Richmond Homeowner's Depot

Save on Repairs with Dominion Power!

2011-12-06T14:01:00.000-05:00

Worried about your heating and cooling breaking down or your water heater? There is a little peace of mind from Dominion Power Home Repair Products. Check out their website and protect yourself from the potential of high costs involved in repairing your systems or plumbing. In addition to a monthly cost ($4.95 to $9.95+)you may have to pay a service fee for the repair. Might be worth it and might not. Read all the terms and conditions and be sure this program is right for you.

And if you have had any experience with these programs please let us know your how it went for you.
Wythe

Ok. You Win. Stop Listening to Real Estate Agents

2011-04-26T14:10:00.001-04:00

If you are considering buying a home or second home check out this link for Steve Harney's,Keeping Matters Current.

A Charlotte Architect Creates a Space That Makes for Easy Living for a Growing Family

2011-02-05T15:31:00.000-05:00

Check out this article!

Article on New Construction in the Richmond Time Dispatch

2011-02-04T09:31:00.002-05:00

Good morning!

I just wanted to call your attention to an article in the paper today. Interesting if you are planning on buying new construction or just interested in the Real Estate Market.

It is titled "Home builders expect rough ride this year" click the title above and it will take you there.

Have a great weekend!

Chesterfield County's New Mapping Website

2011-02-02T18:28:00.000-05:00

4
Chesterfield County's new mapping website is quite a tool. You can look up your house and see everything around it as well as get assessments and sales information. The CitizenGIS application provides citizens with access to the county’s geographic information system maps and data. Citizens are able to view property, street,environmental, easement, utility, political, topographic, planning and special layer
information. Additionally, other political and school information is provided in a textualformat.
Great for the homebuyers and homeowners!

You Tube Video of the Fan

2010-11-09T21:39:00.000-05:00

Check out this informative video of The Fan area of Richmond, VA

Who Services My Mortgage Now?

2010-10-15T14:25:00.000-04:00

So you have bought your first (or second, or third) house and signed all of the loan papers and now your loan is sold to another lender...and another etc. In case you didn't know there is a company that maintains all the information. They are Mortgage Electronic Registration Systems (MERS) and they have a website and PHONE # (yes you can call them).
So, what do they do and why to you need them??? I copied this straight from their website because noone better to explain what they do then themselves

"WHAT IS MERS?"

"While MERS primarily provides services to mortgage companies, we also offer an important benefit to homeowners—we keep track of the identity of Servicers that registered loans on our system.

WHAT IS A SERVICER?

The servicer is YOUR mortgage company. It is the company that handles the day-to-day tasks associated with managing your loan. Their duties include but are not limited to:

Collecting and remitting loan payments
Responding to borrower inquiries
Making advances when required
Accounting for principal and interest
Holding funds for payment of property taxes and hazard insurance (also called Managing your escrow account)
Making any physical inspections of the property
Counseling delinquent mortgagors
Supervising foreclosures and property dispositions in case of defaults
After your mortgage loan closed, your lender more than likely outsourced the job of managing your loan to another company called a SERVICER. This is the company you call when you have questions about your loan.

HOW CAN I FIND OUT THE IDENTITY OF MY SERVICER?

MERS can help! You may:

Dial the toll-free MERS® Servicer Identification System at 888-679-6377, an automated touch-tone system, or
Access MERS® Servicer ID, a free web-based system.
Before calling or accessing the website above, please have the following information ready:

The property's mortgage identification number (MIN), or
The borrower's name and social security number, or
The property address"

Click on the title above and you will go to the site.

Fix It Website

2010-08-18T09:50:00.002-04:00

Hey everyone,
Hurray for this website. Have you ever had something break that you figured you could fix with a little instruction? Well here it is for all of you "fix it yourselfers". Be sure to bookmark this website or come back to RichmondHomeownersDepot.com if you need it again.
Hope it helps!
Wythe

Insider's Passport Website

2010-02-18T09:16:00.000-05:00

Just found this great site that as they put it...."Insider's Passport is an online publication committed to helping you uncover and experience the best restaurants, attractions and activities our locations have to offer you! We have combined our Insider's Blogs, complete with location research, reader recommendations and reviews, and suggested itineraries into one dynamic site to help you get the most out of living in and traveling to our Insider's locations. See what the Power of Insider's Passport has to offer you."
They cover Richmond, Williamsburg, Norfolk, Newport New/Hampton Rhoads and Virginia Beach. They will be adding Charlottesville soon.
I have added the link to this blog so come back here if you need it.
Wythe

First Time Homebuyers Guide from HUD

2010-02-04T10:21:00.000-05:00

This tool from the US Housing and Urban Development is a very comprehensive and a "must read" for all new home buyer's.

