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Don't Make This Real Estate Mistake

 I want to explain the ONE mistake that many future homeowners are making. People have this idea that if they wait to buy a home they are going to have an advantage in the market. Like, by waiting a year or more, the market will correct itself enough that they are going to save a bunch of money on a house. But that's just likely not going to be the case. Simple housing supply vs demand forecasts say otherwise. But if we do see a decrease in housing prices, it doesn't necessarily mean housing will be more affordable. People tend to lose sight of overall affordability only considering prices and not considering mortgage rates into the affordability equation.....let me show you: right now, the average home for sale in Richmond is about $360,000 and the average interest rate is 3.6%. To make things simple, if a buyer puts 20% down (meaning 20% of the total purchase price), the 30 yr monthly mortgage payment (principal and interest) would be about $1310. But wait....you're smart

7 Hidden Gems of Richmond

 7 Hidden Gems of Richmond           Here are our Top 7 Hidden Gems of Richmond. Have you been to all of them? Some of them you may not even know about, especially if you're new to the area. Check them out.....and if you have one that we missed, let us know! #7. Great Shiplock Park-located at 2803 Dock St, it's at the site of the lowest lock that connected the James River to the Richmond Docks. Built in the early 1850's, the park was renovated in 2013 and is now part of the Virginia Capital Trail. #6. Edgar Allan Poe Museum-located at 1914 E. Main St, built around 1740 it's the oldest original residential building in Richmond and it's cool to visit just for that reason alone. Although Poe never actually lived in this home, he did spend quite a bit of time here in Richmond and this museum offers plenty of information on his life and even some interesting personal artifact. #5. Yuengling Caves-located along the docks at Rocketts Landing. You may not even know what you

5 Things to Think About When Buying New Construction

As we've been saying for months now, the housing market has been absolutely bananas. The biggest problem we have is a lack of inventory, leading to multiple offers, bidding over the asking price and waiving inspections. If you're a frustrated buyer who's lost out on countless bids and is looking for an alternative, new construction may be an option. But whoa nelly on that galloping horse, don't jump in without checking over our list of "things to thin about when buying new construction". 5. Pricing- the signs at the front of the neighborhood will use terms like "starting from" when mentioning a price. Know that this is the price of a base house on a base lot and does not include anything extra. Most of the homes will run $50-$100K over that base price. How is that possible you may ask. Upgrades! Upgrades is the answer! The model home is going to be chock full of all the upgrades and you will want all of them! It's very important to look at the bu