Available Properties

Grand Opening Event

Affordability in the West End has finally arrived! With New Home options starting at $225,000, Parham Estates is making workforce housing in Richmond a reality. Event Reminder! Date Correction! Thursday, July 16th  Parham Estates | Grand Opening    “BBQ & Brew Preview Party”

Rapport@ Parham Estates Thursday, July 16th Come see the making of a convenient and affordable housing option for Henrico and Richmond’s workforce heros! This project was offered special zoning waivers to allow for one of the West End’s first workforce housing developments. Developer provided discounts and incentives are designed to help area teachers, firefighters, police officers and rescue personel. Parham Estates is a 13-Lot Infill Development located near the corner of Parham Rd and Fordson Rd in the West End. 5-8pm 8817 Minna Drive | West End Open Bar w/ Wine and MicroBrew Draft Kegs BBQ by Buzz and Ned’s  Sponsored By City & Guilds Kittrell Company  Prosperity Mortgage Developed by Snipes Properties   more info about this home   Great Networking

Snipes Properties Owners quoted in Times Dispatch

Below is the full story featured in the Times Dispatch.
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JOHN REID BLACKWELL TIMES-DISPATCH STAFF WRITER
Published: July 1, 2009

After five years living in the Richmond area, Jessica Fulbright has decided the time is right to become a homeowner.

“I don’t plan on leaving Richmond anytime soon,” said Fulbright, a 28-year-old restaurant general manager who has been renting for years but started house-hunting just a few weeks ago, motivated by what seems to be a good market for first-time buyers.

“For those of us that are fiscally responsible, but are younger and maybe don’t have all that cash on hand, this seems to be the best time for us,” she said.

The message Fulbright and some other local young professionals got last night was that this is indeed a good time for the first-time homebuyer who takes the time to shop around.

In the local market for homes less than $250,000, the typical segment for first-time buyers, “properties are still moving,” real estate broker Carter Snipes, co-owner of Snipes Properties in Richmond. Snipes and his wife and business partner, Annie Snipes, spoke at a seminar last evening on home-buying for young professionals.

The event was organized by HYPE, or Helping Young Professionals Engage, a program of the Greater Richmond Chamber. About 20 attended the class at the Ukrop’s Super Markets Inc. headquarters in Richmond.

One of the primary reasons that now is a good time to shop for a house is the $8,000 tax credit available for first-time buyers through Nov. 30, which is part of the federal government’s economic-stimulus plan.

That tax credit is what has motivated her to start house-hunting, Fulbright said.

Buyers also have plenty of inventory to choose from, as well as favorable interest rates, said home mortgage consultant Alicia O’Brien of Prosperity Homes.

But speakers also urged first-time buyers to shop around, seek information and consult professionals.

The class was part of an ongoing series of social and educational programs sponsored by HYPE, which seeks to attract and keep young professionals in the Richmond area.

“If they invest in a home here, they are more likely to stay and put down roots,” said Corey Humphrey, small-business program manager for the Greater Richmond Chamber and manager of the HYPE program.

11 Month Supply of Homes in Richmond, Va.

Based upon a recent statistical analysis of the MLS data for the Richmond, Va real estate market, there is an 11 month supply of homes on the market. What does this mean for sellers. 1.) You need to price your home very aggressively, have it staged impeccably and maintained with no deferred repairs. 2.) If you bought at the top of the market you need to consider renting. Many of our clients are opting for the rental in order to ride out the market. Snipes Properties is the fastest growing property management company in Richmond, Va. We specialize in renting single family homes. We monitor the market and notify our owners the best time to sell. We provide a turn-key service that places excellent tenants in your home and removes all of the headaches of owning a rental.

Homes Sales Data for Richmond, VA.

As of June 21, 2009, there are 9,198 active single-family detached listings in
the Central Virginia MLS. Year-to-date sales/month for the entire MLS area is 684 homes, indicating
a 13-month supply–a figure which has risen steadily over the last few years. Alternatively, over the last
12 months there were 10,013 closed sales–indicating an absorption of just over one home per month.
For the $350,000 to $550,000 price range, there are 1,473 homes available. Based on the 344 closed
sales in up to June 2009, the indicated monthly backlog is 21 months. Again, analyzed differently (over
a trailing 12-month period), the 1,250 homes in this category which sold over the last 12 months
indicates a 14-month supply. Lastly, the appraiser analyzed metrics for new construction in the
$350,000 to $550,000 range. Based on the 73 closed sales in that category in 2009 (up to June 2009),
the indicated supply is 23 months–based on the current inventory of 352 homes. When the time period
is adjusted to include the prior 12 months, the 91 sales during that period indicate a much longer
absorption period of 46 months.