Richmond Real Estate Talk

Totally Renovated Tri-Level Home For Sale In Glen Allen

TOTALLY RENOVATED TRI-LEVEL HOME FOR SALE IN GLEN ALLEN

Search current inventory of renovated tri-level homes in Glen Allen!

Listing Details

1703 Joycelyn Ct., Glen Allen, VA  23060

Price:  $249,950

Seller Will Pay $2,000 towards Buyer’s Closing Costs

Seller Will Provide 1 Year 2-10 Home Warranty

Bedrooms:  4

Bathrooms:  2 ½

Square Footage:  2,422

Call Barbara A. Reagan at 804-869-1191 to see if this home is still available and to arrange a showing.

Totally Renovated, This Home Says Welcome!

NOTHING to do here but move in and enjoy!  And you won’t find a better buy anywhere else!  Park the car in the driveway and come on in!  The large and neutral living room opens to the formal dining room!  The eat in and renovated chef’s kitchen features top of the line cabinets, smooth top range, built in microwave, dishwasher and refrigerator – all stainless!  Upstairs, you will find the owner’s retreat, with a fully renovated bath, as well as another 2 guest bedrooms and a fully renovated guest bath!  The attic has been finished into a great office (or other) space and even has a closet (and this space is not included in the finished square footage)!  Downstairs on the lower level you will find the fourth bedroom, as well as the fully renovated powder room and a huge family room with wood burning fireplace and access to outside!  A mud room (with washer and dryer connections as well as a mop sink and built in cabinets) leads to the oversized 2 car garage (with built in workshop space).  Brick and vinyl siding, almost ½ acre cul-de-sac lot, new windows & doors throughout, irrigation system, neutral décor, a great Henrico County location and great Henrico County schools – what more could you ask for?  How about $2,000 seller paid closing costs assistance!  Or how about the 1 year home warranty the seller is providing for your peace of mind!  Or how about the grant money that is available to use for the purchase of this home (but you must qualify for the grant funds)!  And don’t forget – this is NOT a short sale or a foreclosure, just a really good deal on a really great house!  Buy this house today and enjoy the summer in your new home!

Enjoy Cooking in This Cook’s Kitchen!

Click here to see additional images of this Glen Allen renovated tri-level home!

The Chef’s Kitchen – The Place For All The Cooks In The Family!

The kitchen will be the place where all the cooks in the family will want to be!  This eat in kitchen was completely redone from top to bottom – and the seller spared no expense here!  What is new here?  The appliances – stainless refrigerator with ice maker, stainless smooth top range, stainless dishwasher, new counters, new fixtures, new flooring, new windows, new lighting and of course, plenty of upgraded maple cabinets!  This is just one of the many many renovations done in this home!

Hungary Acres in Glen Allen!

Hungary Acres is a very small community in Glen Allen with only a few homes on it’s street!  So it is a neighborhood that is probably a bit hard to find!  But this is one that is definitely worth taking a look at further!  Here you will find well tended brick and vinyl tri-levels, where neighbors watch out for each other and lawns are well mainicured!  A number of the neighbors have lived in this neighborhood for many years and many will even be the original owners of their homes!  And location cannot be any better – only a few minutes from the award winning Henrico County schools:  Chamberlayne Elementary School, Brookland Middle School, and Hermitage High School.  Shopping is only a short drive away –whether you are looking for the closest WalMart or Short Pump Town Center!  And, of course, getting to almost anywhere from this home is a breeze, as you are only 5 minutes to I95!

Find Similar Homes in the Area

Have a question about buying or selling real estate in the Richmond area?  Feel free to contact me – I would be happy to assist!  Have a great day!

Market Report for Richmond Virginia Area - April 2013!

So how is real estate in the Richmond Virginia area?  Most of the areas continue to see improvements – and, from my own experience, the buyers are certainly out there looking at homes and writing up offers!  Many sellers are seeing multiple offers!  Short sales and foreclosures do continue to be a strong presence in the Richmond area, but even foreclosures are selling quickly, many with multiple offers and in pretty good condition!  Short sales do continue to be a headache for buyers and sellers – unrealistic valuations continue to be a problem and the length of time it is taking for a short sale offer to be approved continues to be long, causing many buyers to walk from those contracts in favor of non-distressed sales!  Interest rates continue to be at very very low levels, but with volatility in the stock market, we are starting to see some movement upwards recently!  But, as they say in real estate, everything is local, so below are some key indicators for each of the areas in Richmond VA!

Market Conditions – Hanover County

Hanover County, Virginia, which seems to be the one county that has taken the longest to begin a turnaround in the real estate market, seems to finally have some great news!  Compared to last year, most of the numbers seem to show great improvement this year!  For instance, more homes sold in Hanover County in April this year than last year!  And the median sales price definitely showed a lot of improvement compared to last year!  Although there were many more homes that came on the market in April this year, there were also a significant increase in the number of homes which went under contract in April this year!  All of this helped to reduce the number of months of inventory of homes on the market in Hanover  County.  Real estate gurus all say that a normal and balanced market is one in which there is between 5 & 6 months of inventory for people to buy!  With Hanover County having only 4.6 months of homes on the market, this means that, if no other homes come on the market, it would take almost 5 months for these homes to sell!  What this means is that inventory in Hanover County has now become pretty tight and could be one of the reasons why the sales price saw such an increase in April 2013 vs. last year!

 Market Conditions – Henrico County

 Henrico County’s  real estate market continues to improve and the April 2013 numbers seem to point to this.  The median sales price continues to improve and more homes were sold in april this year than at the same time last year!  At the end of the month there were fewer homes on the market for buyers to choose from.  This continues to help prices increase throughout Henrico County.  However, although the active inventory at the end of April 2013 was much lower than it was in April 2012, a note of caution needs to be made:  there were a lot of more new listings that came on the market in April 2013 than at the same time last year HOWEVER the same number of homes went under contract in April 2013 as went under contract in April 2012.  This would be a trend that we probably should watch out for, since if we continue to have more new listings coming on the market than last year BUT no higher number of homes going under contract compared to last year, then inventory will continue to grow and could lead to a slow down in the price appreciation and homes will take longer to go under contract!

 Market Conditions – City of Richmond

 City of Richmond’s real estate market continues to show improvement.  As you can see, there was a significant increase in the number of homes sold in the city of Richmond in April 2013 vs. this same time last year!  Other positive trends – how about the increase in the median sales price, or that there were fewer homes on the market at the end of April 2013 for the buyers to choose from than were available last year at the same time!  This was probably one of the strongest reasons why the median sales price continues to improve!  Additionally, although there were more homes that came on the market in april 2013 than in April 2012, you can see that a larger number of homes went under contract this year than at the same time last year!  This has been the trend in the city of Richmond – let’s continue to watch & see if the trend continues!

Market Conditions – Chesterfield County

 Although we continue to see improvements in the Chesterfield County real estate market, it seems to be flattening out somewhat.  For instance, there were about the same number of homes sold in April 2013 as were sold in April 2012, and although there were fewer homes for the buyers in Chesterfield County to choose from this year, the median sales price really increased only a minimal amount!  If you look at the number of new listings that came on the market as well as the number of homes that went under contract this month, you can see that the differential between the 2 numbers stayed roughly about the same!  This points to a market that seems to be stabilizing. 

As you can see, all the areas seem to be improving each month.  And with interest rates at low levels, although starting to rise, if you are thinking of selling a home, or if you are thinking of buying a home, this may be the best time to be out there in the market!  But now is the time – before the spring and summer market is over! 

Buying a Home in Richmond VA? Here's A Handy Checklist of Things To Look At In The House!

In Richmond, many of the best deals out there today are still the foreclosures & short sales.  But these sales are “as is” and usually you can’t get the price renegotiated after you have done an inspection.  So I put together a handy little checklist for my buyers to use when looking at homes!  This checklist should not be used in place of doing a real home inspection by a real home inspector, but sometimes it is nice to know whether or not the house needs a lot of repairs & if it is something that you want to take on at the price- or if you want to just walk away from the house!  So here is my list of things you may want to take a look at when evaluating a home!

Exterior

o   Walkways & driveways:  is it crumbling and uneven?  Are there tripping hazards?

o   Decks & Porches:  do you see signs of damage?  Moss?  Water stains?  Are the deck railings secure?  Are the slats evenly spaced?  Is the deck properly flashed?

o   Doors:  are there gaps or uneven framing around the doors?

o   Surface Grading:  is the landscaping directing water away from the house?

o   Siding:  are there gaps, rot, cracking, curling anywhere on the siding?  Are the plants and shrubbery growing too close to the house?

o   Windows:  is there rot & gaps around the frame of the windows?

o   Downspouts:  are they attached securely to the home?  Are there gaps at the connection to the gutters?  Does it divert the water away from the house?

o   Gutters:  are they securely mounted to the house?  Are they free of debris?  Do they sag from the house?  Is there any rust or damage?

o   Chimney:  is cracked or crumbling?  Is there missing mortar?

o   Gable Vent:  are there holes or other obvious damage?

o   Roof:  are there missing or damaged shingles?  Is there moss growth on the roof?  Any signs of rot or water damage?

o   Foundation:  is there visible cracking, bulging or leaning in the walls?

Interior

o   Basements:  any signs of water marks, signs of mold/mildew along the floors, walls or ceilings?

o   Electric Panel:  look at the type of electric panel – Zinsco, Federal Pacific & Bulldog Pushmatic have been considered unreliable.  Is there any signs of scorching, melting or charring around the panel?

o   HVAC Ducts:  are they clean, intact & tightly fit & free of debris?

o   HVAC/Furnace System:  are there any service records?  Is it a newer system?

o   Hotwater Tank:  check capacity, reheat time & life span.  If it is a gas hot water heater, does it have the proper venting?

o   Outlets:  they should be securely mounted?  Do they have cover plates?  If near a water source (such as a sink), is it a GFCI?  Are the outlets grounded (3 prong outlets) which are best for computers (2 prong outlets may be okay for some appliances).

o   Appliances:  are the appliances conveying with the house actually working?

o   Stairs:  check the head clearance to see if okay.  Are there handrails?

o   Fireplace:  look for crumbling bricks or mortar in the firebox.

o   Windows:  is there peeling paint, blistering or mold around the frames?  Do they open or close properly?

o   Plumbing:  are there any leaks near the sinks, toilets, tubs?  Any signs of mold or water damage in the floors or walls near pipes?  Check pressure.  Do sinks drain properly?  Is there any galvanized pipes in the house?

o   Water Damage:  any signs of cracking, bubbling or peeling in the walls?  Any signs of mold or mildew?

o   Attic:  is it properly vented?  Any signs of knob & tube wiring in an older home?

Most of these items will be visible to you as you look at the house.  Although all of these things can be fixed, they will cost you money after closing (assuming that the home is being sold as is and seller is not doing any repairs).  If you find these items when looking at a house you want to write an offer on, you may want to take into account how much these items will cost to repair and build that into your offer! 

Hope this helps!  And if you are thinking of selling your home, you may wish to take this list and go through your home to see if any of these items need to be repaired before you list it for sale!

As always, feel free to let me know if you have any questions on buying or selling real estate in the Richmond area!  Feel free to call me at 804-869-1191 or email me at BReagan2@gmail.com!  Have a great day!

Buying a Home in Richmond VA? Buying a Short Sale? Set Your Expectations!

Buying a home in Richmond can be exciting - but it can also be stressful at the same time!  And that is just when you are dealing with Mr. & Mrs. Normal Homeseller!  But if you have found the perfect home - and it just happens to be a short sale - that can add another level of stress to your experience!  But it doesn't really have to be stressful - as long as your expectations are realistic!!!

Just What Is a Short Sale?

A short sale is one in which the current homeowner owes more on their mortgages than the house can sell for!  Sometimes, the seller may have more than 1 loan on the property - they may have a first and second mortgage as well as a home equity line of credit!  This means that although the homeowners (who still own the house) get an offer, they are the only ones who can accept or reject your offer - but the banks who hold the mortgages on the house will not get as much from the sale, so they need to agree to take less than what they are owed!  Hence, the name "short sale"!

