There is no doubt in anyone's mind that the recent increase in fuel, food and retail prices has affected everyone's budget.
Purchasing a home in the Richmond, Virginia area may be a good way to reverse the affect of inflation on your housing budget.
You cannot rent today for what you could rent a home for 30 years ago or even 10 years ago. Your house payment will not increase but your rent will continue to increase over the years.
You cannot buy a home today for what homes sold for 30 years ago. A home's value will, in time, increase in value. I know that currently many real estate markets have under gone price corrections and values in home have declined; but this is a temporary phase. Home values will rise again. Statistically homes values increase by an average of 1% per year over a 30 year period.
By selecting a mortgage loan with a fixed interest rate, you will know what your housing costs will be for the next 30 years. FHA offers fixed rate loans and is A Viable Option for those considering a home purchase.
Remember, once your home mortgage is paid off (home mortgages can be paid off early without a huge impact on your budget or investment) you will be leaving rent free!
FHA is a viable option for home-buyers. FHA's goal is to help American's achieve the "American Dream of Homeownership"
Congress recently passed legislation, as part of the Economic Stimulus Package, to temporarily raise the FHA loan limits. The loan limit for the metro area of Richmond Virginia was increased to $528,750. FHA also offers some of the best interest rates available to buyers.
FHA does not require perfect credit. If your credit score is less than 700, then FHA may be a viable option for you. While FHA does not condone or participate in risky loans. they do consider making mortgage loans to those without A1 credit.
If you have a good repayment history, although not perfect, an underwriter will look at the overall credit history to make a determination of the potential borrower's credit worthiness. If you have experienced a specific period of financial difficulty due to outside circumstances, you may still qualify for an FHA loan.
Borrowers who have experienced a bankruptcy may still be able to qualify for an FHA if the bankruptcy has been discharged more than two years (Chapter 7) or if payments (Chapter 13) are being made in a satisfactory and timely manner.
All federal liens and judgments must be paid in full before closing escrow. Other types of judgments and collection accounts may not require repayment; this would be determined by an underwriter.
FHA loans are aimed at the first-time buyer. However, if you have not owned a home for three-years prior to your loan application, you may still qualify for an FHA loan. Did you previously own a home but lost it through the foreclosure process? Even prospective borrowers who have had the unfortunate experience of a foreclosure may qualify for a FHA loan.
If you do not currently have a credit history, FHA will allow substitutions for credit. An example of this would be a letter of credit from a landlord or utility statements.
To know your buying power or your ability to qualify for an FHA loan takes the expertise of a good lender. Do not make an assumption without speaking to a lender first. You may find that owning a home in Richmond Virginia is not beyond your means.
Motivated sellers take action in all that they do when marketing a home. If you really want to sell your current residence, then you need to act. Take action by following these steps:
Action - Price it to sell! In the current Richmond real estate market, you must price your home aggressively. This simply means putting the home on the market for what the market will bear (what buyers are willing to pay). Part of pricing a home includes what terms (types of loans) and concessions (help with buyer's costs or repairs) you are willing to do. If your home is on the market for a competitive price, you will begin receiving calls for showings almost immediately.
Action - Repair and Replace! Get all those handyman projects completed before placing your home on the market. This step will definitely impact the type of offers you will receive and the price buyers will be willing to pay.
Action - Stage It Well! Marketers plan every color, word and placement of objects when designing an ad. As a seller, you need to do the same. Show everything to its best advantage inside and out. Staging is a totally separate marketing strategy from repairing and sprucing but an essential one.
Action - Pack It Up! Act like you expect to be moving tomorrow. While you are doing your repairing, sprucing and staging begin packing up all the unnecessary items.
These simple, but very important steps, will communicate to buyers that you are ready, willing and able to move. Buyers viewing your home will get a sense of urgency without you or your Realtor® saying a word. This type of aggressive marketing will tell your prospective buyers that if they want to purchase your home, they need to take action because your home is not a "wait and see" property.
This Fourth of July make you day colorful by wearing and display Red, White and Blue and don't forget to display your flag.
