Richmond Real Estate Foot-traffic in August Can Be a Test in Patience
Typically August is one of the slowest months of the year for real estate activity, followed closely by December. Vacations and back to school activities obviously rival the December holidays. As a result, less foot traffic means less activity.
Understanding that we know the people who are out looking for homes is going to be fewer in August, you would think we would be prepared for the resulting activity. This lack of activity is reflected in the number of people actually out searching for homes this time of year. We would like to believe that those folks out searching for homes are very serious about purchasing one. Unfortunately it doesn’t always translate into website hits or open house traffic or home sales. Therefore, patience is the key.
According to SentriLock, LLC, Foot traffic and future home sales have a strong correlation. NAR research with monthly data on the number of showings supports this notion. Just try relating such figures to the sellers whose listings you have on the market and see how supportive your clients suddenly become. Nevertheless, it is a fact.
Foot traffic from this year to last year in August will likely be the same for our area of Richmond, VA. The Richmond Association of Realtors will support this idea once their figures come out in September. Although foot traffic will be slow, the sales activity will likely be up slightly this year. The market slump is behind us and mortgage rates remain low. There are still deals to be made and it remains a buyer’s market – for now.
So keep being patient, the fall market in Richmond is almost upon us, and foot traffic will be on the increase. Low mortgage rates and tightening inventories are drawing more potential buyers into the market as confidence in price stability and stable employment grows. Keep your hat on; real estate and new-homes construction are going to experience significant change in the coming year. Tell that to your clients!