Have you seen any home statistics lately? Do you find this information to be invigorating or exhausting? Do these numbers excite you enough to think about buying or selling a home, or do they entice you to plug your ears and block out the market banter? There is an excess of information out there, so what should you believe, who should you listen to, and what should you do?
We as real estate professionals are in the business of evaluating real property every day. The overall message we receive is positive, and it is part of our job to relay this good information to you the consumer. I can point to dozens of stats and market analysis that should easily convince most people of the improving market conditions, as well as the unarguable fact that interest rates remain so low that this may be the best opportunity to own a home EVER. But listen to the national media and it doesn’t mean a thing if consumer confidence in the market is down.
Fortunately, Richmond Virginia fairs better than the national housing market. In general, we enjoy a good housing industry. While there are many homes that sit on the market, there are many more that sell immediately – and yes, some with multiple offers. We know these are challenging times for buyers and sellers because there is so much uncertainty about what is the best decision for each of us.
We can tell you that the housing market will continue to improve and that interest rates will go up; we wish we could be specific about exactly when to expect this to happen. In the mean time, we will advise you to listen to your personal needs, contact your trusted housing advisor, and have them discuss with you the current market trends as it relates to your specific situation. Well informed consumers are empowered to make smart decisions, and real estate is no exception.