With so many people opting to stay close to home (Richmond's Independence Day Celebrations) this Fourth of July there will be lots of back yard barbeques and family picnics in the parks of Richmond. It is not too late to make a run to your favorite party store and purchase some festive Fourth of July décor.
Decorate your eating area with red and white checker tablecloths and blue serving dishes; this will make any picnic table bright and festive. Round plastic containers can be made to resemble a drum or you can purchase them in the color of you choice, tape a mini USA Flag to the bottom and fill the container with chips; this makes a great center piece that doubles as a serving dish. A few red and blue patio candles set on white table cloths on your guest's table will make your affair complete.
To brighten up your front yard and show your patriotism tie yellow ribbons around your trees and shrubs (for all of our troops here and abroad). Display red, white and blue bunting from roof eaves and balconies. Place the Grand Ole Flag in your front yard.
Hope I have given you some helpful decorating hints for you celebrations. Now, I am off to begin the preparations for my family.
The new trend for young professionals is to live in districts (think of Seinfeld or Cheers) where you can live, work and play all within walking distance. The new trend in residential living is to move from the suburbs and back to the urban core.
Richmond's historic River District is undergoing a complete renovation making it just such a place. Here you will find a blend of renovated historic buildings and modern structures, which represents the new Richmond and the New South.
Currently, the River District has over $600,000 development projects in the works. These include everything from renovation of old buildings to the construction of modern high-rises bringing both residential living and creative office space to the area. The blend of living and working space has encouraged business, as well as people, to return to the River District in a big way.
The River District is made up of several sub-districts: Canal Walk, Capitol Square, Church Hill, Manchester, Riverfront, Shocke Bottom, and Shockoe Slip. The Riverfront and Canal Walk is a 1.25 mile corridor stretching from the historic Tredegar Iron Works site to 17th Street.
Buildings in the River District date from the 1700's. St. John's Church is the only surviving Colonial structure in the district. Many of the buildings built prior to the Civil War were destroyed in the war but you can still see buildings designed by many famous architects including Thomas Jefferson. The district has become a charming blend of old and new.
The recently renovated Canal Walk has generated new retail and office opportunities along the James River. The canals were envisioned by George Washington as a link to the west and were used as a water "freeway" by the river boats. The Canal Walk offers tours, cruises and access to one of only two metropolitan whitewater rivers in the nation. The Canal Walk allows residents easy access to the transportation hub of Richmond and the Main Street Station, which is located in the center of the River District. The Canal Walk has become the center piece of the 32 acre Riverfront redevelopment.
Shockoe Slip was one of Richmond's earliest commercial areas and is well known for its cobblestone streets. Today, the area is known as the Shockoe Slip and Financial District.
The River District has been transformed into a neighborhood with a thriving mix of commercial uses and residetial lviing.
For living space you may find a warehouse has been trasformed into luxury apartments, lofts or condos. You may chose to live in a restored building or a new highrise, many with gorgeous views of the James River and the Richmond skyline.
The River District is quickly becoming famous for its unique homes which are being developed in buildings that were formerly paper plants and tobacco warehouses. The district also features row houses and town houses. The imagination of the developers in creating these living spaces is absolutely amazing.
The residents of the River District enjoy the variety of over 80 restaurants; all within walking distance of their home. The new River District has already developed its own sense of community. The River District also offers its residents many outdoor activities which include walking and jogging paths and canal cruises. In addition, residents can enjoy historic sights, museums, festivals, events, Farmers Markets and free concerts.
If this sounds like the kind of lifestyle you would like to make your own, please contact me for available properties.
Sellers can woo buyers with just a little sprucing. The real estate market in Richmond is favoring the buyer; so what can a seller do to attract a buyer to their listing? Spruce it up!
First impressions are very important, so start with your front yard. In real estate terms this is called: Curb Appeal.
Let's start with the curb. If your home has a curb, stencil your house number on it. If it is already stenciled, make sure the numbers can be read easily. It only takes a few minutes to repaint them. The benefits to this small and often missed project are that it will put the "final" touch to your curb appeal project; in addition it makes the home easier to find. You don't want your buyer's first impression to be that the house was difficult to find.
