Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

May 13, 2020

Does Your Home Work As An Office?

home office

 

Let’s face it. The home office is here to stay. Not only are some major employers already announcing that workers won’t return to the office this year, others like Twitter have decided to never return to the buildings they once occupied. This is just the beginning. 

 

Office space and office amenities are expensive. Very expensive. And now that companies have been forced to invest in work-from-home technologies and discovered that their employees can successfully work from home, they will be eager to shed expenses like ten-year commercial leases, cafeteria subsidies, networked copiers, closets full of office supplies, and the salaries of the employees needed to support this stuff (sorry folks).

 

If you are one of those new work-from-home employees, you may be looking at your home in a different light. It’s not just where you live, it’s now also where you work. But does it work? Here are some of the ways that working from home will change the way you think about your home:

A dedicated work space
You may be making do by working at the kitchen table or in the little “nook” you created in the corner of your bedroom, but this won’t be sustainable for the long term. A dedicated home office will soon become one of the most sought after amenities in homes across the country. Whether it’s a converted living room, a quiet corner in the basement, an extra bedroom or space over the garage, you will need a place where you can separate yourself from the rest of your family and avoid distractions like kids, pets, dirty dishes and laundry.

Room for two (or more)
For most of us, having one great work space will be our goal but what happens when you, your spouse and your children all need to work from home? Consider making your home office usable by multiple people or creating dedicated homework stations throughout your home.

Made for TV backdrop
Now that we’re all Zooming instead of doing face to face meetings, coworkers and strangers are getting a glimpse into our homes (good or bad). You don’t want others to see your messy kitchen counter, inappropriate artwork or exploding closet. If you can’t use a virtual background, make sure your home office space has an appropriate backdrop that looks professional and has proper lighting. 

A smart home
Your old, slow internet connection just won’t do any longer. Be sure that your home has enough bandwidth to handle life and work over the internet. You’ll probably also need room for a nice printer/scanner since you won’t have access to that networked behemoth at your old office. On a positive note, you won’t spend half the day fixing the jammed paper or empty toner cartridge that one of your coworkers left for you. And don’t forget to install a Ring doorbell so you can see who’s at the door and speak to the Amazon delivery person without leaving your home office.

Take a break
One recent study by NordVPN found that American workers are putting in about three more hours of work each day since the switch to work-at-home. Ouch. Make sure your home has a place (or places) to get away from work. A deck, patio, or porch swing are perfect for taking a break. Homes with yards will become more popular even with younger, city dwellers than in the past. And now that you’ve lost access to that free gym at the office, consider a home gym to burn off some of that work stress.

Location, location, location
For many homeowners, the locations of their homes were selected to make commutes to work easier. Now the commute is from the bedroom to the basement! Reconsider the location of your home now that home and office are one-in-the-same.

About a third of employed adults have shifted to work-at-home during the pandemic. While it’s difficult to know how many will remain in home offices in the future, there’s no reason to believe that this trend won’t continue long-term. If you want or need to find a new home that’s better suited to your new work-at-home needs, please don’t hesitate to reach out to us at the Foss Home Team. We’re (at home) ready to take your call...or Zoom.

About the Author
Mark Cipolletti may be the newest agent on the Foss Home Team but he's no stranger to Richmond real estate. While pursuing a successful 25-year career in marketing and communications, he also acquired investment properties to flip and to rent. In 2019, he decided to turn his hobby into a career and received his real estate license. Mark calls the Pine Run subdivision in Short Pump his home with his wife and three sons.

Feb. 18, 2020

Good 'ol Rocky Creek

2007 Rocky Creek Lane

I like to add value. I guess I think about value with unusual, maybe even abnormal frequency. I think about how to understand it, measure it, predict it, and mostly how to create it.

When the opportunity arises to sell someone's home value is the first thing we think of. I can only hope all real estate professionals would do that.

Twice in the last month we have been surprised by competing listings that were cheaper on paper then the ones we were preparing to list. There are few 11th hour surprises more horrifying to a residential listing specialist than the sudden appearance of a competing home at a lower price.

2007 Rocky Creek Lane in Western Henrico was one of those unnerving occurrences.

We do our typical research and analysis - linear and anecdotal - determine how best to promote and sell the home; and my number one rule, make sure every qualified home buyer out there has a chance to see it.

Then, horror of horrors, a competing listing pops up the night before we plan to activate in the multiple listing system. Whats worse it is a LARGER home for less money.

Oh well, real estate is a marketplace, stuff happens.

In the morning I tried to schedule a preview of the home to check out the competition and low and behold it is already about to accept an offer. I was frankly a little stunned. There are only a couple of reasons to prevent as many buyers as possible from seeing a home, especially in such a popular location. There was already an agreement in place and the agent was called in to facilitate. This would be the most understandable.

So this is good and bad for us. The home is under contract at a lower valuation; but it is no longer competition.

So unencumbered by competition, and in an extremely popular location with virtually no other communities quite like Stony Run and "Good Ol' Rocky Creek, I move forward with a plan.

It took a little longer; but eventually we received an offer. Honestly it was in the ballpark not great. Fortunately, while in the middle of that negotiation, surprise surprise, another stronger offer arrived to save the day.

Stony Run is, in my opinion, undervalued as a community and neighborhood. When you have an undervalued property in an appreciating market I prefer to price on the trend not the comps. In most cases I will hold a final price until the 11th hour. 

In the end, seller wins, buyer wins and in most cases the community - such as Stony Run - wins as well. Experiences like this one are why I continue to be passionate about what i do and how I do it.

Home owners in neighborhoods like Stony Run may be surprised by what their home's valuation is or could be. Curious? Me too. Give me a call:804-359-7653 or send a messagel:fossinc@kw.com; and I'll be happy to help you figure out your home's true value. 

MFB

Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates