise and was actually started right here in Richmond, VA.  The design concept was to provide experienced agents the opportunity to manage their business without a national franchise directing their marketing and earning potential. 

We have been doing most of our marketing designs for the last few years anyway so we thought "why should we be paying someone else to do it.  We also liked the idea of working with experienced agents who enjoy brainstorming as a group over lunch instead of enduring boring sales meetings.

We think we made a career advancement with Elite Real Estate.  You will see more of the Team Donahue branding in our marketing material but you will still receive the same quality of service that we have previously provided.  You can visit our website at www.teamdonahuehomes.com or e mail us at either lynda.donahue@teamdonahuehomes.com or jd.donahue@teamdonahuehomes.com to see how we are growing our business every day.

Here is something fun to do.  Whether you are buying a luxury home or just like to pretend to vacation in one, the NYTimes.com announced this week that Great Homes and Destinations, it's national real estate on-line luxury environment,will collaborate with regional newspapers across the country to up-sell their print agate, print display, e-commerce and broker listings onto NYTimes.com's Real estate and Great Homes and Destinations classifieds section.

The Great Homes site has a searchable database of more that 250,000 real estate listings located in desirable second home destinations such as Manhattan, Napa Valley, the Hamptons, Cape Cod, Martha's Vineyard, Miami and Florida's Gulf Cost as well as select locations in Europe.

You can also visit the www.coldwellbanker.com website and check their inventory of luxury homes around the works known as Previews Homes.  Have fun!

Are you ready for some good news?  Turn off the television and read this. 

New building permits were down 3% to an annual rate of 1.048 million units, which was pretty close to expectations.  The home building industry of course is in the process of paring down inventories to NORMAL levels...the operative word being NORMAL.  This month's report showed signs that the housing market is heading towards a more stable condition. 

Incidentally, have you noticed how the media have stopped moaning about all the adjustable rate mortgages that are going to reset to scary high payments?  Maybe they realized that the Fed's five rate cuts in the last five months mean those rates are resetting to a falling prime.  Maybe the media did their homework and found out ARMs represent a minority of all mortgages, just a little over 20%.

Now didn't we just make your day?

Don't fear  gradually falling prices.  According to Realtor Magazine people shouldn't fear gradually falling home prices.

There is nothing troubling about a gradual correction of home prices.  If we keep our incomes at the current level and home prices go down, we are richer and can buy more housing.  But if home prices fall suddenly that could undermine housing as well as consumer confidence and the economy. 

According to Yale Professor Robert Shiller, there has been a misperception that houses will constantly appreciate.  It doesn't add up to have high home prices and affordable housing.  And lower home prices are what we want and people shouldn't be afraid of that.  Most of us care about our children and grandchildren and these people have to buy houses so why would we want high home prices?  What we really want is economic growth.

Help for homeowners: Choosing a Handyman*

Whether it's a big project such as a bathroom remodel, something small like putting up shelves, or repairs and routine maintenance, many homeowners turn to handymen to get the job done. It used to be that everyone knew "a guy down the street" who could do everything, but these days finding a qualified, professional, and reliable handyman can be a real challenge. Here are some tips for homeowners to ensure that they have the right person for the job:

MAKE SURE THEY ARE QUALIFIED FOR THE WORK

Certain projects require specific skills that all handymen may not have. Make sure that they have the qualifications and experience to do the job. In addition, many states and provinces require persons performing certain work to be licensed; electrical and plumbing often fall into this category.

 

Ask for references

 

Request at least two local references from previous customers. The handyman should be willing to do this without hesitation. Then, contact those references! Ask about the quality of the work, timeliness, professionalism, and how the handyman handled any changes that may have occurred during the course of the project. Also ask how satisfied they were with the work overall.

 

Check on insurance coverage

 

Request at least two local references from previous customers. The handyman should be willing to do this without hesitation. Then, contact those references! Ask about the quality of the work, timeliness, professionalism, and how the handyman handled any changes that may have occurred during the course of the project. Also ask how satisfied they were with the work overall.

 

Get written estimates and a contract

 

Ideally, you should ask three handymen for written estimates for the work you have in mind. Be sure that each estimate contains enough detail so that you can make a comparison between them. For example, are the specified materials of the same quality? Does the cost include cleanup and hauling away any debris or old/broken items? Read all contracts carefully and be sure to ask about anything that you are unsure of.

 

Determine the payment schedule before you sign

 

Beware if you are asked to pay for the entire job up front - this is not an accepted business practice and could leave you open to fraud. Handymen will often ask for 50% when the contract is signed, which will allow them to purchase materials for the job and assure them that you are committed. Be sure to request receipts for all payments.

source: TheHandymanConnection

We're selling our home. Now there is nothing unusual about this, it's our 7^th move in 13 years. I suspect that a surprising number of people in Real Estate sales have a similar story, when you are in and out of 34 or 40 homes a week sooner or later you are going to meet one that speaks to you, at least for a few years until the next one comes along. Two observations have surfaced, there are probably a lot more down below the water line but right now I'm just too tired to see them. First getting a home ready to put on the market is a very hard job. We keep a clean home, and its only 3 ½ years old, but the little things sure mount up. And second is the emotional toll it takes on your psyche. It this the right time? Is this the right house? Price? Rates? Will our dog, Lulu, go crazy? And on and on...  There are a lot of sleepless nights and do you know the kicker...we're both in the business! We should know the answers. I think it's a great wake up call; it helps you remember the uncertainty attached to any move. The lessons learned will help us both relate with our clients in the future as it has in the past, sometimes we all need a reminder of what we already know. So next time you hand some folks their "to do" list let them know you really appreciate their hard work and to keep their eyes on the prize. It will all be worth it in the end.