Now, let's look at the front yard. First, remove any unnecessary items (trash cans on the side of the house, etc). Next, trim up all the trees, shrubs and bushes, remove any dying vegetation. Are there brown spots on the lawn? Green them up with a little extra water or put in a few rolls of new sod. Add some colorful flowers to the flower garden. Wow! It's looking great already.
Last and not least, on the curb appeal list, is the house itself. Wash the windows and the threshold. Remove any spider webs. Still, not sparkling to the eye? Try power washing the entire exterior. Many times a fresh coat of paint on the fascia boards, window trim, etc. will make a home stand out and look like the whole house has had a fresh coat of paint.
One, last thing about the exterior of the home; be sure the house numbers can be seen easily. They should look fresh and clean. Please, no missing numbers or numbers hanging upside down.
Now, let's go inside. The dark red wall may be a nice accent for your décor but most buyers are going to need colors that work for their décor. So, fresh paint in bright neutral colors is always a plus.
Do you have wallpaper that is dated? This should be removed; but removing wallpaper can be a huge project. Consult your local hardware store to see if the wallpaper can be primed and painted over.
Patch all those little nail holes that got left on the walls when you last moved your art work around. Are your teen-agers using their closet doors and entry door for their collage work? Hate to tell them and you but it needs to come down and all the gummy residue needs to be removed.
Any leaky faucets or other minor repairs should be done.
The home is looking great. The next step is "Staging" but I will save that subject for another day.
Homes that are listed in move-in-condition tend to sell sooner, for more money and with less seller concessions. If buyers feel they need to paint and/or repair the home, they are going to want you to pay for it either through a concession or a reduction in the asking price.
Before you begin your "home-selling" projects, it is always wise to get an expert opinion from a Realtor®. A real estate professional can help you in determining what does and doesn't need to be done. A Realtor® will also let you know what will give you the most "bang for your buck".
The Richmond real estate market is very diversified. Values, marketability and desirability change not only from neighborhood to neighborhood but sometimes from street to street as well.
There is a lot for sellers to consider when placing a home on the market. Call me to help you get the most for your home with proper preparation and staging. I will also help you determine a fair market value for your home and let you know what the latest sales are demonstrating in the way of seller concessions and days on market.
The City of Richmond keeps rising and rising in quality of life, as demonstrated in many of Richmond's "The Future Is Now" projects. The City of Richmond is also rising in the national economic sector as one of the best places to do business.
Did you know that Forbes magazine has named the City of Richmond as the 7th best city for business and careers in the nation? This is a big jump into the future for Richmond which ranked as #14 on the same list just a year ago. By the way, The City of Richmond as been included in the top 15 cities on the Forbes list four times in the last five years.
Forbes determines the cities by comparing 200 of the largest metro areas. The criteria used by Forbes is: business costs, job and income growth, education levels, the number of four-year college and quality of life factors.
Not only does Forbes think the City of Richmond a great place to do business but so do existing Richmond business owners. 40% of Richmond businesses expansion plans in the works (Business First Greater Richmond report). The Business First Greater Richmond program is predicting that if these businesses expand as planned it will create more over 2,000 new jobs for Richmond in the near future.
If you are considering starting a business or relocating your business, then consider Richmond. Business costs are 10% below the national average. If you need quality employees for your business, you should know that 28% of the Richmond area's labor pool has obtained a college degree. That is 3% higher than the national average.
Because of its strong diversified business base, The City of Richmond has historically grown or remained stable for the past 33 years in all of the economic ups and downs of the nation. Richmond is in the top ten places to do business and has been in the top 20 for five straight years. This alone should tell smart business owners a lot, but you can find out more by contacting the Richmond Economic Development Department..
A strong economic forecast and diversified business sector means that more people will be able to achieve the American Dream: Homeownership.
If you are relocating your business to the Richmond area, please contact me for corporate relocation information. If you are moving to Richmond for its many career opportunities and need help with your relocation move, please contact me.
