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! 

Homeowner's Guide to the New Year

Many homeowners set New Year's resolutions to manage their home better.  While everyone may have different goals - finish that renovation, reduce energy bill, de-clutter - it's hard to reach them without making a game plan.  Broken down into month by month tasks, here's a great guide to managing your home throughout the year!  Mark your calendars now and remembering these home tasks won't become overwhelming.

The Homeowner's Guide to the New Year

The New Year is here and it's time review and make improvements for 2017. Here are some tips and helpful guides to make the new year a great year for homeowners.

Owning a home isn’t easy. Whether inside or outside, there’s always something that needs doing. But, thanks to home warranties and quick access to good information on repairs and maintenance, there’s never been a better time to be a homeowner.

Consider this guide our New Year’s gift to you. We hope it will make your life a little easier and make tending to your home a true labor of love.



JANUARY
January is all about new beginnings and getting you and your home back in shape.

• Create a monthly maintenance calendar and hang it in a high-traffic area in your house. Include reminders for important safety tasks, such as testing smoke alarms monthly, as well as maintenance items, such as changing furnace filters.

• A "Job Jar" adds a little spontaneity to the work at hand and is great for families and teaching junior homeowners good habits. Appoint the kids as “inspectors,” take a tour of your home inside and outside and then sit down as a family to brainstorm things that need to be done. Write ’em down, and put ’em in the jar. Once a month, pull a project out and tackle it. Everyone helps until the job’s complete. Put fun stuff in there, too. You’re more likely to use the Job Jar if it includes “Lay in the hammock and toss acorns at squirrels” along with “Tighten doorknobs.”

• Is your “I.C.E.” up to date? Review your home’s “In Case of Emergency” contact list and make sure all phone numbers are valid. In addition to next of kin, close friends and neighbors, your list might include doctors, the veterinarian, pest control, poison control center, the power company and non-emergency police contact number. Print and post the list on the side of the refrigerator or anywhere it’s easily visible.

• Speaking of refrigerators, yours probably got a workout during the holidays. Vacuum refrigerator coils (if they’re accessible) at least twice a year to keep them clean and keep the motor running more efficiently. Check the seal by closing the door on a dollar bill. If you can easily pull out the bill, the refrigerator door may not be sealing properly. The latch may need to be adjusted or the seal replaced.

• Check the furnace filter. Test the smoke detector.



FEBRUARY
Cold weather has you stuck indoors? Got cabin fever? Roll with it!

• Grab a screwdriver and go room to room checking doorknobs, cabinet and drawer handles and anything else that might need tightening.

• It’s cold and flu season. Go on a germ hunt. Arm yourself with a sponge and a spray bottle to clean fingerprints, handprints and smudges off switch plates, doors, doorknobs, doorjambs, walls and cabinets.

• Behold! The hidden mysteries of the junk drawer! You may discover lost treasures, locate your missing keys or save your house from burning down because a 9-volt battery made contact with a paperclip and started a fire. Seriously. Buy or construct a battery organizer so they’re not rolling around in the drawer. Toss the ones that show signs of corrosion or leaking. Cover the posts of 9-volt batteries with electrical or masking tape or cardboard.

• Go through closets and pull clothes and belongings—all the stuff you never wear/don’t use. Set out three boxes: “Keep,” “Donate” and “Toss,” and start sorting.

• And hey, how about that furnace filter? Need a change? How’s that smoke detector working?



MARCH
Winter is on its way out. Time to enjoy some time outside.

• Get serious about your gear. Drag out hoses and sprinklers. Sharpen blades of loppers and pruners. Inspect all cords, especially extension cords, for wear and exposed wires. Oil saws and check the oil in lawn mowers and chainsaws.

• Rake leaves and debris from the yard.

• Rake and remove mulch from around plants.

• If you live in a warmer region, you can go ahead and mow. The first cut of the year should be well above the turf, leaving grass at least 3 inches high. Don’t rake the clippings; leave them on the lawn.

• If you’re the weed-and-feed sort, it’s time to begin the process of killing crabgrass and spreading fertilizer.

• Clean gutters and make sure downspouts are cleared out. If you have a basement, check window wells and remove any litter and debris.

• March also means Daylight Saving Time. Change your clocks, and change the batteries in your smoke detectors and the CO2 alarm.

• If you didn't check the furnace filter last month, look at it now. If you see enough fuzz and hair to knit yourself another pet, it might be time for a change.



APRIL
Spring is the perfect time for clearing out and cleaning up, both inside and outside your home.

