Richmond, VA Real Estate News

By Nate Rowe, Realtor, Homes in Richmond VA
(Oakstone Properties, Homes in Richmond VA )
Hello Everyone, this is your friend the realtor in Richmond VA, representing homes in Richmond VA and homes in Henrico County VA.  I wanted to write a quick blog on some cheap and very fun things to do around the Richmond area.  Of course, like anything else, this requires some money to be spent.  The endless amounts of fun more than make up for it. I joined my dad this past summer for a 4 hour canoe ride down the South Anna River, starting on Rt. 33 about 6 miles west of I 295 and ending about 6 miles west of Ashland on Rt. 54.  There are a few rocky areas where you might need a little experience, but he has a book where some quieter, easier rides can be found. I am going to return with him to the James, Rivana, Pamunkey and Mattaponi this Summer.  I will bring my camera next time so I...
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The economic news continues to be grim.  The equity markets have been in free-fall.  Daily drops of "only" 300 points are heralded as a positive.  The credit markets remain frozen.  And more money is chasing commodities and government bonds, pushing yields on those investments ever lower. One bright spot in this debacle?  Oil prices have dropped, leading to dramatic price declines at the gas pumps.   So there is SOME good news for the average American. But what to do if you would like to make up some of that dramatic value decline in your stock portfolio? I suggest you consider investing in income-generating residential real estate.  Whether that means your "first" real estate investment, perhaps a small, modestly priced, single-family home, or your 50th, in major multifamily properties...
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By Michael Scott, Realtor
(Long and Foster Realtors)
Richmond Real Estate Click here for homes for sale in Cary Street Road Neighborhood   Architectural Styles: Styles here vary widely within the build dates between 1910's - '60's. Most homes are traditional in floorplan, with 2-story Colonial facades, but also in varyious Revival architectural styles .Typically,they are architect-designed, and built at the highest quality and amenity levels.Average home price: $1,025 million (ranging from $400,K to just under $4.million)Schools: Serviced by Richmond City Schools of Munford Elementary, Albert Hill Middle, and Thomas Jefferson High School. Plus the highly sought-after Open High, and Community High and the International Bachelaureate Programs and the Governor's School Programs. Or by several exceptional Private schools ,several exceptional ...
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By Melissa Loughridge Savenko
(RE/MAX Commonwealth)
Well, I got radio silence in response to my October 10, 2008 post on dual agency.  I'm actually rather surprised.   I thought - and hoped - some more experienced agents might try to tell me why I was wrong, and why dual agency wasn't a bad idea.  Oh well, I would have liked to have read the counter-point. I'm going to pick up where I left off on dual agency.  The example I was working with:  you have a seller, with whom you have a listing agreement obligating that seller to pay you the standard 6% commission for the sale of the house, to be split 3%-3% with a buyer's agent.  A potential buyer, UNREPRESENTED, walks in to your Open House, falls in love with the house, and wants to buy it RIGHT THIS MINUTE.  I take the position that you shouldn't represent both the Seller and the Buyer, ev...
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By Michael Scott, Realtor
(Long and Foster Realtors)
Richmond Real Estate Click here for homes for sale in the Windsor Farms Community Windsor Farms Style: Custom built.  High quality, multi-story colonials, revival styles and transitionals, built from the 1920-1960s, in various architectural styles. Mature landscapes on generously sized lots, characterize this highly desired neighborhood. Home sizes range from modest one-level to estate sized with outbuildings and gates.  Average Sales Price: $913 K Schools: Serviced by Richmond City Schools of Munford Elementary, Albert Hill Middle, and Thomas Jefferson High School. Plus the highly sought-after Open High, and Community High and the International Bachelaureate Programs and the Governor's School Programs. Or by several exceptional Private schools ,several exceptional Private schools St. C...
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By Melissa Loughridge Savenko
(RE/MAX Commonwealth)
AGENT VS. SALESPERSON:  WHAT IS THE DIFFERENCE? The other day I posted my thoughts on dual agency, as it is practiced by real estate salespeople in Virginia.  My opinion:  It is actually impossible to represent both the buyer and the seller, EVEN IF the buyer and the seller are adequately advised of the consequences and sign all the appropriate disclosure forms.  I chose the word "represent" intentionally, because I think representation requires affirmative action on behalf of your client.  As an effective agent, IMHO, you should be developing terms for an offer or counter-offer, doing research to support that offer or counter-offer, constructing a rationale for the offer or counter-offer terms, and advocating your client's position in negotiations with the other party's agent.  Then, o...
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By Melissa Loughridge Savenko
(RE/MAX Commonwealth)
IS the sky falling?  Considering the fact that Nobel Prize winning-economists, Congress, and the Cabinet don't seem to know, I'm not going to dare to opine.  However, I do have some observations about our local real estate market - lovely Richmond, Virginia, my hometown - which I am listing below in no particular order. 1.  I've said this before, but it continues to be true:  It is a great time to be a first-time buyer, if you have good credit and some cash to put down.  There are some amazing values out there.  And there are great loan programs through the Federal Housing Authority ("FHA") for those with less-than-stellar credit and limited cash to put down.  But DO NOT SPEND BEYOND YOUR MEANS.  For Lord's sake, people, that's what got us into this mess.  "Keeping up with the Joneses,"...
