Welcome to our locally-owned real estate firm established in the beautiful city of Richmond, Virginia. Our team is dedicated to serving the Central Virginia region and surrounding areas with integrity, positivity, and unwavering support for both our clients and our agents. We strive to make it easy to search real estate your way!
Whether you are a first-time homebuyer, a seasoned investor, or a seller looking to make a move, we are here to help you achieve your real estate goals and make your dreams a reality. We understand that buying or selling a property can be a complex and emotional process, which is why we offer personalized attention and guidance every step of the way.
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• Things to consider when you start looking
• Important differences in pre-approval & pre-qualification
• What to expect at each stage of the process
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Company Reviews
This will be my 10th year working for Virginia Capital Realty! I have really watched this company evolve into a wonderful place to work and to partner with my name. The staff is absolutely amazing and will assist you with any needs you have. They are forward thinking and will keep you abreast of the technology you need to use in order to be relevant in the real estate business. With a low transaction fee, you still get all of the benefits that come with working for a great real estate company. I highly recommend that you check out Virginia Capital Realty if you're thinking of making a move!
Recent Real Estate Articles
Don't Know How To Put Away Savings? Just Start!
Our lives feel so busy nowadays that it seems daunting to sit down and focus on our financial health. But like our physical health, if we ignore the symptoms for too long, we could end up in serious trouble. Savvy consumers now use mobile apps on a daily basis to assist with their routine banking and as well as long-term savings, investments and financial planning. TowneBank Mortgage and its family of subsidiaries offer credit enhancement programs to assist borrowers in their journey to financial health, but here are a few tips to help you get started on your own. The specific plan isn’t as important as choosing a method and carrying out the plan. Just start. Let’s start easy… Be Aware: Create a folder on the home screen of your smartphone for all of your financial apps. Add all your mobile banking apps in this folder. These can include apps like your online banking access, credit monitoring, investment apps, and market update apps.Keeping these apps together in one folder will help you remember to check ALL of your financial stats. You may just intend to check the balance in your checking account, but when you open the folder, seeing the other apps will likely remind you to also check your credit card balance or your credit score. The more you check, the more aware you are of your standing, which is the first step in repairing your financial health. Push Notifications: Most financial apps have the option of push notifications built in them. Make sure any financial app you use is set to allow push notifications through text or pop up notifications on your phone. You can use this to alert yourself of low balance warnings, suspicious transactions, large withdrawals, due dates for payments, and more. Look at it as an opportunity to correct any erroneous transactions or prevent yourself from missing an important deadline. Select Mobile Apps that Fit YOUR Needs: Let’s be honest, downloading your bank’s mobile app is an easier task than trying to select which budgeting or investment app to register. You’ll want to select apps that you’ll actually use and that are advantageous for your lifestyle. Let’s start with the less complicated of these choices. Budgeting Apps: Having a budgeting app is a good start for your financial health. While your banking app may report your transactions and balances, it probably hasn't set up boundaries for your monthly spending. But before you can even set a budget, it’s helpful to see what you typically spend each month on necessities versus discretionary or impulse purchases. Knowing where your money is going will help you easily monitor your spending to see where you can cut back. Three of the Best Budgeting Apps of 2019 were Mint, PocketGuard, and You Need A Budget. Investment Apps: According to a 2019 Gallup poll, 52% of Americans say they have money invested in the Stock Market. While many Americans feel you need a Bachelor’s degree in Finance in order to invest their hard-earned money, there are many apps today remove the guesswork and make investing a simple, no-brainer without requesting much money to get started. Acorns, for example, encourages you to invest your spare change into a program called “round ups”. Acorns monitors your bank account and automatically invests the change from your daily purchases up to the nearest dollar amount. You can also set up regularly scheduled deposits from your bank account to Acorns to help your investments grow faster. Taylor Malbon, Marketing Strategist for TowneBank Mortgage was shocked when she tested the app for her husband, “He is one of those people who gets so paralyzed with all the information out there for investments. I knew he just needed to get started somehow and the Acorns app allowed him to set up a weekly deposit and just, let it grow. Before we knew it six months had passed and with the spare change round ups plus a minimal weekly deposit, he had over $1,000 in his Acorns account that he was able to use to pay off an old lingering debt.”Fees do not apply to college students, however, everyone else will be charged a minimum of $1 per month. Most users will agree it is a good service that gets people thinking about saving and investing their money. Most importantly, it automates the process, which is what most people need when getting started. Robinhood is an easy-to-use mobile app that allows you to invest in stocks, ETFs, options and cryptocurrencies without paying a trade fee. Traditional brokerages charge $5 to $7 per trade. There is not a whole lot of stock option research provided within the app, but it does allow you to see stock price changes in real-time and sends push notifications to alert you of large shifts in your earnings. Rewards Apps: Many mobile banking apps offer rewards for purchases at advertised retailers or credit card rewards for purchases within a certain category (2% cashback on groceries, etc.). Most people add these cashback rewards right back into their checking account