• Shut off the furnace and open windows and doors to give the house a good airing out. Dust everything. Be ruthless. Wipe down every horizontal surface, including bookshelves and under beds. Your home's been shut up for months. It’s time to let it—and you—breathe.

• Take a notepad and pen and head outside. Inspect the roof and exterior of the house, and look for weather-related damage or wear. Make note of holes, chipped paint and cracks that need fixing. Check window screens for tears or holes.

• Tree limbs and power lines are never a good mix. Carefully consider whether you can cut limbs back or if you need to call in a professional. When it comes to electricity, err on the side of caution and live to prune another day.

• Smoke detector. Check. Furnace filter. Check.



MAY
May is the perfect time to start preparing your home and yard for summer.

• Show your air conditioner some love. A “make ready” visit by a qualified technician isn’t that expensive, and it may save you a lot of money (and sweat) in the long run.

• Keep an eye on the weather for late freezes, but if you haven’t already done so, move potted plants back outside.

• It’s planting time! Most vegetables and flowers can go into the ground.

• It’s furnace filter time, too! And test those smoke detectors while you’re at it.



JUNE
Just like the song says, June is bustin' out all over.

• Keep an eye on the plants and trees that are growing too close to the house. Some ivies—including poison ivy—will take advantage of cracks or holes in bricks or siding and push their way into your home.

• Heading into hot temps, it’s important to water your plants and lawn, but it’s even more important to know when to water. Stick a finger in the soil, up to the second knuckle. If it feels cool, you probably don’t need to water. Many parts of the United States are threatened by serious drought. Find out the watering restrictions for your area.

• Take time for water heater maintenance. Test the pressure relief valve and drain the tank to remove sediment. If you’re not comfortable doing this on your own, call in a professional.

• Don’t become a handyman’s favorite anecdote or a firefighter’s nightmare. Change that dirty furnace filter, and test all smoke detectors.



JULY
Summertime. The heat is on, and it’s not going away anytime soon.

• Water early in the day or after the sun goes down. Any later than 10AM, the water will evaporate before the plants can soak it up. Remember to check the watering restrictions for your community to avoid paying unnecessary fines.

• Now is the time of year to paint or put in new carpet. Warm temps are great for helping dry paint faster. With fans on and windows open, paint fumes and that strong chemical “new carpet” smell will be gone sooner.

• If you’re waiting for paint to dry, go outside. Pull a few weeds, check for signs of disease or pests and take time to enjoy your garden. You’ve worked hard; you deserve it.

• Except no slacking allowed on the furnace filter issue. Your air conditioner is working overtime. Make sure the unit isn’t struggling with a clogged filter.

• Oh, and check the smoke detectors.



AUGUST
Summer keeps on bringing the heat. Still, it’s time to start thinking ahead to fall.

• Time to plant winter vegetables, including cabbage, broccoli, turnips, collards, beans and peas.

• Check windows and doors for needed maintenance, especially the garage door. Press the button, and then move a board or broom (never a body part) between the photo-electric sensors to make sure the auto-reverse is working properly.

• Vacuum time! Get ready to clean the refrigerator coils again. Then clear out lint from the dryer vent, air conditioning vents and cold air returns. If anyone in your home suffers from severe allergies, asthma or other breathing issues, consider bringing in a professional to thoroughly clean the ductwork throughout your home.

• While we’re on the subject of dust, open up the furnace and check the filter. Your air conditioner will thank you in dollars and cents.



SEPTEMBER
The kids are back in school. Summer heat and summer heat rash are fading.

• Checking for drafts around doors, windows, electrical sockets, the attic access and plumbing/pipe vents. If you can see daylight around a door, there’s a leak.

• Hire a professional to perform a “blower door test,” or test for drafts yourself using a stick of incense. On a windy day, shut off the furnace, stove and any other sources of combustion. Turn off fans, the dryer and anything else that pushes air. Light a stick of incense and carefully move around your home, towards areas where you suspect leakage. Wherever the incense smoke begins to move back and forth, there’s a draft. Fill in cracks and holes with caulk or foam (on walls and things that are stationary) or weather-stripping (for doors and windows and things that move).

• No, the trees aren’t finished dumping leaves on your roof. Still, it’s a good time to put on some gloves, drag out the ladder and clean gutters.

• What’s in the air that’s making your eyes itch and nose run? Your furnace filter knows.


OCTOBER
October is “National Fire Prevention Month.” Take this time to focus on making your home and your family as safe as possible.