Here's My List of Things You Need To Be Realistic About!

1. PATIENCE!  This is probably the most important thing to be realistic about!  Short sales are not short when it comes to the amount of time the seller's mortgage holders may take to give a response to your offer!  The process most likely will be longer than days or weeks - and it will most likely be months!  So make sure you are comfortable with how long the process can take - and that you have a place to live in during this time!
2. FINANCING!  You should know that you will not be able to close on the house within 30 days - or 60 days - or even 120 days after the seller has ratified your contract!  So it is very possible you won't be able to lock in your interest rate until you know that you have gotten the seller's mortgage holders approval of the short sale!  And during the time you are waiting, it is also possible that the interest rates may rise, or you may end up having to pay more points to get a lower interest rate!
3. CONTINGENCIES!  Your offer needs to have as few contingencies as possible!  Financing and inspections are normal contingencies, but any other contingencies will make your offer look much weaker to the lenders who are reviewing your offer! 
4. CLOSING COSTS ASSISTANCE!  If you need the seller to pay some or all of your closing costs, you need to know that some of the sellers lenders may limit how much closing costs they will agree to be allowed to be paid for you from the proceeds of the sale! 
5. NO REPAIRS TO BE DONE BY SELLER!  The seller's mortgage holders will not approve any short sale that has the seller paying for repairs from the proceeds at closing!  All short sales are sold as is - so if your inspection shows a lot of repairs are needed in the house, you will either need to buy the house & do the repairs afterwards, or you will need to walk away from the house!
6. LISTING AGENT!  Sometimes, it doesn't always matter to the buyer what kind of experience the Listing Agent has!  But in a short sale, this can mean the difference between your offer being approved by the seller's mortgage holders or not!  If the Listing Agent has not done a short sale before, they may not be familiar with all the quirky things that go into a short sale! Make sure your Buyer Agent talks to the Listing Agent to get a feel as to how experienced that Realtor is in handling the details of a short sale!
7. TYPE OF LOAN THE SELLER HAS ON THE PROPERTY!  The guidelines for a Fannie Mae loan may be totally different than the guidelines for approving an FHA loan!  Make sure your Buyer Agent finds out from the Listing Agent just what type of loan the seller currently has on the property and how far along into the process the seller is with their current lenders!
8. TITLE ISSUES!  Sometimes a property may not have just mortgages on the title, but there may be tax liens, or judgments!  The seller's mortgage holders will not allow those liens to be paid from the sales proceeds!  Make sure your Buyer Agent talks to the Listing Agent to find out if there are any title issues that can come up at closing and what has been done to get those items resolved before the approval for the short sale is received!
9. MORE THAN 1 MORTGAGE ON THE PROPERTY!  If there is more than 1 mortgage on the property, keep in mind that all lenders must approve the short sale, and having to go through the process with each of the lenders will only add extra time to how long you need to wait for the lender's approval!
10. PRICE IS SET BY THE SELLER & THEIR AGENT - BUT THE BANK CONTROLS HOW MUCH THEY WILL ACCEPT!  The price that the home is listed for is set by the seller and their agent, as in any other listing!  But since the sellers current mortgage holders will have to take less for the house than they are owed, they will determine at what value they will approve the short sale!  And sometimes, the value the mortgage holder will accept may not always be what we would consider to be fair market value!
11. ONCE YOU HAVE APPROVAL FROM THE SELLER'S MORTGAGE HOLDERS, YOU MUST CLOSE ON TIME!  It may take a long time to get the approval from the seller's mortgage holders, but once you get it, you need to be prepared to close, since the approval will only be good for a short period of time (say 30 or 45 days)!  Trying to get an extension of the approval is never guaranteed!  And part of the approval means that the seller's lenders need to review and approve the final settlement statement before you close!

As you can see, buying a short sale home adds extra issues onto the process, but if you work with a Buyer Agent who is familiar with the process, and the Listing Agent is an experienced Short Sale Agent, then the stress level that comes with buying a short sale home can be greatly reduced!

As always, if you have a question about buying a short sale home in the Richmond area, as well as Henrico County, Short Pump, Hanover County or Chesterfield County, or want some advice on buying or selling a home in the Richmond area, don't hesitate to call or text me at 804-869-1191 or email me at BReagan2@gmail.com!  Have a great day! 

Buying a Home in Richmond? Found A Home - So What's Next???

Well, you have looked – and looked – and looked – at so many houses, it’s not funny!  You have seen Grandma’s house that needed a lot of updating, and you have seen a newer home that looks like it’s in great shape BUT it backs to a busy road!  You have a file so thick you can recycle the paper without having to buy a new ream from the office supply store!  But, finally, you have found that perfect house! 

So what is next?  How do you know what price you should offer?  And should you negotiate the price?

After all, your parents told you that that is how you buy real estate – the harder you negotiate the better the deal will be that you get!  But what does your Buyer Agent say?  Well, hopefully, your Buyer Agent is going to sit down with you and show you a Market Analysis for the house! 

A Market Analysis?  What is that???

A Market Analysis is a synopsis of the real estate market for that particular home you are considering.  When the seller listed their home with their Realtor, that agent sat down with the seller and provided them with a Market Analysis to show them just what was happening in their market area!  Based on this, the seller came up with their pricing for the house!   But just because their agent did a Market Analysis when the house was listed doesn’t always mean that the house is priced right – why? Condition of the house may have changed, new homes may have come on the market that could have affected this home’s price & the seller didn’t respond, or maybe the listing agent didn’t run a good Market Analysis for the home!  Or maybe the seller just didn’t believe what their agent told them, and they are trying to test the market! 

Bottom line, don’t assume that the price the home is listed for is a good price!  A good Buyer Agent will run you a Market Analysis on the house – you and your Buyer Agent should sit down and discuss the real estate market!  You should review the market analysis with your agent as that is the best way to determine just how you need to structure your offer so that it is the strongest offer you can put forward!  So what are you looking at in a market analysis?

