A recent article in the Richmond Times-Dispatch puts some numbers to what Team Hensley has been reporting for the last few months; the real estate market in Richmond VA is coming back to normal levels of activity. The Richmond Times-Dispatch reports that the number of homes sold in the third quarter rose 16 percent compared to the same period last year.
Team Hensley has observed that the total volume has indeed increased, but there are still some important qualifications to the improvement. The increase in sales volumes is still inconsistent and is driven by sporadic activity. There are definitely more buyers and sellers in the market, but there also seem to be a number of potential participants that are still sitting on the sidelines.
For the buyers, the challenges are on the financing front with significant hurdles to overcome on getting qualified and, significantly, getting the required documentation completed.
For the sellers, the challenge is in getting a price for their home that isn't in conflict with the amounts that they owe on the property, or they are simply waiting for more significant improvement in the prices.
What does seem to be clear is that the stale inventory is finally getting cleared out. Team Hensley sees the remaining stale inventory as the most significant anchor on the prices of homes. While foreclosures and short sales are weighing down the Comparative Market Analyses (CMA's or "Comps"), it is difficult for a seller to price their home at a higher price point without scaring away potential buyers.
While there are still some issues to overcome in the Richmond VA housing market, with the stale inventory getting cleared out, the overall trend from Team Hensley's perspective is definitely towards increased sales volumes and a gradual but steady increase in prices. All of which point to a clear and welcomed improvement in the real estate market in Richmond VA.
For more information or assistance with your real estate needs, please contact Team Hensley at 804-601-0710 or www.teamhensley.com