Richmond, Virginia Realtors Report Seller's Market In Certain Neighborhoods
by Blanche Evans
Virginia Realtors report a housing market that is reeling between a seller's market and a more neutral market, depending on the neighborhood. "The city of Richland has a metropolitan area population of less than 1,000,000," says Realtor Brick Smith, "including the surrounding suburban counties of Goochland, Hanover, and Henrico that are North of the James River." He says, "Greater Richmond's market remains vibrant with a market in equilibrium. While there is a slight bias to a seller's market, this bias isn't sufficient to classify the overall market as a seller's market. Certain submarkets (i.e., townhouses and condominiums, premier neighborhoods, and inexpensive first homes) are still experiencing fierce competition among purchasers. This is mainly due to reduced inventory levels at present. In certain areas (i.e., western Henrico and the West End of the City of Richmond), the area is already in a seller's market, which shows no signs of moderating." Explains Realtor Monica Mullholand, "Richmond is economically diverse and a great place to live! This fall, the Richmond market remains strong and very active! Because of continuing record low interest rates and more buyers than sellers, the trend remains in favor of sellers. However, prices have been bid up to record levels and buyers are more selective in terms of condition and location for the price. "Cream-puff" homes are still selling very quickly, sometimes with multiple contracts above asking price!" She advises, "Areas where the market still favors the seller include the far West End, Short Pump, Midlothian, Bon Air, and the Fan. In all areas, homes that sparkle and are ready to move in bring the best prices and sell the quickest! While it is a great time to sell a house, it is also a great time to buy a house. Interest rates are still at record lows! If you have been thinking about buying a home, financing is plentiful and cheap, and home prices aren't getting any cheaper. Take the plunge!" "The Central Virginia market remains strong with attractive homes coming on the market daily," says Realtor Pat Dyke. "If a home is priced right and shows nicely, it sells in a matter of days, often for full price or higher. Now is an opportune time to consider buying since those who wanted to be in their new homes by the time school started have already purchased. There appears to be more homes from which to select right now. Also, sellers who put their homes on the market now are serious about selling. Mortgage rates are still vary competitive and it is a good time to get the best of both worlds: good mortgage rates and motivated sellers." |
