Blog

Should you even really buy a house in 2023? The market seems like it's totally crazy and interest rates are bananas. Even in this high-interest rate environment, there are some really good reasons why buying a home still may be a better option than renting. Probably the biggest one is that owning a home really is kind of an inflation buster. So what does that mean? Well, if you notice, if you rent or you're looking at rentals, you probably see that rentals continuously go up almost every year, rents are going up in almost every area. So if you're renting, you are hoping that you're going to continue making more to get maybe a nicer place a bigger place, whatever, or to just stay in the place you are, that's going to continually get more expensive. When you buy even with interest rates being a little higher, you are locking in that payment for usually a 30-year term, a 15-year, 20-year, or 30-year term, you kind of can't beat that if your payment is say $2,000. Today, it's still going to be $2,000 in 20 years. Whereas if you rent something that maybe costs $1,500 today if you stayed in that same place, I couldn't even begin to tell you what you're going to be paying in 15 or 20 years. Now, that's not to say that there aren't some extra expenses and things that come along with owning a home. So over time, you do gain appreciation, which is a really great investment when you're living there anyway because you're always going to pay to live somewhere. And the benefit of sort of stockpiling that money for yourself rather than paying someone else's mortgage, as you often hear it referred to in a rental. There's a value in there not just monetary, but a pride of ownership. Additionally, sometimes your landlord may not be really keen on you painting the kitchen cabinets, a mural in the kid's rooms, making some renovations to the bathroom, that sort of thing. And when you own your home, you really can customize it to just what you want it to be. There are also tax benefits that come with owning a home as opposed to renting. But always consult a tax professional when you're thinking or talking about any sort of tax-related things because I am not one. And remember, even though interest rates are higher right now if you can afford the payment right now, you are pretty, I'm not going to say guaranteed but almost guaranteed, that at some point rates will tick down and your payment is likely to become less rather than more (if you refinance). Whereas with renting it is 100% guaranteed to go up over time. So if you're thinking maybe I would be interested in buying a home, I'd love to talk to you and help you walk through all of the steps. Look at all the information and see if it is the right choice for you right now. Or maybe it's something you want to do in the next six months to a year. I'd love to talk to you give me a call. Reach out via email and let's set up a time to chat to see if it is the right decision for you.

But won't I have to pay capital gains tax if I sell? This is one of the most frequent questions I hear. And I hear it from literally all ages, all demographics, everything. Capital gains taxes are some of the most confusing aspects of selling a home and everybody seems to have a slightly different interpretation. What are capital gains taxes? First of all, very simply, it's a tax that the IRS takes on the sale of an asset. So if you've made a profit on the sale of an asset, that is going to be taxed, just like your profits from anything else will be. Long-term is if you've held the asset for more than a year. Short-term is if you've held the asset for less than a year. Obviously, short-term gains are going to come into play if you're flipping a house, but let's just talk about regular home ownership. Selling a house, short-term gains are going to be, even if it's your primary residence that you haven't lived in for a full year, you're going to take what you paid what you can sell it for, but then you're going to subtract those things that you added or changed. And that's going to be your gain. You're only paying tax on the profit. So consult a tax professional, but that's just going to be taxed as part of your regular income, just like you made money on anything else. Long-term gains are paid on any home that you've owned for more than a year. Now, that's going to include your primary residence and a rental property, second home, that sort of thing. And again, I'm going to tell you to consult a tax professional, because I am not a tax professional. Long-term gains become a little trickier because there is an exemption for your primary residence. And I'm not going to get in the weeds here, but that exemption is going to be basically $250,000 if you're a single individual, and $500,000 If you're a married couple filing jointly. So if you have lived in your home as your primary residence for two of the last four years, you are going to be exempt from those caps for the sale of your primary residence. But what if it's not your primary residence, it's a rental property a second home, or something like that there are different tax rates based on your income for those capital gains, again, consult a tax professional, I'm not one, but those rates are gonna differ based on your income. And if you're in a lower income tax bracket, like you make under $43,000 a year, you're not going to pay gain at all. But the long and short story is capital gains are not as scary as they seem. And just make sure you have all the information before you're putting your house on the market. So if you're curious about selling your home, I'd love to talk to you more about the actual sales process. But I am going to tell you to consult a tax professional if the gains and the tax on them are something that concerns you. If you need a good tax professional, I know lots and I'm happy to refer you as well.