ACTIVES – THE COMPETITION!

These will be all the homes that are for sale in the market area & are competing for the same buyers that the home you are considering is!  Don’t look at these as an indication of the market value – remember sellers can ask anything they want!  But if the house you are looking at is priced really well compared to these, then you may want to think of this home as a pretty good deal!

PENDINGS – HOW THE MARKET IS MOVING!

These homes were once active on the market and the seller accepted an offer!  This will tell you just how the market is moving – looking at the asking price when it went under contract means that this was the sweet spot for the buyers who are out there looking at home and they saw enough value in the home to write up a strong enough offer for the seller to accept!  If the house you are looking at is priced above these homes, this should lead to a conversation with your Buyer Agent!

SOLDS – HOW THE APPRAISER WILL VALUE THE MARKET!

Generally you want to look at what has sold in the last 6 months – this is what the appraiser will use to come up with their valuation of the home, should you end up buying this home!  The appraiser will make adjustments to those sold homes that are most like the one you are considering – and they will try to use those homes that are most like the home you are considering (style, size, lot size, location, year built, bedrooms, baths, etc).  So when you and your Buyer Agent look at the comparables, make sure you are looking at those that are most like the home you are considering! 

EXPIREDS – THOSE HOMES WHICH THE MARKET REJECTED!

It is always a great idea to look at the homes that did not sell during their listing period!  Usually, this is because the home was priced too high and the pool of home buyers out there did not want to pay what the seller was asking for the home!  This is the market talking to the seller – and if the seller did not adjust their price, then their home did not end up selling!  Sometimes, these homes will come back on the market as a new active listing – with a new Realtor and a new price!

So, as a buyer, how do you use this to structure your offer to the seller?  Sitting down with your Buyer Agent and looking at these listings is a great way to know just how well (or how badly) the house is priced!  If the house is priced well, and if you think it is worth what the seller is asking, then you will want to go in with a strong offer so that your offer will get accepted!  You may want to rethink about low balling an offer to the seller just because your family or friends say you should – you may insult the seller and in the meantime another – and better  - offer may come along that the seller will want to accept!  Does this mean you should pay full price?  Not necessarily – but your Buyer Agent will be the one to give you the best advice on how to structure your offer!  Listen to friends and family – but also listen to your Buyer Agent who knows your local real estate market and what is happening in the market place!

Have a question about buying a home?  Feel free to call/text me at 804-869-1191 or email me at BReagan2@gmail.com !  Have a great day!

Buying a Home In Richmond Virginia? Why A Short Sale or Foreclosure May Be Just Right For You!

Buying a home in today’s real estate market can be a little tricky, especially in some areas of Richmond.  We are beginning to see some homes go under contract in a day or two only, many with multiple offers!  So if you are buying a home, especially if you are a first time homebuyer wanting to buy in particular areas of town, a short sale or foreclosure may be a great option for you.

If you are a first time homebuyer in Area 22 (the Far West End/Short Pump areas) of Henrico County, you may be thinking that it would be very difficult to get into this area.  I took a look and found that there were 100 active listings in Area 22 priced under $300,000! Of these only 14 are either short sales or foreclosure, which means that another 86 homes are not short sales or foreclosures!  The average list price/SF of the homes not foreclosure or short sale is $128/SF, while the average list price/SF of the homes which are short sale or foreclosure is $104/SF.

So as you can see, just looking at the pricing, there is a pretty significant difference in the list price.  But there may be good reasons for the difference in the average list price/SF:

·         Condition – foreclosures & short sales tend to be in not quite as good a condition as those that are “normal” sales.  The price/SF may reflect this difference in condition!

·         Time on the Market – short sales are pre-foreclosure and the seller of a short sale needs to get their home sold before their lender sets a foreclosure date, so many times prices will continue to fall until they get a buyer for the home!  And foreclosures are now owned by the bank, who is not in the business of being homeowners, so prices will also fall here until they get a buyer for the home!

·         As Is Sales – Both short sales & foreclosures are sold as is, so many times the price will fall until it hits that sweet spot where a buyer is willing to take the property in the condition that it is currently in and do any needed repairs after closing.  Unfortunately, unless the buyer does a home inspection prior to writing a condition, it is very hard to go back and re-negotiate the price of the house after the contract has been accepted!  So a buyer will tend to take any potential repair issues into account when coming up with their offer price!

·         Time For Closing – With short sales, it may take many months for the seller’s lienholders to come back with an approval of the short sale.  The seller may set the price low enough to attract a buyer who looks at this as such a great deal that they are willing to wait out the many months it may take for the lienholders to approve the offer!

·         Possible Title Issues on the Property – With short sales & foreclosures, a seller may not be able to give a general warranty deed or a title that is marketable that is free of encumbrances & defects.  If a buyer wishes to purchase the property they may have to also take care of some liens on the property in order to be able to get a good title!

The homes which are not short sales or foreclosures do not have these issues so sellers will ask a higher price for their homes than short sellers and foreclosure lenders.  The condition of their homes will be much better, a buyer can usually negotiate repair items with the seller and the closing can occur within a normal time frame so that the buyer does not lose a lock in on their interest rate!

So why would I recommend that a buyer consider a short sale or a foreclosure when there are all these issues? 

Because they can also represent a great deal for a buyer, provided that you know what you are getting into and take the necessary steps to make sure you are protected! 

1.       This means having the vision to look beyond a house that maybe doesn’t look so good when you walk into it! 

2.       This means you may need to spend a little bit of money up front on inspections and title searches to make sure that you are okay with what is found in the house! 

3.       This means that you make sure you have the money to take care of any repair issues after closing!

4.       This means making sure the house will be able to appraise for your loan type!  This means that you are okay with potentially waiting to lock in your interest rate! 

5.       This means making sure you have a place to live while waiting for the approval from the owner’s lienholders (on a short sale) or having your offer accepted by the foreclosure lender and having all the paperwork received at your attorney’s office for closing!

If you are okay with these things, then buying a short sale home or a foreclosure can be a great buy in an ever tightening market!