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By Mohamed Mekhimar - Accredited Buyers Rep , E-Pro - Richmond Virginia Real Estate
(RE/MAX Commonwealth)
If you purchase any home using Mohamed Mekhimar as your buyer's agent, he will list and sell your home for as little as 1% LOC* backed up with a written guarantee. How does this program work? The answer is simple.  It's a package deal.  Allowing me to represent you in the sale of your current home and in the purchase of another home should not cost you twice.  Providing you this incentive to allow me to represent you as your preferred Real Estate Agent is really nothing more than being fair and reasonable to you ...and your pocketbook. When you purchase your next home or condo, the Seller of that property will be offering a ‘selling office commission*' to the Broker & Agent who represents the buyer.  In most cases this commission is 3% which is normally paid by the Seller...not by you. ...
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By Scott Wharton, Home Inspector - Richmond
(HouseMaster Home Inspections)
As home prices decline and mortgage funding dries up, many Realtors® and home sellers have looked to "staging" to help move a home. However, a fresh coat of paint and a little de-cluttering won't necessarily make a savvy buyer overlook more serious problems with a house.  The art of staging prepares a home for sale by removing certain personal items, rearranging furnishings, adding furnishings in empty homes and making minor cosmetic changes to neutralize the home's decor while highlighting the home's virtues.  Staging is an important tool that can help make a positive first impression, but today's home buyer is more cautious than ever and still wants to know the true condition of the home behind the fresh coat of paint. More than 40 percent of resale homes on the market - that's two ou...
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By Scott Wharton, Home Inspector - Richmond
(HouseMaster Home Inspections)
A professional home inspection helps consumers learn about the condition of a home before making a purchase, but not all home inspectors are created equal. According to HouseMaster, the oldest and most experienced name in home inspections, consumers often only ask for information about fees, but price should not be the deciding factor. Saving a few dollars on a home inspection could cost you thousands down the road. Consumers should ask a few more important questions when shopping for a home inspector: Does the inspector have access to ongoing education and technical support? Many states now have some form of licensing or registration for home inspectors, but do not provide adequate continuing education and support. Look for a well-trained home inspector who also has access to an experi...
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By Cindy Eanes, Realtor - e-PRO, SFR, ASP
(1st Choice Realty Group)
Virginia is a great place to live or visit for many reasons.  One reason is the vairety of music concerts available this summer for patrons to experience.  Whether you are heading to the mountains of the Blue Ridge or feeling the need to sink your toes in the sand at Virginia Beach, most likely there will be music nearby.  If you live in or near Richmond, the state capital, most concerts can be reached within a short drive.  What better to do this summer than pack your family members or friends in the car and head out and enjoy the beautiful scenery Virginia has to offer and end up at a great concert? A few of the concerts happening this week are: Tonight, Aug. 18th, 7:30 PM, Richmond Coliseum -- Bruce Springsteen & The E Street Band. Check the box office or Ticketmaster for available s...
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By Rusty Komosky
(JKBuilders)
Richmond Remodeling and Additions   This past summer I have been a busy bee: Pricing Quoting Negotiating Pricing Quoting Negotiating I have been providing a lot of quotes and the work is stable yet changing. I have noticed the difference in my business. Last year at this time I was building 3 Custom homes a month, this year I have been busy adding screened porches and room additions. I have been in business for the past 32 years and have solely worked off of referrals. Now I am evolving. Who would have ever thought that me Rusty Kamosky would be blogging? Blogging about my business to help my SEO? A year ago I did not need to know about SEO? I have ran 3 - 5 crews for the past 32 years in the Greater Richmond Area  working solely off of referrals. I have survived the Carter years, The 8...
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By Pat Paca
(Joyner Fine Properties)
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 ...
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By Pat Paca
(Joyner Fine Properties)
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 borrowe...
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By Wythe Shockley, Realtor, ABR, SRES, RENE
(Joyner Fine Properties)
www.richmondhomeownersdepot.com is a website developed by me to help current and future homeowners in the Richmond area keep up to date on the market and provide valuable links to useful websites.  I hope you find it helpful. Wythe
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By Pat Paca
(Joyner Fine Properties)
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 definitel...
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By Pat Paca
(Joyner Fine Properties)
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 double...
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By Pat Paca
(Joyner Fine Properties)
Richmond's River District; a place to live, work and everything in between. 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 spac...
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By Wanda Fears, ABR CRS GRI SFR WCR
(Long and Foster Real Estate, Richmond Virginia)
Buyers expect a home to be in good shape. Replacing the roof and painting, replacing the HVAC are not value added in a buyers market. They are expected! If a seller neglects their home, and  decides to sell; they will be hard pressed to recoup these costs in a higher sales price.   Buyers are looking for homes than have been maintained during ownership, and value those homes more than quickly fixed up homes for resale.  Many home repairs, if not made promptly, will cause other problems. Leaky roof may  cause  the sheathing to be replaced, as well as mold and drywall issues. Uncleaned and unmaintained gutters may case water to back up  and ruin the wood trims around the house. Plumbing leaks under the house again cause mold. Not changing air filters cause the HVAC units to work harder an...
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By Scott Wharton, Home Inspector - Richmond
(HouseMaster Home Inspections)
Recently, the inventory of homes for sale has grown to an all-time high. As a result home prices have declined in many major markets for the first time in almost a decade. Many home buyers are holding out, assuming that they will get a better deal down the road, but savvy buyers are not waiting. They're finding ways to negotiate good deals now. Kathleen Kuhn, president and CEO of HouseMaster, one of the most experienced national home inspection organizations in North America, suggests that smart buyers are using the home inspection to further negotiate the price of a home if needed repairs are found. "Smart home buyers understand that the listing price is not necessarily the seller's bottom line. Buyers can leverage the findings of a credible home inspection to further negotiate the pri...
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