Open House in Historic Petersburg!

OPEN HOUSE THIS WEEKEND!

Join us this Sunday,

April 22, 2018

2PM - 4PM

411 Hinton Street

Petersburg, VA 23803

2 BEDS | 2 BATHS | 1,870 sq ft | 6,909 sq ft lot

Welcome Home! This meticulously restored home is waiting for you. The Italianate frame dwelling built in the late 1800's has been completely renovated and freshly painted throughout. 411 Hinton Street is located in the Folly Castle Historic District which is know for its variety of architectural styles ranging from the Georgian to the Neo-classical Revival. There is also an out building (formerly the Kitchen) which would make a great craft room, office or man cave. The large backyard backs up to Brickhouse Run Creek.

3 Stumbling Blocks of Closing - Part 2

Source: pixabay.com

Appraisals and Inspections

While typically these steps affect the buyers’ side of the deal slightly more, a low appraisal for a seller can be a nightmare. Appraisals and inspections function similarly but are used for different purposes.

What is an appraisal?

An appraisal is typically required by the lending bank to protect themselves by not lending more than the home is worth. They usually hire the person who does the appraisal and could make or break the deal. A home appraisal can cost anywhere from $300-$500 and is typically paid by the buyer upfront, however the cost is typically negotiated in closing, which the seller may give credit towards.

The appraiser visually inspects the home and assesses it’s value. They are looking at location, structural condition, renovations, and recent sales in the area of comparable homes.* Square footage and the number of rooms are typically considered in home comparisons. 

If the home is appraised at a higher value than the sale price, that is certainly a boon for the buyer and automatic equity upon purchase. However, if the appraisal comes in lower, that could throw a monkey wrench in the deal. That means the bank won’t be willing to lend you over the valued amount, forcing the buyer to cover the remaining cost. This can happen particularly in “hot” housing markets where buyers are compelled to make bids against steep competition. There is some recourse in this instance other than walking away. 

A skewed appraisal does not only affect the buyer but the seller as well. Appraisers aren’t perfect and there are many homeowners who act in order to appeal appraisals they feel are inaccurate and unfair. The lending bank typically has a process in place to challenge an appraisal, because unfortunately, this isn’t an uncommon occurrence in a continually fluctuating market. 

Image: Realtor.com

What is an inspection?

Another upfront responsibility of the buyer, while they could theoretically skip this step, it would not be smart to do so. The difference between a home appraiser and a home inspector are many. While an appraiser doesn’t work in favor of the buyer, seller, or even the bank, a home inspector is hired and working in the buyer’s best interest. A home appraiser additionally is not responsible for functions of the home and only does a visual inspection and property comparison.  An inspector will test for radon, asbestos or mold, will consider HVAC, and other home functions such as electrical systems and plumbing.** It is wise for the buyer to be present at the inspection to truly gauge the seriousness of each reported condition.

The whole point of a home inspection is to protect the buyer from purchasing a “lemon.” They may be made aware of problems or replacements to expect in the next few months or years, however, an inspection is not any type of guarantee. 

A seller may also choose to have a home inspection made before listing the property in order to be proactive in addressing any issues. Once a problem is known, it becomes “material fact” and must be disclosed to all future potential buyers.

Many times, if a seller conducts a home inspection, the buyer will want to take a peak without shelling out the cash, or conversely, if a buyer orders an appraisal, the seller wants to see how their property fares.  Either way, the other party may want to see the results of a home inspection or appraisal that they did not pay for. The appraiser or inspector is only liable to the person who paid them. This can often be a point of contention between buyers and sellers. Instead of involving yourself, be sure to work through your trusted Realtor through these potentially tricky steps! 

Resources: Realtor.com | thebalance.com

Stay tuned for Part 3 - Repair Addendum 

Historic New Listing in Petersburg!

265 High St.

Petersburg, VA 23803

4 bedrooms - 3.5 baths - 3,001 sqft

$215,000

Built in 1763, this historic home in the middle of Petersburg, VA combines the glamour of 18th-century Georgian and Early Federal architecture with the comfortable modern amenities of today.  The home is in the heart of the thriving Old Town Historic District surrounded by new businesses and a deep-rooted culture. The floor plan is composed of four spacious floors with 4 bedrooms, 3 1/2 baths and 6 fireplaces throughout the house. The second floor covered porch gives a wonderful view of the surrounding area and is the perfect place to enjoy a cup of coffee in the morning or glass of wine while entertaining in the evening. Bright rooms filled with natural light, classic archways and original grand hearth fireplace and exposed beams, this home, like the city where it dwells, has lots of charm and character just waiting for the right investor!

