Richmond, Virginia Real Estate Blog

Easy way to organize paint samples

noreply@blogger.com (Betty Hesaltine) — Wed, 25 May 2011 18:14:00 +0000

We have all done it. You are ready to consider putting your house on the market and decided to patch the hole in the wall that hasn't bothered you for years. When you went to look for the matching paint to cover up the hole what do you discover?

None of the paint matches the wall

Rust has magically appeared around the top of the can and you can't open it

The entire can has dried up

There is no formula to match the paint

My husband came up with a brilliant way to organize our paint. It is so easy I have to pass it on.When you purchase paint ask for at least 2 stir sticks. Then:

Go home and use one stir stick, but don't wipe off the paint

When dry write the type of paint used as the base and the formula at the "handle" part of the stir stick

Put in easy to find shoebox

The next time you need to paint look and see if the paint in the can is good. If it isn't just take the stir stick to your hardward store.

Should I sell my house first?

noreply@blogger.com (Betty Hesaltine) — Wed, 24 Feb 2010 12:54:00 +0000

Yesterday I posed the question should a homeowner in Richmond, Virginia sell their house before looking for another home. There are only two answers, Yes or No, and either may be correct, depending on your situation.

Yes, sell first! The most compelling reason for selling your house first is the negotiating power you gain. Making an offer with only the inspection contingency will be very desirable to any seller.

The downside to selling your house first is the concern for not finding the "right" house when your home sells. Always a possibility, but there are options to this problem.

The buyer of your home may allow you to "rent back" your home until they are ready to move giving you a longer time frame to look for a house.
You may be able to push out the closing date to give yourself more time to find your new home.
And of course, there is always the option of moving into an apartment on a month to month basis until you can purchase your next home.

SELECT YES OPTION WHEN:

You cannot afford two houses
The price is not negotiable for you
When you want the most negotiating power in both selling and purchasing a home. (You don't have to do either).

NO, wait ! There are several reasons why people don't sell their homes before putting an offer on another home.

Don't want to move twice.
Want to see what is out there before they commit to moving and happen to fall in love with a home.
They can afford to have two houses, or carry a bridge loan to cover the new home while selling the first home.
There are improvements that need to be made to the new house before moving in. For example, you may be purchasing a home that needs major updating, or remodeling and you cannot live there while the repairs are being made.

If you decide to put an offer on a home with the first right of refusal contingency, meaning your house has to sell before you can purchase the new house, please remember the following:

Price it to sell. This is not the time to test the market. Testing the market can only be done when you have the time to let it sit and see if it will sell or not. If the house is overpriced it will be on the market longer or not sell.
Keep the information to yourself . We all get excited about finding a new home and tell our friends and family. DON'T . You may lose any negotiating power to sell your home if everyone knows you want to move, quickly.
Use a Realtor to market your home. Realtors know today's marketing methods to reach the buyers looking for your home. And more importantly Realtors know how to market to other Realtors who have the buyers looking for your house.
Offer a one year home warranty . Buyer's know things might happen and it is a real relief knowing major problems are covered.

SELECT THE NO OPTION WHEN:

You happen to fall in love with your "dream home", accidentally.
You have enough equity in your current home to price the house to sell.
You have the ability to purchase a home without selling your current home.

All that being said I have to admit you have the best negotiating power with the fewest contingencies to offer a seller. But every buyer brings different things to the table. So there is no right or wrong answer, just which is the right answer for you.

Sell my house and then find another, or not?

noreply@blogger.com (Betty Hesaltine) — Tue, 23 Feb 2010 22:16:00 +0000

I want to play "You be the Realtor" today. Our first question is pretty common making it a great one to begin with. Please write your comments for all to read:

A current homeowner is interested in moving. Would you advise them to sell their home, or at least have it under contract, before purchasing another OR should they find a home, write a contract with a "first right of refusal contingency" and then put their home on the market?

I will let you know my answer tomorrow and give you another question to answer.