• Test batteries in smoke detectors and your CO2 alarm.

• Have a fire extinguisher? Make sure it’s up to date. More importantly, make sure you understand how to use your fire extinguisher.

• Make sure gasoline and other flammables are stored away from ignition sources such as pilot lights (water heaters, stoves, heaters, etc.).

• Chimney checkup! Call a professional to inspect the chimney and make sure it’s safe, working properly and structurally sound.

• Review your escape plan. Don’t have one? Make one. Knowing where to go and how to get there can save lives.


NOVEMBER
Daylight Saving Time ends. Time to get serious about winterizing your home and yard.

• Change the clocks, and change the batteries in smoke detectors and CO2 alarms.

• For in-ground plants, apply mulch. Water thoroughly at the roots before a frost, as wet soil traps heat better than dry soil. Don’t water before or after a hard freeze.

• Cover tender plants overnight with plastic, tarp or old blankets. Remove covering during the day so plants get air and light.

• Bring potted plants inside and place near windows but away from vents that might dry them out.

• Protect outdoor faucets with insulated covers, and drain and store hoses. If you don’t have faucet covers, wrap pipes in old towels or thick layers of newspapers and secure with duct tape.

• Keep stacked firewood away from the house, unless you mean to invite in all those spiders, termites and other insects that potentially live in the wood.

• By the way, “Black Friday” should not apply to the color of the furnace filter.

  
DECEMBER
For most of us, there’s only one thing on our minds this month: “How long until the holidays are over?” It is hard to focus on anything else, but, unfortunately, there are things in and around the home that require attention.

• Check potted plants and make sure they’re watered and not touching the window glass, where they might freeze.

• The kids are out of school, so put them to work. Use that free labor to haul out the Christmas decorations, check for broken light bulbs and non-working strands and inspect all electrical cords for exposed wires and wear.

• Rake any remaining leaves and mulch or toss them in the compost pile.

• Your kitchen sink’s disposal may be the most important tool in your home during the holidays. To keep it working and keep kitchen drains clog-free, follow this checklist:
- Never pour grease or oil down the drain.
- Run cold water with the disposal to solidify residual grease or oil on food, so it can be chopped up before it hits the drain.
- Turn on the disposal and toss in some ice cubes. Eggshells also produce an abrasive cleaning action to help clean the blades.
- Never cram food into a disposal. Cut it into smaller pieces. Note that “expansive” foods like pasta and rice can cause jams and clogs, and the starch in potato skins can cause disposal blades to stick.
- Never toss tough, fibrous items such as onionskins, artichokes, broccoli stalks, corn husks into the disposal.
- Never put non-food items into a disposal, not even paper.

• And hey, change the furnace filter.


In conclusion, a few more words on furnace filters. For health reasons, as well as the upkeep of a vital and very expensive part of your home, it really is important to change the filters in your furnace.

• Change filters on the same day of every month. Pick a number that’s easy to remember, maybe a birthday, anniversary or a lucky number. Mom’s birthday is the 13th? Put in a new filter on the 13th day of every month. She’ll be honored and so proud of you.

• Buy ahead. Buying filters all at once is extremely helpful, especially if you prefer using three-month filters. Store them in a garbage bag or resealable plastic tub to keep them clean. Use a marker to write a month on the side of each filter to help remind you when it’s time to switch them out.

• Your home may be super clean and you may be using a three-month filter, but you still need to check the filter every four to six weeks to make sure it’s not clogged. This is especially true for pet owners, anyone who suffers from allergies or breathing disorders and those who live in areas with a lot of dust.

Original article appears on the Home Matters blog of ahs.com

What IS the Homefields Advantage?

When we came up with the phrase Homefields Advantage, we didn't want it to simply be a meaningless slogan, we wanted it to be a mission statement - to stand for who we are as Realtors. It is our name after all!


Broad Range of Expertise
We have dealt with a variety of transactions in our Real Estate careers. Farms, new developments, restoration, suburbs, downsizing, Petersburg Investments, river homes, second homes, we can navigate it all! It seems to be a popular notion to only dedicate yourself to a niche, but we feel so limited by that! We believe in a full-service Realtor that you can contact for ANY of your Real Estate needs. Instead of endlessly searching for different Realtors to trust for separate transactions, you should have a trusted professional that you've built a relationship with to rely on.  We have a holistic approach and want to be your Realtors for life!

Realtors you can Trust
Unlike larger firms who take your business and delegate it to their less experienced team of Realtors, we ARE the team working for you! We handle your sale from beginning to end so communication is seamless and you know what’s happening every step of the way. We provide personalized one on one service that you just can’t get with a large firm.