so they can spend their earnings. An even better idea to consider is to use the cashback rewards to power your savings or investment apps. Clever shoppers use a coupon app, like Ibotta, to earn cashback on their everyday purchases. When those rewards add up to a withdrawable amount ($20 on Ibotta) you are given the option to transfer them to your bank account. Well, why not go one step further and transfer that same amount into your investment app to invest those extra dollars? “I feel like I’m winning free money when I invest my cashback rewards. It’s not money from my paycheck that I’m risking, just extra cash that I earned for buying that Greek yogurt I like,” Taylor said. Credit Score Anxiety: Everyone feels nervous when pulling their credit score. The truth is, it updates every month so there is constant ebb and flow. You may think your score is at a certain level, but without checking, you really don’t know. The trick is to get in the habit of looking at your most recent credit score on a regular basis so you can Become more familiar with your personal score Get comfortable and understand why your score is what it is Learn from any mistakes and take small steps to correct these Credit Karma is a free mobile app that allows you to keep a constant eye on your credit score and even learn what affects your score and what you can do to improve it. Check your credit as often as you’d like. It will never negatively affect your scores. You may be surprised to learn that simple tasks such as requesting a credit limit increase may actually raise your credit score. “If you’re in good standing with your creditor, consider asking for a credit limit increase on one of your credit cards. This could help you keep your utilization rate low.” (Credit limit of $10,000 but only used $1500 of the limit). Source: Credit Karma app. While Credit Karma is a helpful tool to monitor your credit, you should note that the scores and credit report information come from TransUnion and Equifax—two of the three major credit reporting bureaus. This means that your score and information is missing information from Experian. Credit Karma also gives you a score based on the VantageScore, rather than the more commonly known FICO score. All of that withstanding, Credit Karma can still be used as a useful tool to help monitor your credit. Don’t forget to visit annualcreditreport.com to get a free copy of your credit report every 12 months from each credit reporting bureau. By getting in the habit of monitoring your finances on a regular basis, you’ll find that your financial health is easier to improve than you think. Start today by getting a snapshot of all your accounts, your debts and your credit score. Learn where you stand. Now you’re in a good position to start making small steps toward growth. Live within your means and when possible, automate your finances to avoid late fees. With so many tools available in the palm of our hand, it’s easier than ever to manage your finances on the go, giving you more free time to focus on enjoyment. Source: Acorns, Robinhood, Ibotta, Credit Karma, Gallup News, Forbes Content provided by TowneBank Mortgage for informational purposes only. The information contained herein (including but not limited to any description of lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice. This is not a commitment to lend. TowneBank Mortgage NMLS# # 512138. Equal Housing Lender
Read more10 Steps To Homeownership
Buying a home should be an exciting milestone! But if you’re a first-time homebuyer, or even if you’ve bought a home in the past, it’s easy to feel overwhelmed by the entire process. That’s why we sat down with loan officer Chace Cooper, to give you a break down on exactly what happens throughout each step of the homebuying process. Obtaining a mortgage is a sophisticated process, so it's never too early to start preparing. Step 1- Credit Check: Credit is one of the most important mortgage qualifications, so you should check it early on to ensure that all the information on your report is accurate and your score is high enough to qualify. Checking your credit early on will give you enough time to get your score back on track if needed. The last thing you want to do is find a house that you love and then realize your credit isn’t high enough to qualify for a loan. Even if you don’t plan on buying in the near future, it’s never too early to meet with a local loan officer and determine how to best prepare for the homeownership process. Step 2- Pre-Approval: You’ve probably heard about the importance of pre-approval. Getting a pre-approval not only helps you to figure out what you can afford, but it also jumpstarts the mortgage process by requiring you to gather necessary documents upfront. Pre-approval can help to save a lot of time in the long run and helps to make for a smoother process. Step 3- Application/Processing: In many cases your loan officer can begin processing your loan application before you even have a contract accepted on a home. Documents needed during the application process include: Current employment information (length with current employer, position/title) Income (W-2s, pensions, SS, public assistance, child support, alimony) Assets (Bank accounts, real property, investments, gifted funds) Debts (mortgage, liens, alimony, child support, car loans, credit cards, real property) Credit history By law, the loan process requires a lot of documentation, but keep in mind that your loan officer is not going to ask for any documents that we don’t absolutely need,” Chace said. Now that your information has been verified and you know exactly what you can afford, it’s time to meet with a Real Estate Agent and find a home you love! Step 4- Loan Document Signature: Once your offer has been accepted by the seller, your loan officer will prepare address specific loan documents. You will receive and sign a Loan Estimate, which gives you your estimated interest rate, monthly payment, and closing costs for the loan that you and your loan officer picked out. Step 5- Appraisal Order and Homeowner’s Insurance: After the home has been inspected, your lender will order an appraisal on your home, which will determine the property value. At this time, you will also need to obtain a quote for their homeowners’ insurance (and flood insurance if needed) and send it to their loan officer for review. Step 6- Underwriting: Once all the requested pre-underwriting items have been submitted and the appraisal is ordered, the loan is submitted to underwriting for review. The underwriter will