Yard Sale Router

2009-11-28T17:37:00.000-05:00

For all of my yard sale friends that are either shopping or having a yard sale this is a great tool. This site will map the yard sales that are listed on Craigslist with descriptions of the sale. Just click on the red balloon for each listing and you will get the address, times and details of items for sale. This is a must for those having a yard sale and it's free!!! Check it out!

Understanding Credit Scores

2009-11-18T21:12:00.000-05:00

Credit scores can be very confusing about how they are determined. The #1 item is payment history that accounts for 35% of your credit score. If you declare bankruptcy, have judgements, collection accounts etc it will hurt your score. The #2 item is maxing out your credit. Do not live beyond your means by maxing out your credit cards. This accounts for 30% of your credit score. Credit history accounts for 15% so do not close any accounts that help establish long term credit. And finally at 10% each, credit inquiries and not having a mix of credit can hurt but at 10%...not too much.
I hope this helps.
Wythe

IRS Link to the New Tax Credit

2009-11-11T15:00:00.001-05:00

For complete details on the new tax credit click on the title to this post.

There is a chart of the changes in the links to the left.

Wythe

Tax Credit Extension signed by the House

2009-11-06T09:38:00.002-05:00

Great News! The house has agreed to the Tax Credit Extension and now it awaits for The President's signature. And the really good news is that it now includes a tax credit of up to $6500 for purchasers that currently own a home as their principal residence consecutively for 5 of the last 8 years. Check out the chart at the NAR website for specifics by clicking on the title of this posting.

Extension of the tax credit

2009-10-30T09:49:00.001-04:00

Stay tuned...they are voting on it today. I will update the site with the specifics when it is announced.

Check out this great You Tube Video about Richmond

2009-10-04T11:14:00.000-04:00

http://www.youtube.com/watch?v=Nl3hbXRPOA0&feature=player_embedded

Glen Allen Newsletter

2009-08-24T09:40:00.002-04:00

For all of you Glen Allenites here is a Newsletter just for you. It contains lots of great information about events and resources available for the area. I will make it a regular link in my list of links.
Wythe

Personal Finance Blog/Website

2009-08-05T13:12:00.002-04:00

Check out this great website for all kinds of information on personal finance from the best CD rates to buying insurance. There is something for everyone here.
Wythe

Build/renovate your own home - blog

2009-08-05T12:58:00.003-04:00

Great blog for other weblinks and for information about building or renovating your own home.
Wythe

Rentals for Pet Owners

2009-08-05T12:44:00.001-04:00

Check out the Richmond SPCA website for a list on rentals in Richmond that accept pets. What a great tool!
Wythe

Second Qtr Results

2009-07-28T12:49:00.001-04:00

This is a "Topline Report" For more details call me.
Wythe

VHDA Launches Homebuyer Tax Credit Loan Program

2009-06-16T12:12:00.004-04:00

Hurray! Attached is the announcement that the VHDA will now allow the $8000 tax credit to be used as downpayment for first time buyers that qualify. This is a great step to helping first time buyers purchase new houses. Please call me if you have any questions or need assistance in buying your first house. I will guide you through the necessary steps to homeownership.
Click the title of this post for more information.
Thanks,
Wythe

Richmond Gas Prices

2009-06-14T14:36:00.001-04:00

I have now added a link to Richmond Gas Prices. Either click on the title to this post or go down to the list of links. Happy Motoring.
Wythe

Tax Credit Information

2009-06-14T13:16:00.005-04:00

This link will give you the basics on the $8000.00 tax credit provided by the National Association of Realtors. If you would like more information or would like to start the process of buying a home please feel free to call me.

You may click on the title of this post or copy and paste http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit .

The Virginia Homeowners Alliance

2009-04-15T16:30:00.002-04:00

CHECK OUT THE VIRGINIA HOMEOWNERS ALLIANCE

This Web site offers helpful information, from home maintenance tips to landscaping ideas to local school report cards. They also keep you up-to-date on issues going on in your community – real estate taxes, property assessments, and new residential and commercial development. They believe that homeowners should have every resource available to them to help increase the value of their home while keeping in tune with decisions that are being made in their localities that will affect this value. This Web site The Virginia Homeowners Alliance and REALTORS® are proud to partner to protect your interests as a homeowner!

Investors

2009-01-17T11:14:00.002-05:00

Investors,
If you are interested in flipping houses you may want to take a look at this link.
www.flippinghomes.com. Click on the title to go directly there. You will want to read the article on "Flipping Properties and the Seasoning Issue" that out lines issues you may face with lenders if you try to sell too soon. The direct link to the article is http://www.flippinghomes.com/articles/readarticle.aspx?artid=37. I have permanently added this link under "Real Estate Web Sites"
Wythe

Error in the Richmond Times Dispatch Reporting on Foreclosures.

2009-01-13T09:54:00.004-05:00

Please click on the title to view a Richmond Times Dispatch article explaining an error in reporting foreclosures from my last posting.