When you're getting your home ready to sell, not all dollars are created equal. Obviously, you want to be doing maintenance all along as you're living in a home. So things like maintaining your house and maintaining the exterior of your house. But when we're looking at getting a home on the market, even if it's six months from now, there are some things that you're going to have to put money into that are not going to feel like the high ROI you would like them to be, I'm going to list a few of the maintenance and then I'm going to list a few of the high ROI items that you can do. A balance of those is gonna give you a really good outcome when you go to sell. So here are my top four in each category. Trees and yard. You want to make sure that your trees are not dead, they don't have dead limbs, they're not hanging over the roof, they're not hanging over your driveway or shed or garage. Because as soon as somebody sees a dead tree or a tree that's threatening the house, they're going to add that to their list of projects. And right now, when people are adding to that list of projects, they're not necessarily coming in at a lower price where they would negotiate. Often they're just backing right out the door and getting in their car to get to another house that seems like less work. Plumbing and electrical is the number two and probably in my opinion, the most important. Make sure everything flushes that your outlets work, lights work fans work, and that things look like they're in generally good condition. Your systems. Your HVAC, your water heater, and any sort of systems you have, really need to be in good working order too. Finally the roof. Make sure you don't have any roof leaks, make sure that there's no debris on your roof, and that it doesn't look stained or damaged. And certainly that it's not damaged so that buyers feel really solid when they come in and get excited about the things that you have to offer. Rather than making a list of things that they feel like they need to do. Here are some of the things that add value very definitively. do a little bit more to that landscaping. Make it actually look good. Put mulch down, plant some shrubs, that type of thing. That generally returns about 100% on your investment. That is just a no-brainer. The minor kitchen remodel. So that may be painting your cabinets and maybe just adding new appliances. Maybe it's just putting on a new countertop. It doesn't mean gutting redo the whole kitchen. But that minor kitchen remodel has an ROI of about 98%. Ideally, you do this a few months before you move and you actually can enjoy it as well. A minor bathroom remodel. Same thing. it actually has an average ROI of about 102% anything that gives it just a little extra update a little extra pizzazz, brings it into 2023. You're gonna be in good shape on those. And finally, did you know that you can get a 90% ROI on just replacing your front door? Make sure that you're not only focusing on those ROI things, you're also focusing on the things that are going to negatively impact you if you don't do them. I always will take the time to come to visit your house, and make sure that we've got a solid list that's prioritized other things that you should do when you're getting ready. And that means call your agent, ideally me, before you're even really ready to sell. Six months away, four months away, so we can get all those things done to give you the highest net result possible.

So great, waving an inspection is a great way to get your contract at the top of the heap in a multiple-offer situation, but should YOU do it? I am going to tell you that if you don't have some sort of risk tolerance, don't do it. But if you do have a little bit of risk tolerance, there are ways to get around it. So you can pay an inspector a couple of hundred dollars to walk through the property with you and give you a general idea of how those systems, that you may not know how to assess, what kind of condition they're in. But at the end of the day, you are 100% going to have something happen, whether you have an inspection or not. I call these oh s**t moments, it might be six weeks, it might be six days, it might be a year. You can also buy a home warranty, the seller can buy a home warranty for you, or you can buy one yourself, but they're not going to cover everything. So you're still going to need a buffer. It is always a bit of a risk when you have a home that things might go wrong. So if you are on a razor-thin margin, a razor-thin budget, and you can only afford your mortgage payment, that may not be the house you want to buy anyway, inspection or not. But ultimately, your options are probably to pay way more than the asking price and ask for that inspection, giving the seller some sort of security, that they're going to have still a higher offer, even if they end up with items that they have to repair. Or you're gonna still probably pay more than you want in this market and waive the inspection. It's kind of up to you and where your risk tolerance is. But remember, at the end of the day, if everything is equal, that seller is always going to pick the offer that is the least risk for them. So the more risk you can take on the better price you are going to get on the house that you're purchasing. If you want to take a look at more ways to build an offer, write an offer, or buy a home in general, check out some of my other YouTube videos. Or better yet, give me a call. I'd love to talk to you and I'd love to help you find your dream home.