Selling? It's all in the details

For those of you getting ready to put your house on the market, there are many DIY things you can that will attract your buyer. Getting rid of clutter, adding a plant to the entryway, and going for neutral colors are all great ways to get the buyer to imagine themselves at home!

Source: pixabay.com

10 Important Details That Are Often Overlooked By Home Sellers
Forbes Real Estate Council | March 7, 2018 | Forbes.com

First impressions are formed in a one-tenth of a second. It is this knee-jerk reaction that helps us formulate whether we like something or not, and it can also make the difference in whether your home sells quickly or not at all. 

Making a good impression with home buyers needs to happen the instant they enter your house, creating interest and a desire to have your home as their own. All too often, sellers forget to take care of the small details that can easily turn a buyer off, ultimately taking longer to sell and often at a reduced price.

Weighing in these important and often overlooked home elements are 10 members of Forbes Real Estate Council. They recommend all home sellers take care of these details before allowing their real estate agent to show their home to a potential buyer:

1. Curb Appeal 

Curb appeal is key. Cleaning up the yard, planting fresh flowers and mulching can go a long way. You want to appeal to the emotions of the buyer. Once you have them hooked, your house will be sold. Cleanliness and appearance are ultra-important. - Timothy VandenToorn, United Properties of West Michigan

2. Minor Touch-Ups

Before you allow your home to be shown, please be sure to touch up anything, including paint, woodwork and small items, especially on the exterior of the home, before they get inside. First impressions are so important, and you need to make sure the little things are taken care of because that's the beginning of the showing. If it starts badly, it's more difficult to get them wanting to buy. - Kevin Taylor, Sand to City Real Estate Team 

3. Welcoming Environment

Don’t forget to make your house look like a home. It’s important to remove the clutter and distracting personal details, but you also want a potential buyer to be able to picture themselves in that house. Bake some cookies before a big day of showings for that lingering cookie smell, or invest in some flameless candles for a cozy ambiance. A welcoming environment is key for first impressions. - Joshua Hunt, TRELORA

4. Clean Closets 


The size of bedroom closets — especially in the master bedroom — can be a make/break moment for a prospective buyer. A neat, organized closet that showcases space and functionality can truly make a difference. - Lisa Fettner, ReferralExchange

 5. The Forgotten Front Door

Many homeowners are accustomed to tidying and cleaning inside the house but many forget about the front door. Given that it's technically "outside," many don't feel it's significant, but the truth is, the front door accumulates a lot of dirt and is frequently what buyers are staring at while they wait for their agent to open the lockbox. Give buyers something pleasant to look at before they enter. - Thomas McCormack, Resources Real Estate

6. Neutral Artwork 

A seller wants buyers to be able to imagine themselves living in their home. But that Velvet Elvis painting you've had since school, that bright orange and green sunburst sculpture over the fireplace you bought on a vacation or that bronze bust of your favorite politician are all no-gos. Store them; bland is best. You don't want to be remembered as "that home with the puke-green yard sculpture." - Kevin Hawkins, WAV Group, Inc.

7. The Smell Test

I cannot tell you how often buyers will reference homes by their scents — and usually not in a good way. Simple fixes for common offenses can usually be found in general, carpet and upholstery cleaning, removing clutter and any/all air fresheners and potpourri, — and in a real pinch, fresh paint on walls. Better to be remembered as the house that smelled of fresh paint. - Beverly Serral, Beverly Serral Signatures 

8. Clean Surroundings

Even before getting to the front door, first impressions start on the road when driving to the property. Keeping the yard trim is one thing, and tidying up the house is another, but if the street or other close properties (such as a vacant lot) are littered with trash, take the time to go out and clean it up. It will make all the difference in the sale. - Kent Clothier, Real Estate Worldwide 

9. Tidy Garage

The garage almost always tells the truth about how the property has been maintained. If it's a complete mess, stuffed full of boxes, furniture and junk, buyers assume the well-staged interior is just a facade. If, on the other hand, the garage is clean and well organized, the buyer assumes that the same level of attention and detail went into maintaining the home. - Joe Boylan, SpringsHomes

