About Richmond City County, VA

I suck at math, which is why I went to law school rather than business school, a decision I still periodically regret. So I am eternally grateful to Charles Dailey for posting this link to HIS post on one of my comment pages. It QUANTIFIES the cost of waiting to purchase a $125,000-$250,000 home, assuming that the buyer (i) misses the tax credit window; and (ii) the interest rate on the mortgage increases 1/2 point, such as to 5.5% from 5.0%.

Ouch. I knew it wasn't a small number, but $13,928.74 to $19,857.47 is a lot of money. Like, buying-a-car-kinda money. And this just assumes a 1/2 point interest rate increase. If the interest rate increased more than that, we'd be getting into high-performance-German-car-kinda money.

So don't miss the chance because you think you have plenty of time. No time like the present, folks.

On November 6, 2009, the Department of Housing and Urban Development issued new guidance relaxing the financing requirements for condominiums. For condominium developers, listing agents for condominium projects, and condominium buyers, this is GREAT news. Basically, an individual buyer may now get FHA financing in a project that qualifies. What's so great about FHA financing? It allows the least amount of money down (3.5%), has lower credit score requirements, and allows a "non-owner occupant co-borrower," which is fancy HUD-speak for a cosigner on the loan.

So what does this mean practically? Someone starting out could buy a $200,000 property with $7,000 down (3.5% of the purchase price), a 620 credit score, and mom and dad co-signing on the loan. This someone would need to come up with another $7,000 or so dollars in closing costs, but most sellers in this market are willing to contribute at least some of the closing costs to get a deal done. So let's assume the closing costs were covered. Then, the buyer could amend his or her 2008 taxes to claim the 2009 First Time Home Buyer Tax Credit of $8,000, and could essentially end up getting PAID $1,000 to buy a condominium. If your monthly payment is the same or similar to your rent, why wouldn't you do this?

Sounds like a pretty good deal to me. And I've got some GREAT condos to sell, the Windsor Court Condominiums, in the heart of the Historic Fan District, located at 1608-1614 Grove Avenue. You can't buy a house in the Fan for $200,000 - an entry-level house is going to cost you about $300,000 minimum and will require work. I've got units priced from $194,900-$239,900 that have all new kitchens, granite, stainless steel appliances, refinished hardwood floors, the works. AND there is dedicated parking. There is even the option of a garage at no additional charge, available on a "first come, first served" basis.

Here's the website - www.windsorcourtcondominiums.com - check it out. There is a virtual tour on the website, for even more eye candy. If you see anything you like, give me a call at 804-986-3993, or drop me a line at melissasavenko@gmail.com. I'd be happy to show you around.

Virginia Aviation Museum

We just returned from a trip and flew from Richmond Virginia. We had a few extra minutes so we stopped at the Virginia Aviation Museum. They have over 30 historic vintage aircraft.

Including a reproduction of the Wright’s 1903 Flyer and a SR-71 spy plane!

They even have the luxurious 1936 Vultee V1-AD once owned by William Randolph Hearst.

Open daily, except Thanksgiving and Christmas!

Located in front of the Richmond Airport.

Well worth the trip if you are traveling this way!

WHO KNOWS! At this point reports regarding extending the government tax credit seem to be changing by the hour. On Monday reports stated it would under no circumstances be extended; by Thursday the media was a-buzz with a potential compromise that will extend the timeframe. The on-again/off-again tax credit extension includes numerous revisions of what may be included if it survives the current November 30^th deadline. By the time you read this, it may have changed yet again!

Regardless of the pending tax credit compromise, market indicators point to the probability that home sales will continue to improve in our area as unemployment decreases and the stock market rises. We can anticipate higher home prices, and perhaps an increase in interest rates, by the first of the year. This does not necessarily mean we are out of the proverbial woods, but it certainly supports conditions where new home starts and improved residential re-sales in Richmond will steadily rise.

So, anticipate positive changes in the real estate market, and understand that it's a wonderful time to buy and sell a home. Get moving now while conditions for great housing opportunities remain available, with or without the tax credit. Contact your most trusted real estate professional so you may secure the home you are looking for today.

John VanderSyde is an Associate Broker with Virginia Properties, a Long & Foster Company, and is also a Licensed Architect. Contact John or Ann VanderSyde for more information at (804) 282-7300.

Did you know that approximately 85% of people looking for homes use a REALTOR®? In spite of the fact that the majority of home buyers start their search on the internet, they still choose to work with a real estate professional once they are committed to a serious home search.

Realtors don't control housing information the way they did twenty years ago, before MLS and computer based systems began sharing information freely across cyber space. What they do provide is an in-depth knowledge of homes and property values that only comes from daily interaction with other professionals, buyers and sellers. This constant commodity awareness is the same reason we chose to work with professionals in other parts of our lives. Why should buying a home be any different?

On average, it takes ten weeks for someone to find the home they intend to purchase. During this period it is no surprise that purchasers want the guidance that knowledgeable sales agents bring to the table. Not to mention, attention to detail and individual representation during unusual times where nothing in a housing transaction can be taken for granted. In order to be successful, someone must be on your side, looking out for your interests, and representing your needs, wants and desires.

So, start looking for your next home the same way 87% of buyers do, on the internet. But don't hesitate to get your most trusted real estate professional involved in the process early; they provide information not accessible online, along with the advice and guidance you will need to begin a serious search, and to find the home that best suits you.

John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John and Ann by visiting www.InSydeHomes.com or by calling (804) 282-7300