What are the top items buyers are looking for in homes?

noreply@blogger.com (Betty Hesaltine) — Fri, 19 Feb 2010 20:14:00 +0000

Each year buyers look for different things in homes. If you own a home and are thinking about improvements that will add value consider what buyers are requesting this year.

According to Marketwatch.com buyers are looking for green, energy efficient homes. Homes will probably be smaller with emphasis on rooms that will be used ALL of the time. So consider:

Kitchens are the meeting place of the home. Buyers are looking for large kitchens with islands. Granite countertops are what most buyers are expecting in their new kitchens.
Energy efficient appliances. Not only in the kitchen but throughout the home. Washer/dryer combos as well as heating, hot water heaters, and all kitchen appliances should be energy efficient if possible.
Turn a room into a Home office.

If you are purchasing a home consider some features to look for that may make selling your home easier in the future.

Exterior materials make a difference. In the Richmond area Brick or stone is always in demand.
First floor master bedroom suites are consistently requested.
Gutters are something I usually look for as they keep water away from the crawl space of the home helping to eliminate moisture problems in the future.
Outdoor decks, and outdoor living areas are consistently on buyers lists. Screened porches are great when the summer bugs start to arrive.
Garages - after this winter there are many people who wish they had had garages to protect their cars.

The Home Trifecta!

noreply@blogger.com (Betty Hesaltine) — Thu, 18 Feb 2010 16:38:00 +0000

Today I am going to talk about the Home Trifecta! Anyone who knows horse racing has heard of the trifecta. But for those of you who aren't horse racing fans, it is the greatest thing to win. You have to select the first, second, and third place winners in the right order to win a very large amount. It isn't easy to win, but on the perfect day there is always that possibility.

So what would make a winning Home Trifecta?
When the interest rates, housing prices, and median income all fall in line to increase the HAI composite index rise as close to 200 points as possible.

There are two main elements to the Housing Affordability index (HAI) which shows if an average family can qualify to purchase a home.

HAI = (median family income/qualifying income) x 100

A value of 100 would mean that the median family income has exactly the right amount of income to qualify for a mortgage on a median priced home. As the index increases, the home buyer is able to qualify for more house for less money.

In 2007 the HAI composite index was 115.8.
in 2008 the HAI composite index was 134.9
In 2009 the HAI composite index was 167.0

We are in the middle of winning the Home Trifecta! If you get out and buy a home today it is being offered at the best price, at the best interest rates, and within median income levels! If you have been waiting for the best time to buy don't wait any longer!

HUD changes policy to encourage FHA backed mortgages on Foreclosed Homes

noreply@blogger.com (Betty Hesaltine) — Fri, 12 Feb 2010 21:52:00 +0000

The FHA has lifted the policy requiring homes be owned by the seller for a minimum of 90 days to acquire FHA financing starting February 1, 2010. The waiver is in effect for one year and will allow more home buyers the opportunity to purchase recently foreclosed properties.

According to the HUD website there will be certain restrictions:

all transactions will be arms length. Meaning there will be no interest in the property between the buyer and seller.
If home is "flipped" and the new sales price is 20% higher than the acquisition cost an FHA mortgage will only be eligible if the lender meets certain conditions
Only applies to forward mortgages and is not to be used with HECM (home equity conversion ) package.

These changes were made because the previous policy kept people from being able to borrow money to purchase affordable bank owned, or privately held properties.

FHA Commissioner David H. Steven stated "FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties. This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."

This waiver should also make private individuals and companies more interested in purchasing and rehabilitating homes that need updating.

