Home Buyer

Purchasing a home any time of year can be a stressful endeavor. Understanding the current market can greatly assist in managing expectations and preparing you for what may transpire during a home purchase.

Be Prepared for a Lower Home Inventory

Housing markets, like many others, are a great lesson in supply and demand. The more supply available the less demand there is. The less demand, means less competition and potentially lower prices, making it less competitive and more affordable for the buyer. Usually there is a slower market in the winter, so there may be less inventory, but there are also fewer buyers out there, so less competition and possibly a better chance to negotiate with sellers. If you are thinking about buying a home during the…

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Torn between buying or renting? Interested in purchasing your first home? Buying a home for the first time can be a major decision as you are investing into your future. Check out our tips for a first time home buyer!

1. Start Saving and Get Pre-Approved.

First time home buyers should always obtain financing preapproval from a lender before house hunting to better understand how much home they can afford and what loan product will be best for their financial situation. Have your lender research grant products that might reduce closing costs. If you are house hunting in the Commonwealth of Virginia, you may be eligible for a Virginia Housing (VHDA) housing grant to help you get the home of your dreams.

Always consider the cost of items that…

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Home inspections are an important part of the home buying process. It is an opportunity for the buyer to get a high level picture of the homes condition and health. This allows you to make an informed request for repairs or repair credit when negotiating the continuation of the purchase contract. The licensed home inspector evaluates the home the buyer just purchased, it usually takes approximately 2 to 3 hours. The home inspection is usually scheduled during the first week after Purchase Contract Ratification.

What is the role of the Home Inspector?

Home inspectors are trained to look at systems, safety issues and identify potential problems. Their role is to determine if there are any safety concerns or repairs needed that may not be visible…

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A seller's market is most notably marked by a lack of inventory. Less supply=sellers' market. Despite Covid-19, we are finding that we are still in a sellers' market. The number of days on market is generally very few, and in the lower price ranges in particular (under $300k), sellers are receiving multiple offers and homes are selling for over list price. As a buyer, the way to navigate this is to put yourself in the best position possible to compete in a situation where there may be multiple buyers attracted to the area and price range where you are looking. Some ways to do this are to - 

  1. Once you have made the decision to look for a new home, get started in the process. If you are looking for a specific type of home or area, practice patience…

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With low inventory in a ‘Sellers’ Market’, Buyers are turning to new construction to design their dream home. The biggest question you might have as a buyer is ‘where do I start’? Partnering with a Realtor for new construction can be a huge advantage in not only answering your questions on New Construction but being an advocate on your behalf.

 Previous Built up Experience working with Various Builders

Hiring a buyer’s agent that has experience dealing with builders and are familiar with the local community can be advantages to you, as a buyer. Our real estate team has worked with many builders across the community and can pair you with the ones that we trust and fit your style. We are also highly knowledgeable and can recommend lots,…

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The Rick Cox Realty Group has always committed to excellence and professionalism, setting the bar at providing only the highest level of real estate service, even during these trying times. We will continue to serve future and current clients while keeping everyone’s safety in mind.  We are setting up our capabilities to serve you virtually through the following –

Virtual Home Evaluations & Appointments

We are expanding our capabilities to meet with those virtually through Video Chat for consultations on Selling or Buying a home. If you are interested in setting up one, please reach out to us at 804 920 1738 or via email rick@rickcoxrealty.com

Virtual Open Houses & Walkthroughs

 For our listings we are offering virtual open houses that…

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In many parts of Richmond, there are multiple buyers interested in certain properties. These are likely updated properties in the hot parts of downtown, and they don’t stay on the market long! Many times, listing agents will call for all offers by a certain date and time…which means you only get one shot to make an offer that will allow you to be the “winner”. So, how do you accomplish this? Your buyers’ agent will be your best resource, as they know the market best and have experience in writing contracts. Listen to them and their experience, first and foremost. But, here are a few ideas you may want to run by your buyers’ agent when working on an offer together:

1. Include an Escalation Clause: this is similar to making a bid on E-Bay. For…

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Knowing your market is important when it comes to finding a neighborhood to buy or sell in. By reading a market report, you can learn about the trends, average home pricing, and the market flow. This is also a great tool for those looking to invest in properties. To get a full analysis from the data below, compare the numbers from the third quarter in 2017 to the third quarter in 2018.  RounTrey is currently in its growth phase as new construction continues to occur throughout the corresponding neighborhoods. At full development, RounTrey will be complete with 870 Home sites, 550 Apartments, 435 Townhomes and more. For more information on the area, check out our community page on RounTrey where we recently did an interview with the developer of…

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Putting too much money into your home will not get you the highest return. Too many improvements can price you out of the neighborhood without getting the money back you invested in the house. Here is some advice from our realtors on how to prepare your house to sell or what to look for as a buyer.

  • Buyers are not looking for the best and the newest updates in a resale home. They're looking for "Turn Key" or "Move in Condition". Prepare your home, prior to sale, so that it is cleaned up, clutter free and all repairs are completed. The best way to do this is to go through each room and make a to do list on how to prepare your home for sale. 
  • Kitchens and baths sell homes, but they don't have to be the newest and best. Professionally…

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Constructing a new home from scratch can be an exciting experience. Although, with the process comes a lot of questions about design, re-sale, and more that can make the process very stressful. The Rick Cox Realty Group has worked on new construction with numerous clients and has the expertise to know which questions to ask and how to guide their clients throughout the process. One of the most frequently asked questions throughout the process is, where should the client spend their money when buying new construction? 

1. Lot...you can't change the home's location. Consider both the location of the lot within the subdivision as well as the topography of the land. You will want to think twice about resale if your home will be backing up to a…

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