If you are under contract, and on your way to closing, you're super excited, you've started packing, and you started envisioning how you're going to design your space, here are a few things that you don't want to do if you actually want to close on your house and close on time. First of all, don't buy a car. Please, for the love of all that is holy, don't buy a car. If your car dies, and I have had clients for whom this happened, they have had to bite the bullet and buy a car in between contract and closing. But call the lender, let them know the situation, let them know what's happening, and ask them what to do before you go off half-cocked and do it. Because that can really impact your debt-to-income ratio and that can throw your loan way off track. Second, don't drag your feet on getting information to your lender. They do not want to ask you for a thousand documents and have to keep up with all of those things any more than you want to provide them. But they will not ask you for something they don't need. And as frustrating as it is. And as much as you want to yell at, you know, Marjorie that called you yesterday. And now she wants three more documents. It is not her. So don't yell at her. Just give them the documents they need because there is a process that they have to follow. And their systems going to tell them, oh, now we need this. And yes, sometimes that's the last minute. Third, don't quit your job, even if you get a fantastic job offer. Try to wait out the old job until closing and then take the new job. Yes, you can get a loan if you've been in the same career, same field for the last couple of years. So it may be fine, but it also may not. The best rule of thumb is to try to keep everything the same as it was when you made a loan application. And keep it that way until closing. If you have any more questions about the financial process or what it takes to get a loan and get into a home, I have some terrific lender partners that I'd love to put you in touch with and they would be happy to help you with that side of things. If you have general questions about buying or what it takes to go from contemplating a purchase to contract to close. Give me a call. I'd love to answer any questions you might have. And obviously, I'd love to help you get into the home that you want to be in.

As the summer winds down (a bit at least), the market has not changed a whole lot from the last couple of months. Inventory is still tight, leading us to remain in a solid buyers' market. Check out the graphic here for a little snapshot of what's going on, and how it compares to the past few months. Listing inventory has actually been dropping consistently over the past few months, and is nearly half of what it was this time last year (which was already a low inventory point for our market.) As rates have risen, there is definitely less motivation for homeowners to sell, as many have refinanced to very low rates in the past few years. Until this situation improves, our inventory is unlikely to grow by much. That means, if you are thinking of selling, it's still a great time. Despite interest rates, there are still lots of buyers out there, and terms for sellers are more easily negotiated (not only price but repairs required, closing dates, etc) right now. If you're buying, yes, rates are not terrific, and inventory is low. However, if buying is something you want or need to do, all hope is not lost. We have found our clients a number of homes off the market in the past year, putting them in better positions to not have to compete and find the home they love, so that is always an option. When you're working with me as your buyer's agent, my goal is to do all I can to get you where you want to be. In better news, most experts predict rates to begin to move on a downward trend through 2024, as long as the inflation numbers continue to look good. That's a glimmer of hope. Just remember, as rates drop, prices and competition, are likely to increase. Not a whole lot of things in life are guaranteed, but the rules of supply and demand are. If you want to know what all of this means in terms of your personal situation, give me a call, and let's chat!    