10. Appealing Photos And Listing 


Historically, curb appeal was the first impression a potential buyer would encounter. However, with the advent of technology, this is no longer the case. Most buyers will spend time researching your property online before they ever drive up to the physical location. Be sure you have professional photos and that your agent is creating an appealing listing online prior to ever showing the place. - Sarnen Steinbarth, TurboTenant


This article originally appears on Forbes.com

3 Stumbling Blocks of Closing - Part 1

Negotiating Price

You know what the home sold for down the street, but is it really a comparable property?  Negotiating price between the buyer and seller side is not the only area where expertise helps, pricing your home is something your Realtor heavily considers before listing.

What goes into your listing price?

There are actually many factors that go into pricing a home and most experts recommend not relying on just one opinion. Two of the most common methods used are Appraisals and a CMA or Comparative Market Analysis. An appraisal is an estimation by a professional, usually hired by the bank or lender to visually inspect the home to determine it’s value. A CMA is collected research of previously sold homes in your area based on location and similar properties, usually provided by your Realtor to determine a listing price. 

Other factors that determine listing price is inventory. In Richmond, inventory has remained relatively low, so it has been somewhat skewed in favor of the seller. However, even after you and your Realtor determine the listing price, a buyer has the right to negotiate.

Don’t let your emotions get involved

Buying or selling a home is an emotional time for many. Sellers may have an inflated sense of their home’s worth, it is a Realtor's job to set expectations on how to expect a listing price to be received. It is the goal of a top notch Realtor to list your home at a great market value in order to sell without lingering on the market.

Conversely, buyers could think to be a savvy shopper means submitting a low ball offer. This is definitely a risk some buyers are willing to take, but it may put a bad taste in the seller's mouth and sour the deal from the beginning. Another mistake that Realtors see is buyers not willing to make a reasonable concession for a great home just because they don’t like the color of the walls.

Money isn’t everything

Some people value time over money and vice versa. Price is not the only thing negotiable in a closing. Some buyers and sellers will make exceptions if you meet their preferred closing dates!

In any case, handling negotiations in a professional way should be done through your Realtor. While your Realtor is obligated to submit an offer, they can advise on what a fair counteroffer may be.

What neither party wants is a ’No Sale.' 

Stay tuned for Part 2 — Inspections and Appraisals!

Sell Your Home Now! (If you've been thinking about it)

We were so excited to downsize into our new home in Old Town Manchester that we think everyone should do it! But realistically, there are a few reasons why - if you've been thinking about selling, now is a GREAT time to do it. Get ahead of the rush to spring market because the early bird gets the worm!

Here's Why Now Might Be the Perfect Time to Sell Your Home

Rising property values and complicated tax changes are coming together to affect the housing market. Whether you come out a winner will depend on when you act.

Maurie Backman (TMFBookNerd) 
Jan 31, 2018 at 8:02AM

When we think of our greatest monthly expenses, it's not surprising to see housing top the list. And if you're a homeowner, you're likely to see that number increase as your property ages and its maintenance grows all the more cumbersome. In fact, housing costs are such a huge issue that nearly 40 million Americans reportedly can't afford their homes.

So why do they stay? For those who own property, it generally boils down to not wanting to take a loss by selling at a low. And if you were looking to sell over the past 10 years, you ran the risk of doing just that. Once the housing bubble burst in late 2008, home prices took such a serious across-the-board tumble that many owners were stuck between a rock and a hard place: being underwater on their mortgages, yet struggling to keep up with their rising expenses. Thankfully, however, things have slowly but surely improved over the last decade, which means that if you've been looking to unload your property, now might actually be the best time to do it.

Image Source: Getty Images

Why sell now?
Maybe the cost of maintaining your home has gotten out of hand, and you're desperate to downsize. Or perhaps your income situation has changed since you first bought your home (say, you've decided to take a break from the workforce and raise kids), and so you're looking for a more affordable alternative. Either way, if you've been barely keeping up with your housing costs for a while, now's a good time to consider getting out -- especially since home values have risen significantly over the past 10 years.

Zillow reports that the median home value in the country hit $200,700 in July of last year, compared to just $196,600 back in April 2007. In some areas, home prices are up nearly 50% from their mid-recession lows. And a large number of homes have grown to actually exceed their previous peak values. What this means is that if you're looking to sell, now might be the time to do it -- especially since we don't know how changes to the tax code will come to affect home prices in the near future.

