Housing Market 2008 for Richmond, VA

The housing market for Central Virginia Area was not good but it wasn;t as bad as some expected nor the rest of the country.  Here is synopsis of the report done by George Mason University Center for Regional Analysis. 

Synopsis: Central Virginia Area Housing Market 2008 Annual Report
Key Points
                     
Virginia and the Central Virginia [...]

A home priced right is half sold

Listing a home at too high a price is the biggest mistake home sellers make. A high price will discourage buyers from even looking at a home they might otherwise be able to afford. In addition, realistically priced homes in the same neighborhood will look better by comparison.
Of course, you don’t want to set your [...]

Giving Money Away

Mortgage rates rose late this week as investors favored the security of treasuries over mortgage backed securities.  One of the main reasons is the fear of deflation. Deflation makes debt payments more difficult each year. Treasuries are backed by the US government, which can print more money when needed. Companies and homeowners don’t have that [...]

Buying the most expensive home you can afford makes economic sense

When homes in an area are appreciating rapidly, it may be a good idea to buy as much as you can afford. The more you invest, the more you’ll get back when you sell, assuming the market remains strong.
Buyers should exercise greater caution, however, during times of slower appreciation. The extra money paid for that [...]

Turn On or Turn Off in an agent

Wanted to share a story I heard from a friend of mine recently regarding agents giving things away. Well when agents give things away it is not all that bad when it is a closing gift or a lunch or a bottle of wine. But when an agent gives commission money away as part of [...]