Foreclosure article in the Richmond Times Dispatch

2009-01-04T16:11:00.004-05:00

Check out the article in the Richmond Times Dispatch today titled "Housing Problem Expands in Region". You can find it online at http://www.timesdispatch.com/rtd/news/local/article/foreo4_20090103-212020/168229/. This article details the foreclosure market in the Richmond area. This is a great opportunity for buyers. The renovation loan as discussed on my posting yesterday can bring new life to these houses and provide affordable homes for buyers.

Wythe

Buy a foreclosure with a Renovation Loan

2009-01-03T18:20:00.002-05:00

This year will bring many opportunities for buyers. Buying foreclosures, which are usually distressed properties can be a lucrative investment, but is usually limited to investors with the cash to repair the property. With the FHA 203K loans anyone can purchase a home (at a distressed price) and receive the funds to repair/renovate the house through a FHA lender that offers the 203K program. This is truly a wonderful opportunity for buyers to invest and fix up their own property.

I am dedicating myself to helping interested clients through this procedure. With my help, the buyer will be rewarded with the home of their dreams and these poor abandoned houses will have a life again. It's a win-win for the buyer and the city.

Check out the FHA Website : http://www.fhainfo.com/fha203k.htm

Call me if I can help.

Happy New Year!!!

2009-01-03T15:22:00.002-05:00

Happy New Year! I am looking forward to an exciting 2009. I look forward to helping buyer's pick out one of the 10,000 homes that are on the market in the Richmond area. This is the best time to buy a house...there are great interest rates, grants, foreclosures and renovation loans to assist in getting a new house. This opportunity will not last forever, (hard to imagine now) so if you are in the market for a house call your realtor NOW!!

Interest Rates Drop

2008-12-07T14:24:00.000-05:00

Mortgage Rates Take a Big Dip This Week
For the week ended Dec. 3, Freddie Mac reported the lowest interest on 30-year fixed home loans since late January.

The rate came in at an average of 5.53 percent, down from 5.97 percent the previous week and 5.96 percent a year ago; while 15-year fixed mortgages settled at 5.33 percent compared to 5.74 percent last week and 5.65 percent in the year-earlier period.

Borrowing costs for short-term loans also were lower, with one-year adjustable-rate mortgages dipping to 5.02 percent from 5.18 percent a week ago and 5.46 percent a year ago.

Five-year hybrid ARMs, meanwhile, fell to 5.77 percent from 5.86 percent last week and 5.75 percent during the same period of last year.

Source: Realty Times (12/05/08)

Zip Realty

2008-08-25T08:07:00.003-04:00

You may have noticed that the Long and Foster Logo is gone from this Blog. Well, it's because I have made a switch to a new brokerage company. I'm now with Zip Realty. You may not have heard of Zip Realty, but it is a publicly traded company that began in California in 1999. According to Realtor Magazine it is #15 in the country in transactions for 2007 and is growing with leaps and bounds. The office here in Richmond celebrated it's 1 year anniversary this August. The website will give you more history of the company.
It is my goal as a Realtor to offer my clients the best experience they can have in buying or selling a home. This includes customer service, marketing and administration services and follow up. Zip Realty has the same goals and puts a network of services along with it. You can receive up to a 20% rebate on the purchase of a new home and save up to 25% commission on the sale of your home. Zip has a 94% customer satisfaction rating. There is an excellent website where you can search homes by different criteria and you are assigned a personal agent to help you with the site and with the purchase/sale of your home. Zip Realty parallels my goals and puts a great website behind it.
So, I am now a better agent for you with Zip Realty. Please call me and I will help you sign on the website or check it out yourself.
Have a Great Day!

Dog Poison LIne

2008-07-24T13:44:00.002-04:00

"Calling all dog owners!"
Did you know there is a poison hotline for dogs? Well, there is. It's 1-800-213-6680. But because they do not receive any government funding there is a $35.00 charge (price on 7/24/08). If you can not reach your Vet. it's worth it. I hope you do not need to call this number.
Wythe

Downtown Master Plan

2008-07-22T18:35:00.003-04:00

Today, I had the opportunity to hear Rachel Flynn, Director of Community Development speak about the Master Plan for Downtown Richmond. This is the second time I have seen the presentation and I am equally impressed. There are great plans for the revitalization of Downtown including increased utilization of the river, improved transportation, and over all redevelopment. Please review the link of The Master Plan under the Government Tab of this blog to get the full details. This plan needs the support of not only Richmond residents, but also everyone from the counties. Please call/email a city council person with your support. Email addresses are available on the Richmond Website.

I welcome any comments on this topic.