As always, should you have any questions, feel free to call/text me at 804-869-1191 or email me at BReagan2@gmail.com!  Have a great day!

Colonial For Sale in Henrico

You Won't Find A Better Buy!

• 2,026 sq. ft., 3 bath, 4 bdrm colonial - MLS $279,950 - Best Buy!

Henrico, Henrico County  -  Spring is here - flowers are blooming - and this home is just waiting for you to walk through the front door & make it your own! This home is asking for a new owner to love & care for her! This is the home you have waited for - at a price you hoped for! Clean & move in ready - this home needs no work! Pre-inspected just prior to listing, owners have completed almost all repairs in the house! The entire home has been recently repainted in neutral colors, to make decorating a snap! And the owner is offering a 1 year home warranty for peace of mind! This 4 bedroom home has over 2000 SF, neutral carpet throughout, an eat in kitchen with island (and all appliances - stainless - convey) and a 1 car garage are just a few of the things you will find here! And all of this can be found on a large cul de sac lot! And don't forget the great Henrico County schools! As they say in real estate - location, location, location - and this home has one of the best Henrico County locations, only minutes to Short Pump without being in the Short Pump congestion! Interest rates are still low - the price is right - this is the house you will want to come home to! But don't delay - or this home will be gone!

Property information

Buying Your First Home in Richmond VA? Spring Has Sprung - And Is Continuing To Spring Forward!

The spring is finally here – although some days it feels like it is more summer!  And with spring, not only do we see pretty flowers popping up, home improvements being done, everyone is out walking around and the sun is shining! 

Are you paying $1000 per month in rent?  Is your landlord ready to increase your rent?  If so, then this may be the time to buy!  Will your landlord be increasing your rent each year?  Probably so!  And if the landlord takes a minimal increase of 5% each year, then you will probably have spent close to $100,000 in rent payments – and still have nothing to show for it!

Did you do any improvements to your apartment or rental home – did you paint the walls, did you plant any new flowers, etc.?  Then your landlord will probably thank you for helping them make their property more attractive to future renters!

House prices in Richmond are rising each month, which means that the number of homes that are underwater are decreasing!  And this is good for sellers!

So why should you think about buying rather than continuing to rent?

Ø  Forced Savings:  If you are paying your landlord $1000/month, and the landlord increases the rent each year by 5%, then at the end of the 5 years you will have paid over $96,000 in rent and other fees!  If you were to buy a $150,000 home today, at the end of the 5 years you would really have spent only just under $23,000 because of tax deductions and appreciation in your home!  This is a difference of $73,000 – think what you could do with this $73,000!!!

Ø  Lower Mortgage Rates:  When I bought my first home in the 1980’s, I was extremely happy to have an adjustable rate that started at 9%!  Today, you can get a fixed rate mortgage for the mid 3%! 

Ø  It’s Your Home To Do As You Please:  within limits, of course!  If you live in a neighborhood with an association or there are certain restrictions from the county/city, then you may be limited as to what you can do!  But if you want to paint your bedrooms purple and pink dots, you can do that (do you think the landlord would allow that?)!

Ø  Tax Deductions:  Having just passed tax day, we are always looking for legal ways to reduce the amount of taxes we pay to Uncle Sam!  The mortgage interest deduction and tax deductions are only available to homeowners – not to renters!  Your landlord, of course, does get to take these deductions!

Ø  Energy Efficiency Savings:  As a renter, you can do some things to help save money on your energy costs – unplug the computer, turn off the lights, etc.  But as a homeowner, you can really make a big difference on your energy savings (and the planet) by doing things like insulation upgrades, solar panels, rain water barrels, etc.!

Ø  Another Potential Income Stream:  A homeowner in my neighborhood has a garage but does not have a car.  So she rents out her garage to her next door neighbor!  Another neighbor of mine has a double lot and she rents out a small space in her extra lot to some friends who have a vegetable garden.  In addition to getting a little bit of extra money, she also gets the pick of some of the fresh vegetables her friends grow in the garden!  And in this day of tight money, it is always nice to find some extra income sources!

Ø  You Can’t Get Evicted:  If you are renting a house or condo owned by an individual, the landlord may decide to sell and take advantage of the rising home prices!  But if you are a homeowner, you can’t be evicted out!  Now, if you end up not making your mortgage payments, that is a different story!

Ø  No Increases:  Every year you rent, your landlord probably will continue to raise your rent!  But when you have a fixed rate mortgage, your payment will stay the same each month and year!  The only thing that can change each year will be your taxes (which can go up or down depending on what happens in the market) and your insurance (especially if you switch insurance companies or you have had claims over the year)!

Ø  Low Interest Rates AND Prices:  Finally, interest rates continue to be low and the prices continue to remain low!  It is an unusual real estate market when you have both low prices and low interest rates!  But as inventory levels tighten up, sellers are going to be raising their prices!  So if you are going to come off the fence and buy a home, now is still the perfect time to do so!

So, as the flower beds start to get some color and the weather gets warmer, it may be the right time this year to buy your first home, and say goodbye to the landlord as you give back the key to your rental and open the door to your first home!

If you have been thinking about buying a home, and have questions, or would like to sit down to discuss buying a home in 2013, feel free to call or text me at 804-869-1191 or email me at BReagan2@gmail.com!  Have a great day!

Buying A House in Richmond - Selling A House in Richmond VA? March 2013 Market Stats!

 Henrico County's Real Estate Market - March 2013!

Henrico County’s real estate market continues to improve, which is a strong sign for the spring market, which is just starting.  Although there was a slight decrease in the number of homes sold this month and in March 2012, the bright news is that the median sales price increased significantly – both from the price in February 2013 as well as in March 2012!  One reason why the median sales price increased is due to the number of homes on the market for buyers to choose from.  Even compared to February 2013, inventory levels in Henrico County continue to tighten.  When you look at the how many new listings came on the market in March, 2013, there were significantly fewer homes that came on the market vs. March 2012.  Additionally, more homes went under contract in March 2013 than in 2012!  When you couple fewer homes coming on the market AND more homes going under contract, it will reduce the inventory available for the buyers to choose from – this leads to higher sales prices AND fewer months of inventory on the market.  A normal real estate market is one that has around 5 to 6 months of homes available – this means that if no other homes come on the market for sale, then it will take about 5.1 months for everything to sell in Henrico County.  Of course, we know that homes will constantly be coming on the market for sale!  And as you can also see, because of the tighter real estate market, homes are taking a much shorter time to go under contract!

