Home buying and home ownership is not always easy, but most people agree that the rewards outweigh the challenges. The first challenge, of course, is to learn all the steps to buying a home. Our Buyers Guide will provide helpful tips and information you need to understand the process and get started on your path to home ownership.
Click here Home Buyer Guide to review the guide.
For additional Buyer and Seller information, check out a variety of educational resources at Richmond Homes Website
Tuesday, April 22, 2008
Friday, April 18, 2008
Relay for life in Richmond Virginia
Relay For Life represents the hope that those lost to cancer will never be forgotten, that those who face cancer will be supported, and that one day, cancer will be eliminated.
As a volunteer for the American Cancer Society, I am asking for your help in the success of this year’s event. In 2006 with your help or the help of businesses just like yours, The Relay For Life – Courthouse Event raised over $104,000.00. Due to the support of the Relay For Life, the American Cancer Society is making a difference in the live of cancer patients and their families right here in our community. Will your business help us in our fight to find a cure for cancer?
The Relay For Life - Courthouse Event is: June 2 - 3, 2007, at L.C. Bird High School, 10am – 8am
What is Relay For Life?
Relay For Life is the American Cancer Society’s signature activity and fundraiser. It offers everyone in the community an opportunity to participate in the fight against cancer. Our event is a 22-hour event where teams of people camp out at L.C. Bird High School and take turns walking around the track. Teams form from businesses, clubs, families, friends, hospitals, churches, schools, and service organizations. Each team is asked to have a representative on the track at all times during the event. Participants get donations prior to and during the event to aid in cancer research.
Relay is a phenomenon that occurs in thousands of communities across the country. This is the most successful nonprofit event in the United States. It rallies communities of people from all walks of life – often around people whose lives have been touched by cancer. It is a celebration of life for those who have survived, a memorial for loved ones we have lost, and a chance to join forces in a powerful fight.
Help us accomplish even more in 2007!
There are many ways to support Relay For Life, either as a team captain, participant, sponsor, volunteer, or donor. Relay is much more than a fundraiser, the event takes on a carnival like flair with games, music and lots of fun. We would love for you to join! Give us a call for more detailed information and/or visit our website at:
www.acsevents.org/Courthouse/RFL.
Consequences for 'Walk-Away' Borrowers!
The government and the lending industry are taking aim at “walk-away” home owners who stop making payments and months later send the house keys back to their lender.
Such borrowers will not be able to get another mortgage through Fannie Mae for five years, unless there are “documented extenuating circumstances.” In that case, the prohibition is three years. Even after the prescribed time has elapsed, a borrower with a foreclosure in his file will have to make at least a 10 percent down payment and have a FICO credit score of at least 680 to qualify for a Fannie Mae loan.
Freddie Mac, which counts foreclosures as major credit black mark for seven years, is now aggressively pursuing walk-away borrowers where permitted under state law, a senior official said.
Federal legislation enacted last year allows home owners who negotiate loan modifications with lenders and have portions of their principal debt eliminated to escape income tax liability for the amount forgiven.
Walk-away borrowers, by contrast, have nothing forgiven, and the Internal Revenue Service may demand taxes on the balance they never paid, the IRS says.
Source: Washington Post Writers Group, Kenneth R. Harney (04/12/2008)
Such borrowers will not be able to get another mortgage through Fannie Mae for five years, unless there are “documented extenuating circumstances.” In that case, the prohibition is three years. Even after the prescribed time has elapsed, a borrower with a foreclosure in his file will have to make at least a 10 percent down payment and have a FICO credit score of at least 680 to qualify for a Fannie Mae loan.
Freddie Mac, which counts foreclosures as major credit black mark for seven years, is now aggressively pursuing walk-away borrowers where permitted under state law, a senior official said.
Federal legislation enacted last year allows home owners who negotiate loan modifications with lenders and have portions of their principal debt eliminated to escape income tax liability for the amount forgiven.
Walk-away borrowers, by contrast, have nothing forgiven, and the Internal Revenue Service may demand taxes on the balance they never paid, the IRS says.
Source: Washington Post Writers Group, Kenneth R. Harney (04/12/2008)
Wednesday, April 9, 2008
Buyers, what are you waiting for?
Buyers are now faced with a common dilemma in today's buyer markets. They often ask...
"If home prices are still going down, should I wait to purchase until later this year?"
The short answer is no. It's not smart to time the market. My advice to first-time, move-up, and relocating buyers: buy when it's the right home at the right time for you.
THREE REASONS WHY NOW IS A SMART TIME TO BUY
1. Flexible loan options are available. Buyers with "ok" to good credit can obtain 100% financing, asset-based loans, and put little money down.
2. Interest rates are great. Buyers who were on the fence have jumped on the ability to obtain a good interest rate.
3. More competition from Sellers to sell their homes. The market heated up in March, but there is even more competition among Sellers during summer months.