Wythe

Virginia Association of Realtors Home Sales Statistics

2008-07-01T14:13:00.004-04:00

If you would like to keep up the Virginia Housing Market the VAR website is a good place. Go to http://www.varealtor.com/Research/VirginiaHomeSales/tabid/228/Default.aspx for statistics on sales by Local Multiple Listing Services. The second quarter report is due out on 7/24/08

Google Maps

2008-06-17T11:28:00.003-04:00

Holy Moly! What next? Google maps has some great features that you may find useful. You will want to go to www.googlemaps.com and type your address in the "search maps" space bar. This will more than likely place a “push pen” at your location. Click on the “push pen” and a picture of your house will come up. Next click on “street view” under the picture. Now you will be able to click on the white
arrows on the street to move along the street. If you want to turn, click on the arrows above the zoom bars.
This is a great feature to use if you are looking for a new houses in other cities or even in Richmond so you can view the house at home and save on gas. Check it out. Let me know what you think.

Good News From The National Association of Realtors

2008-05-12T12:16:00.001-04:00

Daily Real Estate News | May 7, 2008
Expect a Summer Rise in Home Sales
A flat pattern in home sales activity should continue for the next couple of months before improving over the summer, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.

Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. “Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas,” he says. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.”

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, edged down 1.0 percent to 83.0 from a downwardly revised level of 83.8 in February, and was 20.1 percent lower than the March 2007 index of 103.9.

NAR President Richard F. Gaylord says additional costs in many markets are hindering a recovery. “Our members are telling us that more buyers are looking at homes but are slow in signing contracts, and that’s contributing to the weakness in pending home sales,” he says. “In many cases buyers are waiting for greater access to affordable credit, especially in higher cost areas, but some are disappointed with what appears to be unnecessarily restrictive lending requirements. The good news this week is there is some discussion toward relaxing some of the burdensome lending practices.”

The PHSI in the Northeast jumped 12.5 percent in March to 80.8 but remains 15.4 percent below a year ago. In the South, the index slipped 0.1 percent to 84.9 and is 26.7 percent lower than March 2007. The index in the West declined 1.4 percent in March to 91.2 and is 9.5 percent below a year ago. In the Midwest, the index fell 10.4 percent in March to 74.1 and is 22.3 percent below March 2007.

Existing-home sales are projected to rise from an annual pace of 4.95 million in the first quarter to 5.82 million in the fourth quarter. For all of 2008, existing-home sales are likely to total 5.39 million, and then rise 6.1 percent to 5.72 million next year. “Although more than half of local markets are expected to see price growth this year, the aggregate existing-home price will decline 2.4 percent in 2008, driven by a relatively few markets that are very oversupplied,” Yun says. The median price is forecast at $213,700 this year before rising 4.1 percent to $222,600 in 2009.

Some areas already are seeing sales increases, underscoring that all real estate is local. In March, unpublished snapshot data shows sales in Bakersfield, Calif., and Jackson, Miss., were higher than a year ago. At the same time, price gains were noted in markets such as Buffalo-Niagara Falls, and Cedar Rapids, Iowa.

On May 13, NAR will report first-quarter data on metropolitan area home prices, covering about 150 metro areas, and state home sales. “Although some market adjustments are necessary, a downward overshooting of the housing market would cause unnecessary loss in economic output, income, and jobs,” Yun says. “It is critical to stimulate housing demand by inducing fence sitters back into the market. A home buyer tax credit on any home purchase would accomplish that.”

Here are some highlights from NAR's report:

New-homes. Sales of new homes are expected to fall 30.9 percent to 536,000 this year before rising 10.1 percent to 590,000 in 2009. Housing starts, including multifamily units, will probably drop 29.5 percent to 955,000 in 2008, and then rise 1.3 percent to 967,000 next year. The median new-home price is estimated to fall 3.7 percent to $238,000 this year, and then rise 5.4 percent in 2009 to $250,900.
Rates. The 30-year fixed-rate mortgage is likely to rise gradually to 6.2 percent by the end of the year, and then average 6.3 percent in 2009.
Affordability. NAR’s housing affordability index is expected to rise 10 percentage points to 127.0 for all of 2008.
GDP. Growth in the U.S. gross domestic product (GDP) should be 1.5 percent this year and 2.3 percent in 2009. The unemployment rate is projected to average 5.3 percent in 2008 and 5.5 percent next year.
Inflation. Inflation, as measured by the Consumer Price Index, is seen at 3.4 percent this year and 2.2 percent in 2009. Inflation-adjusted disposable personal income is forecast to grow 1.2 percent in 2008 and 3.0 percent next year.

