Relocate to Richmond Virginia

Moving your family to another town or state is a major event in your life! We have helped families and individuals relocate to and from Metro Richmond.
If you will be moving to Metro Richmond, we can correspond by email and phone. Together, we'll determine what type of home, price range, and neighborhoods you are interested in. We'll send you every home or property that is currently available that matches your criteria.
When you visit, we'll be ready! We will visit the local Richmond neighborhoods and homes that interest you the most. In addition, we can talk about schools, sub-divisions, local market conditions, local culture... anything that is important to you.
Remember: It's our job to know this area inside and out, and we want to make your transition as smooth as possible.

CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia

Richmond Virginia Real Estate - First Time Home buyer

Thinking about purchasing a home of your own? Keep these critical considerations in mind:

How long you plan to live in the home?

If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home.The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 3% or less appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.

How long the home will meet your needs?

What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you'll need will help you find a home that will satisfy you for years to come.

Your financial health - your credit and home affordability.

Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders like Quicken Loans may still provide you with a loan, but you may just have to pay a higher interest rate and fees.

Some say that you should refrain from borrowing as much as you qualify for because it is wiser not to stretch your financial boundaries. The other school of thought says you should stretch to buy as much home as you can afford, because with regular pay raises and increased earning potential, the big payment today will seem like less of a payment tomorrow. This is a decision only you can make. Are you in a position where you expect to make more money soon? Would you rather be conservative and fairly certain that you can make your payment without stretching financially? Make sure that whatever you do, it's within your comfort zone.

To determine how much home you can afford, talk to a lender or go online and use a "home affordability" calculator. Good calculators will give you a range of what you may qualify for. Then call a lender. While some may say that the "28/36" rule applies, in today's home mortgage market, lenders are making loans customized to a particular person's situation. The "28/36" rule means that your monthly housing costs can't exceed 28 percent of your income and your total debt load can't exceed 36 percent of your total monthly income. Depending on your assets, credit history, job potential and other factors, lenders can push the ratios up to 40-60% or higher. While we're not advocating you purchase a home utilizing the higher ratios, its important for you to know your options.

Where the money for the transaction will come from?

Typically homebuyers will need some money for a down payment and closing costs. However, with today's broad range of loan options, having a lot of money saved for a down payment is not always necessary - if you can prove that you are a good financial risk to a lender. If your credit isn't stellar but you have managed to save 10-20% for a down payment, you will still appear to be a very good financial risk to a lender.

The ongoing costs of home ownership.

Maintenance, improvements, taxes and insurance are all costs that are added to a monthly house payment. If you buy a condominium, townhouse or in certain communities, a monthly homeowner's association fee might be required. If these additional costs are a concern, you can make choices to lower or avoid these fees. Be sure to make your realtor and your lender aware of your desire to limit these costs.

If you are still unsure if you should buy a home after making these considerations, you may want to consult with Realtor to help you with the process.

CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia

Richmond Virginia Real Estate - Your Buyer Agent!

Your buyer's agent must:

Protect your negotiating position at all times, and disclose all known facts which might affect or influence your decision - their loyalty to you is undivided
Obey all your lawful instructions
Keep all your confidences
Exercise reasonable care and skill in performing his/her duties
Account for all money and property placed in his/her hands while acting for you

A REALTOR® who is NOT your agent cannot:

Recommend or suggest a price other than that given by the seller
Negotiate on your behalf
Inform you of his/her client's top and/or bottom line
Disclose any confidential information about his client unless authorized to do so

CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia

Fight back concer!

Visit the Fight Back page and find ways that you can take a simple action that just might save someone's life.

Richmond Virginia Real Estate - If the price of your home is too high!

If the price of your home is too high, several things could happen:
Limits buyers . Potential buyers may not view your home, because it would be out of their buying range.
Limits showings . Other salespeople may be less reluctant to view your home.
Used as leverage . Other realtors may use this home to sell against homes that are better priced.
Extended stay on the market . When a home is on the market too long, it may be perceived as defective. Buyers may wonder, "what's wrong," or "why hasn't this sold?"
Lower price . An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you'll probably get less than if it had been properly priced at the start.
Wasted time and energy . A bank appraisal is most often required to finance a home.
Realtors have known it for years - Well-kept homes, properly priced in the beginning always get you the fast sale for the best price! And that's why you need a professional to assist you in the selling of your home.

CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia

How to Cash in on a Fixer-Upper!

It's commonly believed that fixer-upper properties represent easy money that is ripe for the taking - that you can buy it, do a little work on it in your spare time, and then resell quickly for a large profit. Usually, this simply isn't the case. Although, with proper planning and foresight, good profits can be made by buying "distressed" properties at less than market value, making appropriate improvements and repairs, and then reselling. And for many first time buyers who intend to live in the house while working on it, buying a fixer-upper can be the very best option. It's less risky buying a fixer-upper when you can live in the house while fixing it. And of course, by living in the house for at least 24 months you should be able to avoid paying regular income taxes on the profits. The most important thing to know before making a decision on such a purchase is what needs to be fixed.
Be careful that you don't over pay. Especially if you plan to resell quickly, paying too much up front can doom your plans for quick profit. Research the market for reselling and have an exit plan for selling the house in place before making an offer.

