Good News for the Richmond Real Estate Market!
We are a little over half way through 2023 and things are looking good for Richmond Real Estate! Here a couple of reasons why:
Mortgage Rates are Anticipated to Stabilize. Many experts believe that current rates will slowly trend down to 5.5% by the end of 2023. This is great news for homebuyers and move up buyers waiting for interest rates to lower to make a move which will create more resale housing inventory!
Homeowners are Flush with Equity! Overall U.S. home equity is now at its highest level on record - $27.8 trillion. Over 68% of Americans have paid off their mortgages or have at least 50% equity in their homes and 32% of Americans own their home free and clear. What does this mean? You can't foreclose on a home without a mortgage! There is no housing bubble to burst, homeowners are just riding the wave of increasing equity! Check out these graphics below and if you have a few minutes, check out Brian Buffini's Bold Predictions 2023: Mid-Year Update here for more details!
As always, call or text me for specifics, I am always here for you and the people you care about! 804-405-3816
