Melissa Loughridge Savenko

I really don't know what happens and how. All of a sudden, days and days, sometimes weeks, pass and I'm behind the eight ball on the blogging front. I just looked and my last post was August 26, 2009. The thing I find most frustrating is that there are typically lots of things I WANT to address and write about - either national trends, local current events, real estate tips and tricks, etc. But there aren't enough hours in the day to get it all done. Or at least there aren't enough hours in MY day.

I will freely admit to being (i) more than a bit ADD; and (ii) someone who requires 8+ hours of sleep. All of that means I may not be as efficient with my time as others are. And OK, I don't have as much awake time as others do. There are times where I really wish I was one of those people who seems just fine with 6 or so hours of sleep. Think of all that I could accomplish!

However, the sleeping in to 8:00, 9:00 a.m. is O-V-E-R, now that the Munchkin has to be at school at 7:45 a.m. AND school is no longer four blocks away, so no jumping in the car at 9:02 a.m., screeching the 4 blocks at high speeds with rolling stops, to make it before the 9:05 a.m. bell. So maybe this new schedule means I'll gain 2+ hours of sentient, possibly productive time.

In any event, I want to get back to the blogging, but I have much to do today. So, I thought I'd take a few moments to throw out my stream-of-consciousness list of the topics I'd like to cover over the next few weeks. I hope this doesn't bore you readers to tears.

• The Return of the VCU Students - Lessons Learned Living in the Fan
• Related Topic: Biking Etiquette in the Fan
• Richmond's Commercial Real Estate Woes and Their Effect on the Local Economy
• Dual Agency AGAIN - A National Battle and One Man's Quest for Justice
• Upcoming Events in Richmond: The Friends of Art Beer, BBQ & Bluegrass Event, Science Museum's Kugel Ball, Maymont Wine Auction, Richmond Folk Festival
• Impact of the First Time Home Buyer Tax Credit
• Overview of Housing Sales in Richmond, YTD 2009
• A Year Since the Crash - A Look Back
• The Credit Markets and Issues with Financing

This is just my stream-of-consciousness list. As always, if anyone has a topic they'd like me to cover, send it my way. And Happy Tuesday, rainy and dreary as it is. At least it's only a four day work week!

I feel a teensy bit validated, now that USA Today is featuring an article on the two reasons to buy a home NOW - the historically low interest rates AND the first time home buyer tax credit. Of course, this "buy a home NOW!" advice only applies to people who have stable jobs, consistent income, some money to put down, and were planning to buy a home in the foreseeable future anyway.

As always, if you need an agent in Richmond, Virginia, I am happy to help with the home buying process. Otherwise, best of luck in your hunt for the perfect home!

Here is a really interesting article from MSN Real Estate, reporting on a study that finds a higher "walkability" index translates into higher home values in 13 out of 15 metropolitan areas. The data supports what we real estate agent who represent certain City of Richmond neighborhoods have known, without being able to quantify - walkable urban neighborhoods are more and more desirable, and therefore more and more valuable.

The two exceptions to the rule: Bakersfield, California, which showed no correlation between walkability and higher property values, and Las Vegas, Nevada, which showed a NEGATIVE correlation between walkability and property values.

Really? Being within walking distance of all those casinos, strip clubs, and T-shirt stores doesn't increase property values? I'm shocked. Shocked, I say.

Folks that follow my blog (hi Mom!) know that I have posted in the past about the first-time home buyer tax credit. The credit gives eligible individuals $8,000 in a bottom line CREDIT on your 2009 tax return. In fact, you can even amend the 2008 tax return to get that money sooner.

I've continued to hit this topic ad nauseaum because many people do not seem to know that the credit expires November 30, 2009. What that means is any eligible first-time home buyer must have CLOSED on the purchase of a home by November 30, 2009 in order to receive what is basically free money from the federal government.

Practically, what that means is you need to have a house under contract by no later than September 30, 2009, IMHO, to give yourself enough time to clear all contingencies, finalize financing, and close and record the Deed by November 30, 2009. That date is pretty fast approaching, so if you know you want to buy, but you've been putting it off, get out there and start looking NOW.

If you need some ideas, here are a few different listings of mine that might fit the bill [:)]:

SINGLE FAMILY HOMES:

1. 806 S. Meadow Street: In the Byrd Park/Maymont area,this 4 bedroom, 1.5 bath stucco and slate home has a superstar kitchen with new cabinets, ceramic tile floor, Zodiac quartz counters, and pass-through to the living room. There is a "man cave" basement with loads of potential, and a great yard and garage. MLS #2917551. Offered at $209,000.

2. 604 N. 30th Street: Located in Church Hill, this 3 bedroom, 2.5 bath home is BRAND NEW, with off-street parking, a full front porch, the open plan living area + kitchen that people want, and three spacious bedrooms upstairs. The master suite has a walk-in closet, a separate shower and jetted tub, and a double vanity with granite counter. MLS #2916489. Offered at $239,500.

CONDOMINIUMS:

3. Windsor Court Condominiums, 1608-1614 Grove Avenue: Located in the Historic Fan District, this 3 building, 24-unit Neoclassical complex has been COMPLETELY renovated, with new ceramic and granite kitchens with stainless steel appliances, new bathrooms, refinished hardwood floors, and dedicated off-street parking. Come see one of the most beautiful common areas in the Fan. Walk to restaurants, stores, parks, and VCU. Offered at $194,900-$234,900.

More to come shortly...

It just so happens I wrote a bit yesterday about a Zillow poll that ranked Richmond, Virginia as the 7th best place in the United States to buy a home. And in that post, I alluded to the fact that I typically disdain Zillow data because I have found it to be ridiculously inaccurate in certain sub-markets, and especially with historic properties. Here's a blog post I wrote on the topic back in March 2009, "The Zillow Rant OR Why Zillow Zucks."

Well, d*mned if an e-mail from Zillow didn't turn up in my e-mail inbox today. The e-mail header is "How Accurate Are Zillow's Zestimates?" Then, within the e-mail there is a whole bunch of different information to dig through, including videos, website information, charts, etc.

I wish I could figure out how to attach the entire e-mail, but that's beyond my technological skill set. I'll settle right now for attaching a link to the web page within the Zillow site titled "Data Coverage and Zestimate Accuracy." I'm going to take a little time to play around with the information and see what I can see, but in light of yesterday's post, I wanted to share it sooner rather than later.

So, more on this will come later, but here's some basic information. If you click on "States and Counties," and then "Virginia" and then finally get to the specific data on the City of Richmond's Zestimate accuracy, what you find is only 61% of the Zestimates are within 20% of the ultimate sales price of properties. I think that's a pretty cruddy record. And this accuracy data includes those areas, such as subdivisions, where the Zestimate tends to be more accurate. In other words, I bet in certain City sub-markets, the Zestimate isn't even within 20% of the sales price anywhere NEAR 61% of the time.

But again, more on this topic later. Lord knows, websites like Zillow and Trulia are not going away anytime soon. So we're all going to have to learn to play nice together. As much as I'd like to take all my toys and go home.