Trends in the NEW Home Market Richmond Va

Stephanie Sellers - Wednesday, March 06, 2013

This year is due to be a stellar year for the builder, it may be for the home buyer as well.  Interest rates remain low and prices havent went dramatically up, Yet.  So in preparation for the New Home Boom in Richmond Virginia, area builders visited the home builders show.

Many new items were introduced this year such as the busy lifestyle products of Kohler, they feel you are to busy to watch that favorite show or listen to your music so to make it easier for you have inserted a bluetooth device into your shower head, This Moxie Shower head cost around 149.00 and sprays tunes with the water. 

Oversized garages are also still in demand with buyers interested in also adding additional living space above the garage in the form of a larger masterbath and/or closet or sometimes a bonus room.

The Arts and Crafts finishes still influence finish touches such as the Large Industrial style lighting that replaces the cluster style light this year.  

Folks are also realizing things like switching out a tub in the future can be a big job, try squeezing a 4 foot wide porcelain tub through a bathroom doorway, not easy.  So you will also see a trend towards large soaking tubs reminiscent of the classic homes of our past.

There will also be an introduction towards smarter and greener products this year.  If you are considering building in the Richmond Virginia area I am happy to assist visit http://www.stephaniesellers.com or Call 804-514-9942

Photo Courtesy of Kohler


Rents are High and Mortgage Payments are LOW in Richmond Virginia

Stephanie Sellers - Wednesday, February 13, 2013

Low interest rates and overall low prices have encouraged buyers to get off the fence and get into a home of their own.  Inventories are falling dramatically and are expected to continue to improve.  A housing shortage, yes I will repeat housing shortage is expected as buyers get back into the market taking advantage of the low interest rates.  First time home buyers are ready for the advantages of home ownership versus rent and /or might just be ready to move on from moms.  

Investors are enjoying increased prices and turning to flipping properties once again versus renting them.  Investor purchases were primarily for rental in the last few years however in 2012 the number of properties kept for rental or flipped by investors were equal.

Properties are averaged 12.2 weeks on the market down from 14.5 in 2011.  Short sales received 3.3 offers up from 2.8 the previous year.  Great news for the housing market trending for 2013 resulting from performance, inventory and continued low interest rates, which makes having a responsive agent more important.  Some areas of Richmond experience multiple offer situations on the first day a property is on the Market.  That is great news for a Seller but can be disappointing for the Buyer.

Having an Agent on your Side is more important than Ever.  Let’s get started and get you the home you deserve. 804-514-9942




Market Views Real Estate Connections Chase 1/15/2013



It's Cold Outside in Richmond Virginia, Let's Plant a Tree

Stephanie Sellers - Wednesday, February 13, 2013

Taking a look outside on a cloudy winters day may not seem like the perfect time to garden but maybe it is!.  February is a great time to cut back shrubbery and rose bushes.  This is a good time to do this due to it is easier when there isn't leaves and new growth on the plant but also because it will not deter new growth.  When the ground warms and the plant starts its spring regrowth it will thrive after a winters clipping.

And for Trees, Winter is the perfect time to plant a tree as well.  Trees are dormant in the winter and the transfer of tree to ground will not be as much of a shock to the tree when the tree is dormant. The tree should become comfortable in its new spot and be ready for spring regrowth when the weather permits.  Other tips for planting a tree or any plant are; insure you jostle the roots before you place it in the ground, this procedure also assist the roots to grow correctly.  I also favor a root stimulator product to protect against root shock.

Although it is cold you want to insure you give your new tree a good watering once a week to insure its survival.  If you follow these tips you will have a well landscaped yard in no time.

So yes it's winter and time to plant that tree!

Questions that Go Through a Buyers Mind and Could Stop you from Selling that House

Stephanie Sellers - Saturday, February 09, 2013

Buyers have many choices on a home and will consider the following factors when determining if the home you are offering is the right home for them.

  1. Will my Favorite piece of furniture fit here?  Correct dimensions available to buyers, de cluttered home, and large furniture removed all are good ideas to consider when staging your home to SELL.  Overcome the feeling of “there’s not enough room” that buyers may have.
  2. “What will we do with this space?”...Don’t leave odd shaped rooms or nooks left unstaged.  Show that all square footage in your property is usable and the odd shapes and nooks not only add character to the property but also give you unusual and creative spaces.
  3. “What were the Sellers thinking with these walls?”  Don’t distract buyers with over creative wall finishes such as sponging, bright colors or wall paper.  Neutral and warm are inviting to potential buyers and give them the feeling that this could be their home.
  4. “What’s in the area?” You and your Realtor should come up with a list of nearby attractions such as schools, entertainments, churches etc...So that the buyers needs are met with a glance.  Do not leave it up to a potential buyer to investigate the area; they may not have the time.
  5. “How much will my mortgage payment be?”  It is important to work with an agent who is partnered with a strong lender.  As a team they will develop a price scenario sheet for your property.  This relieves the potential buyer’s fear of a payment they cannot afford.

All of these questions and more do go through a potential buyers mind while shopping for homes.   The more prepared you are the better chances you will have to sell your home quickly and at the price you desire

Source:  Trulia 1/25/2013

Q

Since 2006: Builders Haven't Felt This Confident

Stephanie Sellers - Saturday, February 09, 2013

Builder confidence is at its highest point since 2006!  For 8 straight months the market has risen.  

Many factors contribute to this trend such as low interest rates, a shrinking inventory of distressed properties (Short Sales and Foreclosures).  Serious buyers are out in numbers that haven’t been seen since April 2006.

What could this mean for you?  The basic principal of economics is supply and demand.  As sales increase and inventory shrinks contractors (roofers, framers, plumbers etc) will require higher prices as well as manufacturers of building supplies.  The increase will then be passed on to buyers.  Low interest rates are expected to remain through 2013 however the increase in sales price could affect your payment.

Mortgage lenders still have tight lending practices.  It is important to speak with a qualified Real Estate Consultant to insure you are aware of current market trends and lenders who offer construction loans.

Source:  Los Angeles Times MONEY & Co

http://www.latimes.com/business/money/la-fi-mo-builder-confidence-20121218,0,725691.story

Shadow Inventory...What is it? And does it effect me?

Stephanie Sellers - Saturday, February 09, 2013

Homes for sale in Richmond Virginia are down drastically from approximately 11,000 in October to about 7400 in January 2013.  Why is inventory down?  Well one reason is due to the reduction in Shadow Inventory.   Shadow Inventory is the number of delinquent home loans held by banks.  The reduction in Shadow Inventory is a direct result of investors and buyers motivated by low interest rates.

There will be peaks and valleys with Shadow Inventory but a gradual and progressive contraction is expected.

For the Seller this means that there is less inventory or homes for sale in the Richmond, Virginia Metro area to compete and more buyers looking for homes.  Essentially almost unbelievable housing shortage predictions are coming true.  Fewer inventories mean a quicker sale and a higher selling price for your home.

For the Buyer it means you must be diligent about looking at homes quickly, having financing in order pre house hunt and make a realistic offer based on recent sales.  

Overall the housing market seems to be making a gradual recovery.  Call me today to take advantage of historic low interest rates and get that home!

Source:  Los Angeles Times

http://www.latimes.com