Source: NAR

Wall Street Journal Article on the Housing Crisis

2008-05-08T10:41:00.002-04:00

The Housing Crisis Is Over
By CYRIL MOULLE-BERTEAUX
May 6, 2008; Page A23

The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.
How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.
Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50% and, adjusted for population growth, are back to the trough levels of 1982.
Furthermore, residential construction is close to 15-year lows at 3.8% of GDP; by the fourth quarter of this year, it will probably hit the lowest level ever. So what's going to stop the housing decline? Very simply, the same thing that caused the bust: affordability.
The boom made housing unaffordable for many American families, especially first-time home buyers. During the 1990s and early 2000s, it took 19% of average monthly income to service a conforming mortgage on the average home purchased. By 2005 and 2006, it was absorbing 25% of monthly income. For first time buyers, it went from 29% of income to 37%. That just proved to be too much.
Prices got so high that people who intended to actually live in the houses they purchased (as opposed to speculators) stopped buying. This caused the bubble to burst.
Since then, house prices have fallen 10%-15%, while incomes have kept growing (albeit more slowly recently) and mortgage rates have come down 70 basis points from their highs. As a result, it now takes 19% of monthly income for the average home buyer, and 31% of monthly income for the first-time home buyer, to purchase a house. In other words, homes on average are back to being as affordable as during the best of times in the 1990s. Numerous households that had been priced out of the market can now afford to get in.
The next question is: Even if home sales pick up, how can home prices stop falling with so many houses vacant and unsold? The flip but true answer: because they always do.
In the past five major housing market corrections (and there were some big ones, such as in the early 1980s when home sales also fell by 50%-60% and prices fell 12%-15% in real terms), every time home sales bottomed, the pace of house-price declines halved within one or two months.
The explanation is that by the time home sales stop declining, inventories of unsold homes have usually already started falling in absolute terms and begin to peak out in "months of supply" terms. That's the case right now: New home inventories peaked at 598,000 homes in July 2006, and stand at 482,000 homes as of the end of March. This inventory is equivalent to 11 months of supply, a 25-year high – but it is similar to 1974, 1982 and 1991 levels, which saw a subsequent slowing in home-price declines within the next six months.
Inventories are declining because construction activity has been falling for such a long time that home completions are now just about undershooting new home sales. In a few months, completions of new homes for sale could be undershooting new home sales by 50,000-100,000 annually.
Inventories will drop even faster to 400,000 – or seven months of supply – by the end of 2008. This shift in inventories will have a significant impact on prices, although house prices won't stop falling entirely until inventories reach five months of supply sometime in 2009. A five-month supply has historically signaled tightness in the housing market.
Many pundits claim that house prices need to fall another 30% to bring them back in line with where they've been historically. This is usually based on an analysis of house prices adjusted for inflation: Real house prices are 30% above their 40-year, inflation-adjusted average, so they must fall 30%. This simplistic analysis is appealing on the surface, but is flawed for a variety of reasons.
Most importantly, it neglects the fact that a great majority of Americans buy their houses with mortgages. And if one buys a house with a mortgage, the most important factor in deciding what to pay for the house is how much of one's income is required to be able to make the mortgage payments on the house. Today the rate on a 30-year, fixed-rate mortgage is 5.7%. Back in 1981, the rate hit 18.5%. Comparing today's house prices to the 1970s or 1980s, when mortgage rates were stratospheric, is misguided and misleading.
This is all good news for the broader economy. The housing bust has been subtracting a full percentage point from GDP for almost two years now, which is very large for a sector that represents less than 5% of economic activity.
When the rate of house-price declines halves, there will be a wholesale shift in markets' perceptions. All of a sudden, the expected value of the collateral (i.e. houses) for much of the lending that went on for the past decade will change. Right now, when valuing the collateral, market participants including banks are extrapolating the current pace of house price declines for another two to three years; this has a significant impact on the amount of delinquencies, foreclosures and credit losses that lenders are expected to face.
More home sales and smaller price declines means fewer homeowners will be underwater on their mortgages. They will thus have less incentive to walk away and opt for foreclosure.
A milder house-price decline scenario could lead to increases in the market value of a lot of the securitized mortgages that have been responsible for $300 billion of write-downs in the past year. Even if write-backs do not occur, stabilizing collateral values will have a huge impact on the markets' perception of risk related to housing, the financial system, and the economy.
We are of course experiencing a serious housing bust, with serious economic consequences that are still unfolding. The odds are that the reverberations will lead to subtrend growth for a couple of years. Nonetheless, housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now.

Mr. Moulle-Berteaux is managing partner of Traxis Partners LP, a hedge fund firm based in New York.

See all of today's editorials and op-eds, plus video commentary, on Opinion Journal.
And add your comments to the Opinion Journal forum.

