Monthly Archives: September 2016

Tips and Advice

Top Influences in Selecting a HOME

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Search_IDA Richmond, Virginia neighborhood can be every bit as important as the dwelling itself – at least according those of us polled.

The National Association of REALTORS ® Profile of Home Buyers and Sellers Reported the results of a survey of consumers and real estate agents regarding top influential characteristics in selection a home.

Considered by 64% of individuals when deciding where to live, quality of neighborhood was one of the most cited factors.

Additional attributes that those surveyed deemed important are:

Convenience of Job:  50%

Overall affordability of Homes:  43%

Convenience to family and friends:  38%

Quality of the school district:  26%

Convenience to Shopping:  26%

Neighborhood Design:  23%

Convenience to Schools:  21%

When searching for the ideal neighborhood, your real estate agent can be a valuable guide. Your agent can help identify a community that you will enjoy being a part of by assessing your needs and matching them to the locations that seem to be best fit.

Please let us know if we can help with any of your Real Estate needs!

Market Conditions

US Households’ Income Change

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US households’ income shows biggest jump since recession, no change in income inequality

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“(Bloomberg) – Fresh yearly data from the U.S. Census Bureau showed median, inflation-adjusted household income rose 5.2 percent to $56,516 in 2015, the highest level since $57,423 in 2007, when the recession began. Gains were spread across the income spectrum and by race, while women’s earnings inched closer to men’s.”
Positive changes in projected household incomes, and increases in consumer confidence will influence the Federal Reserve when they meet again to consider increases in the interest rate.
The Presidential election will likely influence when interest rates change, but rest assured, change is coming. This is important to those of us in real estate because rate changes influence a buyer’s affordability. One mortgage rate point is equivalent to approximately 10% change in affordability or purchasing power. This impacts both buyers and sellers.
Please contact us if we can assist you in understanding market variations and current housing trends.
Yours truly, Ann & John