Saw a great article today from www.SmartMoney.com about buying an investment property (condo) for your kid at college rather than having him/her in a dorm and the tax benefits of doing so. I would think this would apply easily to multi-family properties as well. Check out the link below.
http://www.smartmoney.com/taxes/income/buying-a-condo-for-a-college-kid-is-a-tax-smart-move-23572/?link=SM_mostemailed
We realtors look at what is called Months of Inventory (number of homes on the market divided by number of homes sold in past 12 months) to determine whether we are in a buyer’s market or a seller’s market. It’s thought that more than 6 months of inventory puts us in a seller’s market, and less than 6 months of inventory would be a buyer’s market. If you see below, the months of inventory in Richmond has dropped dramatically from the past 3 years.
February 2008 – 6.7 months
February 2009 – 8.9 months
February 2010 – 8.8 months
February 2011 – 8.5 months
February 2012 – 6.1 months
Only time will tell. Currently I would describe this market as balanced. But I would not be surprised if the Richmond real estate market switches to a seller market. There will be some areas that have been harder hit with the housing market down turn and they may stay in a seller’s market. But with the numerous amount of multiple offers showing up on listings, this is the best time in over 4 years that I have seen to list your home.
Amazing opportunity to get a fantastic Mediterranean style home just off Monument Avenue. 4 beds, 2.5 baths, over 2,500 finished SF. Large formal rooms great for entertaining. Renovated kitchen with granite countertops, ceramic tile floors and stainless steel appliances (all convey). Large family just off of kitchen also accesses the private backyard with rear deck, privacy fence and detached shed. Hardwood floors on both levels of the home. Master bedroom has its own private bath with his and her closets! Dual zoned HVAC. Walk to the new Stella’s restaurant which is just around the corner. Call for your appointment today!
Hi everyone. Need your help. My business is growing and I’m looking for a Buyers Specialist to help my real estate team. Please let me know if you know of anyone who loves to work with people and help those buyers with their biggest asset…their home. Experience is preferred but not required. The full ad is below. Thanks! John.
http://richmond.craigslist.org/rej/2915888206.html
This home located at 14937 Mill Flume Ct is a must see home. Immaculate condition with amazing sunset views. The unique lot gives it unbelieveable entertaining value. On top of that, this is a 4 bedroom, 2.5 bath home with over 3,000 finished SF on 3 levels. Unfinished basement is great for storage. Attached 2 car garage. Find out more at http://www.mlsfinder.com/va_cvrmls/johnpace/index.cfm?action=listing_detail&property_id=1206016&searchkey=19c1778a-e133-05b7-cda4-dadcaff1007a
This is something that we are also seeing in our local Richmond market…home sales are up and inventory is coming down. Multiple offers on listings & fewer homes available are fueling shorter days on market as well. I think this spring will be a very strong one for the Richmond area. If you have been holding out on listing your home, this may be the time to do it so that you can also take advantage of the buying side. Call us so we can show you how to take advantage of this market.
http://www.realtor.org/press_room/news_releases/2012/02/ehs_jan?cid=WR02212012:42781&ed_rid=1566063
Still stuck on the fence about buying a home this year? Not sure if this is truly a great time to buy? Well let me give you 3 good reasons to get out the door and find a great home.
1. Interest rates – Mortgage rates averaged 4.45% in 2011, an all-time low since Freddie Mac started tracking in 1971.
2. Home prices – If home prices had followed the 4% historical appreciation rate, the median price would be $219,372 – 24% above today’s prices. Now this is a national average. But even if it’s cut in ½ for our area, that is a 12% value below the historical appreciation rate!
3. Affordability – Compare prices of certain items from 1989 to today: bread $0.67 to $2.78 – up 24%, gas per gallon $0.97 to $2.84 – up 34%, new car $15,350 to $30,000 – up 50%, mortgage rate 10% to 4.45% – down 55% , Monthly Payment $825 to $837. Did you notice the monthly payment? Due to low interest rates & low prices, our average monthly payment has gone up only 1.5% over 22 years!!!
Give me a call if you’d like to discuss further. I truly believe this is an amazing time to buy…even if you have a home to sell. John.
This is from the only HVAC company I recommend to my clients, Marshall Mechanical. Please take a minute to read if you have ever thought of purchasing a generator for your home. John.
My name is Sean Cantrell and I’m the owner of Marshall Mechanical, a local Richmond Heating, Cooling and Plumbing company. Today I’m writing to you as a homeowner who has experienced the same summer and winter storms that you have this year.
