Which is Better for You: A Condo or a Single Family Home?

Did you know that condominiums are one of the fastest growing segments of the housing market? Owning a condo is perfect for those with busy lifestyles, little interest in home maintenance or landscaping chores or who frequently travel. Condos are a fine choice for a first home or when downsizing from a larger house.

Here are some pros and cons to consider:

Condo:
· Fewer maintenance requirements.
· Usually less expensive than a single family home.
· You own the space inside the walls.
· There can be more security with neighbors close by.
· The exterior of the building, landscaping, surrounding roads and driveways, and common areas all owned by the condo association, a group made up of all unit owners.
· Special assessments by the association for painting or repairs can be a substantial added expense.

Single family home:
· Usually offers more storage space.
· You own the interior as well as the exterior.
· You are responsible for all maintenance, landscaping and repairs.
· You usually don’t have to pay community dues or special assessments.
· You have room to grow plants, flowers, trees, veggies, etc.

Think about how your household may change over the next few years. Will you still need a larger home or will you have enough space in a condo? Or would you be happier in a smaller house with room for a garden?

For more information about real estate options in our market, call or email us. We’d be happy to provide you with that info via email or we can show you what is available.

Which is Better for You: A New Home or a Resale?

When it’s time to make a move, one of the first decisions most people think about is whether to buy a brand new house or a previously-owned home. Here are some distinct advantages of each choice:

New house:

* Modern floor plans that could include a “great room,” bigger closets, more baths,
entertainment room, etc.
* The opportunity to choose upgrades and customize floor coverings, colors and more
* More energy-efficient insulation, windows and heating/cooling systems
* The added protection of a warranty from the home builder

Resale home:

* Existing features, including window treatments and mature landscaping
* Location -- existing homes are often closer to metropolitan areas instead of farther out in the suburbs
* Established neighborhoods and sense of community
* The opportunity to use an existing home as a base to remodel and create a unique property

Only you can decide if a brand new home or one with a few years on it is right for you. If you would like additional information on which option might work best for you, don’t hesitate to contact me with any questions.

Richmond Virginia - REO Property!

This is a deal you don't want to miss!
$99,900 ~ Bank Owned Property ~ House for Sale - This is a deal!



Location: Richmond Virginia
This is a deal cannot beat! $99,900
2 bedroom Brick cape good for investors or handyman, 1596 sq ft and lot size is .18 acre. Built in 1940.

Richmond Real Estate - Buy versus Rent!

Nearly a full third of households are still renting...but if you are one of them, you could be paying a hefty price. Additionally, the children of the baby boomer generation are close to or at the home buying age, but these "echo boomers" could mistakenly decide to put off the purchase of a home because of all the noise about a "bubble" in home prices.

Is there a "bubble"? The simple answer is "no". Even if interest rates move a bit higher, it won't be enough to cause a nationwide slide in home prices. The key to a healthy housing market is the job market. If the payment on a new home might be slightly higher due to increased interest rates, it generally won't stop someone from purchasing the home of their dreams...but if they feel their job is in jeopardy, it might be enough to stop them from making a move. So with the currently low levels of unemployment and the beefy gains in job creation, it looks like the housing market will remain vibrant. Although it will be difficult to sustain the double-digit appreciation, perhaps closer to the historical 6-7% range, which is still very good.

It is important to note that housing tends to be localized. So if the job market in your area is weak, housing prices could under perform the rest of the country.

But this talk of a housing bubble has been going on for a few years now, and those who were unfortunately victimized by continuing to rent instead of purchasing a home are painfully mulling over their missed opportunity. But is it too late?

Let's look at an example. If you are paying rent at $1,500 per month and you landlord increases your rent by a modest 5% each year, you would wind up paying just about $100,000 over a 5-year period! Worse, after forking over $100,000, you still would have nothing to show for it.
And speaking of having nothing to show for it-how about any improvements you might make to rented property? It's uncommon for renters the freshen up the pain, install new light fixtures or plant flowers outside, but guess what...all your efforts, labor and the benefit of the improvement belongs to? Your Landlord, not you.

