Spring Market Ticks Upward.....

The Spring Market is finally here!!! To prove it we have provided below a month to month analysis January through April 2009 of pending and sold statistics for Metro Richmond and surrounding counties. You will see below, houses priced at or above $500,000 are now SELLING! In latter 2008 and early 2009 ,this market was stagnant. Consumers are becoming more optimistic about purchasing real estate as prices come more in line with income and real-money savings become a reality through attractive interest rates.
Real estate if purchased correctly and with proper guidance isn't just a good investment; it's a great investment!

Sales Activity: Year-to-date 2009

In January, 539 houses in Metro Richmond pended or sold. In February, we saw a 17% increase and in March, a 30% increase with 633 and 825 homes selling. And April is on track for a similar increase with 984 houses under contract thus far. Price affordability and LOW interest rates are triggering this movement of inventory. Hopefully this upward trend of sales will continue and healthier markets lie ahead.

January
Metro Richmond 539
Homes $500K+ 25

February
Metro Richmond 633
Homes $500K+ 33

March
Metro Richmond 825
Homes $500K+ 53

April
Metro Richmond 984
Homes $500K+ 67

Keep in mind, an increase in sales activity does not necessarily equate to higher sales prices. The key to selling your house is pricing it at fair market value based on recently sold comparable properties. Feel free to call us for a realistic and honest analysis about the value of your home.

"Move Up" Math

What better way to explain how you can benefit from purchasing a home in today's market than a real life example?

Subject property:5 beds/4 baths and 3600 sq. ft.
Location: Henrico County, 23229
Days on market: 180+ days.

The following scenario assumes good credit and minimum 20% down payment.

Scenario #1 - October 2008
Original list price: $689,000
30 yr. fixed rate: 7.875%
Monthly P&I payment: $3,997

Scenario #2 - April 2009
Current price: $619,995
30 yr. fixed rate: 4.75%
Monthly P&I payment: $2,587

Real Money Savings =
$69,005 on purchase price
$13,801 on down payment
$16,920 $1,410 savings per month x 12
$99,726 REAL MONEY SAVINGS

Impressive, huh? Remember, it is impossible to predict the bottom of the market and many local experts are predicting that we are near or currently there. As soon as we hit bottom, home prices and interest rates will begin to tick upward and you may have lost your opportunity. Bottom line: ACT NOW!

Lizards, Turtles and Snakes, Oh My!

It never ceases to amaze me how you can have the downtown skyline of Richmond in your rearview mirror one second and then be surrounded by tall pine trees and open parkland a mere twenty minutes later. I am talking about the 7600+ acres that make up Pocahontas State Park in Chesterfield County.

Wanting to take advantage of the sunny 70 degree weather this past weekend, we decided to go for a hike around Beaver Lake. While the trail is about 2.5 miles long, it is pretty family-friendly with wide paths and fairly even terrain. And it certainly is picturesque with water cascading over a beautiful stone spillway, beaver dams and footbridges throughout. We were on the lookout for wildlife and were pleasantly surprised to find a baby turtle bathing on a rock, a few lizards, a blue heron and well, a couple of snakes as well. And even though I did shriek when I realized my hand was just inches away from a water mocassin, it was a healthy reminder that we were the interlopers in his environment and not the other way around!

Looking for a great guide to hiking in and around Richmond? Check out 60 Hikes within 60 Miles: Richmond by Nathan Lott.