"The thing that will make home prices stop falling is the
very same thing that will push mortgage rates higher,"
says Jim Svinth, chief economist at mortgage firm
Lending Tree. So anything you gain by a further drop in
prices might be offset by rising financing costs.”
- TIME MAGAZINE | February 25, 2008
"If home prices are still going down, should I wait to purchase until later this year?"
The short answer is no. It's not smart to time the market. My advice to first-time, move-up, and relocating buyers: buy when it's the right home at the right time for you.
THREE REASONS WHY NOW IS A SMART TIME TO BUY
1. Flexible loan options are available. Buyers with "ok" to good credit can obtain 100% financing, asset-based loans, and put little money down.
2. Interest rates are great. Buyers who were on the fence have jumped on the ability to obtain a good interest rate.
3. More competition from Sellers to sell their homes. The market heated up in March, but there is even more competition among Sellers during summer months.
"The thing that will make home prices stop falling is the
very same thing that will push mortgage rates higher,"
says Jim Svinth, chief economist at mortgage firm
Lending Tree. So anything you gain by a further drop in
prices might be offset by rising financing costs.”
- TIME MAGAZINE | February 25, 2008
Saturday, April 5, 2008
Vacation Homes!
It may hit you every year about this time as you schedule your annual family trip to the coast or other favorite vacation spot. "Wouldn't it be great if we owned our own beach home (or condo or ski chalet)? Instead of paying rent to someone else, we'd be paying ourselves." Well, if you decide to refinance and spend the money on a vacation home, here are some tips to consider.
The 17-week formula
How do you know if you can afford a vacation home -- even with the help of renters? Estimate that one peak-week rental fee should be enough -- and hopefully more than enough -- to pay the home's monthly mortgage if you finance your purchase. For example, if you borrow $300,000 at 5.5 percent for 30 years on your beach cottage, your monthly house payment would be $1,703.36. That should be your minimum weekly peak-rate rental fee. If you don't think you can charge that much for rent, don't buy. However, if you can be reasonably sure of renting your home for at least 17 weeks a year, you should break even. Most owners can count on 12 peak rental weeks each year. Those 12 weeks each year should pay the annual mortgage. Five additional weeks of non-peak rental income usually enable owners to cover taxes, cleaning and maintenance expenses, and other incidentals.
Call Mohamed if you are looking to invest into a vacation home. We'd be happy to make sure you land the best deal possible!
The 17-week formula
How do you know if you can afford a vacation home -- even with the help of renters? Estimate that one peak-week rental fee should be enough -- and hopefully more than enough -- to pay the home's monthly mortgage if you finance your purchase. For example, if you borrow $300,000 at 5.5 percent for 30 years on your beach cottage, your monthly house payment would be $1,703.36. That should be your minimum weekly peak-rate rental fee. If you don't think you can charge that much for rent, don't buy. However, if you can be reasonably sure of renting your home for at least 17 weeks a year, you should break even. Most owners can count on 12 peak rental weeks each year. Those 12 weeks each year should pay the annual mortgage. Five additional weeks of non-peak rental income usually enable owners to cover taxes, cleaning and maintenance expenses, and other incidentals.
Call Mohamed if you are looking to invest into a vacation home. We'd be happy to make sure you land the best deal possible!
Luxury Home Trends!
One of the best ways to update your home and ensure a good resale value is to adopt trends from the luxury home market. These cutting edge trends eventually find their way into the new construction market and become mainstream styles. While most households can't afford in-home elevators or a custom wine cellar, here are a few of the affordable latest luxury home must-haves that are well on their way to new homes across the nation.
In the Kitchen
Warming drawer - Better than the warm setting in your oven, warming drawers keep foods hot and moist until guests arrive or the rest of the meal is ready.
Refrigerating oven - Program it to refrigerate during the day then log on remotely to start the cooking and have your meal ready when you get home.
Multi-level islands - A raised portion of a kitchen island adds dimension, a comfortable eating surface and, if placed strategically, can mask the clutter around a sink or stovetop area.
Three-door refrigerator - Two French doors on the top and a large one-drawer freezer on the bottom make for easier access to the items you use most.
Food prep sink - An extra sink doesn't need to take up a lot of precious counter space but in a large kitchen it can improve the work flow and even encourage others to participate in the food preparation.
In the Bath
Vertical spas - One of the hottest trends in today's baths, these incorporate multiple showerheads, water diverters and sophisticated temperature control systems into your shower.
Heated tile floors - Add to the spa feeling with cozy radiant heat under tile flooring. If you're considering new flooring, this is easy to install and a big selling point.
Towel warming drawers - This luxury trend started in the kitchen and is taking electric towel bars to a new level by warming up your robe and slippers.