Although you have been hearing about the 14% decline in home prices nationwide being reported by the media recently, that is not the case in the Richmond area. Actually, it is not the case in most areas of the country. A recent House Price Index Report by OFHEO (Federal Housing Enterprise Oversight) shows that the majority of the nation is experiencing steady and increasing home values.
The real estate market here in Richmond is very local. Market conditions change from neighborhood to neighborhood but generally speaking, we are experiencing a buyers market due to sluggish sales volume.
Due to the lack of buyers, some areas are holding steady while others are trending downward slightly. Sellers are more willing to make concessions to buyers in the way of closing costs, etc. The market in Richmond is not suffering from price corrections. The market is favoring buyers at this time because of the shortage of buyers.
The days on market, unless priced very aggressively, are exceeding 30 days. In a normal market, the average "days on market" is 60 - 90 days. So, we are definitely not in a serious downward trend. Interest rates are still low. A word of caution here; while interest rates are still historically low, there has been a slight upward trend in the past few weeks. Wall Street and economist are predicting a rate hike of a quarter percent by December 2008.
Fannie Mae has revised its lending guidelines as of Monday (6/2/2008). Several of the changes will benefit the prospective buyer and a few will make qualifying a little more difficult. One major change will help the self-employed borrower. They will no longer be seen as a more risky buyer than the W-2 employee. This change will not only benefit the small business owner, but will help commission salespeople as well.
If you are considering purchasing a home in the RichmondVirginia area, now may be your window of opportunity. The best time for buyers to buy is in a buyer's market. Don't look back in a few year's time and say "I should have" instead take advantage of aggressive pricing, seller concessions and low interest rates now.
If you live in the Richmond, Virginia area, you most likely have decided on which towns and neighborhoods you are most interested in, the type of home you want, and the price range that works best for you.
If you are relocating to the Richmond area, you may not know the individual neighborhoods but you have done some research via the Internet which has given you an idea of home values, Richmond schools, commute times and other data. (Relocation Information)
Before the days of the Internet, buyers were not quite as savvy as the buyers of today. In those days, Realtors® needed to ask questions just to know how many bedrooms and baths a buyer needed in the home they wanted to purchase. Today, buyers are able to access the MLS and numerous websites to determine their wants and desires in a home. Many times buyers come prepared with a list of homes they want to preview and with a pre-qualification letter from their lender in hand.
While Realtors® appreciate this and the advantages of working with a buyer who is focused on their criteria, it does not allow us the opportunity of knowing you and the basis of your decisions. When I know how you have determined what your real estate needs are, I am better able to serve you.
I know the Richmond real estate market. I know homes that may be available for sale but for one reason or another you were not able to access that data. I know about homes that will become available in the near future and will be the perfect match for you. So, pardon my asking questions but it is because I care about you and helping you to find your perfect home.
Speaking of questions; when you have questions about the Richmond, Virginia real estate market, buying or selling real estate, contact me. I will be happy to answer you questions along with asking a few of my own.
If you are considering purchasing a home or investment property in the Richmond area, here are some buying tips, you may want to read.
Whether you see it on your television set or read it in the newspaper - don't believe everything you are seeing and hearing about the real estate market.
The real estate market is in a slump for most of the nation, that you can believe. Richmond is currently experiencing a buyer's market, that you can believe. Now is not the time to sell or buy, that you cannot believe.
A good time to buy or sell real estate depends on you and your personal circumstances. Location is always a major factor in real estate. Some locations in the nation are seeing some very depressing statistics but that is not the case in Richmond, Virginia.
Interest rates are low, the supply of homes on the market is outstanding, the choice of types of homes is tremendous, some special incentives are being offered to buyers, the Richmond area is growing, the economy is strong and recovery is on the horizon. These factors make it a good time to consider a purchasing a home.
There is nothing like home-ownership to increase your pride in your own accomplishments. You can pay for someone else to own the home you are living in or you can pay to own the home you are living in. Don't let the tremendous opportunities that are out there slip by you. Don't be one of the people who looks back in a few years only to say "I wish I had...".
Talking to a real estate professional can help you determine what is the best course of action for you. I will be more than happy to speak with you and answer your questions about Richmond real estate and its surrounding areas
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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