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Good ole Richmond Virginia

11-10-09
Lane Midgett
Lane Midgett: Real Estate Agent in Richmond, VA
  • view my blog
  • Office: (804) 565-1776
  • Mobile: (804) 647-7474

Folks, I thought about something today, while I was driving down Patterson looking at the fall foliage, smiling at the other Richmond commuters hurrying to their destinations; I love Richmond! I love it's history, architecture, restaurants, universities, nightlife, museums, communities and most notably the river. There has been a recent flood of attention to Richmond. One of my favorites is this youtube video created by a couple of local guys trying to put Richmond on the video map: The hilarity of the clip is matched only by the truth of the story told.

Another great example is this article written by Justin Bergman from the New York Times: The artist depicted in the first photograph is Amanda Robinson, the Executive Director of Gallery5. I really enjoyed this article and the spot light that the New York Times put on Richmond. What really brings it home for me, is the fact that Amanda and I went to high school together. That's Richmond for you! Isn't her little girl Azedha adorable? Someone asked me the other day, what didn't I like about Richmond? And this came to mind: Flying Squirrels. I don't want to gripe about this too much, but I am pretty sure that we could have come up with a better name than that, right? However, as a proud Richmonder, I will go to the games and I will have a collection of "Flying Squirrel" hats some day. You have to admit, this big-little-city really does have it all: history, big city life with a small town feel, the river, parks , schools, sports, nightlife, museums/attractions , culture, business and most importantly - the residents who make this "Cap City" such a great place to live. Please leave your comments below. Thanks for reading! But thank you even more for leaving a comment!!

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Always Inspect

11-10-09
Lane Midgett
Lane Midgett: Real Estate Agent in Richmond, VA
  • view my blog
  • Office: (804) 565-1776
  • Mobile: (804) 647-7474

Why you should get an Inspection

Whether you are buying or selling a home, you should have a professional home inspection performed.

A home inspection will look at the systems that make up the building such as:

  • Structural elements, foundation, framing etc
  • Plumbing systems
  • Roofing
  • Electrical systems
  • Cosmetic condition, paint, siding etc

If you are buying a home, you need to know exactly what you are getting. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you aren't comfortable with what he finds, you should kill the deal.

Likewise, if you are selling a home, you want to know about such potential hidden problems before your house goes on the market. Almost all contracts include the condition that the contract is contingent upon completion of a satisfactory inspection. And most buyer's are going to insist that the inspection be a professional home inspection, usually by an inspector they hire. If the buyer's inspector finds a problem, it can cause the buyer to get cold feet and the deal can often fall through. At best, surprise problems uncovered by the buyer's inspector will cause delays in closing, and usually you will have to pay for repairs at the last minute, or take a lower price on your home.

It's better to pay for your own inspection before putting your home on the market. Find out about any hidden problems and correct them in advance. Otherwise, you can count on the buyer's inspector finding them, at the worst possible time.
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The FICO score...your report card to lenders.

11-09-09
Lane Midgett
Lane Midgett: Real Estate Agent in Richmond, VA
  • view my blog
  • Office: (804) 565-1776
  • Mobile: (804) 647-7474

Scoring your Credit - How's your FICO?

In today's increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you've been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled and mutilated into a single indicator of whether you're likely to meet your future obligations.

All three of the major credit reporting agencies (Equifax, Experian and TransUnion) use a slightly different system to arrive at a score. The best known is called the FICO score, based on a model developed by Fair Isaac and Company (hence the name) and used by Experian. Equifax's model is called BEACON, while TransUnion uses EMPIRICA. While each of the models considers a range of data available in your credit report, the primary factors are:

  • Credit History - How long have you had credit?
  • Payment History - Do you pay your bills on time?
  • Credit Card Balances - How much do you owe on how many accounts?
  • Credit Inquiries - How many times have you had your credit checked?

Each of these, and other items, are assigned a value and a weight. The results are added up and distilled into a single number. FICO scores range from 300 to 850, with higher being better. Typical home buyers likely find their scores falling between 600 and 850.

credit pie

FICO scores are used for more than just determining whether or not you qualify for a mortgage. Higher scores indicate you are a better credit risk, and thus may qualify for a better mortgage rate.

What can you do about your FICO score? Unfortunately, not much. Since the score is based on a lifetime of credit history, it is difficult to make a significant change in the number with quick fixes. The most important thing is to know your FICO score and to ensure that your credit history is correct. Conveniently, Fair Isaac has created a web site (www.myFICO.com) that let's you do just that. For a reasonable fee, you can quickly get your FICO score from all three reporting agencies, along with your credit report. Also available is some helpful information and tools that help you analyze what actions might have the greatest impact on your FICO score. Each of the credit services offers similar services on their web sites: www.equifax.com, www.experian.com, and www.transunion.com.

Armed with this information, you will be a more informed consumer and better positioned to obtain the most favorable mortgage available to you.


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2009 Real Estate Trends Conference

11-08-09
Lane Midgett
Lane Midgett: Real Estate Agent in Richmond, VA
  • view my blog
  • Office: (804) 565-1776
  • Mobile: (804) 647-7474

This is one of the most descriptive and informative links on Richmond Virginia Real Estate, that I have seen in a while. If you own a home, are in the business or are thinking about buying, you should read this: 2009 RE VCU Conference Notes

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Eastern Henrico County, Virginia Home Sales by Subdivision September 2009

10-12-09
Mike Hogan, MBA, EcoBroker
Mike Hogan, MBA, EcoBroker: Real Estate Agent in Mechanicsville, VA
  • view my blog
  • Office: (804) 740-1644
  • Mobile: (804) 503-0811

Here is a breakdown of real estate homes sales in Eastern Henrico County, Virginia for the month broken down by subdivision. Just click on the link to your subdivision for the complete breakdown of what the average of homes that are on the market, how long they have been on the market, how many have sold, what their average price was, and how long they were on the market.

Subdivision

Active Listings

Central Gardens

13

Clarendon Woods

32

Eagles Nest

16

East Highland Park

15

Four Mile Run

53

Hechler Village

21

Hillcrest Farms

6

Montezuma Gardens and Oak Hill

37

Settlers Ridge

8

For a complete list of homes for sale in Eastern Henrico County, VA please call or Click here, to request an update.

If you are interested in selling your home for top dollar in the quickest amount of time, please contact me anytime at 804-503-0811 or Click here to send me an e-mail requesting further information.

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