Richmond Real Estate Update Fall 2023
Richmond Real Estate Market Highlights for Fall 2023:
The current average sales price for homes is up 8% from this same time last year. There is a shortage of home inventory that is driving this trend.
It's no secret, climbing interest rates are impacting our industry and the purchasing power of many homebuyers, especially those looking to purchase their first home.
The total number of homes available for sale is down 15% from this month last year.
You may be thinking to yourself, "Is it a good time to buy or sell a home with the market like this?" My answer: "That depends!"
A few advantages for home sellers:
There is such low inventory, your home has a great chance right now to stand out!
There are many very motivated buyers in the marketplace.
Home values are holding strong.
For those thinking about buying a home:
The increase of monthly rent is outpacing the interest rates considerably - therefore it can be an excellent time to buy now, build that equity, and then refinance later!
Some loans even have an expectation to refinance built into the loan product, so you don't have to worry about additional closing costs!
There are lenders with programs offering grant assistance, more favorable interest rates in certain census tract areas, and in some cases no private mortgage insurance - this is a great time to take advantage of these programs!
Industry leaders are expecting rates to go down in 2024, so please give me a call or text if you've been waiting for that glorious day! It's best to prepare for market shifts before they happen and I am happy to discuss how we can prioritize your home renovations to maximize buyer appeal and/or help you get in the best financial position to become a move-up buyer in 2024!
I'm here to keep you informed no matter the market - so please don't hesitate to reach out if you have any questions about current trends or where things are going in Richmond Real Estate. If you want to take advantage of this unique market, let's have a conversation about your real estate goals. And the best compliment I could ever receive is for you to send another wonderful client my way!