Buying Vs Renting

2008-04-14T15:04:00.002-04:00

Have you ever wondered whether it's better to buy or rent? Well now you can easily discover the answer by using the link I have added from the NY Times. This is an easy to use calculator that will answer your questions. Be sure to play around with it and read the methology to completely understand what you are looking at. Of course this gives the raw facts on the financial aspects of homeownership and doesn't uncover your needs. So please consult a realtor for a full analysis.
Wythe

Richmond Makes Forbes "Best for Business" List

2008-04-14T13:30:00.002-04:00

Three Virginia cities make nation's 'Best for Business' list

Blacksburg, Charlottesville, and Richmond have made Forbes magazine's annual short list of metro areas that are business-friendly in the U.S.Forbes magazine has for the tenth year in a row ranked the 200 largest metro areas according to their business acumen. Cities topping the list have solid job growth, an educated labor pool and low business costs. The calculation also includes tax, energy and office space costs, and takes into account Economy.com's living cost index.
Six of the 10 top metro areas are in and around state capitals.

Here are the magazine's top choices (in ranking order):

Best Metros
Raleigh, N.C.
Boise, Idaho
Fort Collins, Colo.
Des Moines, Iowa
Lexington, Ky.
Atlanta, Ga.
Richmond, Va.
Olympia, Wash.
Spokane, Wash.
Knoxville, Tenn.

Best Smaller Metros
Sioux Falls, S.D.
Iowa City, Iowa
Bloomington, Ind.
Columbia, Mo.
Bismarck, N.D.
Morgantown, W.Va.
Rapid City, S.D.
Greenville, N.C.
Charlottesville, Va.
Blacksburg, Va.

Source: Forbes, Kurt Badenhausen (03/19/2008)

Home Sales Forecast from the NAR

2008-04-14T10:07:00.003-04:00

Daily Real Estate News April 8, 2008NAR:
Existing-Home Sales to Level Off
Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.Lawrence Yun, NAR chief economist, says the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he says. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, slipped 1.9 percent to 84.6, from an upwardly revised reading of 86.2 in January. The index was 21.4 percent lower than the February 2007 index of 107.6. “The slip in pending home sales implies we’re not out of the woods yet, though an era of successive deep sales declines appears to be over,” Yun says.

By the Region
Here’s what the index reveals across the nation with existing-home sales:

Northeast: rose 3.2 percent in February to 71.8 but remains 25.4 percent below a year ago.
Midwest: declined 3.7 percent to 82.7 and is 17.4 percent lower than February 2007.
South: fell 5.5 percent in February to 85 and is 30.3 percent below a year ago.
West: dropped 9.8 percent in February to 84.6 and is 17.1 percent below February 2007.

Home Sales Forecast

Existing-home sales are likely to rise from an annual pace of 4.9 million in the first quarter to 5.9 million in the fourth quarter. With relatively weak activity in the first part of the year, existing-home sales for all of 2008 is forecast at 5.39 million, increasing 6.6 percent to 5.74 million in 2009.

“Exceptionally weak home sales related to jumbo loans problems will depress home prices in the first half of the year, but steady liquidity improvements in the conforming jumbo-loan market will help prices recover in the second half of the year,” Yun says.

The aggregate existing-home price will probably ease by 1.4 percent to a median of $215,800 for all of 2008 before rising 3.7 percent to $223,800 next year.

Yun says that there will continue to be wide variations in regional housing market conditions.

“Some parts of the country that can expect improvement include the Northeastern region and the oil-patch states of Texas, Oklahoma, Louisiana, and Arkansas,” he says. With lower interest rates and flat home prices in many areas, NAR’s housing affordability index is forecast to rise 14 percentage points to 127 in 2008.

New-home sales are projected to fall 25.7 percent to 576,000 in 2008 before rising 4.6 percent to 602,000 next year. Housing starts, including multifamily units, are estimated to drop 26.3 percent to 999,000 this year, and slip another 0.5 percent to 994,000 in 2009. The median new-home price will probably fall 3.6 percent to $238,400 in 2008, and then rise 4 percent next year to $247,800.

Other predictions on factors that can impact the housing market:

Mortgage rates: 30-year fixed-rate mortgages, which has fluctuated recently, should average 5.8 percent in the second and third quarters, but trend up to an average of 6.3 percent in 2009.

Growth in the U.S. gross domestic product: expected to be 1.4 percent in 2008 and 2.4 percent next year.

Unemployment rate: forecast to average 5.4 percent this year and 5.6 percent in 2009.

Inflation: (as measured by the Consumer Price Index) is projected at 3.4 percent in 2008 and 2.2 percent next year. Inflation-adjusted disposable personal income is likely to grow 1.2 percent this year and 3.0 percent in 2009.

“The economy will not grow in first half of the year,” Yun says. “However, the combination of recent fiscal stimulus enactment and the lagged impact of monetary policy will help jump start the economy in the second half.”