Working out at the Tuckahoe YMCA!

noreply@blogger.com (Betty Hesaltine) — Thu, 04 Feb 2010 17:55:00 +0000

Several years ago, my family joined the Tuckahoe YMCA of Greater Richmond. Although not overweight, I had not done any exercising in years. With all the characteristics and genetic disposition towards osteoporosis I knew exercising was important for my well being. But I was also apprehensive because I am the master of excuses!
They say it takes six weeks to get into a routine. I say it takes three days to break one! Over the last five years I have gone less than I would like . But, and this is the important thing, I always return! And surprisingly it isn't the workout that I love, it is the people.
Some have told me they can't go to the gym because they need to look better. The idea of "gym people", people in the ads that look great, have great clothes, and just seem to never look like they are actually working out can be a great reason to stay away. BUT, while there are a few of these people more often then not the people I see are just like me. Neighbors, acquaintances, and now friends from laughing together, and helping each other while we work out. None of us have great bodies, or the newest work out clothes. Many just come in the stuff they wear at home. We are at just trying to keep the movement we have, and don't care about what anyone else looks like. Don't let the fear of how others will perceive you keep you from joining. I can guarantee you will fit right in!
My favorite room is the "small fitness room". The people who frequent this room chat about books, family, weather, and whatever else is happening in the area while doing our cardio or weight lifting. This room has all the cardio machines, as well as a great machine for people who have mobility problems. And there is a computerized weight lifting system called "FitLinxx" that is similar to having a personal trainer work withing you.
If you have been thinking this is the year to get fit, don't wait! It is the perfect year to come to the Y and make new friends. And if you get fit doing that, so much the better!

A Good Mortgage Broker is Vital to Buyer Financing

noreply@blogger.com (Betty Hesaltine) — Wed, 03 Feb 2010 17:38:00 +0000

I am a Realtor. I am not a Mortgage broker. Years ago Realtors sat down with their clients at their kitchen table and figured out what they could afford in purchasing a home. Today, with the constant changes to mortgage loans, federal regulations, and necessary credit report it is best left in the hands of the professional Mortgage lender to work out this amount.

Your Realtor should give you several names of Lenders to interview. Be selective! Ask questions when you call them. Please use the following list below as a guide.

Here are the things that you should expect from your lender. They will:

talk to you about all the loans for which you qualify.
explain the difference between the type of loans
tell you how much your loan will cost, and how much it costs in points (to pay down interest rate in advance)
offer you suggestions and perhaps a recommendation, but let you make up your mind about what loan is the best for you.
take the time to answer all of your questions and return calls in a timely manner
not rush you into any decision.
give you all the paperwork that you need to sign so you have time to read it and ask questions
work closely with your Realtor. Your financial history will never be disclosed, but any problems or questions that are uncovered after ratification of a contract can often be resolved without undue stress.
try to attend closings just in case you have any questions.

They are all required to give you all of your costs so nothing is a surprise when you get to the closing table. Remember you are the customer and you need to understand everything about the loan to which you agree !

Gadgets, Gizmos, and Cool Things!

noreply@blogger.com (Betty Hesaltine) — Sat, 30 Jan 2010 16:05:00 +0000

I am a lover of new gadgets that make my life easier. In my constant search for new items on the market I have run across several things that, through my promotion to friends, I should be hired to sell!

First, let me tell you I am a saver of money, and a shopper. I love discounts, and bargains. And I love the hunt to find necessary items at the best price. My husband does not understand that I can go out with my daughters and shop all day, and come home with nothing. But that is how I know prices, and the places where I want to shop.

Online shopping, which could become addicting, has been limited to two primary sources:

www.woot.com - this site offers one item a day with a set shipping price. Even if the item offered is not what you are looking for, reading the description is usually worth a couple of giggles. After telling many of my friends about this site, they have purchased toys for children, wine, and other items from additional woot sites that I did not know existed!
www.dealspl.us - A site where individuals send in deals or discounts being offered at internet businesses. I have discovered some great stores, and uncovered some great prices through this site.

So what are the two gadgets or gizmo's that I could not live without?

First and foremost, my Roomba . Purchased on Woot I am now on my second Roomba. Not for everyone, but for me it is great because I finally get my rooms vacuumed! As a full time REALTOR I do not have time to vacuum, but have the idea that I can. Consequently, it never got done. Several years ago, I thought I would try Roomba because if it didn't work I would have to hire someone to come and help out!