Tax reform might come to hurt home prices
Though a number of key homeowner tax breaks still exist under the new laws, certain changes might cause housing prices to decline in the not-so-distant future -- particularly in areas where property values are inflated and real estate taxes are substantial. One thing the new tax laws did was lower the threshold for writing off mortgage interest from $1 million in home loan value to $750,000. Now to be clear, these figures refer to the amount of the loan being signed, not the amount of interest being paid in a given year. But what this means is that anyone who signs a mortgage this year that exceeds $750,000 won't get the same tax benefits as someone who signed one last year. And if buyers are less inclined to purchase pricier homes, it could drive values down.

Second, under the old laws, the state and local tax deduction, or SALT deduction, which also covered property taxes, was unlimited. This meant that homeowners in areas with high property taxes could deduct those bills in full. However, the SALT deduction will be limited to just $10,000 annually from here out, which means homes with higher property tax bills may not hold as much appeal.

One additional change to the tax code is that the interest paid on home equity loans is no longer deductible as it once was. Though this shift is unlikely to have the same impact as the aforementioned changes, it's yet one more benefit of homeownership that's gone away.

What all of this means is that if you've been looking to sell your home, you may want to move on that before potential buyers really grasp the consequences of these serious tax changes. Similarly, if you've been struggling to keep up with your housing costs but previously got a huge tax break in the form of, say, a $15,000 property tax deduction, know that you won't be getting the same deal going forward.


Article originally appears on The Motley Fool.

Welcoming 2018!

Happy New Year!

Randy and I are happy to be settling in at our new home in Old Town Manchester!  Downsizing in the last few months has been a bit chaotic (whose holiday season isn’t?) but it has definitely been worth the work and the wait.

Spending time in two very different areas over the last months has been quite the experience!  Old Town Manchester and Tilman’s Farm in Powhatan - veritably the yin and yang of Real Estate.

What we love about Manchester:

There is a great spirit of entrepreneurship and an unmistakeable sense of community in Manchester. To witness an area that was once forgotten and left to vacancies and foreclosures in the process of revitalization and renewal is very exciting!  Everyone that lives here, is here on purpose.  New businesses are popping up and there is great enthusiasm for what is yet to come.  The most recent Hard Hat Happy Hour put on by Richmond Biz Sense showcased the Hull Street corridor and is a testament to the effort being put in to the area by investors, business owners and residents alike.  The classic architecture will be filled with new shops, restaurants and OF COURSE, a new brewery!  Randy and I are making our wish list of what we hope will pop up in the neighborhood, and Thai take-out is on the top of the list!  No, we don’t have a grocery store (that seems to be what everyone says first when talking pros and cons here) -but Carytown is a mere 10 minutes away, the Forest Hill Park Farmer’s Market about 5 minutes, and ALL of downtown is only a jaunt across the bridge. For all your last minute sundries, Camden’s Dogtown Market is a lovely gourmet convenience store!

Here in Manchester, we especially love the wide open sky and the great walking options along the James River.  The T. Potterfield Bridge can take us for a meal at Casa Barco on the Canal - or to some of the highly recommended restaurants downtown. I can only imagine what it will look like in five years, and so happy to be here to watch it grow!

What we love about Tillman’s Farm:

While we were waiting to close on our new home in Manchester, Randy and I loved our time with our daughter Catina and her husband Bryan in their home at Tilman’s Farm. (They tried their best to get us to purchase a lot there, but our hearts were already set on Manchester!)  This neighborhood is one of the most idyllic spots you can find in the greater Richmond metropolitan area.  With lots still available, homes start in the 400s - with a farmhouse style that suits the gently rolling pastures, beautiful sunsets, and big sky views. This place truly feels like a home retreat, yet Short Pump is only 30 minutes away!  A variety of builders with lots available give buyers a great selection and the ability to customize. There are currently about 26 homes already built, and if country living not too far from city conveniences sounds up your alley, we’d love to take you out there and show you around. We already know one of your great neighbors! 

Randy and I became Realtors because of our great love of homes.  We appreciate a wide variety of architecture and love helping people in the process.  Thank you for your trust, support, and referrals! We hope 2018 is off to a great start!