We Treat You Like Family!
Once you’re in, you’re in for life! Just like family, we want to be there through thick and thin as advocates for your Real Estate success! We feel that where you live has a great impact on your life, and through trust and transparency, we can make it a positive one!

We invite you to experience the Homefields Advantage!

A Thankful RVA Contest!

We have so much to be thankful for this year!  Our newest grandchild, Eden, our recent travels to the Mediterranean Coast, and this new adventure we’ve embarked on in downsizing! Moving to an investment property in the newly developed Manchester condominiums will certainly be the next step in our journey we are thankful for!

But we want to know what you’re grateful for! 

Let us know for a chance to win a We ❤️ RVA gift basket filled with all our local favorites valued up to $150!

How to enter: 

1. Follow us on Instagram @homefieldsrva
2. Like our Facebook page @HomeFieldsAdvantage
3. Find a creative way to take a picture of what you’re thankful for and tell us why you’re thankful for it on either Facebook or Instagram.
4. TAG us so we can see it!

Deadline to enter is Wednesday, December 13th and the winner will be announced Friday, December 15th!

Good Luck!

How To Be Prepared at Closing Time

A stack of paperwork can certainly be intimidating, writer Erik J. Martin from Richmond Times-Dispatch gives advice on how to be prepared.

HOW TO BE PREPARED AT THE TABLE

Knowing what to expect from the pile of closing paperwork – and how to be prepared – can make the process go a lot smoother.

 

For starters, plan to have all of your financial ducks in a row well in advance of your closing date, said Jeremy Gulish, a realtor with Keller Williams Towne Square Realty, Morristown, N.J.

 

“With the extensive scrutiny that is now part of mortgage underwriting, I recommend that my clients have everything available to show the underwriter, short of their blood work and urinalysis,” Guilish said.

 

Depending on state and lender requirements, count on bringing the following forms and documents to the closing:

• A driver’s license or state-issued picture ID
• Recent tax returns and pay stubs
• W-2 forms
• The two most recent monthly bank statements of all of your financial accounts
• Proof of additional income (alimony, Social Security, rental income, etc.)
• The purchase and sale agreement and addenda
• A cashier’s check or other “good funds” check for the balance due (the total of which you’ll be notified a day or two prior to closing).

At closing, you’ll be represented by a closer for the lender who will ask you to sign a set of standard federally regulated documents, which you should receive three business days prior to your scheduled closing review with your attorney.

 

You’ll also receive a settlement statement showing details of all charges for completing the purchase. Items like property address, loan and payment amounts, dates and names will need to be reviewed carefully. Plan for a long sit-down; most closings last approximately one hour or longer.

 

“Be prepared to explain any major debits, credit inquiries and financial changes that are reflected in bank accounts,” Gulish said. “It’s also critical that buyers don’t have a career change or major financial debits incurred during the closing process, as their lender may not approve their loan if their financial situation changes.”

Article originally appears in RTD Homes Saturday, September 9, 2017 issue.

A PDF version of this article can be downloaded at Homefields.net

Is 20% Down the Right Move?

There seems to be hesitation these days in answering the question whether or not a homebuyer needs a large chunk of money in order to buy a home.  There are many avenues and products available to the home purchaser, many of which do not require such a hefty downpayment.  Often times, in today's market, that's simply not available for many first-time home purchasers.  From the Richmond Times Dispatch, comes advice from their expert broker.  

Ask the Broker

By Peter G. Miller

20% DOWN?

Question: We’re interested in buying a home and can purchase with 20 percent down.  Would it make more sense to buy with less money up-front?

Answer:  There’s no rule that says you have to buy with 20 percent down if you have it, but it’s a choice that lenders love.  The logic is: If a home is purchased with 80/20 financing, the lender has a big cushion if something goes wrong.  Example: You buy a home for $300,000 with 20 percent down, lose your job, the house is foreclosed and the property sells at auction for $260,000.  That’s a loss of $40,000 but to the lender there is no loss.  The property sold for $260,000, but the property was financed with a $240,000 mortgage (80 percent of $300,000).  The $260,000 from the foreclosure sale allows the lender to be completely paid back.

    Buying with 20 percent also has advantages for purchasers.  You’ll owe less, so the monthly mortgage payment is smaller.  With 20 percent down there’s no requirement for private mortgage insurance, a big savings.  If you have some credit dings, a big down payment is likely to be seen as a compensating factor that will make your mortgage application more attractive.

