How we helped Suzanne sell her home by doing exactly what we said we’ll do
"We couldn’t have been happier working with Clayton Gits. He followed through with exactly what he set out to do and he got it done within 2 days! He didn’t tell me what to do, he gave suggestions which I appreciated using his experience and expertise."
- Suzanne Elms, Home Seller
Richmond Real Estate Market Update June 2014
There are many Richmond area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Calculator so you know what buyers will pay for your home in today's market. You may also call me at (804) 545-6648 for a FREE home buying or selling consultation to answer any of your real estate questions.
As a whole, the housing market is stronger today than it has been at any point since the bottoming out of The Great Recession in 2009. Home sales are up 16% nationally from that time and everything is trending in the right direction.
Earlier this year we saw very low inventory and couldn't find homes for a lot of our buyers. At this time of year however, we are seeing a rise in inventory, which will bring down home prices a bit.
However, interest rates are expected to increase greatly by this time next year. This figure could be as much as 5.5% according to the National Association of Realtors. When you couple that with the increase in inventory we will see over the next year, it will make buying a new home that much more difficult. Now is the best time to sell your home, no question about it.
With so much static in this marketplace, it's difficult to decide where to invest your hard earned money for the greatest return. A recent Gallup poll has helped to clarify this conundrum. For anybody making over $30,000 a year, real estate is by far your best investment. It has a greater return on investment on average than either gold or stocks.The return on investment in real estate is 65% since 2000 (including the collapse in the late 2000's), compared to a 51% ROI for the Dow.
There is a lot going on in the market and a lot to keep track of, so I want to keep current for you. I want to keep you updated on all the latest market trends. If you have any questions about anything in my article or video, please call or e-mail me and I would love to answer your questions.
Make Better Decisions with my Spring 2014 Real Estate Market Update
There are many Richmond area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Calculator so you know what buyers will pay for your home in today's market. You may also call me at (804) 545-6648 for a FREE home buying or selling consultation to answer any of your real estate questions.
Richmond Real Estate April 2014 Market Update
Richmond Real Estate April 2014 Market Update
- Mortgage Rates: 30-Year Fixed rate mortgages are going
up, which shouldn't be a surprise to anyone. We have to look back at
2008 when the real estate bubble burst and the Federal government went
about buying mortgage bonds to stabilize the economy. As our economy has
strengthened since then, the Feds are tapering their purchases of
mortgage bonds. They are reducing their purchases by about $10 billion
dollars per month. This is why rates are slowly hiking back up.
- What we need to pay attention to is what happens when they completely remove this mortgage band-aid and whether or not rates stabilize.
- Interest rates are projected to rise to 5.5% by the end of 2014. For my buyers in Richmond, this means that your window of opportunity to buy a home at an affordable rate is shrinking.
- Don't Listen to the Media, the Market is fine: There has
been a lot of talk in the media about the market staggering. Pending
home sales and existing home sales, both nationally and here in
Richmond, are falling considerably. What people are not talking about is
the rough winter that we experienced in 2013 and 2014, so there are
some seasonal factors that the media wasn't talking about. It's also
expected that inventory and home sales will pick up as we head into
spring and summer.
- Another factor at work here is nationally low inventory. There simply aren't enough homes for people to purchase, and this would partially explain the negative outlooks on the housing industry.
- If you take a look at this chart showing the % change in house sales, you will see that the American West is driving the national decline in homes sales with a -8.1% change. All other areas of the US saw an increase, with the Northeast seeing a huge jump of 7.1%. Richmond, part of the Southern region, saw a 3.6% gain.
- Year-over-year price change by state also tells us something. Virginia saw a 2.8% increase, but I expect that updated figures for the first quarter of 2014 will show an even greater rise for Virginia. This is a safe increase compared to states out west like California and Nevada that are seeing unstable rises in home values. I would like to see some stabilization in those markets because what happens out west tend to move our way.
- ROI for real estate is higher than the DOW, NASDAQ and the S&P: From January 2000 to February 2014, the ROI for real estate, on average, has been 65.7%. The Dow had a 49.2% return, the S&P had a 33.3% return, and the NASDAQ had a 9.3% return. These figures include the massive housing collapse that occurred in 2008.
So, if you need any help searching for real estate in Central Virginia or in the Richmond area, please contact me and I would be glad to assist you. I can be reached at (804) 545-6648 or you can email me at info@thegitsgroup.com.
Get Top Dollar for Your Home in Central Virginia
There are many Richmond area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Calculator
so you know what buyers will pay for your home in today's market. You
may also call me at (804) 545-6648 for a FREE home buying or selling
consultation to answer any of your real estate questions.
Should You Sell Your Home this Spring?
Today I'm joined by my daughters Sophia and Samantha who are going to help me speak about whether it's a good time to buy or sell here in Richmond.
Just the other day, I had a client come to me and ask if it was a good time to sell his home. Keep in mind that this same man and I had the same conversation a year ago, and we agreed that the market just wasn't there to sell his home.
- One reason to sell is a very low supply of homes.
- Another reason is that demand is very high right now with lots of spring home buyers emerging onto the market.
- This high demand and low supply will help to raise prices on homes, which is another great reason to sell right now.
- It's a great time to be a seller in Central Virginia.
- If you're buying...
- Unfortunately, you've waited too long and you will have to pay more for your home.
- However, interest rates are at historic lows right now.
- You can buy a home more affordably than ever.
- Rates are not expected to stay below 5% going into 2015, so hurry up and buy.
If you need any help finding real estate to buy or sell, please contact me at (804) 545-6648 or email me at info@thegitsgroup.com
March 2014 Market Update for Richmond, Virginia
There are many Richmond area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Payment Calculator
so you know what buyers will pay for your home in today's market. You
may also call me at (804) 545-6648 for a FREE home buying or selling
consultation to answer any of your real estate questions.
March 2014 Market Update for Richmond, Virginia
Today I'm going to give you a market update for the Richmond area this March. Spring is approaching, and you will want to know what's happening in the market before it gets busy.
Market Forecast for March 2014:
- As the federal government decreases their purchase of bonds, mortgage rates will continue to rise. These rates may even rise above 5%, which would be the highest since 2010.
- This equates to a $400 dollar difference in monthly payments from January 2013 to expected payments in January 2015.
- Low Inventory: We are experiencing a low inventory and also a significant amount of demand. This is leading to a rise in house prices not seen since the housing recession began.
- Also, a recent survey from Lending Tree is indicating that sellers will be taking advantage of this sellers market. Statistics show that more than 70% of sellers are considering selling in this current real estate environment.
- Home sales fell sharply in December, however, this can probably be attributed to a low inventory in the West.
- Sales actually increased in the Northeast and Southeast.
- Prices have increased dramatically as a result of low inventory. This has been occurring since last spring, and the trend is continuing with at least a 12% appreciation in home prices.
- Real Estate Investment is still a GREAT option: Real estate investment is still outpacing the Dow, even as the Dow has recently seen all time highs. Now is very good time to invest in real estate.
- There has not been a better time to sell since 2007: With interest rates still at historic lows, this is the best time to sell since the crash in 2007. Low inventory, high demand, and low interest make this a sellers market.
- However, it's also a great time to buy with historically low interest rates.
Subscribe to:
Posts
(
Atom
)