Is this house in a good area or a bad area? What do you think of this neighborhood? How are the schools? These are some of the questions that I get asked all the time. And I hate to tell you, I can't really answer them. Because of a little thing called fair housing, we really can't, as Realtors, tell you what's a good area and what's a bad area. One of the things that I can tell you just as a person and not as a realtor is, we all have a different perception of what that is to just like, my favorite pizza might not be your favorite pizza. Telling you what an area is or is not necessarily going to give you the data that you need. My goal is always to be the source of the source. So I can always provide you with enough information and reference sources to get you where you want to be. Whatever you're looking for in a neighborhood. Remember, what's good for you may not be good for someone else and vice versa. What I can do to help you when you're searching for a home is give you all the information and resources to help you make the best decision for you and your family. If you're thinking about looking for a home and you have questions about any part of the process, please reach out give me a call send me a message. I'd love to talk to you.

Well, mostly midsummer, at least. It's hard to turn on the news without some sort of daily update about the real estate market, but with so much click bait, so many opinions, and headlines crafted to grab your attention, what is the real story?? (And how much does the national news impact what's going on here in Central Virginia?) I'm here to break it down for you! What's Been Happening for a While? Well, it's no surprise that the real estate market has been going full steam for the last couple of years. The reasons for that are numerous. To name a few: The pandemic created different needs in the home- more work from home situations, more desire for home to be a "get away" when so many get aways were closed (think pools, putting greens, and more outdoor kitchens), and more people becoming something of digital nomads, with the ability to move anywhere. Interest rates dropped to historic lows, so money became so cheap to borrow, and that absolutely spurred the market, make home ownership more attainable for many. Millenials/older millennial buyers dropped into the market in force. Being the most populous generation, they made up 43% of the buyers out there in 2021 and those numbers continue to grow. The production of new housing units dropped after the mortgage crisis in '08, and the supply has diminished since. All of those factors created a serious supply and demand issue, where there were quite literally more buyers than homes. That's been going on for a couple of years now. What we're seeing now and how it's changed over the last few months.  Obviously, rates have risen quite a lot in the last few months, going from a low of 2.68% in December of 2020 to the current rate (as of July 2022) hovering around 5.5%. That has pushed some buyers out of the market completely, and more into different brackets of their price range. In our market, in Central Virginia and the Metro Richmond area, We're still seeing a good number of multiple offer situations. But, instead of 15 offers, we're seeing more 4 or 5 offer situations. Every home is not selling immediately. The homes that have don't have great curb appeal, show a lot of deferred maintenance, or are priced too ambitiously are not flying off the market like they were a few months ago. Buyers are able to be, and are being, a little more picky, and a little more cautious. Fewer buyers are waiving "all the things-" Inspections, appraisals, etc. More price reductions. Price reductions have tripled since early May. Those days of pricing homes by throwing a dart up high, and having offers that still exceed it, seem largely over. In most cases, at least. What is projected in the next few months/looking into next year? (And how will it all affect you if you're looking to buy or sell?) Despite some people's predictions of a housing market crash, that's VERY unlikely to happen here in the Richmond area. Demand is still high, and supply is still pretty low. While we may see a more "normal," market, it is doubtful that we'll shift completely from a seller's market to a buyer's market. It will likely just be more balanced. We're already seeing more home inspections and fewer high appraisal waivers, so if you've wanted to buy and those things have scared you, that window is opening just a bit. All of the experts do predict that rates will continue to rise over the next few months to a year, and that homes prices here will continue to go up (not at the same rate, but still, up) for the next few years, so if you're thinking of buying, don't wait for prices to go down. Buy when it's right for YOU. If you're thinking of selling, you may have missed *much* of the crazy peak of the seller's market, but with supply still low, it is still a good time to sell and leverage the equity you have in your home. Do you have more questions about the market? Follow me on social media and here for more market updates, or give me a call to give you a customized assessment of your unique situation.  

But wait a minute, if you're writing an offer, isn't it always about who is willing to pay the most money? In this crazy competitive market, we've been in now for a while. Sometimes it is. And sometimes it's not. Sometimes it's about those little individual things that make a difference to the seller. Here are a few things that I've seen recently. One, a seller that had 19 offers, the ones that they wanted to negotiate were the ones with no inspection, not because they thought there was going to be anything wrong with the house, but because they had small children. And the idea of not having to clean the house once more made a huge difference to them. When you're getting a mortgage on a home, you are going to have to have an appraisal, your lender is going to require one and if it doesn't appraise for the escalated value that that offer may have been, and you can't make up the difference in cash. You could be offering $10 million on a $300,000 house, but the lender is only going to give you $300,000. And sometimes people are just super emotional about their house. I've also seen situations where the people just knew that the buyer's love, love, loved everything that they had done, and that made a huge difference to them. They wanted someone to love the home as much as they did. Are you curious about more ways to be a lucrative buyer in this incredibly tough competitive market? I'd love to talk to you. Sit down and help make your homeownership dreams come true. Send me an email give me a call.