CONTACT ME for assistance with RICHMOND REAL ESTATE
Mohamed Mekhimar , Realtor®, Accredited Buyers Representative , RE/MAX Commonwealth, mekhimar@remax.net, (804) 243-0605 Cell, (804) 288-5000 Office, (804) 288-8989 Fax, http://www.richmondvahomes4sale.com/, Licensed in the Commonwealth of Virginia

PEW NEWS IQ SCORE

Here's Your Score: You correctly answered 12 of the 12 possible questions along with approximately 6% of the public. You did better than 94% of the general public.

Find out how your score compares with other Americans who took the test in our national telephone survey:

Take the quiz!

Happy Holidays

I want to wish EVERYONE a safe and happy holiday week . 2008 is going to be great.

What kind of Care Bear are you?

Take the quiz to see what CareBear you're most like.

	Friend Bear You are everyone's ideal friend because you are sincere and genuinely kind. Sometimes you worry about your friends' problems so much, you forget about your own responsibilities, which can get you into trouble. For you, it's the little things that really count. You also happen to be the main driver of the Cloud Car. No speeding!
Take the Which Care Bear Are You? Quiz!

Credit Score Primer: What Buyers Need to Know to Get a Loan!

In the wake of the credit crisis, lenders have become much pickier about whom they lend to. Here are some basic facts that will help potential borrowers understand what they face.

The measurement that most lenders use to assess applicants' credit risk is the FICO score developed by Fair Isaac Corp. The score ranges from 300 to 850.

There's not one FICO score. Buyers have three: one for each of the three credit bureaus, Experian, TransUnion, and Equifax.

Each credit score is based on information the credit bureau keeps on file. Since credit bureaus don't share their data with one another, the three FICO scores may differ, sometimes by as much as 100 points.

The components of a FICO score are:

Payment history: 35 percent
Amounts owed: 30 percent
Length of credit history: 15 percent
New credit: 10 percent
Types of credit used: 10 percent

A consumer with a 580 credit score might qualify under FHA requirements, but, generally, in order to qualify for a prime loan, a borrower must have a credit score above 620 for a conventional loan at all and above 720 for a loan at terms and rates most borrowers would consider desirable.

Source: The Dallas Morning News, Pamela Yip (12/03/07)

Advice to Buyers: Spend Cautiously Before Closing

Home buyers should take care not to run up a lot of debt between the time they are approved for a mortgage and the day they go to the closing table.

Many lenders are pulling credit history and credit scores within a week of a buyer’s scheduled closing date just to make sure nothing major has changed. What the lender doesn’t want to see is a huge run-up of credit-card debt or other loans.

The lender also may require the borrower to sign a statement at closing affirming that there has been no change in the borrower's financial ability to repay the loan and that the borrower's employment status remains the same.

Home buyers should be particularly cautious not to throw their debt ratio out of whack by buying things for the new home before they own it because the added debt might change their credit score and the lender may no longer be willing to lend them money at the rate promised, or maybe not at all.

The best advice, experts say, is to wait to do that shopping until after closing.

Source: Ilyce Glink, Real Estate Matters Syndicate (11/09/2007)

Christmas Events in Richmond

• Richmond, Virginia Christmas Events Christmas Parade - Richmond VA Saturday December 1, 2006, 10:00 AM


• Mechanicsville Christmas Parade. Sunday, December 2, 2007 at 3:00pm.


• Prince George Christmas Parade - December 1, 2007 Line up 2pm - Parade 3pm


• Colonial Heights Christmas Parade - December 4, 2007 Line up at 6pm rolls at 7pm


• Dinwiddie Christmas Parade - December 8, 2007 at 2pm


• Chester Christmas Parade - December 9, 2007 Lineup at 1pm rolls at 2pm


• Charles City Christmas Parade - December 15, 2007 at 10am


• Powhatan Christmas Parade - December 15, 2007 at 3pm

Richmond Real Estate - Condo Buyers Should Do Their Research!

Condominium buyers who fail to take a close look at the condo association's rules and finances can be in for some unhappy surprises.

These documents can contain everything from the operating hours of the laundry room to plans for major construction or pending lawsuits. If the potential condo buyer reads the document and doesn’t like what’s there, the law generally says he or she can walk away from the deal.

"These statutes are built to give purchasers the information they need to make an educated decision," said Pia Trigiani, a lawyer at Mercer Trigiani, a firm that specializes in real estate transactions.

Here are the some key questions a condo buyer should try to answer when reading through the association's documents:

• Is the association charging residents enough to pay expenses without going into debt?
• Is there a pattern of special assessments that may indicate poor financial management?
• Is there sufficient money or a plan to get more money to pay for the projects specified in the reserve study? Buyers should compare the budget provided in the resale package against the expenses predicted in the reserve study and see if there appears to be enough money.
• What do other residents and the management company think? Read the board minutes, which are maintained by the management company. Some companies charge a small fee for this service.

Source: The Washington Post, Renae Merle (11/17/2007)

10 Tips for First-Time Home buyers

1. Be picky, but don’t be unrealistic. There is no perfect home.

2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs

4. Don’t wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking.

5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.