    But while lenders like financing with 20 percent down, you may not.  It takes a long time to save so much money, a tough job for many.  According to a 2016 survey by GoBankingRates.com, most of us— almost 70 percent — have less than $1,000 in savings.

    In today’s world buying with 20 percent down is a luxury for most purchasers.  According to the National Association of Realtors, in 2016 first-time buyers typically bought with 6 percent down, and repeat purchasers were able to pay 14 percent up-front.

    As an alternative to 20 percent down you can readily finance with the FHA and 3.5 percent up-front.  VA-qualified borrowers can purchase with nothing down.  There are also new conforming loans with just 3 percent down.

    Why would you want to purchase with less down if that means higher monthly costs and some form of mortgage insurance?

    You might have a better use for the down-payment money such as starting a business or paying off education debt.  You might be more comfortable with cash in the bank.  Having cash on hand can be important in the event of emergencies.  And, while you may be able to buy with 20 percent down, will you then have enough funds for closing, moving and repairs?

VALUE PROPOSITION

Percentage of single-family homes in the U.S. that currently are worth more than they were before the Great Recession.

PDF available for download on our website Homefields.net

Article originally appears in RTD Homes Saturday, September 9, 2017 issue. 

Welcoming Autumn and the changes it brings!

Not a bad view of RVA's skyline from Old Manchester

With Labor Day behind us, Richmond is now ushering in one of our most beloved times of year, Autumn. The changing of the seasons always brings excitement and anticipation.  Whether or not you have kids in school, it brings up an eagerness to gather, nest, and ready for winter.  Our lazy summer days will soon be over and with the cooler weather comes time for action - at least that’s how we feel!

One of the things we love most about our Real Estate business is that it’s never dull.  As we write this, Randy and I are taking a new step in our journey.  As our children have their children and build a nest of their own, we are embarking upon a new adventure for ourselves!  Our home is currently on the market (see back cover) and we are in the process of building a duplex in the Old Manchester district of south Richmond.  We have been looking for our own opportunities in real estate investment, and once we explored this area more closely, realized we would love to be a part of its progress.  If you aren’t familiar with Old Manchester, it is a vibrant, up-and-coming neighborhood with well known RVA staples like Plant Zero and Legend Brewing Co. being joined in the ranks by small business newcomers that see opportunity in this thriving new destination.

I think it’s healthy for a Realtor to have to buy and/or sell every few years to remember what it’s like to be a client!  As a seller, you open your doors to strangers coming in and critiquing this home that you have loved.  As an owner/agent, you are especially aware of the things about your home that you cannot change.  As a buyer, you understand how everyone is looking for something specific to fit their lifestyle; downsizing, upgrading, or multi-family - there are lots of goals one can reach through homeownership.  

Real Estate is both an art and science.  There is a science to Comparative Market Analysis, pricing your property to sell and understanding the market.  But there is also an art - it’s a very human transaction with highs, lows and many emotions in-between.  Randy and I will continue to share our experiences and adventures in hopes that it will make us even better Realtors for you! 

A Gem in Historical Petersburg!

We have an amazing property just listed in Historical Petersburg!  This home is truly unique and is just waiting for the right owner to restore it to its full glory!  The price is right, not to mention all the amazing tax breaks that come along with buying a home like this in the up and coming Petersburg area!  Call to make an appointment today! 

Welcome to the Homefields Advantage!

Welcome to the Spring Real Estate Market!  We have been seeing so much exciting growth in Richmond these past few years.  Named the fourth hottest Real Estate market by Zillow last year, 2017 is already shaping up to break some records of its own!  With low inventory, new construction and home prices are on the rise.  However, mortgage rates remain low while credit availability is increasing. That means now is a great time all around to find your next dream home!  

If you’re thinking about entering the market, Homefields, a Virginia Properties division will gladly offer a Comparative Market Analysis (CMA) on your current property.  Even if now isn’t the right time to sell, a CMA can help any homeowner make the right decision on improvements to enjoy now while increasing the value of your home!

We would like to thank all of those who have helped Homefields grow for their support and referrals!  We pride ourselves in treating every one of our customers like family and invite you to experience the Homefields Advantage!

Visit our new and improved website at Homefields.net

and Like us on Facebook! Facebook.com/HomefieldsAdvantage  

Smart Home Benefits

With just a few "Smart" upgrades, you can increase your home's value, safety, and energy efficiency! What homeowner doesn't want that?!