While not for everyone, it is for me and most of my friends! It picks up pet hair, and does not damage furniture. And the new version can now go over the fringe of my carpets and not get tangled up cords. My house is clean and I am happy!

Second is my GPS. As a REALTOR this is a must have, and after spending one afternoon with a client who used his cellphone GPS application for us to find houses I knew this was in my future! Without his GPS we probably would still be searching for the house that wasn't on my map!

Why is obtaining my GRI important to me?

noreply@blogger.com (Betty Hesaltine) — Thu, 21 Jan 2010 14:14:00 +0000

Yesterday was spent in the classroom. The ninth course towards claiming my GRI was entitled "Agency". I was not looking forward to it as it would be my umpteenth class on the same subject. How much do I really need to know about agency?
Obviously, a lot as I came out amazed at the number of new things I learned. My teacher was Donna Austin, a local broker, who has a keen sense of humor which she uses throughout the day to keep us awake and on our toes.
You would think with over 4000 REALTORs in the Central Virginia area , the class would be packed. But, sadly, that is never the case with the GRI classes. I would say the classroom yesterday had between 20-25 students. Many of the REALTORS were from other areas with some travelling two hours or more to get to this class. Needless to say, if I have to refer a client or customer to someone out of the area I will be pulling out one of the cards of REALTORS I have meet through these classes.
To achieve the GRI status you have to attend 90 hours of mandatory topics, and then have an additional 3, 10 hour optional courses, or be able to "double dip" some of the hours you have used toward getting ABR, E-PRO, or other designations. When I receive my designation I will have attended more than 135 hours in the classroom. Plus, you have to pass the tests that are given at the end of the day. There is a small amount of nail bitting going on between taking the test and receiving the scores, through email , in coming days.
So back to yesterday. Agency can be a very dry and dull subject. It is, for non-REALTORs, the understanding of client representation and making sure our clients understand exactly for whom we are working . (Told you it was dry) For anyone who hasn't bought a house since the 80's this is a huge difference! I bought my first home in 1984, and while I thought the agent was helping me find a house, she was actually representing the owner selling the house! That was one reason why buyer's agents came to life, so the consumer would understand who was working for whom.
Upon entering the classroom, I knew it was going to be a great day. Having had Donna as a teacher before, my attitude perked up as she can make anything fun. (And to be fair, not only is Donna great, but the other three teachers that have taught different classes have all been fantastic!) I was not disappointed. The mornings always start at 8, and with a few breaks, including lunch, we are ready to take a test at the end of the day. Students are encouraged to discuss, ask questions, and bring their experiences to the table. Through them I have learned more things than I can begin to relate. The teachers don't let the conversation drift from the topics, and don't allow any one person dominate the discussions. Not an easy thing to do as many REALTORs have large egos!
When I obtain my GRI this spring, it will be an honor as I will be placed with others who are committed to their profession and being the best we can be.

Start with a legal pad as you get ready to sell your home!

noreply@blogger.com (Betty Hesaltine) — Sat, 16 Jan 2010 19:58:00 +0000

One of the first things I like to do with a seller while listing their home is to hand them a legal pad. Then I ask them to view their house from buyer's eyes.
Here is how to do this on your own. Today, we will look at the outside:

Take your legal pad and go out to the street
Write down how your home looks compared to those surrounding it. What should be done to perk up the curb appeal?
How does the mailbox look? Does it need a fresh coat of paint? New numbers, or even a new mailbox and stand to make it appealing?
Are you invited in to see the rest of the house from seeing the outside? Or do you think "Wow, if this is the outside I'd hate to see the inside!"
Are plants covering the windows, the gutters overflowing, or does the roof need repairs?
Does the driveway have problems? Can you walk without having to watch where you step because of potholes, or uneven spots? Do plants obstuct the paths?
Painting, rotting boards, windows that are broken or need repairing, all need to be written down.
Are the exterior lightbulbs clean and working? Are any glass fixtures in need of cleaning?
Do you see moss growing on brick walkways, or ivy climbing the house or trees?
Is there any standing water, or areas of erosion that you see?
How is the yard maintained? Are leaves out of the beds from last fall? Is the yard in need of mulch?

