Rainy Day in Richmond begs the question about typical weather here

This post is especially for those thinking about coming to Richmond from out of town.

The best part of our Greater Richmond Metro area is that we do in fact have 4 full seasons and are in close proximity to all types of weather-related activities sincer we're less than an hour away from the mountains as well as the Virginia Beach area, whether you're looking for summer-type of things as in beaches and pools or winter-related things to do like snow-skiing and ice-skating.


http://www.richmond-travel.org/richmond-weather-history.html

http://www.nbc12.com/Global/category.asp?C=128875&nav=menu128_3

http://www.weather.com/outlook/travel/businesstraveler/local/USVA0652?from=search_city

I really like to show real estate in the rain, because it helps to bring to light potential problems like roof leaks and keeps the focus on the house. And, sometimes you will be lucky enough to finish the day with a rainbow and a signed purchase offer!

What's happening in Colonial Heights?

Since I am showing a home in Colonial Heights in a few hours, I thought that I'd spend some time with that section of town here today.

For 2009 there have been 95 listings that have closed thus far. On those 95 sales, the average sales price is $168,950 for $105.80/sf with 3 bedrooms and 1624 sf, after having been on the market for 89 days. That contrasts with market stats from the last 30 days that are as follows: 9 closed sales, average sales price $175,538 at $107.85/sf, 3 bedrooms, 1665 sf and 76 days on market.

Now, turning to what's currently active and for sale, the numbers are as follows: 121 homes available (13.4 months of inventory) with a high of $620,000 (Zip listing by the way) and a low of $70,000, averaging list price at $202,080, 3 bedrooms 1814 sf, $115.15/sf, and 94 days on market. So, its a little slower going with Colonial Heights sales compared to the rest of the Greater Richmond-area market.

So, it seems that the homeowners of larger homes are gaining confidence to put their homes up for sale but are still a bit resistant on their pricing. The market should benefit from the continued expansion at Ft. Lee, as we're seeing at Zip Realty a healthy influx of military relocation buyers. The overall economy in Colonial Heights seems fairly stable, with mostly retail and service-oriented businesses and many homeowners commuting to Ft. Lee and/or Richmond for jobs.

A Great Sign for Trade-Up Buyers - The New Extension of the Real Estate Tax Credit

In a great sign for the real estate market (not to mention the unemployed), President O'Bama signed today an extension of the Tax Credit for 1st Time Homebuyers to April 30th and the bill also includes up to $6500 for homebuyers who've owned a home for at least 5 years. Moreover, the income limits doubled from the previous version.

This should further prop up the housing market, given that foreclosures are still aplenty and short sales are also still increasing during a seasonal time when home sales traditionally fall off. The best news for many is that it may open up the ability for those trade-up buyers with homes to actually sell and participate in the rally/opportunity! See the link below for a clip from NBC News on the story, as well as a link from the National Association of Realtors on the details!


http://www.msnbc.msn.com/id/21134540/vp/33698144#33698144

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

An uptick in Foreclosures and Short Sales

I noticed an interesting trend yesterday while hunting for HUD homes on their website at www.hmbiweb.com. There has been an increase in the active inventory of foreclosures in the Central Virginia MLS, 399 in total for homes priced under $1MM.

For months, there has been news of a so-called "shadow inventory" of homes that banks have owned but not yet put on the market, and while there continues to be that shadow inventory, the banks are beginning to release some of those homes as the market has improved, largely based on the 1st time $8000 tax credit.

Interestingly enough, short sale activity is also on the rise with 217 short sales currently available for sale. The good news here is that agents and banks have improved markedly in this process. While its still laborious, its not as much so as it was say a year ago, as many listing agents have undergone training and many banks have hired firms to expedite the package/negotiation process.

Again, it continues to be an interesting time in the real estate market, as well as a great time to get some amazing deals as buyers with the trifecta of low prices, low interest rates, and tax incentives to buy!

A Pre-Listing Appraisal: Great Idea for Sellers and Listing Agents

A pre-listing appraisal which you can typically get for under $200 with select firms has the following benefits for the seller

• You’ll have a valuable negotiating tool once you have a potential buyer
• You'll be aware of any problems and eliminate last-minute repair hassles that might delay a closing
• You’ll have all the current market data with verified status of all the comparable sales so you can differentiate your property from others on the market

Additionally, you will not have wasted valuable time on the market in a transaction/contract that will never close and then have to put the property back out on the market (and then get low-ball offers).

For agents, the pre-listing appraisal has all of the benefits above, plus you don't have to be the bad-guy. Rather, you can simply let the pre-listing appraisal be the unbiased 3rd party that provides facts about what to expect and where to list.

If your serious about selling your home for maximum value, then talk to your favorite Realtor about a recommendation for a pre-listing appraisal today!

Best wishes and happy selling!

The Early Bird Gets the Worm!!!

How many of us have heard the old proverb that the "Early Bird Gets the Worm?" Well, while this phrase rings true for many aspects of life, its especially true for real estate.

For agents, the one that calls first usually converts the lead to a buyer and the one that calls first for a listing appointment usually gets it.

For buyers, the ones to call their agents to see foreclosures on Day 1 that they hit the mark and the ones that make the first offer are normally the ones to get their offer accepted. The same is true for price reductions - they really stimulate activity for aged listings and so a house that had no activity will sometimes suddenly get a huge set of showings. Be the first and that good deal could be yours.

One key here for buyers - you need to be working with a responsive Realtor who understands this fact about how the early bird gets the worm. If not, someone else may get your worm (aka good deal or dream home) leaving you high and dry.

Just a thought from this rainy weather we've been having!

Twin Hickory & the Far West End - Western Henrico

I was out showing homes yesterday morning in the Far West End in the prestigious Twin Hickory neighborhood. I was surprised at how many foreclosures there are in the area, as well as how many new construction communities are still building out there. It seems to be quite the dichotomy of behavior!

Nonetheless, what seems to be selling are the homes under $400,000. Once a home drops under that magic level, it seems to sell and most over it seem to be going through the price drop blues. Just my humble observations.

Check out the relevant websites for the area below:

http://www.twinhickoryhomes.com/
http://community.associawebsites.com/sites/TwinHickory/Pages/AcwDefault.aspx
http://www.boonehomes.net/twinHickory_bellingham.html
http://www.ryanhomes.com/Bentley_9626920050408.html