What’s the Current State of Richmond Real Estate?

A lot has been going on in the Richmond real estate market lately. We’ve got a market update for you today so you are in the loop whether you are thinking about buying and selling or not.

According to Lawrence Yun, the Chief Economist for the National Association of Realtors, home sales are up 4.5% this year compared to last year. Last year was a strong market in its own right, but the market is even stronger now. That’s really good news if you’re thinking about selling.

Interest rates continue to decrease. We’ve been talking about them possibly going up for a while now, but they continue to trend down. Right now, rates are about 3.48% on average. That’s a historically low level. If you’re thinking about buying, money is cheap. You can lock in a 30-year mortgage for cheap.

Demand for homes is very high.

Buyer traffic continues to be very strong here in Virginia. Demand for homes is very high. The issues we’ve been seeing for the last four or five months remain the same, however. The housing supply has been dropping dramatically and not keeping up with demand.

It’s an exceptional time to sell if your home is in good condition. Our specialty is helping our clients prepare for the market. We can help you get your home in great condition, so you’re ready for the multiple offers to pour in. In fact, just this last week I bought a home that received four offers in the first 24 hours it was on the market.

If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.