I LOVE Richmond, and I love summer, but I'm not gonna lie- by August, the heat and humidity start to get a little old. Whether you have younger kids, for whom the break from school is starting to get a little boring, or you feel like you've done all the summer things and you're just ready for a change... Here are a few things you may not have done, that just might make the last few weeks of hot RVA summer a little more bearable. Did you know Richmond is the ONLY city home to Class II-IV Rapids? Get wet with RVA Paddlesports or Riverside Outfitters on a raft, a kayak, or a paddle board! If the kids are bored, everyone's SO HOT, and there's just nothing to do, get yourself to the drive-in! The Goochland Drive-In always has great movies, you can fill a carload for $25, there's great food that's not going to set you back tons of money, and a playground if you have littles (or bigs) that have a hard time sitting still, they can get a little energy out. It's HOT, but it wouldn't be summer in Richmond without a day at the Carytown Watermelon Festival. Head to Carytown on August 13, from 10-6 for music, vendors, fun, and of course, all the watermelon you can eat. Speaking of fruit, picking berries won't help you beat the heat, but you will get berries, and that's better, right? Picking dates are up for August at Agriberry Farm, but book soon, because space is limited. Go get you some raspberries!! Want to wander in the cool, solo, with a special someone, or with the whole family? There are so many museums here, it's almost impossible to list them all, but here are a couple that may be a little lesser known. Keystone Tractor Museum in Colonial Heights: My dad would take my son here when he was a kid, and it was a hit with both of them. Anyone who loves trucks, tractors, fire trucks, or the like, will enjoy a visit here! Virginia House was formerly an English manor house that was relocated to Richmond in 1925. (Amazing, right?) Now owned and managed by the Virginia Museum of History and Culture (another great museum), this period home is a fantastic step back in time. If you're anything like me, you might not like to do something that's creative, and if so, head to Scrap RVA on Brookland Park Blvd, to browse the amazing, ever-changing supply of art and craft materials, take a class, or bring the kids to a "Crafternoon" where for $5 or so, they can drop into a class and come home with something they've made. Bonus- Ruby Scoops is right across the street, so you've got to get a little ice cream afterward! Finally, if the temps aren't too bad, go for a walk at the Canal Walk, take in the murals, and at the Turning Basin, buy a ticket to a Riverfront Canal Cruise. These narrated tours of the canal feature some history that may be new to you, as well as giving you a tour of areas your feet cannot take you. (I recently did this for the first time, and it was so much fun!) Enjoy the rest of the summer, and stay cool and hydrated out there!

Sorry to be the bearer of bad tidings, but back to school is coming up pretty fast and furious, and unless this is your first year, first kid, first rodeo, so to speak, you probably know that that stress can hit hard, and keep on coming if you're not organized. Forget about the stress that comes if you're moving, or in a new home. But never fear- I've got some great tips from Mary Davis, professional organizer and owner of In Good Order, LLC, to help get you, your home, and especially, your kids, ready for everything that comes with back to school. At home: Make a comfy homework space. To provide structure and consistency, choose one designated area for your student to work. The space should be distraction-free and have good lighting, a comfy chair, and a power outlet. They will need enough workspace for their device, as well as any supplies they need while learning. If you have a desk with drawers, use drawer organizers to give easy access to pens, pencils, markers, glue sticks, and other small supplies. Use file sorters or sturdy hanging files to hold extra paper and notebooks. If your workspace doesn’t have built-in storage, a caddy or divided turntable are great solutions to hold writing utensils, glue sticks, and other small supplies, and f your work surface isn’t big enough for a device and supplies, or your workspace pulls double duty (like a kitchen table) a rolling cart is a lifesaver. This gives easy access to supplies while learning, and can be rolled into a corner or closet when the work is done. Having everything they need at hand can make all the difference in getting the homework done or trying to find "just the right pen, pencil, whatever," for 30 minutes. Print out a copy of the school schedule (even if it's available online) and post it somewhere everyone can see for reference. Trust me, if you're tracking homework, projects, supplies, needed, etc, having that schedule handy can really come in handy. If you have a calendar or family calendar you use or a Google calendar, get all of those days off and holiday dates and put them in the calendar for the entire year. (If I had a dollar for every time I was surprised by my son having a day off, I'd be retired- he's in college and I still do it.) Make a drop zone. Even if you don't have a mud room, per se, having a designated space for shoes, backpacks, lunch boxes, and more, so they're not all over the house. At School: Make sure you know the rules on backpacks, lockers, etc. If there are no lockers for the students, ensure that that backpack can hold everything they need all day, AND be at least somewhat comfortable. If your student takes lunch, consider a lunchbox that clips on instead of taking up valuable real estate inside the backpack. Get all the supplies now, so you're not scrambling that night before school starts. Did you know that if you type the name of your school into the supplies bar at Walmart.com , it will populate with the entire school supply list required, and you can buy and pick it up, or have it shipped. What? How easy is that?? Meal prep snacks and or lunches. If you've got fruits washed and cut, sandwiches made, etc, it's easier for kids (of any age) to grab a healthy snack, rather than junk, when they get home, and definitely easier for you to get lunches packed efficiently and with minimal stress. Are you ready for the school year? If you want more info on getting organized or to work with Mary, reach out to her HERE.       

