March Madness in the Richmond, VA Real Estate Market

March Madness in the Richmond, VA Real Estate Market

March Madness in the Richmond, VA Real Estate Market

Here we are everyone. The very first article in my new weekly LinkedIn venture.

I will apologize up front. I write exactly how I speak. So, if it seems to not flow while you are reading, feel free to reach out afterwards!

It's March 16th, and it seems like the Real Estate Market in Richmond, VA is really starting to take off. What seemed like it would be a difficult year for agents to find buyers is now turning into somewhat of a Seller's Market.

Isn't that wild? Back in August, September, even all the way to January of this year, everyone was saying "It's OFFICIALLY a Buyer's Market. Seller's no longer have the power!"

Guess again everyone. This market is changing weekly. Listings we had back in February had a good amount of traffic. There would be a few showings a week and then we would go under contract after three to four weeks on the market. Now, we are back to something that mirrors the COVID markets of 2021 and 2022. Numerous showings the first weekend, multiple offers, and contingencies being waived are beginning to become somewhat of a new norm. That is what we have been seeing at our listings, even with rates in the high 6-low 7 percent range.

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21 River Road, sold last March 2022.

And as we all saw last weekend, a regional bank failure in California made rates go down. I will be the first to admit I am not a macroeconomics aficionado, however there are a lot of interesting developments happening in the economic world. It is difficult to pinpoint what will trigger a rate drop or hike these days. That is why I am a huge advocate of staying in touch with not only your agent, but with your lender as well. Finding two professionals who will communicate with you at least weekly is key in making sure you are getting the direction and guidance that you deserve in this market. We have had clients keep in touch with their lenders after going under contract and they are getting great terms on their financing, making it a win-win situation.

Now when I say we are seeing multiple offers, the offers are more realistic than what we were seeing a year or two ago. If you were staying out of the market because you were not an all cash buyer, you are in a good place. A year ago, we were seeing 10-15 offers on a house. Now we are seeing 3-5, mostly financed. So even though all of these negative scenarios are being portrayed by agents and other news outlets, there is some positive context to include in the narrative.

The last thing I wanted to bring up is that I truly believe this has become a second chance for any Sellers who feel like they may have missed the COVID Seller's market of the last few years. We were not expecting this at all heading into the Spring. If you want your home to stand out in a sea of homes that are not marketing to their full potential, I plan on writing an article next week that will give you key insights to making your house look like the best one on the block.

I know this can all seem overwhelming, but in reality it's a lot less complicated than it sounds. If you ever have any questions about current market conditions or what it would take to list your home for top dollar, please send me a message. I am always happy to help!

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Published by Gary Martin


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