What may not seem like a problem to you may be a problem to someone else. And more importantly it could be expensive to fix all of the things that you have been putting off and leaving for the new homeowner to fix. What that comes down to is less money in your pocket when you go to sell the house.

Write everything down that you see, and remember one thing, if you see it a buyer and their Realtor will too. Don't assume that it will not matter. Everything matters when it is a buyer's market. And if you haven't got GREAT curb appeal, it is difficult to convince buyers to see the inside.

Looking back and Going Forward in 2010

noreply@blogger.com (Betty Hesaltine) — Wed, 30 Dec 2009 16:35:00 +0000

This has been a great year! And I did everything "wrong". Let me explain:

I decided at the beginning of this year to go full time in Real Estate. Talked with one small locally owned company, before signing with another larger locally owned firm. I was in demand because I had two listings ready to go. Business cards, websites, and marketing tools were set up very quickly and before I could blink I was running. When the phone rang I hopped! I met anyone who called. Answered all of their questions and treated them the way I wanted to be treated. For the first six months life was great.

Then I started taking classes. Coaching classes. ABR, and GRI classes. And I learned all of these "techniques" that I was supposed to be using. Always confident in my knowledge I tried these techniques to increase my sales. Perhaps it is just the way of sales, but ever since I started learning and applying these techniques my sales have gone down. What things did I change?

Trying to "hook"people by capturing their phone number when they called
Not giving out all the information they called and asked for and instead going after "getting them in my car".
Trying to increase MY bottom line.

So what I am planning on doing this coming year? ?It is back to the basics for me. I am going to continue to take classes, because I learn so much with each class. Not just from the teacher but from the students who share so much information.

But I am going back to my way of doing things:

I will not blog or tweet daily
I will get out from behind my computer and meet more people face to face.
I will put the fun into finding houses !

And most importantly:

I will remember it is not my bottom line, but the happiness of my clients, that is the most important thing for me.

Simple and easy. With these changes I know 2010 will be fantastic!

Regulation X - What does it mean?

noreply@blogger.com (Betty Hesaltine) — Wed, 16 Dec 2009 00:16:00 +0000

Starting January 1, 2010 Regulation X will take effect. This Federal guideline applies to all new mortgage loan applications as of that date. Here is a quick rundown of what it means:

Every lender MUST disclose fees in the same way
Lenders will be bound to fees disclosed on initial Good Faith Estimate except when there are "Changed Circumstances".

Where some Realtors are seeing delayed closings I see an easy to read Good Faith Estimate that is tied back to the final HUD 1 statement. If fees change the lenders MUST let the consumer know before they get to the closing table.

The Changed Circumstances which are not included are:

Acts of God
Change of situation provided by Borrowere (i.e. they no longer have the money for down payment)
Change in the loan amount
Float to lock interest rate
Change in discount points due to lock updates and expirations

The items on the Good Faith estimate that can not change more than 10% inlcude

Regular settlement services that Lender suggests
Title Services/ lender title insurance if selected from lenders Select Service Provider List
Owners title Insurance if selected from Select Service Provider List
Government Recording Charges

The items that can not increase are:

Origination Charges
Discount or premium points for specific loan
Transfer Taxes
Anything selected off of the Selected Service Provider List

If the borrower selects providers of services from others not on the lenders service provider list those services are not subject to the 10% limit.

If there are changes larger than 10% to the fee tolerances there will be an automatic delay in closing that can not be stopped even if all parties agree to the changes.

Is December a good time to put your house on the market?

noreply@blogger.com (Betty Hesaltine) — Thu, 03 Dec 2009 15:26:00 +0000

YES, YES, YES!!!!

fewer houses are on the market
Competition is down because there are fewer houses on the market
there are qualified buyers waiting to purchase your home
Extended Tax Credit for first time homeowners
Current homeowner Tax Credit is new!
people are always moving!

