The Richmond housing market, and the housing market nationally, have been a whirlwind the past 24 months. There was the pandemic, work-from-home trends, and a continued growing interest in moving to the Richmond area. A shortage of homes for first-time homebuyers. Historically low mortgage rates followed by quick rate increases. All of these these trends make it more important than ever to work with trusted partners who can help you develop a plan and navigate the market.
Looking to Buy?
There are still opportunities to find the perfect home in Richmond. Just because interest rates are higher doesn’t mean you should give up your search. We always say “it’s not timing the market, it’s time *in* the market.” There’s been a shift over the past six months. We’ve moved away from multiple buyers offering above listing price, waiving inspections, covering appraisal shortfalls with cash, etc., to a more typical set of behaviors in the market. Even if your monthly mortgage payment is higher, the asking price may now be lower. Also, rent is still rising significantly in the area. Since 2019 median rent has risen by 11% in Richmond, 20% in Chesterfield and 23% in Henrico, according to the Washington Post.
In times like these, additional flexibility and responsiveness are required. An experienced agent can help you find opportunities (for example, 14.9% of home-purchase agreements fell through in June.) We’re conscientious about writing offers that improve your chances to secure a home and protect your interests.
As you can see in the graph below, home prices have appreciated significantly over the past few years. At Ruckart Real Estate we understand that it’s a journey; we help define your goals, we appreciate that circumstances change and we work tirelessly to provide good options.
Lastly, given the turmoil in the mortgage market, a trusted partner who can provide the same sort of care and advocacy in securing a mortgage that we do in the homebuying process is more important than ever. We highly recommend The Cowart Team of NFM Lending. They’re local, responsive and they deliver time and time again for our clients.
Thinking About Listing?
While it’s true that the market has shifted to create more buyer/seller balance, it’s still very much a seller’s market. If you are looking to buy in the same market in which you sell, you may face similar competition buyers face when competing for your home. Fortunately, we have some ideas we can share to help ease the burden. From “rent backs” to renting from one of our real estate professionals or trusted partners. Click here to learn more about some options.
Having a strong foundation is essential for maximizing your financial return and reducing stress. As you can see in the graph above, pricing can be volatile. Our listing approach helps ensure we get top dollar for your listing. We have deep experience in the Richmond market, a process that lessens the burden on you and proven tactics for driving maximum visibility and interest in your home.
We love Richmond. We love how homeownership can have such a powerful impact on families in so many ways. In fact, we measure our success by how impactful our services are for our clients. In markets like the one we’re currently experiencing, we believe we can be especially valuable–whether you’re buying or selling or both. Let us know how we can help!