6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?

7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as type of mortgage terms that suit you best.

8. Don’t let yourself be house poor. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.

9. Don’t be naïve. Insist on a home inspection and if possible get a warranty from the seller to cover defects within one year.

10. Get help. Consider hiring a REALTOR® as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.

10 Things to Take the Trauma Out of Homebuying!

1. Find a real estate agent that’s simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you chose is both skilled and a good fit with your personality.

2. Remember, there’s no “right” time to buy, any more than there’s a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.

4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc., that have a big impact on what it’s like to live in your new home.

7. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is as a comfortable, safe place to live.

Housing in Richmond is a Good Long-Term Investment

Click here to read a new report prepared for the Richmond Association of REALTORS® by the Office of Housing Policy Research at George Mason University. This report provides data and graphs that illustrate the increasing value of homes in the Richmond metro region, the return on investment in a home vs. investing in the stock market, and the difference in wealth accumulation between renters and homeowners.

Please note that because this report studies the "typical" homeownership period, which is nine years in the Richmond area, the data stops with homes bought in 1998 (and thus finishing the nine year period in 2007).

Source: Richmond Association of REALTORS®(11/09/07)

Tips for Investors!

Here’s some advice for potential investors:

* Buy in a familiar neighborhood, near where you live, work or go to college.

* Research the area thoroughly, identifying potential properties and other business opportunities.

* Observe trends, costs, vacancies, and potential appreciation.

* Assess your own skills. If you have to hire out maintenance, costs will hit the bottom line.

* Start small. A single-family home or a duplex is a good beginning. Plan to hold it for at least three years.

* Avoid foreclosed properties. They are complicated to buy and they aren’t a guaranteed deal.

* Be pre-approved for financing. Most investment property loans require at least 10 percent down.

* Remember, dealing with people is key, so hold onto your sense of humor.

Source: Star-Tribune, Lynn Underwood (10/20/07)


CONTACT ME for assistance with RICHMOND REAL ESTATE

Mohamed Mekhimar
Realtor®, Accredited Buyers Representative
RE/MAX Commonwealth
mekhimar@remax.net
(804) 243-0605 Cell
(804) 288-5000 Office
(804) 288-8989 Fax
http://www.richmondvahomes4sale.com
Licensed in the Commonwealth of Virginia

By the way...if you know someone who is interested in buying or selling real estate in the Richmond Virginia area and surrounding counties, please call me with their name and phone number. Thank you!

Mortgage Tips for a Tight Lending Market!

Even home buyers with good credit may have trouble getting a mortgage these days.

Here are three tips for home buyers in search of the best deal.

* Conforming loans win. Keeping the loan below $417,000, the most that Freddie Mac and Fannie May will buy, saves big money since the rate on nonconforming loans is now a full point higher than for lesser loans. If getting the cash together is a challenge, Greg McBride, senior financial analyst with Bankrate.com, suggests taking out a small second mortgage or tapping an existing line of credit.

* Don’t rock the boat. "Anything that might disrupt your credit history will be seen with a more jaundiced eye," says Keith Gumbinger, a vice president with mortgage research firm HSH Associates. He says avoid big credit card purchases or, if possible, major life changes.

* Get multiple approvals. McBride urges borrowers to get advance approval from more than one lender, just in case the lender – not the borrower – goes under.

Source: Smart Money, Brad Reagan (11/1/07)

6 Things to Consider When Choosing a Lot!

When building a new home, selecting the lot is one of the key decisions a buyer must make. Here are six things that builders and architects say buyers must consider before making their final choice:

1. Size. The larger the lot the more it costs. Consider initial price, taxes, and even lawn care. From a purely investment point of view, architect and land planner Quincy Johnson says pick the smaller lot in a neighborhood of larger ones. All things equal, houses on small lots tend to appreciate more rapidly than small houses on larger lots in the same subdivision.

2. Orientation. This can be a big deal for your energy bills. Facing the home in the correct way makes an enormous difference in heating and cooling costs.

3. Terrain. An uphill lot provides better drainage and displays the home more effectively. "Psychological studies have shown that people feel more secure when they look down at the street rather than up," says Johnson.

4. View. Make sure the buyer knows what he or she is really getting. When the area is completely developed, that stretch of meadow on the other side of the road may be a shopping center or a gas station.

5. Location. People who need to make a fast getaway in the morning should consider a lot near the entrance of their new community. Those with small children who are concerned about traffic should go for one toward the rear.

6. Shape. Sites come in many configurations – square, rectangular, irregular and pipe stem, or flag-shaped. Flag lots are increasingly popular near water or in a rural setting. But in a typical suburban location, they could mean sharing a driveway with one or more neighbors or the house could be sitting directly behind a neighbor’s house.

Source: United Feature Syndicate, Lew Sichelman (10/21/2007)

Sanity-Saving Rules for New Landlords

Thinking of becoming a landlord? It's not as easy as you might think, experts say. Here are six rules that will help you find good tenants and make money.

