Greater Richmond Real Estate and Community News

 

March 14, 2019

THIRD FRIDAYS WITH ZACK ARTIS

Head to Richmond for a evening of live music, friends, wine, cider and select specials on food! Music provided by Zack Artis, back by popular demand!

Zack Artis is a Guitar Player Based in Virginia. Zack originated from Pennsylvania, mastered finger-style guitar, and has become a virtuoso guitarist with a groovy style and ability to inspire audiences with the reminiscent of the way Jimmi Hendrix and Eric Clapton did in the late 60s.

  • 14501 Jefferson Davis Highway, Chester, VA 23831
  • Recurrence: Recurring monthly on the 3rd Friday
  • Venue: Ashton Creek Vineyard
  • Time: 5:00 PM to 8:00 PM
Posted in Community News
March 14, 2019

Homeownership is a Cornerstone of the American Dream

  • Homeownership is a Cornerstone of the American Dream
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  • “The rumors of my death are greatly exaggerated.”
  • The famous quote attributed to Mark Twain can apply to homeownership in the United States today. During the housing bubble of the last decade, the homeownership rate soared to over sixty-nine percent. After the crash, that percentage continued to fall for the next ten years.
  • That led to speculation that homeownership was no longer seen as a major component of the American Dream. That belief became so widespread that the term “renters’ society” began to be used by some to define American consumers.
  • However, the latest report by the Census Bureau on homeownership shows that over the last two years, the percentage of homeowners has increased in each of the last eight quarters.
  • Going forward…
  • It appears the homeownership rate will continue to increase.
  • The 2019 Aspiring Home Buyers Profile recently released by the National Association of Realtors revealed that 84% of non-owners want to own a home in the future. That percentage increased from 73% earlier last year.
  • Bottom Line
  • In the United States, the concept of homeownership as part of the American Dream is very much alive and well.

 

 

Posted in Real Estate News
March 7, 2019

CRAFTSMEN’S SPRING CLASSICS ART & CRAFT FESTIVAL

The 35th Annual Craftsmen’s Classic Spring Art & Craft Festival features original designs and work from hundreds of talented artists and craftspeople from across America. See the creative process in action as many exhibitors demonstrate throughout the weekend. There is something for every style, taste and budget with items from the most traditional to the most contemporary. This show is a winner of Sunshine Artist “200 Best” awards.

 

  • 600 East Laburnum Avenue, Richmond, VA 23222
  • Dates: Mar 8 - 10 2019
  • Venue: Richmond Raceway Complex
  • Phone: (336) 282-5550
  • Time: 10:00 AM to 8:00 PM
  • Price: $8/Adult, $1/Child (6-12), Under 6 Free.

 

Posted in Community News
March 7, 2019

Why an Economic Slowdown Will NOT Crush Real Estate this Time

Why an Economic Slowdown Will NOT Crush Real Estate this Time

 

 

 

Last week, the National Association for Business Economics released their February 2019 Economic Policy Survey. The survey revealed that a majority of the panel believe an economic slowdown is in the near future:

“While only 10% of panelists expect a recession in 2019, 42% say a recession will happen in 2020, and 25% expect one in 2021.”

Their findings coincide with three previous surveys calling for a slowdown sometime in the next two years:

  1. The Pulsenomics Survey of Market Analysts
  2. The Wall Street Journal Survey of Economists
  3. The Duke University Survey of American CFOs

That raises the question: Will the real estate market be impacted like it was during the last recession?

A recession does not equal a housing crisis. According to the dictionary definition, a recession is:

“A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”

During the last recession, prices fell dramatically because the housing collapse caused the recession. However, if we look at the previous four recessions, we can see that home values weren’t negatively impacted:

  • January 1980 to July 1980: Home values rose 4.5%
  • July 1981 to November 1982: Home values rose 1.9%
  • July 1990 to March 1991: Home values fell less than 1%
  • March 2001 to November 2001: Home values rose 4.8%

Most experts agree with Ralph McLaughlin, CoreLogic’s Deputy Chief Economist, who recently explained:

“There’s no reason to panic right now, even if we may be headed for a recession. We’re seeing a cooling of the housing market, but nothing that indicates a crash.”

The housing market is just “normalizing”. Inventory is starting to increase and home prices are finally stabilizing. This is a good thing for both buyers and sellers as we move forward.