City of Richmond's Real Estate Market - March 2013!

City of Richmond’s real estate market is also showing some improvement, and has been for some months!  Again, a great sign as we begin the spring real estate market!  Although the number of homes sold in the city of Richmond was slightly more than last year at this time, it was significantly more than the 133 homes sold in February 2013!  Compared to last year the median sales price also was significantly better – part of this may be due to fewer foreclosures & short sales in some parts of the city!  Another reason for the increase in the median sales price can be due to the fewer number of active listings on the market for the buyers to choose from – not only do we have fewer new listings that came on the market this month but there were also more homes going under contract in March this year than there were in March of last year.  Because of this, sellers were able to get more of their asking price and the number of months of homes dropped to 5.9 months – meaning that if no other listings come on the market, it would take 5.9 months to sell everything on the market currently.  And, of course, this is unrealistic to think nothing would come on the market.  All of this means that the real estate market in the city of Richmond seems to be coming into a more normal real estate market!

Chesterfield County's Real Estate Market - March 2013!

Chesterfield County’s real estate market also seems to be improving.  Although the median sales price remained about the same as it did last year at this time, and the number of new listings that came on the market in March 2013 was roughly about the same as it was in March 2012, the number of homes which went under contract was significantly better than it was in March 2012.  Because of this, you can see that inventory levels at the end of March 2013 was way down from what it was at the end of March 2012.  Because of this, the number of months supply of homes available on the market dropped from what it was in March 2012 – this means that if no other homes come on the market for sale, then it will take only  5.2 months for the homes currently on the market to sell – of course, that is not realistic!  But because of the tightened inventory levels, this should help prices begin to increase as we go through the spring market!

Hanover County's Real Estate Market - March 2013!

Finally, Hanover County’s real estate market – hopefully, we are beginning to see some turnaround here!  Hanover County seems to be the one area that has taken longer to turnaround than the others!  Although fewer homes went under contract in March 2013 than in March 2012, it was slightly better than the number of homes that went under contract last month – and I am happy to see a continued trend of more homes going on the market.  Another good sign of a market turnaround – the median sales price was not only higher this month compared to February 2013, but it was also higher compared to March 2012!  Fewer homes came on the market in March 2013 which meant that at the end of March 2013 there was many fewer homes for buyers to choose from, and this helped to push Hanover County’s supply of homes to a low of 6.4 months – meaning that if no other homes came on the market in Hanover County, it would take 6.4 months for all existing active listings to sell!  Of course, we know that homes will continue to come on the market and go under contract!  Although it has taken Hanover County longer to begin the real estate turnaround, it is great to see some positive trends developing in Hanover County!

It is always great to look at the statistics for the area so that you can know just how your area is doing!  If you would like to know the statistics for your home, feel free to call/text me at 804-869-1191 or email me at BReagan2@gmail.com!  I would be happy to prepare a summary for you!  And if you are thinking of buying a home and want to know what is happening in the different neighborhoods you are considering, why not call, text or email me and I would be happy to assist you if you are not currently working with your own Buyer Agent!  Have a great day!

Single Story For Sale in Midlothian

Country Living With Convenience!

• 2,024 sq. ft., 3 bath, 4 bdrm single story - MLS $199,950 - Chesterfield's Best Buy!

Midlothian, Richmond  -  Get here quick-this home’s priced to sell! You don’t want to miss this opportunity to own this move in ready 4 bedroom, 2 ½ bath home that offers country living with convenience! Quality renovations can be found throughout-from the total kitchen renovation with new white cabinets, corian counters, new fixtures & all appliances convey – to the bathroom renovations with new vanities, fixtures and more! The newer addition on the back includes a wonderful master bedroom and a large great room with ceiling fans, laminate floors & new door to the deck! The family room as well as living room has refinished hardwood floors, ceiling fans & a wood burning fireplace! This home is great for the first time homebuyer or those looking to downsize to the ease of one level living! And all of this is on a level acre lot in the heart of Chesterfield, yet is only minutes to shopping and interstates! Just move into this home!

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Open House Sunday 4/14 From 2-4 At 1500 Skirmish Run Ct.-Stonewall Manor Condos!

Stop by Sunday to see this 3 bedroom townhome - priced to sell at only $139,950!   You won't find a better buy anywhere in Henrico County, so check out the information below, then stop by to see this home Sunday! 

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Buying a Home in Richmond Virginia? Considering New Construction?

Several months ago, I spoke to someone who was thinking about buying their first home!  They were exploring whether or not a newly constructed home was right for them – after all, you get to pick out your colors and your cabinets and your flooring and your options – and then you wind up with a home that is truly yours – RATHER than buying someone else’s choices in colors and cabinets, etc!

So we talked about it, and they thought about it!  But here we are with spring time just starting and they have come back and decided that they really do want to build a new home.  But before jumping into the car and going out to the various new home sites, we talked about some of the things they need to consider before committing to a newly constructed home!

1.       Is This Really What You Want???  Many of the new home neighborhoods here in Richmond will be in a subdivision in which you will sit down with the builders, pick out a lot and pick out a floor plan, then look at the options available to you and decide how you want to customize it!  But, you want to make sure it is in a location you want, that you can live with the lawn while it is being established, that you can live with the look of the neighborhood while it is being established and that you can live with the construction that may be continuing for a year or more! 

2.       Did You Research The Builders???  If the past several years taught us anything, it is that not all builders can withstand the downturns, and not all builders are the same!  So if you are thinking of building, make sure your builder is a good builder and reputable!  Drive through the neighborhood to see just how well the builders homes have withstood the test of time (even if the home is only a year old!).  Talk to the Home Builders Association and Better Business Bureau about the builders!  Talk to the people in the neighborhood to see just how responsive the builder was during construction – and after construction!  Go to the courthouse and see if the builders have ever had liens placed against them!  And finally, talk to the subcontractors and ask them if they are being paid by the builder as they should be!