Rule 1: Don’t be deluded about the market. Joseph Cooper, vice president of Massachusetts-based Monument Mortgage, cites "underestimating the cost in time and the cost in money of actually owning property" as the biggest mistake investors make. To overcome that weakness, he and others suggest studying local vacancy rates, getting a good appraisal and gathering information about any construction in the area that could change the status quo.

Rule 2: Get out your calculator. To get a good estimate of the initial rate of return: Take the first-year revenue minus estimated first-year expenses (including some value placed on your time) divided by the full cost of the property when purchased (essentially price plus transaction costs minus mortgage). To calculate the rate of return in later years, divide by estimated equity in the property (what you could sell it for after deducting transaction costs and the remaining mortgage), taking into account price appreciation or depreciation. It’s also wise to consult an accountant on how much of a tax and cash-flow benefit depreciation will provide.

Rule 3: Choose tenants carefully. Prospective tenants who respond promptly and conscientiously to calls or e-mails and who show up on time to see units likely will be responsible when it comes to paying rent and taking care of the property. And be careful to observe discrimination laws. Landlords can choose among prospective tenants for economic reasons that arise after credit, employment, and reference checks. Set financial standards for prospective tenants that make you comfortable that they can cover the monthly rent.

Rule 4: Avoid getting sued. An aspect of the landlord-tenant relationship that can lead to litigation include mishandling of security deposits. If a tenant pays a security deposit, in many states several conditions must be satisfied, including placement of the money in an interest-bearing account and inspection of the property. Other issues include lead paint levels and failure to provide a minimum standard of habitability.

Rule 5: Get Expert Help. Keep an electrician on speed-dial — as well as a plumber and handyman. It also helps for landlords to know a good lawyer, financial adviser, mortgage broker, and real estate professional.

Rule 6: Forget about flipping. "Anybody who buys something and says to you, 'I'm going to make a ton of money in two years and sell this thing' isn't being realistic," says mortgage banker Joseph Cooper. "That does happen, but it's extremely rare. You should be buying real estate with the idea that you're going to hold it for five to 10 years. That will take you through a cycle of up and down."

Source: Boston Globe, Shira Springer (10/21/07)

6 Common Housing Problems that Spook Buyers!

Potential home buyers with lots of homes to choose from can be easily spooked by disclosures and the results of property inspections — even when the shortcomings are typical for homes of a certain age.

In a jittery market such as this one, it’s critical to give buyers tools and knowledge so they can decide which problems are serious.

Judi Seip, an associate with Coldwell Banker in Southern California, tells her clients to accompany the inspector so they can put the problems in perspective. Anything a handyman or an electrician could fix in a few hours isn’t worth worrying about, she says.

Here are six common issues that trouble buyers and some factors to weigh:

1. Water damage. Evidence of water damage frightens buyers, but all water damage isn’t serious. Minor leaks generally cost no more than a few hundred to repair. Get an estimate.

2. Missing permits. Ask the home inspector if the work was done well and meets code requirements, even though a permit wasn’t issued.

3. Code violations. How expensive is the repair? Ungrounded electrical outlets are common in old houses and easily fixed.

4. Cracks in the garage floor. Ask the inspector whether these cracks suggest other related problems. Generally these don’t affect the structure of a home.

5. Termites. Termites and termite damage are very common in many parts of the country. It’s important to get rid of them and to get a clear sense of how bad the damage is.

6. Foundation cracks and other foundation issues. Older homes often have cracks in the foundation. Get an expert to inspect the problem and estimate — what if anything — needs to be done.

Source: The Mercury News, Margaret Steen (10/19/07)

Why Use a REALTOR®?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:

1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

Source - realtor.com

I'm a purist, young upstart, undiscovered blogger, what about you?

Builders Sweeten the Deal With Incentives!

The latest survey taken by the National Association of Home Builders indicates that 56 percent of builders are now offering incentives, up from about 45 percent a year ago.

As home builders juice up their efforts to unload inventories, the most common incentives they're offering include paying two years of property taxes and insurance or several months of mortgage payments. Other popular incentives include basement and garage upgrades and the addition of pools. Plus, 15 to 20 percent off the purchase price is being given in many areas.

Builders generally try to avoid outright price markdowns, in part because it angers prior home buyers who don't want prices in their subdivisions forced down.

Getting a Good Deal Here are some tips for getting the best deals from builders:

• Buy a finished home: Builders want these off their books.
• Get a pre-approval letter: This shows a builder that the buyer has financing already in place.
• Close quickly: Wrap up a purchase within 30 days; builders want to sell before the next bank payment is due.
• Avoid contingencies: Don't make a purchase contingent on selling a home or finding financing.

Source: The Wall Street Journal, Jeff D. Opdyke (08/09/07)

Adding Curb Appeal: 6 Ways to Spruce Up the Yard!

When a house for sale looks good outside, buyers are more likely to want to come inside, says Barb Schwarz, founder of the International Association of Home Staging Professionals.

Here are some of Schwarz’s suggestions for tidying up the yard.

• Make it neat and clutter-free. Get rid of children’s toys and limit the number of hanging flower baskets and yard art. "It's far better to have fewer bigger pots than the clutter of smaller hanging pots," Schwarz says. "They just weigh down the house."
  
