What Do Statistics Tell us About the Housing Market?

I love the National Association of Realtors; they have stats for everything. If you want to see the latest market stats, trends and projections, I feel this is one of the first websites to visit. For instance they tell you that the number of first-time home buyers rose to 47%, up six percent over this time last year, the highest on record dating back to 1981. They tell you the median price of homes, where down payments come from, what the age is of buyers and sellers, and that 80% of consumers still choose full service agent representation when buying or selling property and why.

It’s important to realize home sales are up over last year, in part driven by the extended tax credit, an increase in housing affordability, but also due to pent up demand and personal change of circumstance. According to some economist, we can expect a surge in the housing market this spring, signs for which are already present as we see a greater number of homes coming into the market. It is even more exciting to note the increase in activity above the first-time home buyer level. The prediction is that home sales are on track to increase in the coming year. All of this information is supported by statistics.

These stats do not necessarily mean that home prices are going to be on the rise. If we are fortunate they will stabilize as we realize that housing affordability is on the increase. The NAR Housing Affordability Index measures whether or not a “typical family” can qualify for a mortgage loan on a “typical home”. Typically, this is defined at length on the aforementioned NAR web site. What it tells us is that more people today have more than enough income to qualify for a home loan.

Nevertheless, all of this is dependent on the job market and consumer confidence. The continued creation of jobs will be instrumental to the success of a recovery in housing, no matter what statistics you reference. I remain patently optimistic as the real estate market improves – statistically speaking.

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

Activity in Richmond Real Estate – Forecast “More Snow”

It’s snowing! Again!!!

What a week for real estate. Tell people they are snowed in an unable to see homes and the phone starts ringing. They say, “If you ever want to get busy, plan a vacation”; I suppose the forecast for more snow is similar to this concept. But in all honesty, it is probably just that people are ready to get moving again after an extended period of inactivity. The notion that we “can’t get out” fuels the need to do something sooner rather than later. I hope this is the precursor to a vibrant spring market this year!

On the other hand, with my optimistic view of the housing market, I sometimes feel like I’m singing to the wind; my words float aimlessly away with out ever being heard. People are still skeptical and concerned and hesitant to make decisions about their next move. Understandably so, I know, but with mortgage rates and prices where they are it’s difficult not to look on the bright side of things.

We are getting mixed signals about the economy, jobs and consumer confidence. Nevertheless, it is apparent that people are ready to start looking at homes again. Activity is present, and, as I’ve recently said, properties in the upper price brackets are starting to sell again. I don’t think any of us can truly predict the future, but one thing is certain, we won’t sit on the fence forever.

Well, it’s back to work as I watch the snow start to cover the walks around the office. It’s going to be another interesting couple of days in Richmond real estate. I hope you enjoy yours!

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

Activity in Richmond Real Estate – Forecast “Snow”

It’s snowing! An appropriate end to the week; we should have winter precipitation once in a while in Richmond to remind us of the change in seasons. And on a Saturday when there is no real pressure to go anywhere, we can attempt to enjoy it a little too. There is also the comfort of knowing it won’t hang around long as temperatures rise next week. The business of real estate sales will not be put off for long.

I continue to be encouraged by the increase in real estate activity. The news in general is cautious but good. The GDP is up higher than expected, and while we struggle with unemployment the notion that the economy is improving is present. Perhaps this will lead us into a better than expected spring housing market? I will remain hopeful and optimistic, and continue to work as hard as I can to make this idea a reality.

For today, I’m going to make some time for my family, enjoy the snow, and try to make a little time to enjoy the moment; a luxury not often afforded those of us in real estate sales. Sometimes the greatest gifts are so obvious that we fail to recognize them. I’m taking note of this one!

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

Activity in Richmond Real Estate – Week Three of 2010

It’s been another busy week in Richmond real estate. I love the way this year seems to be moving toward a renewed interest in homes. In spite of some still rather unpleasant housing news, there is activity in the market that supports the fact that people will not sit on the fence forever. This is perhaps the most affordable time in which many of us have lived to by a house, which is being reflected in the growing sales totals in all price ranges.

I also think it’s refreshing that folks seem to be looking at real estate as a “home” rather than just as an investment. I’ve always felt there is more to the places we choose to live other does not. than simply the “stick & bricks” that support them – which is evident in our Mission Statement “ . . . celebrating the notion of HOME as a distinctive lifestyle choice”. I’ve seen very few people, other than developers and investors, look at their future domicile with out any emotional investment. Even if they do, their spouse or significant

What all of this may mean for Richmond real estate is that 2010 will get off to a strong start. I anticipate it generating into a healthy spring market. I wish I could predict the coming cycle of sales, but this could very well be the first year in several where the rhythm of home sales reflects a normal market – if such a thing actually exists.

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

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