More Change in Richmond Real Estate

The second week of the New Year in Richmond, Virginia shows continuing signs of housing market improvements. In general, activity is increasing; calls and appointments are picking up and there better than usual contract activity. Is this a temporary condition, a last ditch effort to take advantage of government incentives, or is this the precursor of a healthy spring market?

Time will tell us, but I am much encouraged by the signs that indicate the number of listings and sales is starting to increase. Especially sales! There is evidence by the number of contracts we are getting in our office that things are much better today in real estate than they were this time last year. I’d say even better compared to as little as three month ago. The best part is that we are beginning to see movement in areas above the first-time home buyer. This is very exciting news!

What this news doesn’t tell us is that this is still a buyer’s market and that there are plenty of deals to be made. With this in mind, if you are thinking about making a move but have been waiting for the right opportunity, this could be it. The market will continue to change as it always does. Just remember there is no perfect time to make a change, but some times are certainly better than others. It’s looking like this could be one of those times.

I will encourage you to keep an eye on the first quarter statistics for housing listing/sales in Richmond. I anticipate a very positive report that will further boost confidence in the housing arena. Think about it; I’d love to hear you are getting in on the front end of an improving real estate market. Contact your most trusted REALTOR for assistance.


John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John and Ann by visiting www.InSydeHomes.com or by calling (804) 282-7300

The New Year in Richmond Real Estate

I have made it through the first week of the New Year. After last year it feels like some congratulations are in order? Well, not really, I suppose, because there is a lot of ground to cover in order to determine if the real estate business-plan we have developed for 2010 will be successful. In fact another fifty-one weeks to be exact. However, after the past year I am eternally optimistic about the up-swing in housing. In spite of all the predictions, prognostications, advice and guess-work out there in the market-place, I feel that good things are on the horizon in our business.

I hear reports about good and bad markets, the pick up in sales and the total decline of our society as we know it. I wonder if there is enough confidence out there for people to start purchasing homes again. I don’t think I’m smart enough to figure out what it will take to make this happen, but I can tell you that I’m beginning to see movement in and around the Richmond region. It has started with an increase in activity, the notion that people are out there looking at homes again. What has really changed is that product has started to move again. Home sales above the first-time home buyer level are being sold. It’s happening now, and the proof is in our most recent office stats.

So I’ve decided to look at the New Year like a new semester at school; I will keep past failures in the past, highlight our successes, focus on and learn from all of it, and begin a-new! I’ve been told “good judgment comes from experience, and a lotta that comes from bad judgment”. Perhaps it’s better to keep looking forward than it is to be worried about water under the dam. Good things are on the horizon in our business – just keep working for it, and I’ll plan to see you here in 51 weeks!

John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John and Ann by visiting www.InSydeHomes.com or by calling (804) 282-7300

What's next on the Tax Credit Front?

As you know, it was recently announced “the government expanded the first-time homebuyer tax credit through April 30th, 2010, and added a new homebuyer tax credit for existing homeowners who are interested in purchasing a new home. With mortgage rates still at historic lows, and plenty of affordable homes on the market, this may be a great time to buy.” In fact, this may be the most affordable housing market that many of us have seen in our lifetimes.

So what does this mean for home buyers and sellers? Well, for starters, it may translate into an earlier than normal “spring market” for Richmond region real estate. We seemed to get a late start in 2009, with the initial tax credit pushing the market into the summer and fall months. The most recent tax credit extension and its expanded criteria for existing homes owners could start things rolling early in the New Year.

We also know that buyers and sellers have been sitting on the sidelines waiting for signs of economic improvement, or an opportunity that is just too good to pass up. The backlog of inactivity may correspondingly translate into housing sales starting early in 2010. For example, the revised tax credit and its April deadline seems to be responsible for the increase in listing activity VIRGINIA PROPERTIES is experiencing in November and December. As a result, this should boost home sales starting in January and continue into the spring.

We should keep a weather eye on the horizon; there is perhaps a wave of activity heading for Richmond spun-off by the tax credit front. As with most opportunities, the tax credit does have some specific requirements, so you should consult with your most trusted real estate advisor for details – because April 2010 will be here before you know it.

John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John and Ann by visiting www.InSydeHomes.com or by calling (804) 282-7300

What Should I do to Find My Next Home

Did you know that approximately 85% of people looking for homes use a REALTOR®? In spite of the fact that the majority of home buyers start their search on the internet, they still choose to work with a real estate professional once they are committed to a serious home search.

Realtors don’t control housing information the way they did twenty years ago, before MLS and computer based systems began sharing information freely across cyber space. What they do provide is an in-depth knowledge of homes and property values that only comes from daily interaction with other professionals, buyers and sellers. This constant commodity awareness is the same reason we chose to work with professionals in other parts of our lives. Why should buying a home be any different?

