RVA Market Update: Spring 2019
Raise your hand if you already joined the #HappyHomeowners Club this spring! Congratulations! I hope you’re all moved in and have rolled out your welcome mat! If you’re still on the hunt (or getting ready to start) there are a few things you should know about the real estate market in 2019 here in Richmond. I like to keep my blog posts lighter and easy to digest the market updates tend to be a little more technical. If you have specific questions about number you can always reach out to me. I’m happy to provide more specific information (charts, averages, etc.) if that’s your thing!
Within the City
If you’ve been looking in the city you have probably noticed there’s no time to waste when it comes to putting in an offer. It’s not moving as fast as last year but the market is still moving quickly. Homes with the right amount of updates and in the right location will go faster than a Gelati Celesti ice cream cone. If you’re looking for the trifecta - right price, right updates, right location - you better be ready to put in your highest and best offer from the start.
In the County
In the counties we’re seeing a mix of both the fast paced, two day market and the longer 30+ day market. This could be leaving you wondering “What’s wrong with it” about many homes. Over the past two years buyers have become accustomed to homes flying off the market and anything over 15 days on might as well have crime scene tape over it. The thing about the counties though is they are even more location sensitive than the city spots. Real estate is generally a matchmaking game. County homes are looking for the exact right buyer and the buying pool is smaller in the counties than in the city. So if you see a home that’s been on the market longer than two (even three) weeks don’t assume something is wrong with it and rule it out. The right buyer may not have seen it yet!
Who’s Market Is It?
Often people like to assign the market strength to someone - buyers or sellers. While we are still leaning a bit toward a seller’s market (meaning the sellers have more control over price and other contract variables) I would argue that in some areas it is a buyer’s market. In the city where demand is still high and space it limited the sellers hold most of the cards. In the county were there is still space to build new and school districts tend to rule the mindset of the purchaser buyer’s set the tone for price and days on the market.
Tips + Tricks for Buying
If you’re planning to keep hunting into the summer here are a few terms to consider to make your contract stronger. As always, discuss these with your Realtor® before making any final decisions.
Closing date (30-45 days is average right now)
Contingencies (Do you have another home?)
Closing Costs (Could removing the seller paid closing costs be an option?)
Home Warranty (Is this a purchase you could make yourself?)
Inspections (Is there a benefit to going As-Is vs a negotiable inspection?)
Purchase Price (Are you offering significantly less than asking?)
For more on terms that could be killing your chance at getting an accepted contract read Why You Keep Losing Your Dream Home.
Happy Hunting,
Jess