—REALTOR® magazine online
Copyright THE NATIONAL ASSOCIATION OF REALTORS® Headquarters: 430 N. Michigan Ave., Chicago, IL 60611 DC Office: 500 New Jersey Ave. NW, Washington, DC 20001 1 800 874 6500

Long and Foster Site now has Foreclosures

2008-03-25T10:52:00.002-04:00

The Long and Foster website now gives you the opportunity to view foreclosures that are listed in the Richmond MLS. The site is www.longandfoster.com. When buying foreclosure property it's best to have a realtor and real estate attorney to help you through the process. You will need to inspect the property, insure there are no existing liens, check comparable properties to prepare your offer, arrange for financing and follow up on any inconsistencies or decrepancies that you encounter. Buying forclosed property can be rewarding, but proceed with caution. If I can be of any assistance please do not hesitate to call.
Wythe

Another Gold Star for Richmond

2008-03-25T10:49:00.004-04:00

Three Virginia cities make nation's 'Best for Business' list
Blacksburg, Charlottesville, and Richmond have made Forbes magazine's annual short list of metro areas that are business-friendly in the U.S.Forbes magazine has for the tenth year in a row ranked the 200 largest metro areas according to their business acumen. Cities topping the list have solid job growth, an educated labor pool and low business costs. The calculation also includes tax, energy and office space costs, and takes into account Economy.com's living cost index.Six of the 10 top metro areas are in and around state capitals.Here are the magazine's top choices (in ranking order):
Best Metros:
Raleigh, N.C.
Boise, Idaho
Fort Collins, Colo.
Des Moines, Iowa
Lexington, Ky.
Atlanta, Ga.
Richmond, Va.
Olympia, Wash.
Spokane, Wash.
Knoxville, Tenn.
Best Smaller Metros:
Sioux Falls, S.D.
Iowa City, Iowa
Bloomington, Ind.
Columbia, Mo.
Bismarck, N.D.
Morgantown, W.Va.
Rapid City, S.D.
Greenville, N.C.
Charlottesville, Va.
Blacksburg, Va.
Source: Forbes, Kurt Badenhausen (03/19/2008)

Need help searching for someone to do repairs around the house.

2008-03-18T19:43:00.004-04:00

Have you ever been in a situation where you didn't know where to turn to hire someone to do home repairs? Look no more. Long and Foster's website, http://www.longandfoster.com/ and http://www.angieslist.com/ are great places to start. While Angieslist requires a contract the Long and Foster Home Services Connection is free. Simply scroll down to the bottom of the home page and find Home Services Connection under the Services heading. Long and Foster screens and qualifies every vendor on the list to insure you get the best service. You can also handle transfering your utilities on this site. So next time you have repairs and no where to turn...check out these sites.
Wythe

Business/Services that you would like posted

2008-02-18T21:19:00.003-05:00

This site was designed to offer a boutique of products and services that would be useful to homeowners as well as report on topline real estate information. Please click on "comment" and briefly describe your business along with your contact information. If you have a website, I will add it as a link. Together we can create a "depot" that will be a resource for all homeowners.
Thanks for your addition.
Wythe

Richmond Makes the Top 10 list of Best Place for House Bargains

2008-02-18T17:45:00.006-05:00

Daily Real Estate News February 11, 2008
10 Best Places for House Bargains The best place to get a bargain on a home is an area where there is healthy job growth and more houses available than people to buy them.These are markets “where you have high inventories but pliable borrowers, with lenders willing to deal,” says Anthony Sanders, a professor of finance at Arizona State University.Forbes magazine went looking for markets where the damage from risky lending hasn’t been as dramatic as in some parts of the country and where employment growth will burn off an over-abundance of inventory quickly.Here are what the magazine considers the 10 best cities for bargain house hunters.
1. Salt Lake City, Utah. Developers have gotten ahead of the demand, but the city is adding jobs more quickly than practically any place else in the country.
2. Raleigh, N.C. Another place where building got ahead of the curve, but the economy is expanding quickly.
3. Orlando, Fla. This part of the state had fewer speculators than Miami and Tampa, and it’s adding jobs faster than those cities as well.
4. Charlotte, N.C. The financial industry is moving here, adding jobs, but the inventory of unsold homes is still significant.
5. Phoenix. This city had a high foreclosure rate, but the economy is growing and people are still moving here in large numbers.
6. Seattle. The city’s port has profited from the weak dollar, but the housing price growth has slowed.
7. Las Vegas. This market was hit hard by foreclosures, but the growing economy makes the huge inventory less toxic than it is many places.
8. Jacksonville, Fla. The foreclosure rate is slower than the rest of the Florida cities, making the large inventory likely to improve.
9. Richmond, Va. There is only one foreclosure per 1,103 households here (compared to 1 in 33 in Detroit). Still, there are plenty of homes on the market.
10. Houston. Homes in Houston have long been a bargain. While there have been plenty of foreclosures, the population and the economy are expanding.
Source: Forbes, Matt Woolsey (02/07/08)
Reprinted from REALTOR magazine online by permission of the National Association of Realtors. Copyright 2008. All rights reserved.