3.       Did You Research the Neighborhood???  If you are going to research the builder, it is just as important to research the neighborhood – after all, you will be living there for the next 5 to 10 years (or more)!  So you want to make sure this is the right neighborhood for you!  Find out about the homeowners association – what the dues are, what the restrictions are, who is running the association, etc – and can you live with it!  Make sure the zoning laws will allow you to do whatever it is you want to do – if you want a swimming pool in your back yard, you want to make sure you really can have one!  Is there anything in the future that you may not like!  For instance, roads may be on the books for years and years before they ever get put in, but if that road is planned to be behind your house in the future, this may be an issue for you!

4.       Do You Have The Time To Wait It Out???  Although your contract will call for the closing to happen on a certain date, things happen to cause delays – weather issues, the county/city may take longer than anticipated to give the permits or to get inspections done!  There are so many things that can happen to cause a delay!  Make sure you can wait it out if a delay does happen!

5.       The Builder Won’t Negotiate The Price???  Most builders will set the price based on what they think the home is worth!  That price has a built in profit margin!  Lowering the price will affect the other homes in the neighborhood!  And even if a builder’s lot is sitting on the market for a period of time, you may end up seeing the prices go up (not down) because materials & labor costs may have increased!

6.       Then Will The Builder Negotiate On Upgrades & Options???  Sometimes when a builder is firm on the price, you may be better able to get the builder to add in some upgrades or options at no cost or at least a reduced amount! 

7.       Do You Understand the Builder Addendums and Contracts???  The builders will generally use their own contracts or they may even use an addendum to the standard contracts we use here in Richmond!  These will not only cover the building process (such as the materials that will be used and how the home will be constructed, but many of the terms in the contract will be there to protect the builder!  Make sure you read through it all and understand it before signing the contract!

8.       So What Kind of Warranty Will I Get???  Here in Virginia, the builder will cover the house for the first year.  But after that is there any kind of warranty?  Many builders will offer a warranty of up to 10 years for structural type of issues & other items!  Make sure you understand the warranty the builder is giving on the home and what it specifically covers!

9.       Can You Do Your Own Home Inspection???  When you are writing up your offer on the house, make sure you have it in writing that you can do a home inspection by the inspector of your choice!  Even though the county/city inspectors will have mandatory inspections, it is always possible for something to be missed!  Then provide the home inspection report to the builder so that they can add those items to the punch list and get the repairs done by the time you are ready to close on the house!

10.   Finally, Do You Have A Realtor that Can Help You Through The Process???  Some buyers think that they may get a better deal if they just walk into a model home and talk to the site agent who is there!  Remember that the person sitting in that model home is representing the seller – the builder – and is there to show you the homes, answer your questions – but is always there to do the best job they can for their client!  Everyone is happy when the contract is being signed – it is an exciting time – you are picking out cabinets, colors, flooring, etc – but then the house is being built and what happens if something doesn’t go quite the way you want it to?  Your own Realtor will be your best ally in the process!

And if you have dotted all your I’s and crossed all your t’s, you will be able to close on your new home and move in!  And there is nothing like the excitement you will have when you are walking through your new home that has all your own choices in it!  But before the furniture arrives, take the time to go to Lowe’s or Home Depot to buy a roll or two of carpet protector so that when the furniture is being moved in your new carpet is being protected! 

Hope these tips helped!  But if you are thinking of buying new construction and you have questions, don’t hesitate to call me at 804-869-1191 or email me at BReagan2@gmail.com  !  Have a great day!

Buying a Home In Richmond Virginia? Why You Need A Realtor - And Why You Should Be Picky About the One You Select!

The other day I was speaking to a woman I had shown a few homes to about a year ago!  She called to see if I could help her with a transaction that she had entered into with another Realtor she knew from her previous job. First of all, it appears that this other Realtor works full time at another job. The Realtor told her that she didn’t really need to do an inspection, because the seller had had one done. She was told that if she wanted to get the house (it was in a very desirable location) that she had to offer list price! But now that there are some issues, she is trying to get in touch with the Realtor – and no one is returning her phone calls! Apparently, there are some issues with the loan, but the lender is giving her the run around, and the Realtor she is working with cannot be reached and this buyer is leaving voice mail after voice mail! The buyer has given notice at her apartment complex, and apparently the landlord has now re-rented her apartment, so she has to move within the next 45 days!

As I explained to this buyer, I am not in a position to assist her with this transaction. She has a signed Buyer Agency agreement with the Realtor and she must resolve the problems with this Realtor. I did suggest, however, that she get in touch with the Realtor’s Managing Broker to see just how her issues can be resolved.

But in listening to what has been happening, it brought to mind just why you need a Realtor, and why you, as a Buyer, should be very picky about who you choose to assist you. A good Buyer Agent is going to do much more for you than just set you up with a link into MLS, show you homes, and fill in the blanks on a contract. Someone once told me that a buyer is really dealing with two sellers: one is the current home seller – the person who actually owns the home, who wants you to purchase it. The other “seller” is your Realtor, who is selling his services to you and once you have agreed to allow the agent to represent you, you have bought the services that he/she is “selling”. You inspect other purchases before you make them, so why not inspect your Buyer’s Agent before you buy! I thought that was a great summation of why every homebuyer should be picky about the Buyer Agent they choose.

So what should you expect from a good Buyer Agent?

• A good Buyer Agent can save you time, money & frustration!

• A good Buyer Agent knows the housing market inside and out and can guide you through the process!

• A good Buyer Agent can help you with any home!

• A good Buyer Agent knows the lenders in town that are best for your situation – not every lender is a good VHDA lender; not every lender offers grant monies; some lenders are backed up and will take longer than you may want to get your loan approved!

• A good Buyer Agent is a great source for information you may need regarding schools, shopping, transportation, etc.

• A good Buyer Agent will be knowledgeable about inspections and will be able to recommend inspectors for the home you are purchasing!