Usually it takes 30-45 days for a house to close so you have to look at the houses that were on the market in December and the closed houses in January to see the true picture.
Throughout all of Central Virginia there were 1,615 single family houses on the market in December 2008 and 531 closed in January of 2009.

One out of every three houses on the market last December sold in January!

Contact me to find out the statistics in your neighborhood for the entire year!

Finally! New guidelines for short sales!

noreply@blogger.com (Betty Hesaltine) — Wed, 02 Dec 2009 23:41:00 +0000

If anyone has been involved in a "short sale" they know it has been anything but short! One of my buyer's said it should be called the longest sale instead.

On Monday, Nov. 30 the U.S.Treasury Department established new procedures for mortgage companies to follow to speed up short sales. Called the Home Affordable Foreclosure Alternatives Program its guidelines include:

setting limits on the time it takes a bank to approve or disapprove an offer to ten days!
freeing the seller/borrower from the debt between what was owed and what the house sells for including closing costs
caps the claims of junior loans or secondary liens to $3000

Short sales are preferable to bankruptcy for borrowers as it is not as damaging to their credit history. Realtors prefer short sales to foreclosures as the properties are usually in better shape because the homeowners must continue to reside in the home for the banks to consider a short sale.

When should you challenge your tax assessment?

noreply@blogger.com (Betty Hesaltine) — Mon, 23 Nov 2009 15:18:00 +0000

December 5 is the date when the Real Estate taxes are due in this area. I have heard many people complaining that their home could not sell for the current tax assessment . When is the right time to challenge the assessed value of your home? As soon as you receive the new assessment!
During an economic downturn localities will try and find money through any source possible. Real Estate tax assessments are often tied into the amount of money the local government needs to keep running, instead of actual home values. Consequently, unless you challenge the assessment with firm data, they will keep the assessment as high as possible.
Most Real estate assessments have a certain amount of time when they may be challenged. Find out what your locality stipulates in advance of receiving your tax assessment by visiting their website, or calling the real estate tax department and requesting that information.
If you disagree with the assessment, do the following:

Read the tax assessment letter and description of your property completely! Do they have the correct information on your home? Is the square footage accurate? Do they have all lot size, and amenities (garage, fireplaces, siding, decks, pool, etc.) correct?
Find comparable properties that have sold in your neighborhood. Do this by asking a Realtor for help, or by looking on Zillow for houses that have sold that are like yours in size AND condition.
Hire an appraiser to give you fair market value for your home. Typically an appraiser charges $350-600, but you will get a report that can easily be defended to the Real Estate tax department.
Check out the tax assessments for your neighbors by going to the local courthouse, or researching the websites if available. If everyone else has a lower tax assessment, or if they have added on to their homes while you have not, but you are assessed the same amount, you have a case to lower your tax assessment.
Once you have compiled your information, and have copies to support your position, contact your local Real Estate tax department for an appointment.

The key is do not wait if you disagree! And be sure you have all of the data to support lowering your assessment. Be prepared and hopefully your hard work will pay off with a lower tax bill.

Do appliances help sell a house?

noreply@blogger.com (Betty Hesaltine) — Mon, 09 Nov 2009 14:04:00 +0000

Almost everything you read says you will get your money out of a kitchen renovation. Updating your kitchen, by adding better appliances, new countertops, or lighting, to make it look modern and inviting means the difference between selling or not. And there is nothing better than the WOW factor of "NEW APPLIANCES!".

My suggestion if you have a kitchen that looks tired, is to talk with your Realtor about making minimal changes:

Lighting - change fixtures to a more modern look. Lowe's or Home Depot offers inexpensive lighting that will brighten your kitchen! Add undercounter lights if you do not have them now.
Flooring - if you have cracked tile, or problem linoleum consider a new floor. Peel and stick tiles have come a long way, look great if installed properly, and are cost effective
Countertops - Look at changing to a nice granite look formica!

