Open House Friday and Sunday in Church Hill

This weekend as the bike race comes to an end we are happy to announce that we have TWO great homes that are new listings!  We will be holding an Open House for both properties on two dates this weekend.  Stop by for food, wine and beer while you view the race or grab a bite to eat at one of the many great restaurants in the area!

Both houses will be open:

Friday 4pm-6pm

Sunday 2pm-4pm

604 N 22nd Street 

Richmond, VA 23223

Right across the street from Alamo BBQ in Church Hill

AND!

106 N 27th Street 

Richmond, VA 23223

One block from historic Libbie Hill Park!  (if you're watching Richmond2015 UCI Bike Race, stop on by!)

We hope to see you there!

12766 Summerhouse Lane; Perfect for your growing home!

     If you are looking for a place you can truly call home this place is it!  It’s in a great neighborhood with great schools.  You can enjoy hours of entertainment outdoors with a fire pit, custom built tree house and two story deck! The back yard is fenced in if you have furry friends and has access from the kitchen with full electrical. There have been many upgrades made besides the outdoors, including updated kitchen appliances and thermal windows to save on your energy bills.  Four bedrooms and two full baths allow plenty of space you to grow and cherish the time spent in your new home!

Please contact me to view this property and click here to learn more!

Open House Extravaganza: This Weekend!

12766 Summerhouse Lane Midlothian, VA 23112 

Sunday 8/23/15 2pm-4pm

This house is for people who like to have fun!  This 4 bedroom and 2 full bathroom house has many upgrades including a 2 story deck with access from the kitchen!  Thermal windows and custom blinds allow for inside efficiency while a firepit, a fully fenced yard, and a custom tree house provide outside entertainment.  Come check out all this house and neighborhood have to offer!  For more details on this property click here.

1736 Old Powhatan EST Powhatan, VA 23239

Saturday 8/22/15 2pm-4pm

This house is a stunner!  Freshly renovated, the exposed beams of the vaulted ceiling are a striking feature of this home.  Three bedrooms and 2 full baths that have been redone and all new appliances and countertops in the kitchen make this house a must-see.  Two story deck in the back yard, 2 car garage all sitting on 1.2 acres to call home.  For more details on this property click here.

3905 Redbud Road Glen Allen, VA 23060

Saturday 8/22/15 2pm-4pm

Sunday 8/23/15 2pm-4pm

This home is a large condo in the prestigious West Broad Villiage neighborhood.  With 3 bedroom and 3.5 baths, this house is close to every convenience you could imagine.  It boasts garage parking along with numerous patios.  This house is truly luxury living with top of the line amenities.  For more details on this property click here.

Mortgage Applications on the Rise

  Mortgage rates have bumped up to the highest they’ve been this year, which is effecting how people react to the market.  Those that were on the fence have decided to strike while the iron is hot before it gets any hotter.  The highest increase of interest rates this year has caused an influx of mortgage and refinance applications. 

     Seasonally adjusted, mortgage applications have increased 8.4 percent, refinance applications by 7 percent and applications to purchase a home have gone up 10 percent, based on a recent article on CNBC.com. Traditionally an increase in rates shows a slight decline in applications but, in this case, it breaks a streak of weekly declines we’ve seen throughout May.  The average rate on a 30 year fixed loan is about 4.17%, the highest since November.  Job growth is credited for supporting the home buying market.

     Higher rates make home-buying more expensive, but buyers on the fence are making acting now before rates move even higher.  The market is expected to cool down after this initial sharp jump, but rates aren’t predicted to get any lower.

Weekly Mortgage Applications Jump as Rates Surge | CNBC.com via Reality Check 

Work Smarter, Not Harder: Part 2

     Whether you’re going for a conventional loan or FHA, it costs time and money to find the perfect house.  Last week I shared a tip on how to spot asbestos siding before spending money on an inspection.  This week I’ll share a few more things to look for and what it could mean for your contract before shelling out a penny.

     Lead-based paint is found in almost all older homes and may be present in any home built before 1978.  It peels in a very specific way, with vertical and horizontal peeling, creating peeling “squares.”  In most cases it will be painted over, which is a perfectly safe and legitimate way to mitigate the problem.  In an “as is” sale, such as a foreclosure, any exposed lead-based paint will not pass inspection.

     Any peeling paint or wood rot on the exterior of the home won't pass an inspection, either.  If it is very minimal, it may or may not be noted on the inspection, but is an inexpensive fix.  Repairing the peeling paint or wood rot on the exterior will be a requirement for any FHA loan.

          Seek out the hot water heater in the house.  Before you move into the home, purchase a pan and place it under to see if there are any leaks.  This is especially important if it’s located on an upper floor because any leaks will tear through the ceiling quickly.  Check for water damage indicated by dark spots showing on the floor or ceiling.

     Some of these things may seem like plain common sense, but as a potential buyer, it’s hard not to get excited when looking at a home.  Focus on the practical first, then start imagining your life within those walls once they meet your (and your bank’s) criteria.  

      

Get Off the Fence, It's Still a Great Time to Buy!

     Mortgage rates went up again last week and this gradual increase is to be expected over the next few months.  However, at an average of 4.18 percent, mortgage rates are still at a historical low.  If you are qualified and looking to stay in a certain area, right now is still a great time to buy!

     The Real Estate industry is one where the supply is limited and demand is always high, especially in larger cities where building opportunities are limited.  When there is more demand than supply, prices go up and long-term growth is inevitable.  

     When considering the rent vs. buy argument, even with rates going up, buying is the better financial decision.  Buying power does diminish when rates go up, so don’t wait for rates to get any higher.  Considering that a 1 percent increase can lose you approximately 10 percent in buying power, waiting to buy can mean missed opportunities.

     Preparation is key for buyers.  Get pre-approval and work with a realtor who specializes in the area you want to buy.  A full-time agent will be on top of new listings and can negotiate things into the contract to get more for your money.