• Mow, weed and edge. “If the yard doesn't look well-manicured, then [potential buyers] feel the home hasn't been well maintained," Schwarz says. If the dog urinated on the yard and killed a portion of it, Schwarz recommends painting it.
  
• Trim the greenery. Trim trees from the bottom so they create a canopy but don’t block the view. Trim foundation plantings from the top, so they don’t impede views of the windows.
  
• Add color. If there’s no color in the yard, plant something like brightly blooming impatiens along the walkway.
  
• In winter, place two small potted evergreen trees on either side of the door to brighten up the entrance. Also, make sure the walkways are clear of ice and snow.
  
• Buy a new welcome doormat to dress up the front door.

Source: Newsday, Jessica Damiano (07/27/07)

Rent-to-Own Deals: Smart Questions to Ask!

Sellers who can’t unload their properties through a conventional sale are proposing rent-to-own deals more frequently these days.
For sellers, the advantage of rent-to-own is the likelihood that the renter will eventually permanently take the property off their hands. For buyers, rent-to-own can provide the credit-challenged or cash-strapped a route to homeownership.
But for buyers and sellers, there are also many potential drawbacks. If your customers are considering a rent-to-own deal, here are some smart questions they should consider.

For Sellers:

• Who will tend to the property and pay for routine maintenance?
• Who pays for major repairs?
• What are the costs of setting up and managing an escrow account for the portion of rent allotted to the down payment?
• Will you manage the property yourself, or hire an agent?
• What if the renters change their minds? Who keeps the money in the escrow account?
• If the buyers change their minds, what will be required to put the property back on the market?

For Buyers:

• How much of the rent is going to the down payment?
• How locked in are you if change your mind? What will it cost you to get out of the deal?
• How long will it take to accumulate enough of a down payment that you are likely to qualify for a mortgage?
• What happens if you don’t qualify for a mortgage by the specified deadline? Can you continue to rent?
• Who will be responsible for routine maintenance?
• Who will pay for major repairs?
• Do you hope to strengthen your credit rating by paying rent on time? If so, will the owner report your good habits to credit bureaus?

Source: Milwaukee Journal Sentinel, Joanne Cleaver (09/22/07)

Tips for Buying a Fixer-Upper!

Buying a basically sound house and updating the cosmetics is a profitable thing to do in almost any market. But be careful what you buy or it may end up costing you later on.

Here are 10 things to consider when selecting a fixer-upper:

1. Purchase homes that are at least 30 percent below the market value of comparable nearby homes.
2. Choose a location with a low crime rate, good schools, and quiet streets. There isn’t anything you can do to cure a poor location.
3. Choose a house with three or four bedrooms. Smaller homes are unlikely to have enough buyer appeal.
4. Avoid homes that need major unprofitable repairs, include wiring, major plumbing, foundation repairs, major kitchen and bathroom renovation, room additions, and/or a new room. Spending money on these basics doesn’t add value. Buyers expect them.
5. Find a home that needs profitable cosmetic improvements like fresh paint inside and out, new light fixtures, new carpets and flooring, and fresh landscaping.
6. Look for affordable, low down-payment financing, such as taking over an existing mortgage, lease with option to buy, seller carry-back financing, or a combination.
7. Avoid obtaining new bank financing until the fix-up work is completed and the home’s market value has increased.
8. Don’t buy a fixer-upper that is more than 60 minutes from your current residence because it is important to visit everyday while the renovation work is being done.
9. Make sure that the seller or tenants will vacate immediately upon transfer of title.
10. Look for sellers who are motivated to sell and who want to make the sale happen.Source:

Inman News, Robert J. Bruss (09/01/07)

Harder for self-employed borrowers to qualify for mortgage!

It is growing increasingly difficult for the self-employed to get a mortgage. Some lenders that specialized in home loans to self-employed workers and small-business owners have gone out of business. And many lenders that still offer such loans have tightened their standards, making it harder for self-employed borrowers to qualify.Here's what self-employed borrowers need in order to qualify for a mortgage in this new environment, according to Marc Savitt, president of the National Association of Mortgage Brokers.

• More documentation. Along with two years of tax returns, self-employed borrowers might be asked to provide a profit-and-loss statement, bank statements, and proof that they've been in business for at least two years. A letter from their accountant probably won’t be good enough.
  
• Fewer tax deductions. Savitt says self-employed workers who plan to buy a home in the next year or two might want to forgo some deductions. "Make sure you can show as much income as possible," he says.
  
• Larger down payments. An old-fashioned 20 percent down is very persuasive.
  
• Excellent credit. A credit score of 720 or higher will give self-employed borrowers some choices.
  
• Patience. Even for well-off business owners, qualifying for a mortgage is "not that smooth, easy no-brainer like it used to be," Savitt says. "If you want it to be quick, you're paying a higher price.

"Source: USA Today, Sandra Block (10/02/07)

City of Richmond public pools for last splash

There's one last chance for splash of the summer. Most outdoor public swimming pools will be closing after Monday !