AND add the nicest grade of appliances you can afford that you will leave with the house. Sam's club offers this GREAT choice of GE stainless steel refrigerator, dishwasher, microwave, and oven delivered for less than $3200!

Buyer's are not looking for projects in their new home in this market! Most buyer's mortgages are at their top limit. They cannot afford to put cash, or add additional loans to renovate right away. So if the decision between two houses comes to play, the best house at the best price will win! Put a minimal amount into your home, and you will get the WOW factor you need to sell!

How should you renovate your traditional home - Part 1 Kitchens

noreply@blogger.com (Betty Hesaltine) — Fri, 06 Nov 2009 13:15:00 +0000

Living in Richmond, a city rich in history, homes with traditional exteriors have always sold better than transitional or contemporary houses. But with the change in the way people use their homes buyers often want the traditional exterior with a modern floor plan. Consider the following before you renovate the interior to help increase the number of potential buyers when it comes time to sell.

Showing a home to a prospective buyer I love it when they say "WOW! This house didn't look this big from the outside!" Driving in Westham, the River Road Corridor, or other older areas in the West End of Richmond it is not uncommon to see multiple additions to homes. What people do with these additions makes a huge difference in the future sale of the home.

Kitchens have become our primary living space. We cook, eat, entertain, feed, work, and live in our kitchens. Therefore adding as much space as possible to this area makes sense. How many times have you been to a party where you end up in the kitchen and the host/hostess says "this always happens! We try to get people out of the kitchen but we inevitably end up here"

As our demand for "formal" dining rooms and living rooms diminish, due to more casual living, taking out walls to create a larger kitchen and eliminate under used rooms makes a lot of sense. Adding islands, countertop space for eating (either bar level or countertop level) kitchen dining areas, pantry's, and flexible office space will allow you to enjoy the square footage of your home on a daily basis! And by using the right contractor almost any wall, even load bearing ones, can be taken out and reinforced if necessary.
Next time I will talk about appliances - do they make a difference?

Investment Interest Rates

noreply@blogger.com (Betty Hesaltine) — Fri, 30 Oct 2009 21:48:00 +0000

Investment loans are a great buy. Minimum down payment requirements increased in the last year, but rates remain low -

With 20% down - 5.75% + 1

With 25% down - 5.375% + 1

If you are thinking about Real Estate investing the inventory is great and the prices have dropped!

How does a Realtor get paid?

noreply@blogger.com (Betty Hesaltine) — Sat, 17 Oct 2009 15:07:00 +0000

This is an interesting question because with all of the changes in Real Estate in the past decade the answer can vary! Let me step back and explain what has happened:

Before the 1990's all Realtors represented the sellers of homes. With that thought in mind the sellers always paid the commission to the Realtor who listed and the Realtor who sold their homes. Back then, no Realtor would work with a For Sale by Owner and would stick exclusively with MLS listings for their buyers.

In the 90's "buyer's agents" appeared. These are agents representing the buyers, and not the sellers. Over the past 2 decades buyer's agents have changed the way they help someone purchase a home. We not only look at homes in the MLS, but look at homes For Sale by Owners, and any other method to find the right home for our clients. Buyer's agents will have their clients sign a buyer's representation that explains how much their agent will be paid and by whom. The reason for this is twofold:

You know exactly how much commission you will be paying your buyer's agent.

You, and your agent will agree in advance of searching for a home the percentage of commission that will be paid at the time of closing. This does come to your advantage if a seller has added a percentage point in the hopes of driving buyers to their homes by agents who want to make more money. Your agent should only be paid what was agreed to in the buyers agreement.

You know exactly who will be paying the commission.

