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Sellers Beware Of Purchase Agreements Contingent On Home Inspections

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Yet another reason for some to sell your house fast in Richmond is home inspections. Yesterday I received a call from a prospective home seller who’s house is currently listed on the MLS. In short the seller had accepting an offer contingent on a home inspection in which the buyer was requesting repairs “only” over … Continued

30 Year Mortgage Rates Drop !

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Last week the most common type of U.S. residential mortgage rates dropped by the most in over a year. The Mortgage Bankers Association said the average contract rate on a 30-year fixed-rate mortgage dropped in the week ended Nov. 3rd. by a quarter percent to 7.61%. It was the largest weekly drop since July 2022. … Continued

Buying A Multi Family House As A First Home

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I write this with first hand experience as the first home I ever purchased was a multi family (3 unit) home. In fact the second I purchased, while living in the first, basically rent free, was another 3 unit multi family. In hindsight it was one of the best things I ever did! I no … Continued

Starting Out Buying a Multi Family Home

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I write this with first hand experience as the first home I ever purchased was a multi family (3 unit) home. In fact the second I purchased, while living in the first, basically rent free, was another 3 unit multi family. In hindsight it was one of the best things I ever did! I no … Continued

Virginia Statewide Housing Market Overview

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Recent numbers in Virginia indicate decreasing sales but rising home prices. According to data from Virginia Realtors 07/2023 home sales dropped 20% year over year. Primarily due to low inventory levels and rising mortgage interest rates. Sellers have enjoyed a nearly 4% price gain year over year with the statewide median sale price increasing by … Continued

Proposals to cut Richmond’s real estate tax rates move forward

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Leading sources report – calls to cut the Richmond real estate tax rate have substantially grown since the average assessed value increased by 13% for 2023. At the same time home prices have decreased or flat lined via substantial mortgage rate increases. Its reported that the E.D.S. Committee heard three different proposals recently.

Mortgage Rates Soar!

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The average 30-year fixed-rate mortgage reached 7% the last week of September. Some are reporting this is the highest sense mid 2008. How does this affect sellers? Higher borrowing costs have already begun to cut into sales. The high appreciation of homes in the Richmond Va metro of recent years has came to a screeching … Continued