3 Things You Didn’t (really) Know About the Richmond Market

We all know that the economy sort of… you know… stinks right now.  We all know that the housing market was one of the key triggers as well as the biggest victim of that economic decline.  For the first time in recent history, home owners around the country have lost significant equity in their homes.

But if you’re thinking of buying or selling, you need to know more than just an understanding of the concept that “the housing market crashed.”

Here’s what you know… but didn’t really know about the Richmond Market…

 

1- Prices are Down.

Median House Price in Richmond Metro

Lucky Dog:  The guy who sold his house in June of 2008.  Back then, the average home in Richmond fetched a price of $233,000

Here's what that feels like

Poor Schmuck:  The guy who bought his house in June of 2008, and then sold it in February of this year, when the average Richmond home price dipped to $153,000

The Difference:  A decline of 34%… or $80,000

 

 

 

 

2- Ask and Ye Shall Receive… Less

Back in October of 2007, when you listed your home at $200,000 you ended up selling it for $195,000… or 98% of your list price.

Today when you list your home at $200,000 you will probably end up selling it for $188,000… or 94% of your list price.  That’s a difference of $8,000

3- What it means

If you are buying, you are going to find some amazing deals and buy a lot more house than you would have been able to 5 years ago.  If you are in that boat, here’s the other great thing… hiring a Buyer’s Representative is FREE to you.  Contact me if you’d like to learn what I do for Buyer clients.  Here’s a snapshot.

If you are selling, it means you might not get the price you would like when you sell your home.  Here are the Top 10 Value Boosting Projects that you can do for your Richmond home.  You are also going to need a Realtor who works harder and is better than the rest.  You happen to be reading his blog.

Do you have any questions about the Richmond market?  Leave a comment!

 


Jay McGee used to live in Southeast Asia, doing language research and literacy development. Now he’s a Real Estate Agent with Keller Williams Realty. He gives a microloan to somebody in a developing country every time someone in Richmond buys or sells their home with him.  Learn why here.
Contact: jaymcgee.kw@gmail.com


HOPE International