The market that we're in and have been in for a while, moves fast likes fast and sometimes it is easy to get distracted with all the razzle-dazzle inside the house and not pay attention to the things outside of the four walls. So I've got a few things that I want to make sure that you're paying attention to, as you're looking at homes and trying to find that dream home that you actually want to buy. #1: Location. I know, it's really easy to get dazzled by all those interior features, but if the location is not where you want to be, then it's probably not going to be where you want to be. Because you don't stay in your house all the time. By location, I don't mean that if you really want to live in the city, you move to the suburbs, or vice versa. But if you generally want to be able to walk to coffee shops, maybe investigate other locations, that allow you to be able to do that, that allow you to get out walk with your dog, maybe it's a sidewalk neighborhood, maybe it's in town, but you don't probably want to change your entire lifestyle for where you want to live just because you love that actual house. So think about the location and know what your deal breakers are with that. #2: The next thing you want to make sure of is how much are you going to have to put into the house. So say it's a great location, it's the perfect place for you to be it's exactly the street you want you love everything about it and the house is pretty good. Can you live with the old out-of-date kitchen for a while? Or can you afford to go in and blast it out and redo the whole thing right away? So make sure you know what your tolerance is for the work, the financial expenses of the work, and the timeframe that the work is going to need to be get done. Because those things are going to matter when you actually get into the house and are living in it. You want to make sure that the trade-off for the neighborhood is equal to what you have to give up in making those changes and updates happen. #3: Is there an HOA? What does that include in Virginia? We do have a three-day right of rescission when you receive that package from the HOA. So if there is a homeowner's association, you do have to receive a copy of all the documents and you want to make sure that you look at them that you can live with what that is and look at the financials to make sure they're in a good financial position so that you're not going to have to pay an extra surprise $2,000 next year to redo the pool. And if you have to make sure that you love it enough that you want to spend that money and that you can afford it. #4: (and less important probably) The utility costs. I remember a time when I went from driving a Prius to driving a Toyota Highlander and let me tell you, I knew it was going to be a bigger car, but I was not anticipating that the gas would be like four times as much. So, I got over it but it was a little bit of a rude awakening and something I hadn't considered. So if you're going from a 1,500-square-foot house, and buying your 3,200-square-foot dream house, make sure that you can afford those utilities. This is particularly important when it comes to things like pools and hot tubs because that is a whole different set of heaters and water that you have perhaps never dealt with. And it's going to take a big hit on your budget for more information on all that goes into finding a home, purchasing a home, and things leading up to closing check out all of my buyer's videos on YouTube. There's a wealth of information there but if you have any questions that I can help with personally, or of course help you find a house in the Richmond area. I'd love to help give me a call.

This is another throw back family recipe, and one that was (and still is) one of my absolute favorites. It's the perfect summer treat that's not too sweet (and I mean, there's real fruit in there too!) I'm including the original recipe below, but it occurred to me that I could surely substitute Greek yogurt for the sour cream, and honey for the sugar, adding a little protein, taking out the refined sugar, and making it just a bit healthier. I told my son Angus (who's 20) that it would never have occurred to my Aunt Charlotte to do that "back in the day," as there was really no such thing as Greek yogurt then. He could hardly wrap his brain around that, as of course, "Greek yogurt has been around since ancient times, Mom." Yes, son. Just not in Richmond, Virginia. I then explained to him how we used to eat lasagna made with Cottage Cheese, and that was pretty much all he could take. Anyway, give it a try, either way, and let me know what you think. (Yogurt is a 1:1 substitution, but instead of the sugar, add about 2 TBS honey, or to taste.) Frozen Fruit Salad 2 cups sour cream 1/2 cup sugar 2 tablespoons lemon juice 1 whole bananas, chopped 1 can crushed pineapple in water, drained 1 can bing cherries, drained 1/4 cup chopped pecans Combine all ingredients in a large bowl. Spoon into foil muffin liners in a muffin pan, or silicone muffin cups. Freeze until firm.