Stone countertops - Granite, marble and soapstone come in natural colors that complement most bathroom cabinets. They're also easier to keep clean compared to traditional tile.
In the Master Suite
Fireplace - Gas fireplaces are quickly becoming fixtures in luxury homes. Builders are maximizing their effect by constructing them into a wall adjacent to the master bathroom so they can be seen from both sides.
Walk-in closets - Walk-ins are almost required in new homes today, but the luxury market has taken them to a whole new level with the addition of extravagant cabinetry and center islands with storage drawers.
Outside
Outdoor kitchens - More and more homeowners are taking their cooking and entertaining out back with the addition of fully functional kitchens that include grills, custom cabinets and worktops, and even wood-fired ovens.
Heated patios - An emerging trend in cooler climates, radiant-heated patios and driveways melt snow and ice and keep walkways safe.
Whether you are thinking of selling soon, or simply want to enjoy the benefit of upgrading your home while you're still living there, these affordable luxury trends are certain to hold their appeal for years to come.
In the Kitchen
Warming drawer - Better than the warm setting in your oven, warming drawers keep foods hot and moist until guests arrive or the rest of the meal is ready.
Refrigerating oven - Program it to refrigerate during the day then log on remotely to start the cooking and have your meal ready when you get home.
Multi-level islands - A raised portion of a kitchen island adds dimension, a comfortable eating surface and, if placed strategically, can mask the clutter around a sink or stovetop area.
Three-door refrigerator - Two French doors on the top and a large one-drawer freezer on the bottom make for easier access to the items you use most.
Food prep sink - An extra sink doesn't need to take up a lot of precious counter space but in a large kitchen it can improve the work flow and even encourage others to participate in the food preparation.
In the Bath
Vertical spas - One of the hottest trends in today's baths, these incorporate multiple showerheads, water diverters and sophisticated temperature control systems into your shower.
Heated tile floors - Add to the spa feeling with cozy radiant heat under tile flooring. If you're considering new flooring, this is easy to install and a big selling point.
Towel warming drawers - This luxury trend started in the kitchen and is taking electric towel bars to a new level by warming up your robe and slippers.
Stone countertops - Granite, marble and soapstone come in natural colors that complement most bathroom cabinets. They're also easier to keep clean compared to traditional tile.
In the Master Suite
Fireplace - Gas fireplaces are quickly becoming fixtures in luxury homes. Builders are maximizing their effect by constructing them into a wall adjacent to the master bathroom so they can be seen from both sides.
Walk-in closets - Walk-ins are almost required in new homes today, but the luxury market has taken them to a whole new level with the addition of extravagant cabinetry and center islands with storage drawers.
Outside
Outdoor kitchens - More and more homeowners are taking their cooking and entertaining out back with the addition of fully functional kitchens that include grills, custom cabinets and worktops, and even wood-fired ovens.
Heated patios - An emerging trend in cooler climates, radiant-heated patios and driveways melt snow and ice and keep walkways safe.
Whether you are thinking of selling soon, or simply want to enjoy the benefit of upgrading your home while you're still living there, these affordable luxury trends are certain to hold their appeal for years to come.
Don’t Lose Equity to Foreclosure!
In today’s market, more and more people know someone who is struggling with their mortgage payment as a result of a sharp increase in their interest rate or other loan factors.
If you know someone who is facing a possible foreclosure, I have information that can help. And the sooner we act to help someone in this position, the better the outcome. Because once a house starts to go into foreclosure, it can be difficult to stop and the ramifications can be long lasting:
As a full service real estate agent, I am committed to help clients with all their housing needs. Whether it is to help preclude a foreclosure, pull equity out of their home for investment properties, or assist them in either finding a new home or selling their current one, I have the knowledge and the expertise to make the process go smoothly.
Foreclosure is a nationwide problem, but it’s also in our own backyard. If I can help you or anyone you know hold on to their home (or minimize their losses), please call or email me. I appreciate the opportunity to be your trusted real estate resource.
If you know someone who is facing a possible foreclosure, I have information that can help. And the sooner we act to help someone in this position, the better the outcome. Because once a house starts to go into foreclosure, it can be difficult to stop and the ramifications can be long lasting:
- the owners may face substantial late fees
- the owners may loose all of their equity
- the owners may suffer with a mark on their credit that will take years to erase
As a full service real estate agent, I am committed to help clients with all their housing needs. Whether it is to help preclude a foreclosure, pull equity out of their home for investment properties, or assist them in either finding a new home or selling their current one, I have the knowledge and the expertise to make the process go smoothly.
Foreclosure is a nationwide problem, but it’s also in our own backyard. If I can help you or anyone you know hold on to their home (or minimize their losses), please call or email me. I appreciate the opportunity to be your trusted real estate resource.
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