04 Apr 2016

The Seven Personas In One Seller: Seven Approaches In Selling Your Property

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Selling your home is never easy. Aside from the emotional attachment that you and your family shared, finding the perfect buyer is difficult since good competitors in the real estate market are also growing in numbers. The proven solution to attract buyers is to lower the cost but there are also other ways in enticing consumers when you use your creativity and skills.

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21 Jan 2016

4 real estate trends we’ll see in 2016

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Higher interest rates may finally bring down prices on the “costly coasts”

The Federal Reserve’s anticipated rise in interest rates is expected to impact all sorts of real-estate transactions, whether you’re buying, selling or renting. Here’s what you need to know for the coming year if you’re ready to take the big plunge as a homeowner, or finally get that deluxe apartment in the sky.

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30 Dec 2015

The Return of the Affordable Starter Home

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Surging prices have almost closed off the new-home market to young buyers like Brandon and Quincey Lindemann. But the Denver-area couple has found a way in.

The Lindemanns paid $350,000 in October for a three-bedroom house at Tri Pointe Group Inc.’s Terrain, a new Castle Rock, Colorado, community designed for first-time buyers. While the home has press-board kitchen counters and a yard too small for the children the Lindemanns plan to have, it’s almost 30 percent cheaper than the average for a new house in the area.

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27 Oct 2015

Peninsula housing inventory shrinks as demand increases

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For area Realtor Kyle Hause, the Peninsula housing market is showing signs of recovery.

“I’ve sold more lots in 12 months than I’ve sold in the last four years,” said Hause, a Realtor with Chantilly-based Long & Foster Real Estate Inc. that’s been selling real estate in the region for nearly 30 years. “We’re coming out of this thing.”

With housing inventories declining and pending sales increasing across the Peninsula, area real estate agents are seeing the region’s housing market become more balanced — meaning potential residents looking to sell their homes could get their asking price or better.

“As properties continue to leave the market at a quicker rate than they are added … the Hampton Roads real estate market appears to be heading toward a balanced and sustainable market,” said Art Zachary, president of Real Estate Information Network Inc. (REIN) and president and CEO of Rose and Womble Realty. “That is beneficial for both buyers and sellers.”

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21 Sep 2015

How is the real estate market in Williamsburg Virginia ?

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When looking at sales statistics for any market you really need to drill down into the specific price range to gain an in depth understanding of what is happening. As you can see in the chart below depending on the price range closed sales, number of homes on the market and pending sales are drastically different within the various price bands. These number reflect sales in the 23188, 23188 and 23168 zip codes which cover the areas of City of Williamsburg, James City County, Upper York County and the Toano areas.

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23 Jul 2015

This reality TV star wants to teach you how to flip homes—for a $34,000 fee

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The new rules of house flipping

Flippers are now back in force, it turns out–but the rules have changed. Lenders no longer issue flaky loans to suspect buyers with a tiny down payment, which has chased dabblers out of the market. Since home prices no longer defy gravity, the only real way to profit on a flip is to find a distressed property at a fire-sale price and quickly make improvements that add value. Then, pray for a buyer who’s able to qualify for a mortgage. The new rules favor cash buyers and institutional investors—usually able to negotiate the lowest prices—and established real-estate pros with intimate knowledge of local conditions.

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06 Apr 2015

Hampton Roads/Southeast Virginia Housing Market

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Information about the current state of the Hampton Roads/Southeast Virginia Housing Market.

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15 Jan 2015

How To Sell Your Rehab As Fast As Possible

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Time is everything when trying to complete a rehab. Despite what you may see on TV, schedules are of the utmost importance when trying to maximize your return on investment (ROI). Every day your property goes without being sold, your returns will be diminished. The longer you hold onto a property, the more you will have to pay in taxes, insurance, loan repayments and other utility costs. Additionally, you are indirectly losing money by not recouping your investment and having your money tied up in a property you haven’t sold. “Time is money” is more than just a catchy slogan, but something that will directly impact your bottom line. Essentially, the faster you can complete a rehab, the better it is for your business. Make sure you sell your rehab as fast as you can, without compromising integrity.

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08 Aug 2014

Richmond Real Estate Overview

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Summary for Richmond

Average price per square foot for Richmond VA was $142, an increase of 6% compared to the same period last year. The median sales price for homes in Richmond VA for May 14 to Jul 14 was $210,000 based on 753 home sales. Compared to the same period one year ago, the median home sales price increased 2.4%, or $5,000, and the number of home sales decreased 22.3%. There are currently 1,305 resale and new homes in Richmond on Trulia, including 23 open houses, as well as 385 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Richmond VA was $259,052 for the week ending Jul 30, which represents an increase of 0.3%, or $737, compared to the prior week. Popular neighborhoods in Richmond include The Fan and The Museum District, with average listing prices of $410,252 and $271,489.

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14 May 2014

Housing Market Improves

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The Richmond area’s housing market posted increases in sales and prices during the third quarter, according to a report released Tuesday by the Richmond Association of Realtors.

The number of sales in Richmond and Chesterfield, Hanover and Henrico counties rose 17 percent to 3,490 in the quarter that ended Sept. 30 compared with the same period a year ago, the trade group said.

The median price here, with half the houses selling for more and half for less, was $213,421, up 10 percent from the three-month period a year ago.

“Inventory scarcity has continued placing some upward pressure on prices,” said Linda Terry, the 2013 president of the association and an auctioneer with Tranzon Fox.

“Demand continues to increase, and the sellers who are moving forward at this opportune time are being rewarded by waiting shorter periods for sales to close and getting very close to asking prices.”

In the broader central Virginia area, the group said 13 of 16 jurisdictions posted year-over-year increased sales during the quarter. The exceptions were Caroline County, Colonial Heights and Petersburg.

Overall sales in central Virginia rose 17 percent to a total of 4,079 in the third quarter from a year ago and the median price rose 9 percent to $209,171, the group reported.

Most sales, or 35 percent, were in the $100,000 to $199,999 range. The next busiest range, with 25 percent of all sales, was for homes that sold for $200,000 to $299,999.

In general, homes continue to sell faster and sale prices inch closer to list prices, which bodes well for sellers, the report states.

Seller confidence seems to be improving and more homeowners are ready to list their houses, according to the report. Fewer mortgages also are underwater — meaning fewer homeowners owe more on their loans than their houses are worth.

The Virginia Association of Realtors reported that sales statewide rose 13.48 percent in the third quarter from the same period a year ago. The median price rose 2.42 percent to $254,000 from a year ago.

All seven regions in the state reported year-over-year double-digit increases in sales from the same period a year ago, according to the state report.

“2013 has been a solid year for Virginia real estate with increased year-over-year sales every quarter as well as increased prices in most regions,” said Stacey Ricks, spokeswoman for the state group.

“The third-quarter numbers show that consumer confidence in the commonwealth is still strong,” Ricks said. “We hope this continues through the rest of the year and that the strength is not shaken by factors like the recent shut-down and the impact of the sequester on Virginia.”

Continued improvements in Virginia’s housing market are expected, but those could be small going forward since Virginia is heavily influenced by government spending, the report states.

Complete Article: Richmond Times Dispatch