Most of us are familiar with the theory of Supply and Demand. When there is more product available, the price of the product tends to be less and vice versa when there is less inventory. We are experiencing the latter in the Richmond, Virginia real estate market thus home prices are slowly rising. According to Realtor Mag, “The low supplies have led to home prices outpacing Americans’ income growth for the past five consecutive years. From 2011 to 2016, the median home price has increased by 42 percent compared to the median household income gain of only 17 percent.” (Realtor Mag, 12/14/16)
So what does this mean for the homeowners waiting until the spring to sell their home? You’ll see the same benefit now as you will then. Buyers are lining up ready and able to make competitive offers on homes now! It’s your chance to take advantage of this incredible market and get what you want for your home. You will probably see less contingencies and extras on offers because homebuyers know the market is not in their favor.
Homebuyers should also consider asking their REALTORS® to knock on doors of homes that are not on the market too. If you are a ready, willing and able buyer and you like a particular home, why not consider approaching a home that you like? You don’t have much to lose.
If you want to experience the service I provide, please contact me today. As always, “I am never too busy for your referrals!”