NORTH SIDE
Battery Park Pool: 2917 Dupont Circle, (804) 646-0127
Calhoun Pool (indoor): 436 Calhoun St., (804) 780-4751
Hotchkiss Pool: 701 E. Brookland Park Blvd., (804) 646-3762

EAST END
Fairmount Pool: 2000 U St., (804) 646-3831
Powhatan Pool: 5051 Northampton St., (804) 646-3595
Woodville Pool: 2305 Fairfield Ave., (804) 646-3834

SOUTH SIDE
Swansboro Pool (indoor): 3160 Midlothian Turnpike, (804) 646-8088
Bellemeade Pool: 1800 Lynhaven Ave., (804) 646-8849
Blackwell Pool: 238 E. 14th St., (804) 646-8718

WEST END
Randolph Pool: 1401 Grayland Ave., (804) 646-1329
More places to take a flying leap

Other swimming facilities in the area that are open to the public:

Hadad's Lake: 7900 Osborne Turnpike, (804) 795-2659, http://www.hadadslake.com./ Open 10 a.m. to 8 p.m. through Monday; 10 a.m. to 7:30 p.m. Sept. 8, 9, 15 and 16. Admission is $12; free for children younger than 1.

Cobblestone's Park: 13131 Overhill Lake Lane, Glen Allen, (804) 798-6819, http://www.cobblestonespark.com./ Open 10 a.m. to 5:30 p.m. through Labor Day. Admission is $12 for adults, $10 for children 2 to 10; free for younger than 2.

Pocahontas State Park: 10301 State Park Road, Chesterfield, (804) 796-4255, http://www.dcr.virginia.gov/state_parks Open 10 a.m. to 7 p.m. through Monday. Admission is $8 for adults, $7 for children, plus $4 per vehicle.

(Source: inRich.com)

Americans to Spend More than $232 Billion on Home Remodeling in 2007!

Americans will spend nearly $233 billion on home remodeling this year, according to the National Association of Home Builders’ (NAHB) 2007 industry forecast. That represents a 1.9 percent increase from the record $228 billion spent in 2006, according to estimates from the U.S. Census Bureau.

Driving the remodeling market are the size and characteristics of the housing stock. With an average age of 33 years and rising, older homes require more remodeling - both in terms of upgrading features to compete with new construction as well as maintaining their physical quality. Though remodeling is somewhat cyclical with new construction, homeowners cannot put off a major repair like a leaky roof as they can discretionary upgrades, and that stabilizes the industry during slower housing markets.
(Source: NAHB) Full Story . . .

Mechanicsville and Glen Allen 2007 best Places to live!

Mechanicsville, VATop 100 rank: 54
Population: 36,400Median home price (2006): $267,969Average property taxes (2006): $1,624Mechanicsville, a suburb of Richmond, is a portrait of small town living, hosting local events like the yearly Tomato Festival. It is within driving distance to Washington, D.C., as well as historic Williamsburg, which are about 100 miles and 50 miles away, respectively. Mechanicsville also has a rich history of its own as the site of key Civil War battles.
See complete data and interactive map for Mechanicsville

Glen Allen, VATop 100 rank: 66
Population: 14,000Median home price (2006): $235,885Average property taxes (2006): $2,055Pint-sized Glen Allen couldn't hide in the shadows of Richmond if it tried, with world-class facilities such as The Glen Allen Stadium (which opened last April and is slated to host this summer's Babe Ruth League World Series) and The Dominion Club (where Virginia's only PGA Tour-sanctioned event is played). Glen Allen also scores major points in economic growth: The 25-year-old Innsbrook office park spans across over 850 acres, and is home to several Fortune 1000 companies.
See complete data and interactive map for Glen Allen
(Source: CNNMoney.com)

Six Reasons To Avoid Private Mortgage Insurance!

If you're thinking of buying a home, remember you're going to need to save up enough money for a 20% down payment. If you can't, it's a safe bet that your lender will force you to secure private mortgage insurance (PMI) prior to signing off on the loan. The purpose of the insurance is to protect the mortgage company if you default on the note. Some lender they over come (PMI) by offering two loans (80% and 20%).
(Source: Forbes.com) Full Story . . .

Richmond VA number 7 in the nation with 6.2 percent appreciation!

Forbes Magazine ranked Richmond, VA number 7 in the nation with 6.2 percent appreciation for the first quarter of 2007. Our median home price was $223,200. As per Forbes "What we're seeing now are the areas which still have a strong economy, but didn't have the overheated prices [during the housing boom], are the ones holding on strong now," says Kermit Baker, a senior research fellow at Harvard University's Joint Center for Housing Studies. Read more ...

Richmond the History and the Future!

The capital of Virginia, in the east-central part of the state on the James River north of Petersburg. Settled in the 17th century, it became the capital of Virginia in 1779 and was strategically important in the American Revolution and the Civil War, during which it was the capital of the Confederacy. The evacuation of Richmond by Confederate troops on April 3, 1865, led to Gen. Robert E. Lee's surrender to Gen. Ulysses S. Grant on April 9. Population: 194,000.
Metropolitan Area Population 2000: 1,096,957
(Source: answers.com) Full Story . . .

The Greater Richmond Region is a wonderful place to live, work and play!