Are you starting your home search? Get off the internet! Here's why a lot of those sites that seem so terrific on the internet might not be the best place to really get going on that home search. You just start poking around and then the next thing you know there's a house you want to see. Make sure that you are connected with, you know, me, or a realtor in your local market that's going to be able to give you the solid data, the actual listing price, and the comparables that are up to the moment in that particular neighborhood and area that you're looking at. Once you're ready to look at real homes in real life, let's set up a meeting in real life and set up a plan that's perfect for you and that home that you know you're gonna love.

So you want to buy a house in the new year, here are five things that you want to do now to get ready. Surprise, surprise, most of them are going to have to do with money. The first one is going to be your credit score. You can pull your credit score and your credit report all sorts of places for free. Now, you want to make sure that it's at least 620. To get a mortgage at all and at least 700 to get a good rate. Make a budget, look at what you actually spend and where you feel comfortable having your mortgage payment that may or may not be where your rent payment is now, because remember, you're going to have some extra expenses when you buy that home and it's not just the new stuff. Start saving, you definitely don't need 20% of the down payment anymore, but you are going to want to have a little bit extra in the bank to cover all of those things that might come up and closing costs. Be ready to compromise. We're going to talk about this in another video. But this doesn't have to be your forever home if it's your first home. I hope these tips were helpful. If you would like more tips, give me a follow, and if you want to put together a plan to buy a home in the new year. I'd love to help you. Give me a call.

So you want to wait until the market cools to buy a house. My advice, don't do it. The tricky thing about waiting until the market cools is right now, we are in an inventory shortage, rates are incredibly low. That means if you look at a normal market, like September of 2018, the average home sale was $262,000. Right now, the average home price is $320,000. The tricky thing about a normal market is rates are going to be higher. While the prices of homes may not continue to escalate like they have been, they're definitely not likely to go down with any great degree. The average home price in September of 2018 in a normal market was $262,000. At that $262,000 sales price with mortgage rates at 4.63%. Your payment per month would be $1,361, on that house. If you buy that $320,000 house now in September of 2021, at an average interest rate of around 3%. Your payment per month is only going to be $1,350. That's $11 cheaper than that $262,000 house was three years ago. So remember, if you wait until that market cools, that $320,000 house might still be $320,000 And you might not have to go over but your payment by looking at those 2018 rates is going to be $1,600 a month. And that seems like a difference worth sticking it out for a while I don't have a crystal ball and I don't think anyone does. One thing I do know is the market is still great right now to buy a home. If you're thinking of buying or selling I'd love to talk to you. Give me a call, shoot me a message, and let's get together and make a plan.

Spring is finally here, but the spring market feels like it's been here for a while. If you have been paying any attention at all to the real estate market lately, you probably have heard a good bit about multiple offers, prices increasing, interest rates, and short days on market. But what does it all mean, and what does it mean for YOU and your real estate goals? I'm going to break down some of the info here for you, and give you my assessment (based on experience and research, but obviously not guaranteed) on what it all means, and how it impacts you. I've heard lots of people say they've thought of waiting to buy until the market cools, or until it "crashes." Here are my thoughts on that: the market is unlikely to "crash," at least not anytime soon. This is not a bubble in the sense of the last bubble ('06-'08). The problem there was primarily that lenders were loaning money to anyone, with very low standards proving they could pay it back. The market now is really a product of a few factors- The last bubble burst, putting some builders out of business, and causing most to slow down or stop building "spec" homes completely. A whole new generation of buyers has dropped into the buying pool (Hi Millenials!) Rates have been at all time lows for the last couple of years (yes, they have ticked up a bit, but they are still comparatively low to the "average" market.) Covid/quarantine/work and school from home...the list goes on regarding how we live in our homes, and how that has changed over the past couple of years, so more people are moving to accommodate those things. In the end, this crazy market is really a result of basic supply and demand. There are simply not enough homes for all the people who want or need to buy a home. So...will prices go down? Well, my thought is that prices won't go down anytime soon. The good news? They likely won't continue to increase at the same rate as they have been. If you're a buyer, what does all that mean? Well, my sentiment is always that if it's the right time for YOU to buy, it's a good time to buy. That is to say, sometimes there's no way to "outsmart" the market if you're buying a home to use as your primary residence. If you're going to be paying to live somewhere, and you usually are, you may as well be paying towards your own equity, rather than someone else's. Even if rates are higher than you'd like. You can always refinance if/when they go down again. If you're looking to buy an investment property, that's a trickier thing, because there aren't a lot of deals happening right now. (There are some, though, so it's not impossible!) In either case, talking through the possibilities, and the market conditions, in the area you're looking, BEFORE you find that place you want to call home, is invaluable in this market. The most important things you can do when buying in this market: Have realistic expectations (many people are writing 4-6 offers before they're getting to one that "sticks") Have a plan (know how much you can and are willing to spend, how much of a down payment is reasonable, and what your payments will be) Be ready to move forward quickly (and have all of those ducks in a row, including a pre-approval letter from a lender) when something comes on the market that you love If you're selling- yes, it is still a great time to sell, and things are going very quickly, often with few contingencies, and in many cases, OVER the asking price. That doesn't mean you can just throw a sign in the yard, though! Doing the prep work to get your home ready still makes a difference if you want to maximize the offers and the final selling price. This means cleaning, maybe a bit of yard work, staging, and overall, just making sure your house shines in its best light. It also means working with an agent who uses professional photography, who will do all the same things to market your property in this market that they will in a less "hot" market, and who will walk you through those things that will maximize the return on your investment. The difference that will make really is surprising, and can mean the difference in 5 offers vs 25. But, you say, "we can only accept one, though." True. But having more competition pushes everyone to build a better offer, giving you better terms, and a better price. Trust me. It's worth it. Do you want more details on the market or the neighborhood where you live (or want to live?) Reach out to me. I'd love to help you navigate the process, or just help you determine if it is a good time to buy or sell.  

