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

Is the Weekend the Only Time We Can Look for Homes?

My business partner Ann recently came across this question while holding open a house for sale here in Richmond, Virginia. It came from a first-time home buyer that was using the internet and news papers to look for a new home. The innocence of the question brought a smile to my face, but then I know about fifty percent of the people out there are searching for homes without the benefit of using a REALTOR®. They are not finding the properties they want, or previewing them early when they are fresh on the market, or during those times when it's most convenient for the buyer to see them.

Most people don't like to admit when they need help. As a man who rarely asks for directions, I completely understand the reluctance to concede stupidity when I should be seeking guidance. After all, I'm happy to represent myself in court, design my own house, or perform my own surgery in lieu of seeking professional counsel in these areas. The logic is so obvious - of course I can buy or sell my own home without using a Realtor, right? Well, as it turns out, the answer is yes. But perhaps the more prudent question is, should you?

As my partner likes to say, "The longer I am in this business, the more I realize there is to know about this business". I can't adequately address all the advantages of Using a Realtor in this short article, but I would like to point out two brief observations. First, statistics prove you will not be saving time or money by looking for property on your own. Secondly, if you are out there previewing homes you should already be working with a Realtor.

On average, I find it takes a person six months or more to find their home and get to closing once I make contact with them. And what's more, you run the risk of having NO representation if you choose to start looking by yourself. Do yourself a favor; consult with a Realtor when considering your next housing move. If you're lucky, you may rediscover what else is available for you to do on the weekends!


Source: John VanerSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. You can learn more about John & Ann VanderSyde by visiting their website at www.InSydeHomes.com

The Perfect Day for Not Working Real Estate!

I’m watching Baseball – the little guys – instead of working real estate during what is usually my most productive time of day. My ten-year-old has a late game on a Monday afternoon at Byrd Park Little League in Richmond, Virginia. The weather is perfect; there’s no humidity, a gentle breeze, plenty of soft sunshine, and the smell of fresh cut grass is in the air. It is a delightful spring afternoon on the cusp of summer. The pool is open, and school is just letting out for the year. We only have one of two more games before it ends and we’ll be off to do something else.

The kids are young, and just as uncoordinated and care-free as I was then. They would rather pick at the grass and make dust clouds than pay attention to the game. They have no idea what’s ahead for them, they are simply living life in the moment. How great is that! I can’t help but ask myself the question, “how often does this happen in my life today?” I am thankful for the moment of peaceful reflection and wish there were more opportunities to be in the moment, just like this one is for me.

I’m watching baseball, wishing I were ten years old again, even if only for the afternoon.


Source: 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 VanderSyde by visiting www.InSydeHomes.com