The Greater Richmond Region is a wonderful place to live, work and play. While we all have our reasons as to why we call the Greater Richmond Region home, we want to make sure and spread the word about accolades that you may not be aware of. Each month a new list of accolades will be sent it out in an effort to help further celebrate all things great about the Greater Richmond Region.

*14TH BEST PLACE FOR BUSINESS AND CAREERS among the 200 largest metro areasForbes, April 5, 2007

* One of North America's TOP FIVE LARGE CITIES for BEST QUALITY OF LIFE, human resources, and development and investment promotionForeign Direct Investment (FDI) Magazine's "North American Cities of the Future 2007/08" competition, April/May 2007 issue

* A FIVE-STAR METRO AREA for knowledge workersExpansion Management, April 12, 2007

* One of the South's TOP TEN PLACES FOR THE CREATIVE CLASS Southern Business & Development, Winter 2007

>> Access the Competitive Analysis Report to learn how the Greater Richmond Region compares to cities like Nashville, TN and Jacksonville, FL.

(Source: Greater Richmond Chamber of Commerce)

Mortgage rates rise a small amount!

The benchmark 30-year fixed-rate mortgage rose 4 basis points, to 6.78%, according to a national survey of large lenders. The mortgages in this week's survey had an average total of 0.29 discount and origination points. (Source: Bankrate.com) Full Story . . .

Foreclosures dip, but that wont last!

Home foreclosures fell in June after jumping to a 30-month peak in May, but default rates will escalate as a horde of mortgages reset at higher loan rates, according to real estate data firm RealtyTrac. (Source: CNNMoney.com) Full Story . . .

Home Prices Expected to Recover in 2008!

Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors®.
(Source: NAR) Read more ...

Increasing the Value of Your Home!

1- Spruce up the yard, Get rid of trash and yard waste. Landscaping is very important for the Curb appeal. The potential buyer’s first impression is the most important one, it determines whether they want to even view the home.

2- Eliminate clutter inside the home, get the house organized and get rid of clutter or put it in storage.

3- Give your house a quick coat of paint, both inside and outside.Paint interior walls with a neutral color, such as white.

4- Clean up the carpet, get a professional to do the carpets for you.

5- Bathroom Remodeling,Bathrooms sell homes, so make them shine.

6- Refinish kitchen cabinets, Minor Kitchen Remodeling.

7- Install modern light switches and outlets, Change your fixtures.

Capital One Cutting 2,000 Jobs Amid Loan Losses!

Capital One Financial Corp., the largest independent U.S. credit card issuer, and the second-largest nongovernment employer in the Richmond area is cutting 2,000 jobs, or about 6 percent of its workforce, amid mounting loan losses and a slowdown in the mortgage industry.

(Source: inRich.com) Full Story!

Buyer Market and Determining "Fair Market Value"

Buyers will see several properties before buying, and will have a good idea of current Pricing conditiond, They did read about the buyer market, and what's mean to them and to the sellers as a soaring supply of homes for sale means nearly flat prices, drop in pricing too, and longer waits for sellers. Less negotiating leverage in terms of selling price.
The point is Pricing your home right, you will sell fast, if your price is too high, your home will be in themarket forever!
Let your real estate professional do a competitive market analysis(CMA)

Getting the price right on home value sites!

Anyone can research the potential resale value or sales history of their home -- or their neighbor's -- by plugging in the address on Internet sites like Cyberhomes.com, RealEstateABC.com and Zillow.com.

However, while all three allow house hunters to price or compare properties they may be interested in, and potential sellers to get guidance in setting an asking price, the sites aren't always 100% accurate.

(Source: RealEstateJournal.com) Full Story!

Home Buying!

Buying a home can be stressful, but it doesn't have to be! I’ll work hard to make your experience exciting and fun. While we are working together I’ll be like your new best friend! I promise to help you: Save time, Money, and Stay Informed.

Here is the step by step guide. But please don't feel like you need to understand everything right away. And I will be there for you every step of the way.

1. Decide that buying vs. renting is best for you.
2. Determine how much you can afford.
3. Get Pre-Approved, Shop for a loan
4. Review a preliminary MLS list.
5. Find your dream home.
6. Making the offer.
7. Negotiate the contract.
8. Changes to the contract.
9. Formally apply for a mortage loan.
10. Inspection phase.
11. Inspection issues and resolution.
12. Appraisal & Insurance.
13. Loan commitment.
14. Preparing for the move.
15. The closing.
16. Possession.
17. Post closing.

Remember, I will be there to support you during these very important steps! If you have a comment or question regarding these buying steps, please feel free to call or e-mail me.

Value of your property!

There are key factors that influence the market value of your property, some we can control, and other we have no control over them.

These factors we have control over them: Condition of the property, Timing and terms of the sale.
These factors we have no control over them: Location, Age, size of house and lot, floor plan, the market conditions (interest rates, buyer demand, and state of the economy), and the competition (similar properties for sale).

Some factors have no effect on the current value of your property: Original price, needed proceeds, and what people say your property is worth.

Your house has many values to your lender and insurance company, the tax assessor, and to you! Market Value is "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale.

Assessed Value is the term that your local government uses for determining your real estate tax bill.

From Coldwell Banker to RE/MAX!