I've helped many first time home buyers successfully buy their dream home, and over the years, I've noticed something that I want to share with as many future first time home buyers as possible! It's this- some first time buyers aren’t aware that they have the ability to use a buyer’s agent to represent them in one of the biggest purchases they will ever make! (AND, that it doesn't cost them any more!!) I want to put this out there to help educate as many people as I can. You can and SHOULD have an agent who works for YOU when you are ready to buy a home. Because let’s be honest, buying a home involves a lot more steps than most people realize. So what does a buyer’s agent do? In a nutshell, we help you, the buyers; navigate the entire home buying process one step at a time. I'll dive in and break it down for you. (Make sure you read until the end because there is great news waiting for you there!) First things first, a buyer’s agent will meet with you to go over the entire home buying process. That way, you're fully equipped so you know exactly what to expect. (We can do this in person or via Zoom) They will help you identify your needs and wants in a home, including your top "must haves" and your deal breakers. I'm a huge fan of understanding your "why," so I always spend some time asking why you want what you want. That helps me help you more than you know. They will then set up a custom home search that will find listings matching your wants and needs, so that you don’t have to filter through hundreds of listings that don’t even fit what you’re looking for. When you start looking at homes, you’ll notice that they will be listed by a listing agent. What's great about a buyer’s agent, is that they work in your best interest, not that of the sellers. In addition to helping you find a house that meets your needs, they will also help you understand your options when it comes to writing an offer, advise you on the market, help you determine what price to offer the sellers and most importantly, negotiate on your behalf. If you find yourself in a multiple offer situation (pretty common in this 2021 market), they have strategies to help make your offer stand out, while matching the seller’s priorities to give you the best shot at getting that dream home. Once you have an accepted offer, they maintain strong communication with both you and the listing agent so you'll always be kept in the loop and never left wondering what’s next! A buyer’s agent will also remove as much doubt as possible. They'll provide you with all the tools necessary to make an informed decision before you take on the investment of owning a home. Think of them as your go-to resource throughout the entire transaction. Not only will they educate you through each step, they will refer you to their trusted vendors. From lenders to home inspectors, attorneys, and contractors, there can be so many moving parts in a transaction that you’ll be thankful to have the help of trusted professionals and save time trying to research them on your own. All of this will help you have peace of mind throughout the home buying process and prevent you from falling into the buyer’s remorse trap! It’s time to fill you in on the best part about hiring a buyer’s agent. Here it is.. it costs you absolutely NOTHING! You might be thinking this all sounds great and I would love to have someone work on my behalf but how much is someone like this going to cost? Having a buyer’s agent won’t cost you anything because the sellers are responsible for paying all commissions. So, if you’re already searching for homes online, googling questions you have about the process and you’re ready to dive in, what are you waiting for? It’s time to find yourself a buyer’s agent who will work for you and walk you through all of this – literally, one house at a time! Look for a buyer’s agent who you feel is a good fit for helping you through the process of buying a home. When you’re interviewing different agents, you’ll want to make sure you choose someone who not only seems knowledgeable but someone who will be available, willing to educate you, able to communicate the way that you want and most of all, someone you feel comfortable working with! Maybe that's me. And, maybe it's not. But do your legwork here, and I promise you that the home buying process will be much easier!!

