The fall of home values in 2008 as a result of a poor economy, high unemployment and increased number of distressed properties led to an unhealthy real estate market. As a result, real estate agents and homeowners were used to seeing homes stay on the market for longer periods of time.
The town of Richmond is seeing the beginning of a healthier market. The results of a Richmond Market Analysis starting on January 1, 2013 and ending May 22, 2013 verify that market is showing signs of improvement.
Inventory is decreasing as less distressed sales are hitting the market.
Houses that are priced closer to market value are being sold within months and in some cases days of being listed. The good news for current homeowners is that home prices have begun to level.
Richmond has also seen homes sell higher than listed with no closing costs paid to the buyer; which is a prime example of the market acting honestly. Desirable properties and houses that are priced correctly are being sold and selling rather quickly.
Another sign of a healthier market has been properties getting multiple offers, something relatively uncommon since 2008. Even backup offers have increased on sought-after properties.
The market is acting “honestly” and showing signs of improvement. The increased sense ofurgency around desirable properties and leveling of home prices is good news for both homebuyers and sellers.
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