With an extensive variety of programs to help buyers obtain a mortgage with little to even zero down payment, the very same money could have been used towards home ownership. Even using a standard fixed program, a mortgage of $300,000 could be obtained with a total monthly mortgage payment - in property taxes and insurance - of around $2,200. Assuming a 25% tax bracket, this would be equivalent to the average amount spent on renting during the same period after your tax benefit.

And the benefits of home ownership are quite considerable. Because the mortgage is being paid down every month, equity is being built. After 5-years, the $300,000 mortgage would be reduced to $279,000, adding $21,000 to your net worth. Home appreciation can add an even bigger chunk. If your home appreciates a modest 5% per year, the value of a $300,000 would increase to $383,000 after 5-years. Subtracting the remaining mortgage of $279,000 and you have a whopping $104,000 of additional net worth! Even if the appreciation level were at 3.5% or half the historic norm, the result would be $77,000 of additional net worth.

But if laying out the initial increase in monthly payment and having to wait for your tax benefit to show up April is a tough nut to crack, the IRS wants to help. Instead of waiting to file for the tax benefits derived from your new home purchase, you can simply adjust the amount of your withholding. This allows you to have tax withheld from each paycheck so you can handle the new mortgage payment more comfortably throughout the year. In essence, you are taking your tax refund as you go instead of letting Uncle Sam hold it all interest free.

Visit www.irs.gov and use the IRs withholding calculator. This handy tool can quickly show you the change in withholding will do to your net paycheck.

Don't be victimized by the bubble hype. Buying a home is a big step, but it is almost always one in the right direction !

For additional local real estate information, information about me and my services, to request home listings by E-Mail, to request a market analysis on your current home, or to tour the MLS Listings please visit my web sites at www.RichmondVAHomes4Sale.com or www.e-RichmondHomes.com.

Why Use a Realtor® ?

When you have decided to buy or sell real estate, the services of a qualified real estate professional are of utmost importance.


I have a good working knowledge of local real estate market conditions, am prepared to deliver a high standard of service to customers, and I have the support of a large real estate company. Most importantly, I will save you time and money.

Here are the advantages of working with me:

When buying a house:

• I am an experienced negotiator who will manage your offers and counter-offers.


• I am familiar with the neighbourhood and can give you information on local real estate values, taxes, utility costs, services and amenities.


• I am familiar with the entire real estate purchasing process and can advise you of your legal and financial options as well as recommend appraisal, home inspection and contracting services.


• I can pinpoint property that fits your needs and dismiss those that do not, saving you time.


• I know the potential problem areas in a home/neighbourhood and can guide you away from "lemons."

When selling a house:

• I know real estate values in your neighbourhood and will help set an agreeable and competitive price on your property.


• I will establish a marketing strategy for your property ensuring that it is exposed to scores of potential buyers.


• I take care of the many tasks involved in selling property (from placing your listing to putting up the for sale sign). This ensures that the transaction is simple and low-stress for you.


• I am an expert in the real estate selling process and as such will advise you of your rights, options and obligations.


• I am an experienced negotiator and will work for to get you the best price possible price.
  

A qualified, competent real estate agent will help you navigate the myriad of decisions that arise when buying and selling a home. An agent provides value to the homeowner in many ways:

• Pays for all marketing and advertising costs.


• Adds experience and expertise in all aspects of the sales process including marketing, financing, negotiations and more.


• Handles all showings.


• Brings a network of known, trusted real estate professionals. If your agent doesn't have the answer, he or she likely knows someone who does.


• Always has your interests in mind so you always have someone on your side.


• Can handle and advise on all price and contract negotiations.


• Provides you with all the possible options and opportunities without holding back.


• Gives an unbiased, realistic view of your home and your options. Unlike buyers and sellers, an agent has no emotional attachment to property.


• Has the knowledge to help you ask the right questions.


• Being a third party, potential buyers are more likely to tell your agent the truth about your home, even if it is unflattering. This objective viewpoint will help you make the necessary changes to get your home sold.


• Your time is valuable. A real estate agent allows you to spend your time how you want.

For additional local real estate information, information about me and my services, to request home listings by E-Mail, to request a market analysis on your current home, or to tour the MLS Listings please visit my web sites at http://www.RichmondVAHomes4Sale.com or http://www.e-richmondhomes.com/.

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)

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.

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

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.