If you’re following the current Richmond real estate market, you probably keep hearing “the market is hot”, “there’s no inventory”, etc. These sayings along with bidding wars, increased home prices, and other market conditions are leading many consumers to wonder, is this real estate market going to crash? Are we in a bubble? The short answer is no, and here’s why.
If you lived through the housing market in the early 2000s, chances are you are one of the people asking these questions. And with good reason! However, there are many key differences of that real estate market and the current real estate market that we are in now. The owner of our real estate team, Annemarie Hensley, has almost 20 years of experience in the Richmond and Midlothian real estate markets. She kept her real estate business thriving during the early 2000s housing market and weighs in by saying:
“There are a lot of differences in the market today versus what we were seeing in the ’06, ’07, ’08 timeframe. Some of those things include that we’re at lower interest rates, we’ve got really qualified buyers. People are buying homes, they have money and they’re putting down hefty down payments. We’re not seeing adjustable interest rates. We’re seeing people actually locking in their interest rates. So this is NOT a financial crisis, and I think that is the biggest difference.”
Many other experts share the same opinions as Annemarie which you can read about here along with our brokerage, Liz Moore and Associates. Maybe their graphic will help you better understand why our current Richmond Real Estate Market will not crash.
