Richmond, VA Homes Right Here - Home

Choosing a Real Estate Agent

2009-05-22T20:00:00Z

There is a common misconception that a real estate agent is someone who drives around in an expensive car, holds open houses, has a cool key that gets them into properties to show, takes listings which sell once the sign goes up and gets paid a truck load of money for doing these things. Understanding the true value of an experienced, professional real estate agent is very difficult. Given the yearly flood of inexperienced agents right out of real estate school, a strong argument can be made that a good, experienced agent who can get the job done is worth every penny of their compensation.

Basically, the work of a real estate agent can be divided into 3 main duties: functional, compliance, and fiduciary.

Functional Duties – This is the area that the public actually see the most… putting up signs, hanging a lock box, designing flyers, placing newspaper ads, measuring a house, etc. These activities could be done by an agent at any experience level.
... Continued on the blog.

Farmers Market at Westover Hills and Forest Hill Park on Saturday Mornings

2009-05-08T19:08:00Z

On the south shore of the James River is Forest Hill Park nestled between Westover Hills and Woodland Heights. The Park’s spacious site hosts one of the impressive experiences in the area, the farmers market on Saturday mornings through December, 8:00 AM to 1:00 PM. Neighborhood and area gardeners and others bring their produce. Come see for yourself. I’m going this weekend for the first time. I keep hearing more and more folks talking about it. It was quite the topic of conversation at last week's Arts in the Park. For more details, visit their website www.themarketumbrella.com.

Posted by:Wayne Gauthier on the blog.

Spring Lawn Care Tips

2009-05-07T20:53:00Z

We are well on our way to another rainy Richmond April/May. As they say, April showers bring May flowers! True… but it also brings grass that is growing like it just took a dose of steroids. You can cut your grass, blink, and it will need to be cut again. With that in mind, here are some things to think about.

The average lawn rarely needs to be watered according to most experts. Some homeowners think they have to water their lawn just because their neighbors do it. Over watering is actually bad for your grass. It creates short, weak roots that can’t survive in dry weather. It can also lead to fungus in your lawn and provides a perfect environment for root destroying grubs. Unless you have just over seeded your lawn, there is no need to water every day. If you have over seeded, just a brief sprinkle will do to keep the seed moist. When you do water, make sure you water long enough to put down the equivalent of 1 inch of rain.

If you have an irrigati ... Continued on the blog.

Woodland Heights - Unique Mix of Urban and Suburban

2009-04-16T19:13:00Z

In Woodland Heights, on Richmond’s South Shore of the James, one can still find affordable Historic renovations of classic homes in the area. 2519 Semmes Ave and 510 W. 26th Ave are examples of the quality renovations being completed in the area. The details being brought back to these properties will astound you. We walked through these homes with the construction supervisor and admired the choice in finishes and the level of detail. With the benefit of being close to Downtown and near shopping, these homes are offering the architectural interest many are wanting along with all the features of newer homes.

Woodland Heights offers Forest Hill Park to the West and the James River Park System to the North for all the outdoor activity one may want in the area. Cros ... Continued on the blog.

First Time Home Buyers: BUY NOW Before Mortgage rates Increase

2009-04-14T23:22:00Z

Many people are afraid to buy now because prices may drop even more than they already have. However, this may not be the best strategy. Mortgage rates are at a 40 year low. We know that as soon as the number of sales starts increasing, the mortgage rates will start to creep back up. In the graph below you will see that if we have a $200,000 loan at an interest rate of 4.5%, the monthly payment would be $1013. If prices go down by 2.55 and the interest rate goes up by only ¼%, you will be paying a higher monthly payment. If the interest rate goes up a point and prices drop 10$, You will also be paying more. The only thing that makes sense is to BUY NOW!!!!! <center></center>

The total real estate commission is paid by the Seller. You don’t have to pay any of it… You ... Continued on the blog.

Humidity Levels in Your Home

2009-04-06T19:20:00Z

Typically, the humidity in your home should be between 35-50%. It is at these levels that the average person feels the most comfortable. Keeping your home in this humidity range will help save money and will reduce your maintenance.

In the winter, the humidity in your home generally goes down as your heating system works to keep your home warm. Too little humidity and extreme dryness in your home can cause chapped skin and lips, sore throats, runny noses and even damage you furniture and cause problems with electronic equipment.

On the flip side, if your humidity is too high it can cause condensation, stains, and mold on your windows, ceilings, and walls. From a health perspective, it can trigger allergic reactions and make ongoing allergies flare up.

How do you tell what the humidity in your home is? If your home is not equipped with one, you can purchase a hygrometer at your local hardware or home improvement store for around $10-$50. ... Continued on the blog.

Spring Cleaning

2009-03-30T21:40:00Z

Finally, winter has faded away and spring is here! I’m sure that thoughts of warmer weather, longer days, and spending time outside are on your mind. It is also time to remember to do your spring cleaning. Here are a few things to keep in mind:

Windows – You can use Windex or another purchased cleaner, but a solution of warm water and vinegar works well too (mix as equal parts). Do not clean widows that are in direct sunlight. If the window is too hot, the solution will not have the proper time to dry which causes streaks. Also, when washing the inside go one direction (up and down) and when washing outside to the other direction (side to side). This way, if you do get a streak, you will know if it is on the inside or the outside.
Dusting – Tip of the day… work from the top to the bottom. Dust hard to reach places like the top of the refrigerator, over the kitchen cabinets, ceiling fan blades, window and door casings, and bookshelves. ... Continued on the blog.