Bottom Line

If there is an economic slowdown in our near future, there is no need for fear to set in. As renowned financial analyst, Morgan Housel, recently tweeted:

Posted in Real Estate News
Feb. 28, 2019

Tips For Getting Your House Ready For Sale

If you want to sell your home soon, it is time to put in the work now. Let's get together to chat and start the process!

 

Posted in Your Home
Feb. 28, 2019

Richmond Health and Wellness Festival

Image result for health 

Richmond Health and Wellness Festival

Richmond Health and Wellness Festival is underway! Join thousands of other people for a day of family fun, education, health and community building! Hosted by CareforHealth, the Richmond Health and Wellness Festival series of events are designed to create excitement and engagement around the topic of health care. Come join the event this Sunday, March, 3rd at 1801 Brook Road, Richmond.

 

Posted in Community News
Feb. 26, 2019

March Madness - Who do you have winning?

Image result for march madness 2019

March is right around the corner, so that means everyones favorite collegiate sporting event is too.

With March being a few days away, that means college basketball is going to get crazy. With 68 teams coming to battle it out head to head on the biggest stage in college basketball. Basketball fans and college students alike get to come together and enjoy their favorite team play in the hectic tournament. Many teams have been named as early favorites to win the tournament, names such as Duke, Kentucky, and Virginia leading the charge. But if these teams are your favorites to win it all this March, don't consider it to be a walk in the park for any team, because upsets are what make this our favorite college sporting event. Now, who you got?

 

Posted in Community News
Feb. 26, 2019

How Can I Increase My Family’s Net Worth?

How Can I Increase My Family’s Net Worth? | MyKCM

How Can I Increase My Family’s Net Worth?

Every three years, the Federal Reserve conducts their Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.

The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).

These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.

Owning a home is a great way to build family wealth.

As we’ve said before, simply put, homeownership is a form of ‘forced savings.’Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.

That is why Gallup reported that Americans picked real estate as the best long-term investment for the fifth year in a row. According to this year’s results, 34% of Americans chose real estate. Stocks followed at 26%, and then gold, savings accounts/CDs, or bonds.

Bottom Line

If you want to find out how you can use your monthly housing cost to increase your family’s wealth, let’s get together to guide you through the process.

Posted in Financial
Feb. 21, 2019

3 Reasons Why We Are Not Heading Toward Another Housing Crash

 

3 Reasons Why We Are Not Heading Toward Another Housing Crash

 

With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of twelve years ago.

Here are three key metrics that will explain why:

  1. Home Prices

  2. Mortgage Standards

  3. Foreclosure Rates

HOME PRICES

A decade ago, home prices depreciated dramatically, losing about 29% of their value over a four-year period (2008-2011). Today, prices are not depreciating. The level of appreciation is just decelerating.

Home values are no longer appreciating annually at a rate of 6-7%. However, they have still increased by more than 4% over the last year. Of the 100 experts reached for the latest Home Price Expectation Survey94 said home values would continue to appreciate through 2019. It will just occur at a lower rate.

MORTGAGE STANDARDS

Many are concerned that lending institutions are again easing standards to a level that helped create the last housing bubble. However, there is proof that today’s standards are nowhere near as lenient as they were leading up to the crash.

The Urban Institute’s Housing Finance Policy Center issues a quarterly index which,

“…measures the percentage of home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan.”

Last month, their January Housing Credit Availability Index revealed:

“Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market.”

FORECLOSURE INVENTORY

Within the last decade, distressed properties (foreclosures and short sales) made up 35% of all home sales. The Mortgage Bankers’ Association revealed just last week that:

“The percentage of loans in the foreclosure process at the end of the fourth quarter was 0.95 percent…This was the lowest foreclosure inventory rate since the first quarter of 1996.”

Bottom Line

After using these three key housing metrics to compare today’s market to that of the last decade, we can see that the two markets are nothing alike.

Posted in Real Estate News
Feb. 21, 2019

Spring Time Activities!

Spring time is coming up and there is lot of things to do! Maybe you don't have any ideas, so we are going to share three activities that you can do right here in Richmond!

1. Maymont Park

Maymont Park is a 100 acre park that includes a petting zoo, aquarium and lots of other attractions. It is great for family fun and is perfect for Spring weather!

 

2. Richmond Metro Zoo

Metro Richmond Zoo is a privately owned, for-profit zoo in chesterfield county, Virginia.

 

3. Bridge Park

Bridge park is an ambitious vision to create a world class linear park running through both sides of downtown Richmond and across the James River, while engaging vital natural and historical sights along the route

Posted in Community News