If you’ve been thinking about buying your first home, chances are you’re getting tons of advice from everyone you've mentioned it to. It can be pretty overwhelming, and that's why I want to share 3 home buying myths you need to know if you’re considering homeownership. These will help debunk some of the things you may be hearing from people who probably have great intentions, but probably aren’t professionals. MYTH #1: You Have to Put 20% Down to Purchase a Home This could be the biggest home buying myth of all time! Putting a minimum of 20% down on a house does have some financial benefits .. BUT it isn’t required. There are several options when it comes to financing your home so you’ll want to meet with a local lender to discuss these options before jumping head first into the process. There are loans that require as little as 3% down as well as resources for buyers struggling with down payment money and first time home buyer programs. MYTH #1 Tip: Do not get pre-approved from an online lender. Find someone local who you can actually sit down with, understand your options and make the best decision for your financial future. (I can refer you to some great ones.) MYTH #2: It Doesn’t Matter if I Don’t Have a Real Estate Agent Some buyers prefer not to commit to working with one specific agent. That means they don’t take advantage of hiring a buyer’s agent to help them with their home purchase. That means they’re on their own for scheduling showings, being alerted of new listings, and when it comes time to negotiations, they won’t have anyone working in their best interest. This is not a great combination- especially in this market. It can prevent you from getting an accepted offer on the house you really love because you haven’t been educated on the market or how quickly you need to make a move. Right now, that's QUICK! It could also result in you losing money or overspending because you don’t have anyone negotiating on your behalf. I don’t know about you, but if I’m buying my first home, or any home, for that matter, that does not sound like a great situation. MYTH #3:Prices probably won't keep rising forever. But a market crash isn't likely, based on who's buying homes now: people with low debt-to-income ratios who put a lot of money down after losing out on a few homes to other buyers. "They will not be the first to abandon their homes if there is a downturn in the economy," said Kenneth ErI of Climb Real Estate. "These homes are owner-occupied and not highly leveraged like in the run-up to the last crash."   There are certainly a few more myths, but I'm here to help you navigate them. If you think you're ready to purchaase, give me a call, or email me here. I'd love to help!

If you’ve spent any time on Zillow (and I know you probably have!) you have probably wondered how accurate those numbers actually are. It’s one of those things- when you want to sell, you really want that number high, but when you’re ready to buy, you want it to be low. Human nature, right? Well, it can’t be right all the time, and it’s often not wrong when we want it to be. What all of us who actually work in real estate all day, every day would LIKE to say is, “Don’t pay any attention to Zillow.” Just don’t look at it. But we know that’s not going to happen. So, after it popping up in conversations with clients a few times in the past couple of weeks, in a few ways, I thought I’d break it down for you, FAQ style. Q: Are the numbers right? A: Well, that’s not a straight yes or no answer. Zillow, like many things, uses a complicated algorithm. This is based on recently sold homes (in Mls or not), tax records and assessments, and other bits of public info available. All of this information gets mashed up and that’s what creates the estimate. Tax records have the house listed as 5 bedrooms instead of 4? Public records didn’t update that you added a bathroom? Someone in the City or County make a mistake entering info? You get the idea. Bad info in, bad info out. (One of the MANY reasons you want to get a permit if you’re added baths, bedrooms, etc.) Q: Well, where do they get their information? A: As I mentioned above, that info is compiled from sales data, public records, etc, on around 100 million homes in the US. Q: What if my info is wrong? Can I correct it so my Zestimate is accurate? A: Well, kind of. You can, in fact, correct it. It is not usually quick, nor easy. You do have to reach out to them directly, and it may take some follow up. Even if you correct it, though, the correction may not change your Zestimate. If you put in a new basement bathroom, but that doesn’t add a lot of value in your neighborhood or area, you’re not going to see a real bump in the Zestimate. Q: My house is the nicest house in the neighborhood, my lot is twice as large, and I have so much more square feet! Why is the Zestimate only $5000 more than my neighbor’s? A: Well, Zillow can only work with the data it has, and the more data, generally, the more accurate the information is. If you have a neighborhood with many similar homes, that sell fairly regularly, your Zestimate will likely be somewhat accurate. If you have a great house in a rural area that doesn’t have a lot of turnover? Well, that will not be so accurate. A few other thoughts and things to note. There is no substitute for a realtor, with experience and knowledge of your area, to give you an accurate valuation of your home. Zillow has no real way of knowing if your home (or the one you are looking at) has 2000 square feet of shag carpet, or 2000 square feet of the highest quality hardwoods. They even disclose that their average Zestimate can be up to 10% inaccurate on average. While it’s a great tool to get started, and it’s certainly user friendly, you can’t been hands on accuracy. (Don’t get me started on the listings it regurgitates every so often that have already sold and closed!) If you have questions about Zillow, or what I do, please reach out and let me know. If you’re just toying with the idea of buying or selling a home, message or call me. I’d love to talk, and it costs nothing to have a conversation and get a good valuation!