Real Estate Blog

A couple of weeks back, the ultimate authority on Midlothian mortgage rates hadn’t minced words. That was Freddie Mac, whose opinion about mortgage rates constitutes the final say in the matter. Freddie isn’t modest about its preeminence (Freddie’s trademarked corporate slogan is “We make home possible”). Together with sibling Fannie Mae, the quasi-governmental entities stand behind 60% of U.S. mortgages.

Each week their PMMS survey collects data snapshots from thrifts, credit unions, banks, and mortgage lenders to gauge of the direction of the home loan market. Future Richmond Virginia home hunters and the homeowners whose properties are found in the current listings (or soon will be) are constantly affected by those ups and downs. For one thing, they

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Last weekend’s regular Virginia news should have been promoting all the usual upbeat feature stories about the onset of football season, the start of a brand new school year, the finals of tennis’ last grand slam tournament and the like—but Richmond readers would have gotten eye strain trying to find any of them. Instead, the dark clouds brought by Hurricanes Irma and Harvey cast dense shadows across the region and the nation’s news. It was certain, too, that even after the terror of their actual passages had subsided, the fallout would continue to reverberate—expensively—for a very long time.

What was covered was how the prayers of millions not directly affected were being answered by many thousands of Good Samaritan volunteers. That uplifting story

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Give me one good reason to sell.....

“Give me one good reason why selling now is better than waiting until next spring,” is a perfectly legitimate request. It’s a challenge to the traditional peak of Glen Allen’s selling season. Why should right now, at the start of September, be the right time to sell your Glen Allen home? 

Statistics show that more homes are sold in the spring and summer, that—plus sheer inertia—can be powerful arguments to the contrary.

So here’s the “one good reason.” In fact, it could be the best reason. It’s the textbook Economics 101 basic rule about markets and pricing.

Simply put, the supply of housing all across the nation continues to be low. Really, really low. A few weeks ago, USA Today put inventories of homes

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From time to time it can be fun to scour the latest “Top Ten” lists of cost-conscious ways to increase the value of Richmond house value. 

Some make more sense than others. Upgrading bathroom vanity cabinets appear on some of the house value lists, for instance—but those lists were probably thrown together in a hurry since the return on investment is admitted to be 66%. When an investment returns two-thirds of its cost, it’s hardly competitive. For Richmond homeowners preparing to sell, vanity cabinets don’t belong on the action list.

The best idea lists are the ones which show ROI: the return on investment. Here’s a new compilation, offered purely as food for thought (since the “return” number for any individual case can’t actually be verified)— 

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There is no denying that the words “FIRE SALE!” and “CHEAP!” and “PRICES SLASHED!” and “GOING OUT OF BUSINESS!” have long been used to spur sales. Bargain hunters of all stripes are being asked to take a second look wherever those attention-snagging phrases are promoted. When it comes to selling Richmond homes, a For Sale by Owner sign out front can seem to be a promise of an out-of-the-ordinary value being offered—a marketing tactic meant to rope in deal-hungry prospective buyers. 

But there’s a downside that anyone contemplating selling their Richmond home would do well to consider. Those FSBO signs may carry some unwanted baggage.

The fact is, discounting is most effective when the item being pitched is a premium product. If a Tesla dealer

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If you go looking for new ideas to make a relocation to or from Richmond easier, it’s amazing how often the words “stress” and “relocation” appear in the same paragraph. The most universally agreed-upon method is to separate the two by hiring relocation professionals—not surprising since many of the most-read articles are authored by people involved in the industry. But the runners-up when it comes to relocation are either work-related (for those who are making the move to change jobs) or moving-related (the nuts and bolts of a household move). 

Since I’m involved in moving-day drama reduction on behalf of my clients, some of the tips are those I’ve seen work wonders. The first one is something you can get started on long before any move is on the

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Without knowing it, many people develop something akin to a split personality when it comes to buying a home. In the beginning, as they pursue their ideal Richmond Virginia house, they automatically assume an unabashedly active role. Nobody has to tell them that they’re the boss in the process—since they are the customer, they correctly expect to be in total command of the house hunting process. They develop their unique wish list and ultimately decide which property best satisfies it. 

But then a split can develop. The active, in-charge commander often does an about-face when it comes to the nuts and bolts of the next step: securing the lowest Richmond mortgage rate. Upon entering the realm of what seems to be a monolithic and largely inscrutable home

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Selling your Richmond area home? Get a free home value report  

 Buying a Richmond area home? Click here for full MLS access.

 

Hello, and welcome to Part II of our foreclosure series! Today, we share more tips on how to buy a foreclosure property.

Be aware of title issues when purchasing a foreclosed property. HOA title issues are common on these properties, to say nothing of the many other title problems that can arise. Working with a competent closing agent who will do a title search on the property before you commit will help you avoid any unexpected problems.  

The banks selling foreclosed properties will often want you to live in the home for one year before selling. If you intend on buying a distressed property,…
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Selling your Richmond area home? Get a free home value report  

 Buying a Richmond area home? Click here for full MLS access.

 

Recently, many people emailed us asking for tips about buying foreclosure properties. Since we could talk about this for days, this is Part I of a two part-series.    If you're looking to buy and you come across a foreclosure, know that it's not a good deal simply because it's a foreclosure property. You need to work the numbers to find out if the home is truly a good deal, and you need to make sure that there are no defects that will cost you a lot of money down the road.   Some people think that foreclosed property prices are fixed, but this is not true. In fact, the price of a…
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Selling your Richmond area home? Get a free home value report  

 Buying a Richmond area home? Click here for full MLS access. 

 

Lately, many people have asked what the signs are that they need a new roof. Your best option is to consult with a roofing contractor, but since I work with homeowners on a regular basis, I would love to share what I know. Now that the weather is getting nice here in Richmond, there is no better time to share the 3 signs that you need to replace your roof!

  1. Water spots on ceiling: It's pretty obvious, but if you see water stains on your ceiling, there is a good chance there is something wrong with your roof!
  2. Missing shingle granule: If granules from the face of your shingles are missing, you
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