On average, it takes ten weeks for someone to find the home they intend to purchase. During this period it is no surprise that purchasers want the guidance that knowledgeable sales agents bring to the table. Not to mention, attention to detail and individual representation during unusual times where nothing in a housing transaction can be taken for granted. In order to be successful, someone must be on your side, looking out for your interests, and representing your needs, wants and desires.

So, start looking for your next home the same way 87% of buyers do, on the internet. But don’t hesitate to get your most trusted real estate professional involved in the process early; they provide information not accessible online, along with the advice and guidance you will need to begin a serious search, and to find the home that best suits you.


John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John and Ann by visiting www.InSydeHomes.com or by calling (804) 282-7300

When is the best time to buy or sell real estate in Richmond?

Statistics show that the spring months tend to be the best time to buy or sell a home in Richmond. After being cooped up all winter we are ready for change with the arrival of warm weather and fresh foliage. We are fortunate in Richmond to have a robust fall market as well. Once again, due in part to our mild temperatures, the fall offers opportunities to collect ourselves as we prepare to settle down for the winter, and this attitude is reflected in property sales.

In contrast, August is the slowest month for home sales just ahead of December. One can actually feel the pulse of activity around town dip during these months. As summer comes to a close, people are focused on getting in that last vacation or making preparations for the new school year. December is the height of holiday celebration and travel. Most of us are not looking for a big lifestyle change at these times. One thing is for sure, the people out looking for homes during these months are usually very serious about buying.

Any good realtor will tell you that a home can’t be sold unless it’s on the market. Honestly, any time of the year can be great for moving property, and the off-season can sometimes work in your favor. The rules are the same. You simply need to know your market and determine what you can do to be the best product available or position yourself to get one. Consult your most trusted real estate advisor and make a move today!

John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John and Ann by visiting www.InSydeHomes.com or by calling (804) 282-7300

Where Do You Get Your Housing News?

In Richmond, Virginia, should we believe the news recently reporting that the real estate market is finally turning the corner? Notice I didn’t say “improving”. Nevertheless, media reports have been more forthcoming with increased frequency about where the housing market is these days, and that perhaps we hit bottom back in December. I’m also getting reports from other parts of the country claiming more positive housing trends.

So why do we need the media to tell us that things are getting better? I’ve spent the last six months evaluating the market in order to better counsel my buyers and sellers. I’ve done my best to put a positive spin on what has been a difficult time, but there is no denying that this is one of the best times in history to buy a home.

For whatever reason, most people don’t want to hear about real estate changes from their Realtor. They would prefer to wait for it to be reported in the news. I hate to say it, but who do you think has the inside line on housing trends; the people who work in the industry daily, or the ones reporting on it from the outside?

Do I believe the market has corrected itself? Do I feel the housing crisis is over? Do I think the home situation is completely stabilized? The answer to these questions is "NO"! I do believe there is no one out there more qualified to help our buyers and sellers evaluate the market in order to make informed decisions bout their housing choices than REALTORS®. You don’t need the media to tell you how it works; find a trusted advisor and consult with them. That’s what I do in every other aspect of my life, why should Real Estate be any different?

John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect.

Should I buy at the top of my price range?

I knew a man who would advise buying as much home as you can possibly afford. His philosophy being, I believe, that you will grow into your investment. In other words, it will never be more affordable than it is today. Furthermore, as you succeed in life its affordability will continue to improve.

The recent economy and seemingly uncertain housing market may have some people questioning this advice. But this suggestion was given at a time when most buyers were looking to stay in their home for at least five to seven years. With this stipulation in mind I believe it is still sound advice today, but I will ad you shouldn’t expect this home to be perfect; leave room in the price for improvements!

I have found many buyers are searching for homes at the upper limits of their comfort zone. When they get inside they are expecting everything to be as if they already owned it. This is mainly because there is little or no money left over after purchasing to create the improvements they desire in order to make the home theirs. As a result they end up feeling disappointed with the selection process, or with a seller’s lack of willingness to compromise on price.

One suggestion is to reframe our thought process when considering which homes to purchase. It may be a good idea to lower our price point, and perhaps our expectations, when choosing what homes to visit. It is important to have a little vision. I’ve never met a buyer who didn’t want to change something in the home of their dreams.

Improvements don’t need to be a bust. Most mortgage lenders today can provide construction loan packages that become part of a mortgage upon completion of desired improvements. This allows one to get the home they want without compromising on those items that are a must have in the next home they wish to purchase.

So consider your price-point-comfort-level in determining how much home you can afford. Have a little imagination, or consult with someone who does; this will allow you to find the basic home you are searching for while leaving room in the budget to make the improvements you need to live happily, for at least the next five to seven years!

John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John and Ann by visiting www.InSydeHomes.com or by calling (804) 282-7300