Generally a home that is listed in the MLS will have the commission paid to your agent by the seller of the home at the time of closing. However, with lots of For Sale by Owners using cheap methods to get their houses into the MLS they may not be offering to pay the commission, or the commission may be lower than what you, and your buyer's agent have agreed to. You have the option to either pay your agent the difference between what the seller is offering, or look at homes that only offer the amount of commission that you have agreed to in writing.

Real Estate industry changing?

noreply@blogger.com (Betty Hesaltine) — Fri, 31 Jul 2009 20:35:00 +0000

Today I read another Realtor's blog that talked about his dislike for the changes in the Real Estate industry. The internet presence, the educational requirements, and the people he worked with. I don't know where he lives but I did not agree with anything he had to say except that the industry is changing. But where he complained I embrace the changes.

My father became a Realtor in the 60's. Back then there were not very many people selling Real Estate in Charlottesville, Virginia. In order to see houses you got in the car and went to look at them. No photos, and very little information for either the Realtor or the client. The MLS was a big book that was updated once a week. To update it you would take out the pages that were no longer valid and insert the new listings. It was tedious work, but you looked forward to the new listings each week! To do Comparable Market Analysis', my father headed to City Hall and looked up Tax records, and sales information. Customers would come in the door and the agent "on duty" would become their agent.

Today the MLS is updated throughout the day for us. It is accessible by everyone through websites, and Realtor.com . Finding out information on your home is easy by going to Zillow, or Trulia. And with photos, virtual tours, and google earth you can see the houses and know if you are interested before you even call a Realtor!

So at the same time as all of these wonderful advances in technology there have been changes in the industry. There are now buyer's agents, who make sure they are strong advocates for the buyers, instead of an agent who only works for the seller (changed in the 90's). We have fair housing laws, education requirements, and guidelines for advertising, telemarketing, and disclosures.

Through the National Association of Realtors , and laws the customer is protected. Through education I am kept abreast of the changing rules, laws, and requirements. And by following the Code of Ethics my clients will want to keep my as their Realtor and referring me for years to come!

Yes, the industry has changed. But all for the better!

Quick , but great, fix !

noreply@blogger.com (Betty Hesaltine) — Wed, 15 Jul 2009 22:01:00 +0000

Are your doorknobs cruddy looking? An easy fix, that makes your home look new, is to replace old doorknobs with new ones. It is amazing how just a quick fix will affect the look of your home!

Take a compass when looking at houses!

noreply@blogger.com (Betty Hesaltine) — Sat, 11 Jul 2009 21:22:00 +0000

What rooms will you be living in the most in your new home? Do you want sunlight in your family room? Check to see the direction the home faces before you purchase it. If you are a person that craves sunlight, but the kitchen, family room, and office are on the north side of the house, you may end up disliking your new home. Or if your bedroom is on the East side you may find the morning coming sooner than you would like! Make sure you, or your Realtor, has a compass when you go to see the house.

At the same time make sure you walk the entire yard. Check for trees that are leaning toward the house, overhead power lines, and other potential hazards. Check the foundation of the home for obvious cracks. Even with a future inspection it is still up to you to see obvious concerns in a home.

Get to know Henrico County Schools

noreply@blogger.com (Betty Hesaltine) — Sat, 04 Jul 2009 08:35:00 +0000

When selecting a home look into the public schools children attend for the neighborhood, even if you will not be using them. It makes a huge difference in resale for a home. Henrico County Schools offers many things that many people, new to the area, or the system, may find interesting.:

Dedicated elementary school for children tagged as gifted
International Baccalaureate program for the middle school years
Each individual high school offers a specialty center which any child in Henrico county can apply to.
Each middle and high school student and teacher receives their own laptop computer .
English as a Second Language program
Department of Exceptional education
Career and technical training

With a strong elected school board, and active parent participation Henrico County is devoted to education.

Richmond, Virginia Real Estate Blog: Make your home the desirable home to buy!

noreply@blogger.com (Betty Hesaltine) — Wed, 01 Jul 2009 16:19:00 +0000

Richmond, Virginia Real Estate Blog: Make your home the desirable home to buy!