Richmond Real Estate - The Sky is NOT Falling!

Posted at 7:25 AM, Nov. 27, 2007

Media reports and articles to the contrary, the sky is NOT falling in regard to the housing market in the Richmond Metropolitan Area. What the news HAS gotten right is that our average values have not dropped like in other parts of the state or country and it is taking longer to sell than it has in years past. Can Sellers can get the high, and some would say, inflated prices, of the last few years? No, those days are gone (for now). Does it mean that Buyers can name their price? No, but there are good and even some great deals offered by motivated sellers. SELLERS: Are you serious about selling now or are you just "testing the market?". If you are serious, with an ever increasing inventory of homes on the market, and more to come in early spring, then price, terms, and condition of your home are crucial to getting it sold in a time period you can live with. It means that you cannot rely on "what used to be" or what homes sold for last year or even earlier this year. That ship has sailed. You have to price your home according the current market and be mindful of your competition. BUYERS: Should you wait? Why would you? If you try to time the market, chances are you will not win that gamble. If you want to, can afford to, and have the means to buy now, then do so. If you plan to stay in your new home for 5 to 7 years you will be happy to find that you will have made a wise purchase and will see a terrific return on your investment. Interest rates are very favorable right now and may even dip below 6%. An article in Inman News today, talks about just that possibility. There are still many affordable financing options for buyers in the market of today, and, in some cases, motivated Sellers can help to make those options even more affordable. Finally, homes that are in good condition and priced right will sell quickly. If you wait, you may end up with choices of "what is left" which may be homes that are not priced right and are not is in as good condition. More to follow……