I just moved from a Coldwell Banker office to RE/MAX a couple of weeks ago. Now I can provide my clients with the complete resources of North America’s premier real estate organization. As RE/MAX sales associate, I take pride in being part of an elite network of more than 120000 Associates.

Affiliation with the RE/MAX network provides me with multiple competitive advantages in serving the real estate needs. From powerful national television advertising to personal advertising, innovative buyer services and seller services marketing systems.

Nobody in the world sells more real estate than RE/MAX!

First lender to accept payment by credit card!

American Home Mortgage Corp., the Melville-based mortgage lender and investor, is breaking new ground with an agreement American Express to become the first mortgage lender to accept payment by credit card, the company announced this week.

The deal is American Express card holders will be able to pay loans originated at American Home through American Express' new Express Rewards Mortgage program.
Imagine earning travel miles, rewards and cash back just for charging your mortgage payments.

Click here for more information!

Home sellers what is important to you in the sale of your home?

Please rank the following needs in order of importance to you in the sale of your home, 1 to 10 (1 = not important to 10 = important). e-mail me at mmekhimar@remax.net

* Home pricing.
* Net proceeds.
* Marketing and home promotion.
* Time on market.
* Security of your home.
* Communications, staying informed.
* Home enhancement advice.
* Broker’s credentials.
* Negotiation plan.
* Handling the details and paperwork.
* Convenience.
* Other

Buyer's Market? Seller's Market?

The market is an ever changing thing. From one month to the next it can change directions and feel. A Seller's market occurs when The number of buyers wanting homes exceeds the supply or number of homes on the market. In a Seller's market, the home Seller may have more negotiating leverage and obtain a higher selling price for your property., because there's always another Buyer in a Seller's market. A Buyer's market occurs when The supply of homes on the market exceeds demand. In a Buyer's market, Your home may take longer to sell, Less negotiating leverage in terms of selling price, there is more competition.

On the first of each month I will gather the numbers from the Central Virginia MLS for the prior month's activity. This helps me spot market trends and keep up with the local real estate market. I plan to post my market tracking here, so check back often or email me at mmekhimar@remax.net

4933 Willows Green Ln, Glen Allen VA 23059 Home for sale

What a fabulous house!, in the desirable West End area. Twin Hickory. Brand new construction, never lived in, full brick front beautiful 4 bedrooms, 3.5 baths, First floor master bedroom and Second floor master suite, formal living and dinning rooms with triple crown moldings and chair rails, tray ceiling in the dinning room, family room with gas fireplace and large TV nook, large kitchen with island, full front porch, oversized 2 car garage, and beautiful well thought out plan with unfinished 3rd floor with dry full bath fitting, A/C, heat and electric line & will add 800 SF. This is your HOME!

YOU CAN GET ALL THIS FOR ONLY $425,000 SO MAKE YOUR APPOINTMENT TODAY!

Home Buyers & Sellers: Get the facts!

Don't be afraid to buy or sell a home. With all the gloom and doom you hear from the media they are leaving out all the positive parts of Real Estate.
Fact 1- Mortgage Rates are still low as long as they remain in single digit numbers your still getting historically low rates.
Fact 2- We have seen the prices starting to level out. There is more inventory out there than we have seen in the past years for buyers. Buyers are not being rushed to make important decisions in a short amount of time. No more competing with 5-10 other buyers at the same time.
Fact 3- Sellers are still able to sell their homes in a reasonable time as long as they are priced fairly to the current market and show well.

Happy Easter!

Wishing you an Easter filled with love, peace, and happiness!

Future growth and success in your job!

*Develop a written personal plan to carry responsibilities and to outline goals.
*Get all required training for your Career.
*Review progress and evolution.
*Motivation.
*More training for improvement.
*Review your growth.
*Enjoy your success

Fixed Mortgage Rates Moving Higher!

According to a weekly national survey of large lenders, the average 30-year fixed mortgage rate rose 6.22 percent following the Fed's concerns about inflation. Read more...

Market Conditions

It's a New Year and time for new beginnings! There is an air of optimism in the Richmond Virginia marketplace. But homes priced in the upper end market are still selling slowly. Out of town buyers continue to relocate and have to buy. Sellers are more realistic about pricing and interest rates are still near their 30 year low.
There are more homes for sale. We currently are in a buyers market (The supply of homes on the market exceeds demand) so buyers had numerous selections and some motivated sellers lowered their asking prices and offered inducements or incentives along with closing cost assistance to make their offerings compete better.

Donate to the American Cancer Society Relay For Life!

Relay For Life is a fundraising event that benefits the American Cancer Society. It offers everone in the community an opportunity to participate in the fight against cancer. There are many ways to support Relay For Life, either as a team captain, participant, sponsor, volunteer, or donor. Relay is much more than Fundraiser, the event takes on a carnival like flair with games, music and lots of fun. I would love for you to join! I am Corporate Sponsorship Coordinator for the 2007 Relay For Life Courthouse , which is just South of Richmond. If you would care to make a donation in any amount, you can donate online with a credit card. There will be somewhere around 4,800 Relay events in the U.S. this year. When added together, Relay For Life is the largest fundraiser in the world.