• A good Buyer Agent will be experienced at helping you structure a strong offer (even in a multiple offer situation) and presenting it in the best light to the seller, since a good Buyer Agent will be objective throughout the entire transaction!

• A good Buyer Agent will advocate for YOU during the transaction!

• A good Buyer Agent won’t cost you a cent – since they are not paid until the transaction closes and they are paid a commission that is paid from the seller’s proceeds at closing!

Having a full time Buyer Agent who is responsive to phone calls, who is experienced to handle any of the challenges that can come up during a real estate transaction can be the difference between buying a home with a lot of stress and heartache, or buying a home with as little stress and heartache! Sellers routinely put us through an interview process in which we are required to compete & earn their business. Buyers should not think that their representation needs any less of a screening process!

As always, feel free to call me at 804-869-1191 or email me at BReagan2@gmail.com if there are any questions I can answer for you!

Buying or Selling Your Home in Richmond VA? Has the Internet REALLY Changed Real Estate in 2013?

The other day I was preparing to go on a listing appointment, which made me wonder just how much the internet has really changed the real estate business. I became a licensed Realtor in Richmond in January 1996. I can remember when the weekly book with MLS listings came out! I remember taking a photo of my listings, then gluing them onto a flyer that was typed! I remember handwriting out my route for the homes I would be showing a buyer the next day!

My, how things have certainly changed – or have they really? YES & NO!

Back in 1996, a buyer had to find a Realtor, then have printouts of homes mailed to them each week! If someone wanted to do some research on their own about a house they were thinking of purchasing, they would have to go sit at the courthouse and do their own research! Today, over 80% of the buyers are going online to look for real estate! What a change that is from 1996!

In my opinion, here is how I see the internet changing what we do!

• Websites: most Realtors today have personal websites (they didn’t have that in 1996) – and home buyers and home sellers are certainly searching through numerous websites to find information!
• Blogsites: a growing percentage of Realtors are blogging. In 1996, I had never even heard of something called “blogging”. Now, you will find blog sites all over the internet from Realtors for just about anything and everything you could want!
• Social Media: it seems like every day there are more and more social media sites popping up! Pinterest, Facebook, Twitter, LinkedIn, Google Plus – the list goes on and on! Back in 1996, social media was when you went to a party and met someone!
• Open Houses: many Realtors have stopped holding open houses – why? Because with the internet, there are virtual tours, YouTube videos, websites and MLS with many pictures! In 1996, you didn’t even think about not holding a home open on the weekend!
• Mobile Technology: most Realtors today cannot live without their IPhone and IPad-it lets us keep in touch with our clients no matter where we are! Today’s homebuyers & sellers also use this technology and want the information right away! In 1996, the “mobile technology” was calling the listing agent whose name & number is on the sign! In 1996, our “smart phones” were big phones that were installed into our cars!
• Applying for Mortgages: today’s home buyers can easily pre-qualify at midnight on a Thursday without speaking to a loan officer by just going to a secure website at the lender and filling out a secure form with all their information. In 1996, you had to set up your appointment with the loan officer to go in with reams of paperwork – and the process could take up to a week!

 So, yes, the internet has changed how real estate works! Some statistics I came across in the National Association of Realtors’ Profile of Home Buyers and Sellers for 2012 point this out:

• Home builder & real estate broker related searches on tablets grew over 300% year over year! 
• First time homebuyer related searches on Google grew 5% year over year!
• Finding an agent & agent related searches on YouTube grew 46% year over year!
• 75% of senior home buyers go online to search for a home!

But as you can see, Realtors have not gone away – and home buyers and sellers are still using Realtors to help them buy or sell their homes! Why?

Because real estate is still local – I have yet to meet someone who will buy or sell their home sight unseen! These buyers and sellers still want a local, knowledgeable Realtor to help them! Yes – real estate has changed over the past 17 years – but in the most important way, real estate is still the same – buyers and sellers will always want a knowledgeable, local Realtor who knows the market conditions & neighborhoods to help them with their real estate transactions!

As always, feel free to call/text me at 804-869-1191 or email me at BReagan2@gmail.com if there are any questions I can answer for you, or if you would like to meet to discuss how I have helped hundreds of buyers and sellers over the years with their real estate transactions! Have a great day!

2 Story For Sale in Glen Allen

Custom Contemporary Home!

• 3,923 sq. ft., 3 bath, 5 bdrm 2 story "Custom Contemporary" - MLS $564,000 - Great Price - Great Home!

Glen Allen, Glen Allen  -  Welcome to 11504 River Run Dr- the ultimate family home! Meticulous attention to craftsmanship and detail created the perfect retreat in Glen Allen, and this custom home will exceed your expectations! From the moment you enter, this light filled custom contemporary will welcome you home! The foyer has custom touches-hardwood floors, floor to ceiling bronzed mirror & custom stone wall! The gourmet kitchen is a chef's delight, with an ample eat in area, washed oak cabinets, island & Jenn Air appliances! The dining room is open to the family room, with vaulted ceilings, skylights and a gas fireplace with ubatuba granite surround! The first floor is where you will find the luxurious owner's retreat, with another gas fireplace, as well as the luxury spa bath! The downstairs office has many possible uses-guest bedroom (as the current owners are using it) or office! A powder room as well as an oversized laundry room complete the downstairs! Upstairs, you will find 4 guest bedrooms (including the L-shaped room over the garage)-all w/neutral carpet, neutral paint & large closets. The L-shaped bedroom over the garage has lots of possible uses-bedroom, the man cave! A guest bath is also upstairs!

But don't stop here! Outside you will find a setting that is tranquil & private! The multi-tiered deck is perfect for entertaining, while mature landscaping offers privacy! A large screened porch features a 7 person hot tub, fir floors & custom stone walls! The fenced yard is perfect for the four legged members of your family!

Finally, location-location-location! Less than 10 minutes to Short Pump-great award winning Henrico County schools (Glen Allen ES, Hungary Creek MS & Glen Allen HS)! This home has it all-and at this price, it will not last long! This is truly a house to come home to!

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