Mortgage Demand reachs 4 year high

2008-01-21T11:43:00.000-05:00

Daily Real Estate News January 16, 2008Mortgage Demand Reaches 4-Year HighDemand for mortgages surged last week, hitting its highest level in nearly four years as interest rates fell, the Mortgage Bankers Association reported today.Mortgage application volume reached 906.4, an increase of 28.4 percent on a seasonally adjusted basis, up from 706 one week earlier. On an unadjusted basis, the index increased 64.8 percent compared with the previous week, which was shortened by the New Year holiday and was up 39 percent compared with the same week a year ago.The refinance share of mortgage activity increased to 62.7 percent of total applications, up from 57.7 percent the previous week. Adjustable-rate mortgages were only 9.2 percent of total applications.Meanwhile, mortgage rates slipped during the week. They were:
30-year fixed-rate mortgages decreased to 5.62 percent from 5.73 percent.
15-year fixed-rate mortgages decreased to 5.07 percent from 5.21 percent.
1-year ARMs decreased to 5.77 percent from 6.04 percentSource: Mortgage Bankers Association (01/16/08)

Article on pricing of New Homes with hidden Incentives

2007-12-26T11:07:00.000-05:00

Daily Real Estate News December 20, 2007How Hidden Incentives Distort Home ValuationSome real estate attorneys and appraisers warn that the use of incentives by home builders and home sellers to entice buyers is making it difficult to adequately determine property values. Residential appraisers and lenders need to exercise caution when using the price recorded by the county clerk, as the value of incentives is rolled into that figure, experts say. However, given that incentive information is not included on the public record and that builders and real estate practitioners are not required to disclose the information to appraisers, it is virtually impossible to determine the actual price paid for a property. There are concerns that incentives used by builders conceal discounts that might anger owners in the same development who paid more for their units. Including incentives in the recorded price also may lead buyers of nearby properties to pay too much or enable lenders to make bigger loans than they would have otherwise. Source: Wall Street Journal, James Hagerty and Michael Corkery (12/19/07)Daily Real Estate News December 20, 2007How Hidden Incentives Distort Home ValuationSome real estate attorneys and appraisers warn that the use of incentives by home builders and home sellers to entice buyers is making it difficult to adequately determine property values. Residential appraisers and lenders need to exercise caution when using the price recorded by the county clerk, as the value of incentives is rolled into that figure, experts say. However, given that incentive information is not included on the public record and that builders and real estate practitioners are not required to disclose the information to appraisers, it is virtually impossible to determine the actual price paid for a property. There are concerns that incentives used by builders conceal discounts that might anger owners in the same development who paid more for their units. Including incentives in the recorded price also may lead buyers of nearby properties to pay too much or enable lenders to make bigger loans than they would have otherwise. Source: Wall Street Journal, James Hagerty and Michael Corkery (12/19/07)

Remarks from Alan Greenspan on the Roots to the Mortgage Crisis

2007-12-26T11:03:00.001-05:00

Daily Real Estate News December 17, 2007Greenspan Pinpoints Roots to Mortgage CrisisFormer Federal Reserve chief Alan Greenspan wrote a lengthy explanation of his view of the current mortgage crisis for The Wall Street Journal. "The crisis was an accident waiting to happen," Greenspan writes. "If it had not been triggered by the mispricing of securitized subprime mortgages, it would have been produced by eruptions in some other market." Here are some other key passages:
“I do not doubt that a low U.S. federal-funds rate in response to the dot-com crash, and especially the 1 percent rate set in mid-2003 to counter potential deflation, lowered interest rates on adjustable-rate mortgages (ARMs) and may have contributed to the rise in U.S. home prices. In my judgment, however, the impact on demand for homes financed with ARMs was not major."
“Demand in those days was driven by the expectation of rising prices — the dynamic that fuels most asset-price bubbles. If low adjustable-rate financing had not been available, most of the demand would have been financed with fixed rate, long-term mortgages. In fact, home prices continued to rise for two years subsequent to the peak of ARM originations (seasonally adjusted)."
“The current credit crisis will come to an end when the overhang of inventories of newly built homes is largely liquidated, and home price deflation comes to an end. That will stabilize the now-uncertain value of the home equity that acts as a buffer for all home mortgages, but most importantly for those held as collateral for residential mortgage-backed securities. Very large losses will, no doubt, be taken as a consequence of the crisis. But after a period of protracted adjustment, the U.S. economy, and the world economy more generally, will be able to get back to business.”Source: The Wall Street Journal, Alan Greenspan (12/12/07)

2007-11-25T16:16:00.000-05:00

I welcome all businesses that may have a service or product that homeowners would like to know about to post their information on this blog. Simply click on "comments" and tell us your company name, address, web address, phone number and a description of your service.

2007-11-14T15:55:00.001-05:00

Check out this report www.rarealtors.com/assets/resources/6A7A10F80A9B419D968BE87D1C21DB0D.pdf

Wythe