evaluate all of the documentation and ensure that you are qualified to repay the loan and all government requirements are satisfied. When you use us as your lender, your underwriting is done in-house and typically takes around 48 hours. Step 7- Underwriting Conditions: More likely than not, additional items are needed for final approval. Asking for documents shouldn’t be a cause for concern and doesn’t mean you’re not on track for approval. Because every borrower has a different financial situation, there is no way to determine exactly what documents are needed for final approval, meaning each borrower must submit supporting documents specific to their situation. Step 8- Clear to Close: Once you’ve been officially approved, the closing department will work on preparing the final paperwork with your attorney or title company. Step 9- Closing Disclosure: A closing disclosure is emailed for your signature at least 3 business days before you close on your home. This document will provide the final details on your loan and outline exactly how much money you will need to bring to the final table. If you are bringing money to closing, you will then contact your attorney’s office or title company for instructions on how to send the money. Step 10- Closing Day: This is the day you will receive the keys to your new home! You will be provided with further instructions, but generally you will need to bring two forms of government ID! So, how long can you expect the process to take? It can take as little as 15 days if the borrower has provided all the information upfront, as providing all the needed documents upfront can really expedite the process. On average, however, the process takes about 30 days and in some circumstances, it can take up to 45 days. It just depends on the borrower. No two borrowers are the same. Content provided by TowneBank Mortgage for informational purposes only. The information contained herein (including but not limited to any description of lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice. This is not a commitment to lend. TowneBank Mortgage NMLS# # 512138. Equal Housing Lender
Read moreHow Much House Can I Afford?
As your trusted lender, we understand firsthand the excitement and anticipation that comes with purchasing a new home. However, as a potential homebuyer, it's crucial to approach this significant financial investment with a clear understanding of what you can truly afford.What determines your borrowing power?When determining how much house you can afford, your borrowing power hinges on several key factors, such as: Income and Debts: Assess your total household income and current monthly debts. To calculate your debt-to-income (DTI) ratio, which is one measure used to determine your lendability, you can divide the sum of all your monthly debts by your gross monthly income. Various loan programs may require different minimum DTI ratios, which can affect your borrowing power. Credit Score: A strong credit score improves your chances of securing a favorable mortgage rate, ultimately impacting the amount you can borrow. Down Payment: Consider how much you can put down as a down payment. A larger down payment often results in a more affordable monthly mortgage, but we understand that a 20% or greater down payment can feel unattainable, especially to first-time homebuyers. We offer zero to low down payment loan options, as well as down payment assistance programs to help you achieve homeownership. Keep in mind, a lower down payment amount could require private mortgage insurance (PMI), which would be an additional cost to consider. Interest Rates and Loan Terms: Interest rates and loan terms, or the amount of time you have to pay back what you’ve borrowed, significantly influence the overall cost of a mortgage. Why get pre-qualified first?While mortgage calculators are useful tools for estimating what you can afford, they rely primarily on you inputting accurate information. Therefore, before house hunting, we recommend consulting a lender to get pre-qualified for a mortgage. Getting pre-qualified will offer a more comprehensive and firm understanding of your borrowing power.In addition, it offers several other benefits: Realistic budgeting: By obtaining a pre-qualification, you can set a realistic budget for your home search, helping you focus on properties within your financial reach. Gives sellers' confidence: Sellers often prioritize offers from pre-qualified buyers, as they know these individuals are serious and capable of securing financing. Swift decision-making: Armed with a pre-qualification, you can act quickly when you find the right home, helping to avoid delays. Should you purchase a new home at the amount you qualify for?It's important to recognize that the amount you're qualified for is not necessarily what you can comfortably afford. Lenders may qualify you for a larger loan, but you’ll want to consider your lifestyle, future financial goals, and ongoing expenses. Here are some additional costs to keep in mind: Closing costs: Additional fees paid during closing that can include your origination fees, points, appraisal fee, credit report fee, flood certification, pre-paid interest, and more. Typically, these are 2-5% of the home’s purchase price but vary vastly depending on property location and the value of the home you are purchasing. Living expenses: Ensure you can cover not only the mortgage but also everyday living expenses, including utilities, groceries, insurance, and other necessities. Insurance, taxes and fees: Factor in the cost of homeowners insurance, property taxes, and any Homeownership Association (HOA) dues. Planning for the future: Take into account potential life changes such as starting a family, further education, or career shifts. Emergency fund and savings: Always prioritize maintaining an emergency fund and savings for unexpected expenses, routine home maintenance, or future investments. Striking a balance between what you're qualified for and what you can truly afford is important. Remember, a thoughtful and informed approach to determining your home affordability will set the stage for a stable and financially sound homeownership journey. Content provided by TowneBank Mortgage for informational purposes only. The information contained herein (including but not limited to any description of lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice. This is not a commitment to lend. TowneBank Mortgage NMLS# # 512138. Equal Housing Lender
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Beth Baldwin, Associate Broker