Clocktower Real Estate Market Update

It's been a busy week for Clocktower Realty!

This is what has happened in the last week. If you have an interest in Listing or Selling a property make sure to give us a call! Last year alone we processed 100 transactions for both home buyers, sellers and investors. 

VA 23832

3 beds 2 baths 1,719 sq. ft.

 SOLD: $202,900

Sold on 11/10/16

5103 Mill Race Cir,

North Chesterfield, VA 23234

3 beds 1.5 baths 1,584 sq. ft.

 PENDING

1900 Parkwood Ave,

Richmond, VA 23220

2 beds 1 bath 832 sq. ft.

PENDING

536 N Mullens Ln, 

Highland Springs, VA 23075

Bedrooms: 2

Full Bathrooms: 1

PENDING

3212 Midlothian Tpke, 

Richmond, VA 23224

Bedrooms: 3

Full Bathrooms: 1

PENDING

8 Ways to Boost Your Home Value

Straight from ConsumerReports.org are these great tips on where to put money into your home.  Not every home is perfect because it matches the lifestyle of the owner before you. It’s also ideal for many buyers to move into a place that could use a few improvements.  Making updates yourself potentially means a bigger return on your investment when you decide to sell.  The somewhat lengthy Consumer Reports article outlines trends in the Real Estate Market that favor the biggest home buying group in the country— millennials.  I have attempted to concentrate the reasons why each improvement is considered valuable as well as include the article’s awesome “Value-Added Buzzwords”  because when you’re listing a property, these things really do get more foot traffic for your home!  So when considering whether or not to purchase a home that needs renovations, getting ready to sell, or just updating the space to fit your needs, here are the best improvements to make when trying to get the highest return on your investment.

Kitchen. 

It’s the heart of the home.   It’s where everyone gathers at the end of a get-together, over the holidays, and where you take your everyday meals.  It's also where the big money goes into appliances.  It’s especially popular to have a “modern/updated kitchen" when trying to attract millennials, according to Consumer Reports.  If you are planning to stay a while, any investment can prove worthwhile, however, if you are updating to sell, small tweaks can get the job done. Just adding new kitchen cabinets, modern hardware and a fresh coat of paint can create a cohesive look.  

Buzzwords:

Stainless steel

Quartz countertops.

Multi-Functional Floor Plans.

Also known as, an open floor plan.  Lots of people work from home these days, or prefer different types of entertaining.  An expanded kitchen with a larger island could be preferred over a formal dining room, or a home office instead of an extra family room.  Adding square footage to the downstairs by moving your laundry to the upstairs is becoming increasingly popular as well. According to Consumer Reports, finishing the basement is a great way to add usable square footage to your home.

Buzzwords:

Flex room

Mother-in-law apartment

Upstairs laundry room

Energy Efficiency.

This is true for homebuyers across the board, not just millennials.  If there is a way to lower living costs, take advantage of the savings in the long run by buying energy efficient appliances.  Updating windows, insulation, and your water heating appliances, while not especially adding curb appeal, seriously increases the desirability of your home.

Buzzwords:

High-efficiency windows

LED lights

Low-Maintenance Living.

The way of life these days is more about making things simple.  While wall-to-wall carpeting may seem luxurious, to today’s busy homeowner, it’s just extra work.  A lot of new, first-time homebuyers are looking for move-in ready homes where they can live comfortably and entertain without having to worry about getting their home in order.  This includes things from hardwood floors to central air, which eliminates switching window units seasonally.  It also includes bigger ticket items like roofing.  Replacing a roof is a huge undertaking, and buying a home knowing you’ll have to replace it soon could be a hassle new homeowners don’t want to deal with.

Buzzwords:

Updated systems

New roof

Hardwood floors

Multi-Generational Living.

We start saving for retirement as soon as we can, when making renovations, why not build for retirement as well?  Forward thinking renovators are ditching steep staircases for aging-related improvements, making it easier to navigate the hallways no matter how old you are.  Seniors are among the biggest home buying markets as well, with very little options to choose from when it comes to living comfortably.  

Buzzwords:

Walk-in shower

Master on the main floor

Comfort-height toilets

Paint! 

Not only does it look fresh, but it protects your home.  Giving high-traffic areas like the kitchen and bathroom a new coat can make your space look as fresh and clean as the day you moved in.  Which is especially important if you’re planning on showing it to potential buyers.  If there are scratches from pets or stray soccer balls, they need to be taken care of.

Buzzwords:

Neutral color scheme

High-quality paints

Curb Appeal.

While adding a deck or patio doesn’t technically add square footage to your home, it certainly does expand your seating options.  Entertaining outdoors, or taking your morning coffee al fresco is something millennials value more than previous generations.  A simple fire pit can do the trick as well as easily cared for landscaping is a no brainer.

Buzzwords:

Curb appeal

Water-smart yard

Smart Home.

DON’T build in your sound system, DON’T buy trendy technology because you will lose the money you put into it.  Technology improves on a daily basis and what is hot one year might be old news the next.  However, automated features on your home like a programmable thermostat and remotely operated home functions such as lights, locks and security systems really pay off for the generation that grew up with smartphones.  These features also relate to saving money on energy costs.

Buzzwords:

Programmable thermostat

Whole-house generator

Hopefully, some of this advice has motivated you toward a great new project on your home.  Check out the rest of the article here, because it’s full of even more valuable information as well as great statistics and facts on how and why these features are a smart investment.

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!

Common Home Inspection Misconceptions

1.  Thinking that passing code means inspected— Contractors may know of all your local codes, but just because new construction on your home, an addition or otherwise, passes code doesn’t mean you should make assumptions on its quality.  In one example, an inspector discovered missing support beams in the crawl space of a new home to make room for duct work and it had already started sinking.  An inspection will give you an idea of the quality construction that’s been undertaken and could save you from future financial pitfalls.

2.  Choosing cost over experience— When you go to the doctor for a physical checkup, do you pick a discount physician or do you choose one that’s qualified and trusted?  It’s the same for your home.  If you need a recommendation, ask your realtor for two or three names.  When calling around ask for their credentials and licensing.

3. Not following along— When you're looking at the extensive report an inspector will give you, it may not paint as accurate a picture had you just gone along.  Certain problems can go overlooked on a written report or make the impression that something is more serious than it is.  If you go along on the inspection you can ask questions and get a professional opinion if he spots a problem.

4.  Ignoring the professional— If you don’t follow up on the inspector’s recommendations before you close on the house, you may end up with more of a financial burden than you had originally thought.  Don’t wait until AFTER closing to have a potential problem looked into.  If you are able to get estimates on repairs before closing, your inspector may be able to share some insight on the contractors’ solutions.

5. Your inspector knows a lot, but not everything— Predicting the future is a talent that no one holds.  Your inspector can tell you the age of your hot water heater, he can tell you how long it usually lasts, but not exactly when it will need to be replaced.  Just rest assured that the home inspector is hired by you and is likely to be neutral to whether or not you close on the house.