Several months before Hurricane Isabelle, my wife and I moved to a house in a heavily wooded area. Little did we know that chain saws and generators would become a part of our life. We got through 11 days without power after Isabelle with a gasoline-powered generator I was lucky to get.
After other power outages, due to wind, rain, ice or the random squirrel falling on the transformer, I got tired of hauling the generator out of the shed and racing off to get gas. So I teamed up with Davis and Green to install a permanent whole house generator.
Just in the nick of time! We lost power for 7 days during Irene and another 2 days after this latest wind storm. It’s not too bad to be without power in the summer when the sun’s out longer and it’s fairly easy to stick a cooler with ice on the back step. But during this windstorm, the temperature in our house would have been very uncomfortable without the generator.
If you’ve been considering a whole house generator, here’s how the process works:
We will come out to your house to survey your electrical and gas systems to determine which generator will work for you.
After generator selection has been determined and necessary paper work filled out we will file for electrical and gas permits in your locality (Richmond, Henrico, Chesterfield, etc).
Once permits are approved, (usually at day or two after we file) we will begin the installation of the gas line and transfer switch. Your home will be without power for a few hours when we the transfer switch is being installed. When the gas and electrical lines have been installed we will call the inspector for a “rough in” inspection. The inspector will come in and inspect our work at this point. After the “rough in” inspection, we connect the gas and electrical lines to the generator, start and test the generator. The final step is calling the inspector for a “final” inspection; the inspector will review our work to make sure it is up to code.
Now you have an emergency generator-what’s next? The generator will be set up to cycle on for 30 minutes each week to exercise its moving parts. And the next time the power goes out, there will be a 5 sec delay (just to make sure the power isn’t flickering), the generator will start and your lights will be back on!
I realize that the purchase and installation of this generator can be costly. But I know first hand it has added to our confidence and comfort when the weather forecast isn’t in our favor. And I believe it will add to the resale value of our house.
Because of that cost concern, here’s what I’d like to propose. Marshall Mechanical has placed a similar letter in the mailboxes of your neighbors. If enough folks give us a call and opt to have a generator installed, we will offer a group discount. Even without your neighbors calling in, we’ll offer you a 10% discount simply for responding to this letter. If you don’t end up purchasing a generator, that 10% discount will apply to any HVAC or plumbing service call you make to Marshall Mechanical in the next 6 months.
Thanks very much for taking the time to read this.
Best Wishes for the New Year. Sean Cantrell, Marshall Mechanical.
You may have heard of the energy tax credits that give you money back for buying energy efficient items for your home (windows, hvac systems, appliances, etc.). For now those credits are set to expire at the end of the year. So if you’re looking for a way to put a little money back in your pocket and your home needs some updating, consider taking advantage of this opportunity before it goes away. See below for more information courtesy of RISMedia.
Last Call for Energy Efficiency Homeowner Tax Credits
The Alliance to Save Energy urges American consumers to give themselves the gift of energy efficiency this holiday season—and reap the benefits when they file their 2011 federal tax returns—by taking advantage of tax credits for energy efficiency home improvements. The tax credits of up to $500 are set to expire on December 31, and Congress may not renew them for 2012.
“The outlook for renewal of federal energy efficiency tax incentives is uncertain at best,” stated Alliance President Kateri Callahan, “so we encourage homeowners to complete those upgrades before the ball drops in Times Square at midnight on New Year’s Eve.
“Making efficiency improvements this year will lower home energy bills and improve home comfort for years to come, while also reducing 2011 federal income tax bills,” Callahan added. “Energy efficiency is truly the gift that keeps on giving!”
The specific home improvements that qualify for tax credits fall into a number of categories:
• Exterior windows, skylights and storm windows.
• Insulation, exterior doors, roofs, storm doors and products to seal air leaks such as caulking, weather stripping and foam sealants.
• Highly-efficient heating and cooling equipment, including central air conditioners, heat pumps, furnaces, boilers, water heaters and biomass (e.g. corn) stoves.
• Each product category also must meet specific energy efficiency requirements, which are spelled out on the Alliance’s tax credits web page.
• Percentage and/or dollar limits on particular energy-efficient upgrades include:
• 10% of the cost of insulation and sealing materials, exterior doors and roofs.
• 10% of the cost, up to $200, of exterior windows or skylights.
• Up to $300 for electric heat pump water heaters, electric heat pumps, central air conditioners, biomass stoves and natural gas, propane or oil water heaters.
• Up to $50 for advanced main air circulating fans.
• Up to $150 for natural gas, propane or oil furnace or hot water boilers.
And to see what energy efficiency can do in your home, check out the Alliance’s home energy tips videos produced with energyNOW!
For more information, visit http://www.ase.org/. [1]
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