Home Related Tax Tips

2009-03-25T20:57:00Z

As I mentioned in a previous article, I am a CPA as well as a Realtor, so tax time has a special (or should I say “not so special”) place in my heart. Home ownership is still the source of some your biggest tax deductions each year. April 15th is getting closer by the day so here are a few deductions to make sure you take advantage of:

Mortgage Interest Deduction – The Obama administration if looking into reducing this all important deduction for families earning over $250,000 but, for the time being, this full deduction is in tact for everyone. Because mortgage payments are principally comprised of interest in the first several years, this is usually a very large reduction of your taxable income.

Property Tax Deduction – If you itemize deductions (most homeowners due because of the mortgage interest deduction), you may offset your state and local taxes against your income on your federal return.

P ... Continued on the blog.

Know your financial ratios?

2009-03-16T17:38:00Z

In this economy, I am working with clients who are making investments in their futures by investing in their homes. Many of us hear the news that getting a mortgage is difficult. And the fact of the matter is my clients are finding it is, but they are prepared. Knowing your ratios of debt to income is essential when applying for a loan today. Underwriters review what you can reasonably afford from a statistical perspective. Think about your ratios and talk about them with your Agent or your Mortgage Lender and make sure your purchase keeps you below the guideline limits. You may find you have a much easier flow through the financing process for your new home.

Posted By: Wayne Gauthier
on the blog.

American Recovery and Investment Act of 2009 - What is in it for me? How will it affect my mortgage?

2009-03-03T18:43:00Z

Whether you were for or against it, the $787 billion American Recovery and Investment Act of 2009 has been signed into law. Now many Americans are wondering how this will affect the housing market and their mortgage. The legislation is designed to assist two groups of homeowners:

Homeowners who are current on their payments, but can not refinance into lower interest mortgages because of the decline in their home’s value.

Homeowners who are at risk of loosing their home.

The Act also provides another $200 billion for Fannie Mae and Freddie Mac to purchase mortgages from financial institutions which will free them up so they may continue to lend. Here are a few examples of the provisions, and how they will assist homeowners:

First Time Homeowner Tax Credit
A tax credit of 10% of the purchase price of a home up to $8,000 is available to first time home buyers that close on the p ... Continued on the blog.

Did you move in 2008? Your expenses may be tax deductible!

2009-02-25T19:40:00Z

As a licensed CPA as well as a Realtor, taxes are a subject near and dear to my heart. As you start to think about preparing for that dreaded day in mid April, you don’t want to miss any allowable deductions!

The IRS does allow tax deductions for some of the costs for JOB RELATED moves. If you leave Maine for South Beach because of your preference for sand over snow, you are out of luck. If the move is to accommodate a job in a new location, TWO tests must be satisfied for these costs to be deductible.

Distance Test – 50 miles is the key here. The formula is a bit hard to follow but here it goes… the distance between the old home and old work minus the distance between the old home and new work must be greater than 50 miles. For example, if the old commute to work is 5 miles from home, the new job must be 55 miles away from your previous home in order to meet this test. If you have to move prior ... Continued on the blog.

Richmond Area Occupancy Rate

2009-02-23T17:22:00Z

I keep hearing from various folks that Yahoo has stated that there is a 23% vacancy rate in the Richmond area. I’m truly puzzled. Joyner Fine Properties Property Management division is in the 90% and above occupancy range for its single family and multi-family rentals. The Central VA Apartment Association just put out the numbers from its survey which shows that all responding properties are in the 90% and above occupancy rate.

Doom and gloom, from my perspective, is a bit premature.

Posted By: Cheryl Hamm
on the blog.

Purchasing Investment Properties

2009-02-19T21:24:00Z

Wow! Come March us investors will be able to purchase more than 4 investment properties – now we can consider 5-10. Yeah, BUT, there is a catch. Fannie Mae is putting some pretty stringent restrictions on the purchaser such as down payment, credit worthiness, proof of credit, two years worth of taxes and SIX MONTHS of principal, interest, taxes and insurance for the purchased property in reserve. That’s harsh, but it will probably still attract serious investors with experience. Let’s hope that this gives impetus to reducing the number of foreclosures and short sales on the market. We need to see the inventory shrink so that we can start to normalize.

Posted By: Cheryl Hamm
on the blog.

Are you wondering what happened to that new listing you saw online and loved?

2009-02-19T19:17:00Z

Chances are that it has already gone under contract. If the homes are in great shape and priced right, buyers are moving swiftly to take advantage of the deals.

The typical spring real estate market is gearing up earlier than expected this year. I have been out looking at a lot of properties with clients. On multiple occasions we have seen really nice looking properties come on the market and waited to see them, but haven’t been able to. They have gone under contract in less than two weeks. Several agents have even resorted to writing Escalator Clauses to try and help their clients win. So you heard that right. Some properties are going for over list price in this market.

Looking for your next home in Richmond… now is truly a great time. But be prepared. Have your pre-approval letter in place with a lender. Don’t wait to see the property because you think it will be there next weekend. If you like what you see, remember others are looking too. ... Continued on the blog.

First-Time Home Buyer Tax Credit - Changes to Original Program

2009-02-18T22:43:00Z

In 2008, a first-time home buyer tax credit was passed by the Bush Administration. Unfortunately, it did not have much of a stimulative effect on the housing market due to numerous poor provisions in the legislation. As part of the economic stimulus package (The American Recovery and Reinvestment Act of 2009) that was just passed by the Obama Administration, many changes have been made to this program. While the final bill did not have the $15,000 credit for all buyers that most people in the housing industry had wished for and was passed by the Senate, at least there are improvements to the original program.

Here is an overall look at the NEW program:

New: 10% of purchase price up to a max of $8,000 tax credit for first-time home buyers
Old: 10% of purchase price up to a max of $7,500 tax credit for first-time home buyers

New: This credit DOES NOT have to be repaid
Old: The old credit was really in interest free loan ... Continued on the blog.